It did not take long for the Grand Rapids housing market to go into spring mode, mirroring the behavior of its past four years.
Extremely low inventory – a measly 1010 residential listings in the entire Kent County – is once again giving sellers an advantage. No matter the property, design, age, area, school district, and price point to a lesser extent, multiple offers seem again the norm.
Whether a $180,000 ranch in Kentwood, a $135,000 cape cod in Wyoming, a $200,000 bilevel in Grand Rapids, or a $250,000 house in NE Grand Rapids, in this price range buyers are experiencing – and sellers are enjoying – competitive biddings, up to 9, 14, 20, and even 24 offers, the highest I am personally aware of. As we write, an offer of $20,000 above asking price no longer seems sufficient to win a bid for the most sought-after properties.
Properties are selling within days, if not hours, and in some cases before broadcast. Hence, buyers are competing at all levels: allowing Sellers to occupy the property for a number of days after close at zero cost to Sellers; offering partially or totally non-refundable EMD’s; limiting inspections to shorter periods than the typical ten days; bringing cash at close if property does not appraise – a logical consequence of offers above market value; willingness to pay seller’s closing costs; and in some cases even waving inspection.
Rush is a feeling buyers would prefer to avoid. However, in this market there seems to be no time to reflect. Your REALTOR® will be able to answer all of your questions and device the best strategy to help you market your property, or craft the best offer.
Happy house hunting everyone!