MARKET UPDATE
TAX CREDIT: We are still receiving many questions regarding the tax credit. For first time homebuyers, they can receive up to $8,000 for purchasing a home. Existing homeowners can receive $6,500 if they sell their principle residence and purchase a different house by the deadline. The deadline for both is April 30, 2010 and there are additional conditions/qualifications that apply. Call for the full details.
BEAT THE MARKET: Very shortly many sellers will be placing their houses on the market and there are only so many buyers to go around. Consider the stock market, typically the first one in makes the money; this is going to be the case for the real estate market this spring. If you are considering selling, it is advised to put your house on the market as soon as possible. Call for a market evaluation.
SHORT SALE: Considering selling but are concerned about not having enough money to pay off your mortgage, and not sure what your options are? This is where a short sale can come into play. It's not the right option for everyone, but we can help determine if it is. We've negotiated many short sales; give us a call for a confidential meeting.
FIVE YEAR COMPARISON: Here's a quick comparison for the last five years of what the Grand Rapids market has done. The media seems to always want to paint a dark picture but if you factor in all the short sales and foreclosures that have gone thru our market, West Michigan/Grand Rapids has done pretty well.
2005 2006 2007 2008 2009
Avg # of
Current Listings 8,488 10,043 10,924 10,350 9,484
# of Homes Sold 13,593 11,562 11,327 9,507 11,033
Avg Home Sale $161,246 $163,924 $147,279 $121,468 $117,323
