Where have all the homes gone?
On a national level there are only 1.65 million homes for sale equating to about 3.6 months of inventory, down from 3.9 months last year at the same time. In an ideal situation, there will be six months of inventory to provide for healthy and well balanced market. The National Association of Realtors (NAR) provided the info-graphic at the left comparing where existing home sales where in 2015 compared to 2016.
The city of Grand Rapids continues to be one of the hottest housing markets, thus causing a severe lack of available homes for sale. According to The Grand Rapids Association of Realtors (GRAR), there where only 1.7 months of inventory for sale at the end of 2016.
With these bleak levels of inventory home buyers must be prepared to act quickly, expect multiple offers and potentially need to offer over list price to get their dream home.
What does all this mean?
- There is clearly a need for more homes on the market for sale.
- It is important as a potential home seller to know all your financing options. Can you buy before you sell?
- Make sure as you are fully pre-approved, not just pre-qualified.
- As a potential home buyer it is important to know if renovating an older and/or outdated home is an option for you.
- Bottomline is you need to be well informed and be well aware of all the options available to you before making the decision to buy and sell in today’s market.
How can Inlanta Mortgage help you?
The Inlanta team is here to create a long-term relationship that starts with a great conversation. It is important to learn up front what is most important to you, what makes the most sense for your life circumstances and what long term goals you have. Our proactive approach means getting to know your story, so together we can meticulously prepare the best mortgage loan for you.