Cedar Springs, MI. This is a classic 50’s style ranch that has been nicely maintained in every aspect. Kitchen has been updated, new paint throughout, nice floors. The spacious back yard is bordered by nice flowerbeds and landscaping. New roof. Set up a private showing today!
So, what’s the best route to go? You’re putting all of this effort in…should you rent or buy? Lets take a look at typical scenario in a great rental area, Eastown, a popular Grand Rapids neighborhood near downtown, where there is a high demand and quantity of both rentals and purchases.
The Eastown Comparison:
52 homes recently sold
(What’s currently for sale in Eastown? Glad you asked.)
Average sale price: $131,780
Average #BRs: 3.5
Avg SQFT: 1743
Average Rent for a 3-4 BR 1750 sqft home in Eastown: $1400/month.
Looks like buying in Eastown quickly pays for itself, comparing $1400/month rent to a purchase of a $132,000 home. But what if you’re already leasing a home in that price range, but you’re ready for an upgrade and/or increased square footage. You want a home with a nice bit of land, an entry-level home in East Grand Rapids, maybe a distinctive spot in East Hills, or something in an historic district. Your lender says you can afford a $230,000 purchase price. Here’s how that looks:
Try out your own scenairo! Here’s a tool from Realtor.com:
https://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.png00petedroverhttps://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.pngpetedrover2015-05-21 15:40:362018-03-09 12:16:43Renting vs Buying in Grand Rapids Michigan | Summer 2015 Update
Great news for people in West Michigan, the real estate market is finally recovering!
According to research on sold homes within the Grand Rapids Association of Realtors data range, February is when this year’s Spring market really kicked in, showing a 40% increase in sales volume in the region as compared to the year before.
Current reports show that the strengthening of West Michigan market will continue. Not only are total number of homes increasing, but value is also increasing. This is a good sign for people worried about foreclosures dragging down prices, bad news for those looking to capitalize on home flips and property investments.
GRAR stats from May 2011 show that 1100 homes were sold in West Michigan, as compared to 1400 in May 2012. Total sales volume in May of 2011 was $123 Million as compared to $180 Million this year. That’s a 20% increase in number of homes sold, and a 32% increase in value.
June continues to be a hectic month for Realtors in the area, and listings continue to sell.
The numbers above are a good indicator that West Michigan is selling fewer “fire sale” listings, and more on normal terms. So how do these numbers translate to property value? CNN Money predicts that the average home in West Michigan will appreciate by 3.6% in the next year. People in West Mighigan, get ready for your homes to start appreciating again!
The Grand Rapids Association of Realtors, or GRAR, is now part of the South and West Michigan Regional Information Center, or SWMRIC.
The biggest change will involve the MLS, the Multiple Listing System, which is how all the homes currently on the market can be viewed by Realtors, Clients and the general public. GRAR was using Solid Earth for their MLS, but to join with SWMRIC, converted over to that system, using Rapattoni instead. And while for the most part, all the listings transferred over, there are still a few gliches being worked on. In addition, the number of characters for property descriptions is also limited to 1000, so many Realtors will need to downsize their comments.
SWMRIC covers available Real Estate in the South and West Michigan counties of Allegan, Barry, Berrien, Branch, Calhoun, Cass, Hillsdale, Ionia, Kalamazoo, Kent, Lake, Manistee, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren and beyond.
Serving the following Realtor Associations: Battle Creek Area, Branch County, Grand Rapids, Greater Kalamazoo, Hillsdale County, Mason-Oceana-Manistee, Montcalm County, Southwestern Michigan, St. Joseph, West Central Michigan and West Michigan Lakeshore.
https://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.png00petedroverhttps://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.pngpetedrover2010-07-29 13:24:512018-03-09 12:29:21Grand Rapids Association of Realtors (GRAR) Joins SWMRIC
Realtor/Broker, Grand River Realty | Owner/Broker, Life Cycle Property Management
Pete is a licensed Michigan broker with over 15 yrs experience, focusing on representing buyers and sellers the Grand Rapids area. He lives in Heritage Hill, loves local music, cuisine and entertainment, and has renovated many homes. He is a strong but equitable negotiator, and can offer advice on a wide variety of topics. Expertise is balanced evenly between listing and purchasing.
Certifications and Designations
Licensed Michigan Real Estate Broker and Saleperson
Member NAR, MAR, GRAR
C2EX (NAR Commitment to Excellence)
Graduate, Realtor Institute (GRI I,II,III)
Master of Brokerage Principles
Grand Rapids Association of Realtors Leadership Academy
At Home with Diversity
Certified Tourism Ambassador (In process)
E-Pro (Internet Professional)
Accredited Buyers Representative
Recognition Revue Magazine – Top 3 “Best Realtor” 2019
Revue Magazine – Top 3 “Best Realtor” 2018
Grand Rapids Real Producers – Top 300 Agent
Zillow 5 Star Agent
Trulia Top Agents
Westdale Company “Rookie of the Year” 2004
Community
Grand Rapids City Commissioner (Historic Preservation) 2019-2022
Music Director of Community Radio Station, 88.1FM WYCE 12 Years
Volunteer Programmer at Community Media Center 1995-Present
City of Grand Rapids | Downtown Management Board Marketing Committee, Former Member
Big Brothers Sisters of Grand Rapids | Former Big Brother
Employment and Business History
Grand River Realty | Broker/Owner 2017-Present
Life Cycle Property Management | Broker/Owner 2001-Present
Real Estate Certified Investor
Westdale, Coldwell Banker, Grand Rapids Realty | Licensed Real Estate Salesperson 2004-Present
Cosmopolitan Home Magazine | Sales 1997-2003
Alt & Witzig Engineering | Senior Engineering Technician 1992-1996