Tag Archive for: real

West Michigan Real Estate Market Continues Noticeable Recovery

By Pete Bruinsma

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!

All Rights Reserved, © Pete Bruinsma 2012

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February Home Sale Revenue Up Forty Percent

Statistics Compare February 2012 to February 2011

Statistical Source: www.GRAR.com
Greater Grand Rapids Sales & Listings
(c) March 2012 Pete Bruinsma

New Listings
February 2012: 1624 (11% increase from February 2011)
February 2011: 1458

Total Value of Sold Homes
February 2012: $128,004,683 (40% increase)
February 2011: $91,420,627

Homes Sales
February 2012: 1127 (23.7% Increase)
February 2011: 911

Year-to-Date Home Sales Total Value
Jan-Feb 2012: $225,445,647 (up 21.6%)
Jan-Feb 2011: $185,357,779

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Mortgage Rates Dip, Hover Around Record Lows

Full Article from Realtor.org

DAILY REAL ESTATE NEWS | FRIDAY, MARCH 09, 2012

The 15-year fixed-rate mortgage reached a new all-time low this week, while the 30-year mortgage edged nearer to matching its record low, Freddie Mac reports in its weekly mortgage market survey.

The low mortgage rates are helping to push housing affordability to record highs. The National Association of REALTORS® reported this week that the average family has more than double the income needed to purchase a median-priced home.

Here’s a closer look at rates for the week ending March 8:

  • 30-year fixed-rate mortgages: averaged 3.88 percent — only 0.01 percentage points above its previous all-time low. A year ago, 30-year rates averaged 4.88 percent.
  • 15-year fixed-rate mortgages: averaged a new record low of 3.13 percent, with an average 0.8 point, dropping from last week’s 3.17 percent average. The previous record low for the 15-year mortgage was set in February when it reached 3.14 percent. Last year at this time, 15-year rates, a popular choice among refinancers, averaged 4.15 percent.
  • 5-year adjustable-rate mortgages: averaged 2.81 percent, with an average 0.7 point, falling from last week’s 2.83 percent average. Last year at this time, 5-year ARMs averaged 3.73 percent.
  • 1-year ARMs: averaged 2.73 percent this week, with an average 0.6 point, rising slightly from last week’s 2.72 percent average. A year ago at this time, 1-year ARMs averaged 3.21 percent.
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Pending Home Sales Rise Again in November, Highest in a Year-and-a-Half

 

 

 

 

 

 

 

 

 

 

 

 

Link to National Association of Realtors Press Release Here.

According to the NAR, “Pending Sales” of residential property have rose in the midwest by 3.3% in the past month, and are 9.5% higher than one year ago at this time.

According to a separate study entitled “Existing Home Sales Continue to Climb in November,” it has been found that “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing.”

Studies by Laurence Yun, Chief Economist of the NAR.

 

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TV’s “This Old House” names Grand Rapids’ Heritage Hill a 2011 Best Old House Neighborhood

Thanks Rapid Growth Media: ARTICLE
This Old House: FULL ARTICLE

THURSDAY, MARCH 10, 2011

Photo: Courtesy of the Heritage Hill Association

ThisOldHouse.com touts Grand Rapids’ historic Heritage Hill neighborhood as one of the top 12 “old house neighborhoods” in the country for sustaining a sense of place in a storied residential area, and the best Old-house neighborhood in Michigan.

excerpt:

Why Buy Here?
Though short sales and foreclosures haven’t hit Grand Rapids (long the center of the office-furniture industry) as they have Detroit and other automotive cities, the down market hasn’t overlooked Heritage Hill. Today, you can grab the former castle of a lumber baron or wealthy judge—and walk from home to work in the city’s center—for what amounts to pocket change in other places.

Read the complete story here.

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Fox 17 Adopts My Real Estate Sign as Stock Footage

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