Grand Rapids Michigan Marketplace Estimates Show 1/3 Are Short Sales!

I was just having a discussion with my husband about how it can really be tough to be "positive" when things aren't always looking up. If you were to look at just the facts, the market does look dismal. In just the Greater Grand Rapids, Michigan area here were the estimates of the short sales that took place.

Month/Year Short Sales Total Sales Short Sales Percentage
9/2007 - 242 - 865 - 27.98%

10/2007 - 365 - 1046 - 34.89%

11/2007 - 59 - 179 - 32.96%

A short sale is defined by nolo.com as "A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes."

With Every Negative... There is a Positive - The Biggest Positive is for the Buyers
Short sales are allowing the owners to free themselves of their mortgage and at the same time are providing fantastic opportunities for buyers. You just need to look at the percentages and realize that basically 1/3 of the Grand Rapids Association of Realtors board are short sales and this is not even including the others that are not marked appropriately or are in foreclosure... making it a truly great time to buy, like the logo says.

If you truly want a good deal, the time is NOW! Investors like the Donald Trumps of the world are buying when the houses are low and selling when they are high. Capitalize on the market. If you need any help, you can reach me at (616) 318-6101 at any time!

Grand Rapids Michigan Real Estate Stats

Here's the latest market reports as reported through the Grand Rapids Association of Realtors (GRAR) board.

Information is based January - October 2007 and compares this year with last year. If you have any questions, please feel free to contact me.

Single Family and Condo Report
Price #Sold through
October
$0 to $ 99,999 2370
$100,000 to $199,999 4370
$200,000 to $299,999 1001
$300,000 to $399,999 320
$400,000 to $499,999 115
$500,000 and over 125

New Listings Jan - Oct.
2007 2006
30,407 29,957

Total Sales
2007 2006
9,844 10,334

Average Home Price
2007 2006
$153,500 $161,600

If I can be of any help, please let me know. You can reach me at (616) 318-6101.