This is not surprising to anyone who has been in the real estate market. Now is a hot time to sell your home, but not a hot time to buy one.
Prices have skyrocketed, so if you are planning to sell your home, you are just about the perfect time to put it up for sale.
This is a good omen for empty nesting sites who plan to retire and leave the area, or for people who left to begin with. This is difficult if you want to sell your home and stay, because you will have to find housing on your own, which is not easy now.
Forbes estimates the GR real estate market as follows:
Grand Rapids is fastest growing city in Michigan and one of the fastest growing in the Midwest. Despite its rapid growth, Grand Rapids has been able to keep house prices relatively stable for many years. In May 2020, the sales price-to-list ratio in the Grand Rapids metro area was 99.2%. Now, a year later, the ratio of sales to list price has exceeded 105%. Equally significant is the huge increase in the proportion of homes that are withdrawn from sale after two weeks. In May last year, this share was 65.4% of homes, but by the end of May 2021, 81.5% of homes for sale had been decommissioned within two weeks.
Not a week goes by that I don’t receive an offer from a real estate agent to sell my house “immediately.” And that’s all well and good, except wherever I go. I have very low bills and only 8 years left on my mortgage. I like living cheap, so I’m not going anywhere.
But I sympathize with those who are trying to buy a house today. Finding a good home and not overpaying is now almost impossible.
Top 10 seller markets
1. Oakland, California
2. Rochester, Michigan
3. Austin, Texas
4. San Jose, California
5. San Francisco, California
6. Seattle, Washington
7. Buffalo, New York
8. Grand Rapids, Michigan
9. Eugene, Oregon
10. Denver, Colorado
Top 100 Places to Live in the Midwest