Market Update- Late Summer 2012, Greater Grand Rapids

Here is a quick real estate market update for the Grand Rapids area:

The market has gone crazy this year!  The inventory of homes for sale is way down, mostly attributed to less foreclosure properties.  Increased buyer activity combined with this low inventory has caused prices to finally increase.  The average sale price in Grand Rapids is up by 8.5%.  Multiple offers are the new norm for properties in good condition that are priced right.  Although home prices have gone up, home ownership is still incredibly affordable with interest rates sitting at a measly 3.5%.  The future looks bright for Grand Rapids as we recover from this long recession.

Please contact me with any real estate related needs or questions.  It is my privilege to be your resource.

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