Displaying blog entries 21-30 of 48
The Today Show on October 6, 2009 Ranks Grand Rapids Michigan as the 5th Best Real Estate Market to purchase in The United States.
Here is a link for you to view the broadcast:
Visit msnbc.com for Breaking News, World News, and News about the Economy
| Sales By School District in Kent Co. | |||
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| Statistics for Entire MLS from 8/1/2009 to 8/31/2009 | |||
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School District | # of Sales | Total Sales | Avg Sales |
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Byron Center |
15 | $2,415,900 | $161,060 |
| Caledonia | 20 | $4,040,850 | $202,042 |
| Cedar Springs | 20 | $2,095,230 | $104,761 |
| Comstock Park | 11 | $1,482,400 | $134,763 |
| East Grand Rapids | 13 | $2,817,990 | $216,768 |
| Forest Hills | 49 | $13,687,625 | $279,339 |
| Godfrey-Lee | 13 | $538,950 | $41,457 |
| Godwin Heights | 21 | $1,251,500 | $59,595 |
| Grand Rapids | 218 | $15,159,059 | $69,536 |
| Grandville | 32 | $4,908,867 | $153,402 |
| Greenville | 5 | $356,488 | $71,297 |
| Kelloggsville | 7 | $457,900 | $65,414 |
| Kenowa Hills | 16 | $2,346,125 | $146,632 |
| Kent City | 3 | $269,000 | $89,666 |
| Kentwood | 58 | $6,526,717 | $112,529 |
| Lowell | 23 | $3,378,478 | $146,890 |
| Northview | 16 | $1,872,400 | $117,025 |
| Rockford | 40 | $6,263,380 | $156,584 |
| Sparta | 14 | $1,720,106 | $122,864 |
| Tri-County Area | 1 | $59,000 | $59,000 |
| Wyoming | 47 | $3,699,300 | $78,708 |
| TOTALS | 642 | $75,347,265 | $117,363 |
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Homes Sales are up this summer (June-July-August) a total 5.5%
Home Pendings are up this summer (June-July-August) a total of 16%
As you can see from the graphs above home prices are down.
Visit my website (Grand Rapids Homes) for information on the Grand Rapids Market, or feel free to email me if you are looking for detail stats on a certain area of town.
Just wanted to post some thoughts. I've had several clients of the last 2 weeks that have missed getting homes because the market is starting to get crazy. A couple reasons for not getting these homes.
1. Hesitating on whether they want to write an offer or not.
2. Not writing a strong enough offer, I have been in at least a dozen multiple offer situation in the last 2 weeks. Just write your best offer and buy the home.
Side note to this: The federal tax credit is ending Dec. 1, 2009 and everyone is panicing to get a home before the deadline. This is particularly affecting homes in the under 120K range.
3. Not getting the offer in on time.
Side note to this: Is not having your pre-approval letter ready at the time you wanted to make an offer.
I guess the moral of my blog would be, be prepared to write a good offer, or the home you like may be gone.
The Grand Rapids Real Estate market under 120K is booming, bare with me I'm not the best writer in the bunch and I have some observations and ideas I want to share. I'm a very active full time Realtor in Grand Rapids Michigan, and I have to say the buyers market is really happening. Since I'm your next generation tech savvy Realtor, I pride myself on getting new listings emailed to my clients before everyone else sees them, so my clients beat other buyers to hot new listings and foreclosures. Since about mid-March 2009 I have been increasingly involved in multiple offer situations in just about any new listing under 120K, especially Foreclosures that my clients have been interested in, I don't think I've have a client bid on a Grand Rapids Foreclosures without getting in a multiple offer situation, unless it was really far away from Metro Grand Rapids. This frenzy and almost panic to get homes, has made me realize there really are a lot more buyers in the market place, because I’m normally there before most other Realtors, and since there are so many buyers I’m starting to bump into them more. This Panic has made think about recommending putting offers in before they see the home if it looks good, and then schedule a time to look at it. It's almost ridiculous. I've had 3 different clients in the last week see something they like and it sold within the next 24 hours, I had one sell while I was sitting in the driveway getting ready to show it, the other realtor called and said they accepted an offer. In my estimation this buying frenzy is solely because of the federal $8000 tax credit or Rebate check offer which expires on Dec.1 2009. This brings me to the points I'm getting at.
1. Be prepared to write an offer if you see a good home on the spot, and trust your Professional Realtor to advise you on that fact.
2. If you're not prepared consult your Realtor on getting prepared. Making sure you have a pre-approval letter or bank statement ready, and a checking account with at least $1000 ready to write an earnest money deposit check.
3. Financing is taking longer than it did a couple years ago, do to the mortgage world turned upside down, so expect the banks to want lots of documentation and make you jump through hoops, also expect 30-45 days to close on a home, after you get an accepted contract.
4. Don't wait till the wire on the $8000 Tax Rebate Credit, make sure you have found a home by Mid October, and have it under contract. At the end of November is a holiday "Thanksgiving" right before the tax credit expires and banks and title companies are going to be off, and there is a good chance you might not make it before the deadline dec. 1.
5. If your really Serious, make time to see homes, people make time to visit the Dentist or Doctor during the day make time to visit with your Realtor if something special turns up, otherwise it will be gone before you know it.
Note: over priced homes are still not selling, you need to have a market price to get involved in the buying frenzy. If you home isn't seeing any action... It's over priced.
Top 3 things to do to increase your homes value.
1. Stage your home for sale
2. Keep home and yard extremely clean
3. Increase homes curb appeal and or fix-up (update) kitchen and baths.
Why Use an ABR®: (REALTORS® Experienced in Buyer Representation)
Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reasons to work with a qualified real estate professional—especially a trained professional who has earned the Accredited Buyer’s Representative (ABR®) designation, representing best-in-class buyer services.
When you look for an ABR® before you look for a home, you’ll be served, not sold. Your interests become their interests. And you’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® Designation also has an established track record, with proven experience in representing the concerns of homebuyers.
The ABR® Designation is awarded through the Real Estate Buyer’s Agent Council, or REBAC, which was founded in 1988 to promote superior buyer-representation skills and services. REBAC is an affiliate of the National Association of REALTORS® (NAR).
Find a Buyer’s Rep – Directory of ABR®s and other buyer’s reps working to achieve this designation. You can look for me (Mark Brace) in the directory, I am a registered ABR with the National Assocaiation of Realtors and the Real Estate Buyer's Agent Council.
ABR's are among the Top 2% of Buyers Agent Realtors, They have taken the ABR Training class with specialized education offer by the Real Estate Buyer's Agent Council, And In addition have meet the feild requirements need to to be awarded the ABR designation.
If You are thinking of buying a home in Grand Rapids Michigan you should contact Mark Brace, from Prudential Preferred Realtors to use as your personal Buyers Agent.
The City of Wyoming recently made a policy change that is important to note of anyone currently owning or looking to purchase a rental unit within Wyoming units. Now, the Rental Registration Program includes one and two family rental units. While registration is free, there is a fee of $98.00 per unit, and a $500 penalty if the property is not certified or registered.
March 1, 2009 is the deadline for all rental properties to be registered. Program requirements state that inspections will occur on a biennial cycle. A Certificate of Compliance will be issued once inspections are completed and approved. If you have any questions contact the Rental Registration Inspector, David Rupert, at 616-249-3843.
For the registration form, please click below:
http://www.ci.wyoming.mi.us/Building/Rental%20Registration%20Form.pdf
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FEATURE
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CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
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REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
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Amount of Credit
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Lesser of 10 percent of cost of home or $7500
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Maximum credit amount increased to $8000
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Eligible Property
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Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
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No change
All principal residences eligible.
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Refundable
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Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
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No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
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Income Limit
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Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
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No change
Same income limits continue to apply.
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First-time Homebuyer Only
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Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
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No change
Still available for first-time purchasers only. Three-year rule continues to apply.
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Revenue Bond Financing
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No credit allowed if home financed with state/local bond funding.
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Purchasers who utilize revenue bond financing can use credit.
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Repayment
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Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
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No repayment for purchases on or after January 1, 2009 and before December 1, 2009
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Recapture
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If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
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If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
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Termination
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July 1, 2009
(But note program changes for 2009)
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December 1, 2009
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Effective Date
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Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
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All revisions are effective as of January 1, 2009
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As part of Congress's stimulus bill, a generous tax credit is available to those buying a home for the first time. If you qualify, you may get up to $7,500 or 10% of the home's purchase price.
In order to obtain the Federal tax credit for first time homebuyers, you'll want to make sure you fill out the forms below.
While the stimulus bill is still changing within Congress, the latest buzz is that it will change to $8,000 for first time buyers only.
If you have recently purchased a home, or had your home reassessed and are surprised by the assessment, don't lose hope-there is an appeal process. While the City of Grand Rapids requires documented proof and details on your home, the time spent on the appeal could save you big.
To start the process, please view a copy of the necessary appeal form at:
http://www.markbrace.com/links.asp
Click underneath the Assessed Home Value Appeal Link. Once you have all the relevant information gathered, send in the form by February 13, 2009 to:
Office of City Assessor
300 Monroe Ave NW
Grand Rapids MI 49503
Displaying blog entries 21-30 of 48
