Wood TV 8 in Grand Rapids interviewed us (Jamie Krier) as experts in the local housing market. Check us out:
GRAND RAPIDS, Mich. (WOOD) — The housing market outlook for 2016 shows West Michigan is experiencing another year of a seller’s market, according to a local real estate agent.
“One out of four homes in Grand Rapids has sold for over asking price,” said Jamie Krier, a real estate agent with 616 Homes and Keller Williams.
This comes after average home prices surpassed $175,000 in 2015, an all-time high in Grand Rapids.
Krier said buyers will experience another competitive year while house hunting.
Tom Cronkright, the CEO of Sun Title, said West Michigan started 2016 with less than two months of inventory, which are some of the lowest inventory rates in the country.
“We’re seeing probably one of the best seller markets in the United States,” Cronkright said.
New builds are also going up quickly, Cronkright said there are no sign of a slowdown for 2016.
“We’re hearing that ‘I just need more framers, I need more roofers,’ just people to show up and put the house together,” Cronkright said. “We’re looking as far as a runway we can see and there are so many things lining up for West Michigan.”
Krier said some buyers may experience frustration with how quickly homes are selling.
She’s advising her clients to be prepared to act fast and buy quickly.