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Grand Rapids Area Real Estate Report w/ Steve Volkers - July 2023
Manage episode 371336104 series 3432696
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In his latest video, Steve shares insights on the current state of the real estate market. Are we seeing the beginning of the "new normal"? While prices remain stable, sales and transactions have decreased by 17-20% compared to previous years. He looks at who’s currently moving… first-time homebuyers, first-time sellers, and second-time buyers.
There is a high demand for homes priced between $250,000 and $350,000, but there is a scarcity of available properties, causing buyer fatigue and a growing interest in renting. Sellers looking to upgrade face challenges due to limited inventory and rising prices in areas like Rockford and Forest Hills. Without an increase in available properties, the market may continue to experience declining sales and a rise in rental market activity.
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