Foreclosure in Grand Rapids>Question Details

Jack Coon, Real Estate Pro in Chicago, IL

Is the general concensus that property values have bottomed for Grand Rapids?

Asked by Jack Coon, Chicago, IL Thu Jan 24, 2008

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Jack, I wish we knew fore sure! However, I think that 2008 should be pretty close to the market being at the bottom in Grand Rapids. People are certainly getting some incredible deals. It really is a good time to buy here.

I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
1 vote Thank Flag Link Tue Mar 25, 2008
Jack

I may be in the minority here. I do believe that we have bottomed out in Grand Rapids. I don't think the rise from this bottom will be quick or painless, but I personally believe we are there.
Web Reference: http://www.OwnGR.com
0 votes Thank Flag Link Tue Mar 25, 2008
Since 2005, we have witnessed the average price of a single family home in Grand Rapids, Michigan drop from almost $122,000 to approximately just under $100,000 last year. Last year we also saw a marked increase in the number of foreclosures as the year ended with over 30% of closed sales that were either foreclosures or short sales.

While there has been a dramatic decline in prices, it has been possible to get some very good buys on homes. Earlier in the year, ABC News indicated that Grand Rapids was one of the most affordable places to live in the United States. Overall, less homes were sold in Grand Rapids Michigan this year than in the previous two years but almost twice as many homes were on the market as there were 5 years ago.

This is an indication to me that while home prices are dropping, a lot of home owners are still not willing to drop their prices and are holding on to them. In addition with tightening credit there are fewer buyers. I don't think the jury is out regarding what property values are going to do in Grand Rapids, Michigan just yet.
0 votes Thank Flag Link Mon Jan 28, 2008
It's hard to say. I think there will still be a movement down for another year. But great buys are all around that will hold up even if prices still slide down.
0 votes Thank Flag Link Mon Jan 28, 2008
Jack, If you go to the bottom of the Trulia website and select tools for your site it will bring up a widget which includes a graph of average (median) list price and on the bottom right hand corner will include a graph of inventory.

Both of these would give you some additional information about many markets in the US.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Fri Jan 25, 2008
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