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Market Conditions in Grand Rapids : Real Estate Advice

  • All398
  • Local Info30
  • Home Buying149
  • Home Selling17
  • Market Conditions10

Activity 11
Fri Mar 29, 2013
Jon Smith answered:
You can look it up on the county website.
0 votes 7 answers Share Flag
Fri Mar 29, 2013
David Martin answered:
I believe it is the perfect time to buy a house based on the relatively low prices, adequate inventory and low interest rates.
We haven't seen a market that is this favorable for buyers ever.
It is important to work with a Realtor and get good counsel so you know you are paying a fair price. Given your time period I feel you would be better off buying a house than renting. Not only do you get the tax advantage of owning a house but you may also see some appreciation in that period.
Good luck,
David Martin
Greenridge Realty
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Mon Jan 31, 2011
tom tabor answered:
Fri May 27, 2011
Pete Bruinsma answered:
Hi Peter,
I actually wrote an article earlier this year about new appraisal rules and how they negatively impact sales, please see my link below. Six months later there has been no change in the laws and little change in the effects thereof.

To quickly summarize, the appraisal industry is a tough business. Appraisers today are receiving less money for more work, combined with increased liability and added accountability. As a result, accurate appraisals are falling prey to "safe" ones. Negative effects include delays in investors pulling their money back out of rehab projects (putting the brakes on our economic recovery), and denial of homeowners like you being able to take advantage of today's rock bottom interest rates.

The 400 pound gorilla here is the simple fact that when foreclosures, short sales and distressed homes are repeatedly closing at a fraction of their actual value, investors stop purchasing homes at reasonable prices and comps cease to exist. This wont stop until the foreclosure train stops.

Once you get over the frustration and accept the situation for what it is, it is somewhat amusing to go downtown in the Spring for an Assessed Value appeal. You can bring a full appraisal you paid $450 for 60 days ago, they will disregard it and ask "got anything else?"

That said, appraisers know how ridiculous this all is, and Ive found that a little bit of time has taken some of the edge off of this process. Last week I was finally able to obtain an appraisal that allowed me to successfully refinance a multifamily rehab project of mine in Eastown. The standard (most important) appraisal came in $1000 over the minimum required. The income-based section came in $20,000 above what I needed, and my rent's cheap! :)

Back to your question...If you'd like to email me your property address, I'll be happy to take a look at your property and check to see if any justification exists for shelling out that appraisal money. I live right around the corner and am very familiar with the area.
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Sun May 16, 2010
Diane asked:
month for the last year and then May YTD....does anyone have that info? Or can you direct me where to locate it?
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Mon Apr 5, 2010
kl answered:
If your contracted with a real estate agent, he/she can provide you with that information. It's not something typically broadcast because the seller doesn't want everyone to know. ... more
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Wed May 16, 2012
T.J. Malkasian answered:
I personally would stay away from Alger Heights. Your best bet is to contact a local real estate professional and discuss what you are looking for. I would recommend contacting my real estate agent, Bethany Bratt, to find a home that will suite your needs. You can contact her at: CELL: 616-915-9208. She is with Blu House Realty, which specializes in that part of Grand Rapids.

If you have any questions regarding financing, please let me know as I am a local mortgage banker here in GR and would love to assist you with your purchase.

TJ Malkasian
P: 616-433-7066
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Mon Jan 12, 2009
Robert Young answered:

These days a large percentage of homes are over-assessed (worth less that 2x’s the AV), but there are many still that are under-assessed (worth more than double the AV). Although the assessed value by law is supposed to be half of market value, it remains a completely unreliable way to determine the value of a home. One important thing to remember is that in most cases the Assessor has never seen the inside of the home and therefore is not taking many of the specifics into account.

Of recent sales, I believe most are selling under 2x’s their AV. This is probably largely due to the fact that currently roughly 70% of sales are either foreclosure or short-sales which tend to sell at a discount when compared to non bank controlled sales (that’s why they’re selling).

Hope this helps,

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Mon Oct 13, 2008
Michelle Gordon answered:
From stats recorded from our GRAR board..............from 08-01 till 09-30 - 3,635 sold at an average price of $169,000 this does not include for sale by owners..........or any other single family home sold that does not get reported to the board. However these states may include other counties, such as Ottowa any anyother listing that may appear on our board. ... more
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Wed Aug 11, 2010
smith3gary answered:
Mike, you are correct, there is a correlation of a homes actual sale price to the assessed value of a home. I'm not sure about Grand Rapids, but in southeastern Michigan the values were usually between 1.8 to 2.25 times the SEV. This has decreased quite a bit with the glut of foreclosures and "short sales' in my area. The new values are quite startling.

A local real estate agent would be able to pull information from public records to give you the range for East Hills. Keep in mind, this is a general range. There are always homes with desireable floorplans, locations, and condition that will have a higher ratio. If your area is in a declining market, the Taxable Value will reach the SEV within a few years, depending upon when you purchased.
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Fri Mar 25, 2011
Melissa Mancini answered:
Hi There,

Other costs you should incorporate into your calculations are capital gains taxes and realtors fees (when its time for you to sell) In Massachusetts, we have Tax Stamps which is an added cost of $4.56 per thousand of the sale price. Also, the carrying costs: Mortgage Payments, Taxes, Insurances, Utilities. As a general rule of thumb, I advise my investors to have a 20% buffer zone to absorb any unforeseen additional costs. Best of luck to you!!

Melissa Mancini, Realtor, CBR, GRI
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