There are a number of metrics which one can use to get a handle on the current housing market in Grand Rapids, Michigan.  However, the one which captures my attention as we head into what is traditionally the busiest season in real estate is the Spring Parade of Homes. Here's what I wrote about the tour last year...

It’s a spring time ritual in Grand Rapids, Mi.  For residents like myself and many others who love to peek into gorgeous homes and pick up the latest tips for home decor and furnishings, the Spring Parade of Homes Tour is an event which is highly anticipated.

However, this year, the Parade of Homes will feature a tour with significantly fewer offerings than in recent years.  In 2006, there were 200 homes featured in the Parade of Homes, last year (2007) the number was 133.  This year, 83 homes will make their debuts in the Parade…far fewer entries than just 24 months ago. (click here to continue reading)

This year, the Parade of homes will feature less than 1/2 of the homes entered in the 2008 year.  The 2009 Parade debuts with 42 homes as it marks 50 years.  A search for the nucleus of this story traces back to the number of building permits issued in Kent County in 2009.  A number which has been declining for the past several consecutive months to just 25 for the entire county in March of 2009; down from 61 in the same month of the previous year 2008 according to data obtained from the Grand Rapids Association of Realtors®.  

For the first quarter of the year, permits are being issued at about 1/2 the rate of last year 2008...which was already a less than stellar year for new home construction.

But, West Michigan has always been a resilient community which prizes innovation and creativity.  This year, the Parade of Homes will feature six Green Homes, a Brand New offering.  Not only will the public be able to view quality built, affordable, environmentally sustainable home construction, there will be classes available for those who would like to learn more.

Last year, I visited a green built home in my neighborhood.  I thoroughly enjoyed talking with the builder and learned a lot about how smart investments can save a future homeowner money and increase the enjoyment and comfort of the residence.  If you'd like to tour a Parade home, look for the signs which mark each home or visit this site for additional tour information including scheduling for the Green Homes which are open on Thursdays.

Visit www.auduhomes.com to view NEW home construction in all price ranges!

Copyright 2009 Audu Real Estate All Rights Reserved

When the news broke that Grand Rapids was the 5th most affordable city in the United States, you would have thought there would be cheering and dancing in the streets.  After all, isn't affordability a great thing in the era of recession fears and increasingly dire economic news?  

Well, if there was such thing as negative miracles, somehow this normally great news is being apprehended by the boogie man...fear of the unknown.  News reports indicate that potential buyers fearful of further declines in the market are determining they won't buy now even though prices haven't been this low for more than 20 years!  Wow!

Well, I'm glad that I'm living in a parallel universe.  These past two weeks have been some of busiest we've had at Audu Real Estate.  We're taking buyers out and some of the deals that we're seeing are so good that we're being told that we're offer #2 or #3.  Today, I fielded several requests for home showings on homes we have listed!

When opportunity knocks, we have determined that we don't want to be sleeping.  We've found that it's better to open the door because often opportunity doesn't stick around, it keeps on trudging towards the next likely candidate.  What FDR said remains true... 'the only thing to fear is fear itself.'

So, if you're a homeowner who would like to sell your home or a home buyer who wants to check out what the incredible options are right now....give us a call or e-mail us at info@auduhomes.com. We're eager to be of service.

Click here to pre-view homes

Copyright 2009  Audu Real Estate  All Rights Reserved

Grand Rapids, MI 2009...

Homeowners in Grand Rapids, MI have witnessed a startling increase in the rates of homes sold through foreclosure sales and short sales.  In the early portion of 2007, the percentage of home sales that were 'crisis sales' hovered between 14% - 16%. 

But by the end of 2008 and into early 2009 the numbers had escalated dramatically to account for over 70% of the homes sold by the members of the Grand Rapids Association of Realtors Board.

Selling a home within this type of environment requires a different approach. 

Although marketing a home has never been easy, the challenges of the current crisis require a firm resolve and focus to do whatever it takes to succeed. 

The Truth about this Market...

A very different mind set is required...that is IF you intend to sell your home within the next 12 months.  Now, one important note:  this market is not for everyone.  If you have recently purchased a home or don't have a compelling need to move such as a change in life circumstances or employment, this may NOT be your market.

However, there are some things which you can do to enable a more efficient process if you have to sell your home for less than what you owe on the mortgage aka as a Short Sale.  Here they are:

Document your financial hardship...

You will be required to give a fairly detailed accounting of your financial condition which will include statements from all bank accounts, investment accounts, tax records, a credit report, and a letter documenting your situation.  Be prepared to submit this documentation in an organized fashion and include a letter/statement which authorizes the bank to speak to the appropriate professionals such as your real estate broker if your home is listed.

Set the Stage...

Just because your home is being sold under less than ideal circumstances does not mean that it should be portrayed this way in your marketing efforts.  The goal of a short sale should be to sell your home.  Remember that your home will be competing with potentially hundreds or thousands of homes. 

Unless a home buyer falls in love with your home, you won't even have the chance of negotiating a short sale. You may also inadvertently attract even lower offers from buyers who smell desperation within the mess.  It should also be noted that home buyers are often wary of the long drawn out process that the negotiation of a short sale requires so make it worth their while to wait!

Price to Compete!

One of the most interesting points during my listing presentation is when I show home owners a map of just how many homes are listed or have sold within their community within the past year.  Most people are more than a little surprised.

There's a lot of activity happening in the real estate market right now and you owe it to yourself to have an accurate understanding of your neighborhood market.  Run the other way if an agent shows up at your door to take your listing in hand without documenting in detail WHY and HOW he/she has arrived at a pricing strategy and listing price.

Detach the Sentiment...

Proper pricing and subsequent adjustments are critical if you are to succeed.  A market rife with foreclosures sometimes makes for a 'moving target' when it comes to determining the right price.  Be prepared to make adjustments quickly to reflect market realities which will include banks unloading more of their extensive foreclosure inventory in 2009.  Emotional attachment about why this 'awful situation' should not apply to your particular home will not serve you well when you're dealing with buyers who are primarily looking at the bottom line. 

On the other hand...a good deal cannot be hidden!  We're seeing homes priced competitively getting several bids and sometimes selling above the listing price.  These homeowners took the time to understand their market and to respond accordingly.  My counsel if you're determined to Sell Your Home...is to take note.

Click here for Related Short Sale Articles:

Copyright 2009  Audu Real Estate  All Rights Reserved