It's been said that in order to know where you are headed, you need to know where you've been. Looking back over the past 10-20 years, we have definitely seen significant changes in the housing market in terms of price & inventory.
Our local market average home sale price hit rock bottom in 2009 when prices averaged $107,546 and have been steadily increasing year after year with an average of nearly $200,000 in our current market. This increase in average sale price has been compounded by gradually declining inventory, creating a seller's market.
With strong buyer demand and increase in average sales price, homes are selling quickly, often with multiple offers making it a great time to sell. On the flip side, as a buyer you can still take advantage of historically low interest rates and know that you are investing in a home that is increasing in value.
It's a great time to buy & sell! Having a real estate professional on your team is essential in navigating today's market. If you or someone you know is looking to buy or sell a home, contact me at 616-450-0131 to find out how I can help.
