Grand Rapids Michigan Real Estate Blog

We Do Not Want to List Your Over Priced Home

Some sellers don’t understand the current real estate market.

They have fuzzy visions of listing their home: flocks of eager buyers will

ascend to their level of home ownership and buy an overpriced house. 

They believe in the words of comic Judy Tenuta, “ It can happen! “

I hate to have to break the news to many optimistic sellers BUT

– it ain’t gonna happen!  Buyers with adequate funds have researched

their area market. They are probably working with a seasoned agent

who has helped to educate them about the local market.  If you are

overpriced by any amount, buyers just don’t look at your home seriously.

We recently made a listing presentation to a seller that had his home

for sale for over a year by another agent.  An overpriced year, overpriced

by about 1/3 of current value, so not even close.  Results: the seller  had

1 showing  in a year.

We had a heart-to-financial-heart talk and we gave him the facts. 

Even if he found someone dumb enough to pay what he was asking, it

would not close because the home would not appraise for even close to

his price.  He argued that someone with cash could buy it.  In our experience,

people with that kind of cash are not careless with their money. 

We encouraged this seller to get an appraisal so he could make a

decision about selling for market price.  This information came as a shock.

Sadly, the reality of a home’s worth today is a shock in many cases. 

The seller wanted to know why his former agent hadn’t explained this to him.

Yes, we were curious, too.

We do not want to list your over priced house.  We read industry experts

and they predict further price erosions later this year.  Whether this

happens or not, sellers should get an independent appraisal if there is any

question about their home’s value. 

Syndicated from Grand Rapids Real Estaet Blog

Foreclosures Costly for Your Neighborhood & Community

You might think that a foreclosure or short sale of a home in your

neighborhood doesn’t affect you.  It is a shame for those people but what

does it have to do with you?  Plenty, it turns out, if you plan on moving

in the next few years.  According to the U.S. government’s website about

the National Mortgage Settlement with major banks, it can affect your

bottom line tremendously.

When a house is subject to foreclosure, it creates a ripple effect

that lowers the value of nearby single-family homes and other properties.

  In 2009 the Center for Responsible Lending projected that homeowners

living near foreclosed properties, on average, would lose $7,200 in property

value, and projected a four-year increase in losses to $20,300 per household.

No one who owns a home is safe from this reversal of real estate values.

We have seen this play out in wealthy suburbia and lower priced homes, where

it hits financially vulnerable households.  Homes that were selling for $100,000

a  few years ago are now priced at $80,000 – $60,000, or considerably less. 

We have heard that investors are being offered homes grouped in tens in some

areas, that  are  priced below $10,000 each.  The effect on neighborhoods is

sobering.  In fact, it traps homeowners in homes that they can’t sell.  Their only

options are short sales or foreclosure to get out from under their mortgage on

a home that isn’t worth what they are paying for it.

Because we have been watching this train wreck in our local neighborhoods

for awhile now, we are optimistically awaiting the outcome of the National Mortgage

Settlement.  This could bring financial relief to millions of homeowners

by lowering their monthly payments.  Many Michigan households that teeter on

the edge of a financial precipice are waiting for relief……….Will they get it?

Originally published at Grand Rapids Real Estate.com

Is Pricing Stalling Home Sales?

Recent Survey Results:

87% of buyers by survey want a “no fixes” home

67% of buyers think homes are overpriced

77% of sellers have their home overpriced

No one thinks our Grand Rapids housing market is as normal

as it used to be.  But many disagree on why.  Most Sellers think

their home is worth more than it really is.  And most Buyers

think the home of their dreams will be available at fire sale prices. 

How do the two sides ever come together to engage in a home sale?

Each of these positions has a grain of truth.  The seller’s home

may well have been worth 25-40% more just a few short years

ago.  In fact, if they bought at the height of the market, they

will most likely not be able to sell their home for what they paid.

This can be painful and lots of potential sellers are stalled from

selling because they cannot make up the difference between

their mortgage and the home’s probable selling price.

Today’s Buyers are savvy and know what homes are going for

 in the neighborhoods they want to live in.  Most buyers do research

for 4-12 months before purchasing.  But they shouldn’t take an overall

estimate of home sales, like Zillow’s Zestimate to really nail down the

purchase price of their dream home.  If there are any Short Sale or

Foreclosed Homes included in the mix, they will usually sell for much

less  than a traditional home in good condition, and for good reason. 

Not many neighborhoods today have homes that have not been

in either a short sale or a bank foreclosure.  Major repairs on these homes

are usually required and may need to be completed before occupancy.

Since most Buyers want a NO FIXES home, this means they will likely

have to pay the market price for the home of their dreams, and the

Seller will have to sell at market pricing.

This is where the art of negotiation by your REALTOR comes in. 

Negotiating a 10% difference in price can take some time for both parties

to come to an agreement.  Don’t be mistaken, expert negotiating skills

are paramount to getting a home sale closed.

Syndicated from Grand Rapids Real Estate Blog

Forest Hills Michigan Top Best Buy Homes July 2011

Forest Hills Michigan Top Best Buy Forest Hills Homes

(Ada-Cascade) to buy, based on price per square foot.

Price per square foot is a great leveler, if two homes are

priced similarly they should be very comparable in amenities.

These homes might need major repair work done, such

as new kitchens and baths, roofs, new plumbing, electrical &

other major mechanicals.  They may have dated decor,  an

odd floor plan, or additions/add-ons that are not what most

people are looking for.

This list could include properties in Ada Township, Cascade

Township, Grand Rapids Township, Lowell Township, and the

city of Kentwood.

Please note: This list can change daily as some homes sell,

prices are adjusted and other homes come on the market.

The Top Forest Hills Homes to Buy by Price per Square Foot:

2676 Deli Ct. NE                   $86,000    1092 Sq Ft    $78.75/SqFt

111 Greenbrier Dr SE          $88,400    1610 Sq Ft   $54.91/SqFt

2512 Appleton Ave NE        $92,500    1224 Sq Ft   $75.57/SqFt

9035 Bailey Dr NE                $98,500    1272 Sq Ft   $77.44/SqFt

4191 Bradford St                 $129,900   1816 Sq Ft   $71.53/SqFt

1043 Farnsworth                $139,900    1680 Sq Ft   $83.27/SqFt

6367 3 Mile Rd                    $ 139,900   1704 Sq Ft    $82.10/SqFt

1607 Thornapple Dr           $149,900    1806 Sq Ft    $83.00/SqFt

6384 Cascade Rd                $159,900    2300 Sq Ft    $69.52/SqFt

3451 Cascade Rd               $160,000     2500 Sq Ft   $64.00/SqFt

2150 Forest Hill Ave          $169,500     2144 Sq Ft   $79.06/SqFt

6905 Adaridge Dr SE       $169,900    1896 SqFt    $89.61/SqFt

8824 Grand River Dr           $169,900     2330 Sq Ft   $73.92/SqFt

6588 Tanglewood               $170,000     1977 Sq Ft   $85.99/SqFt

4116 Burton St SE               $170,000     2682 Sq Ft   $63.39/SqFt

6181 Witherbee Dr SE        $174,900    2022 Sq Ft   $86.50/SqFt

2457 B Leffingwell             $179,900   2070 Sq Ft     $86.91/SqFt

7244 Thorncrest                 $179,900   2077 Sq Ft    $86.62/SqFt

1537 Laraway Lake           $185,000   2166 SQ Ft     $85.41/SqFt

2324 Beatrice Dr NE          $225,000   2690 Sq Ft    $83.64/SqFt

5900 Hall St SE                 $239,900   2880 Sq Ft    $83.30/SqFt

8275 Bailey Dr SE            $249,900   3192 Sq Ft    $78.29/SqFt

955 Honeycreek Ave      $289,900    3828 Sq Ft   $81.99/SqFt

Summer buying season is on and heating up in Forest Hills,

64 sold homes and 85 pending sales in the last month.

Average sold price  = $ 285,802

Pricing seems to have stabilized in Forest Hills School District.

If you are willing to do repairs and update a home, there are still some

good buys at historically low interest rates, though rates and mortgage

requirements are rising.  The homes in the most up-to-date condition

sell the fastest, as most buyers do not want to do repairs or updates.

WARNING: Some of these homes may be bank owned foreclosures,

short sales and not habitable as is or available for a mortgage

in present condition.

Search For Forest Hills Homes

Search Short Sale & Bank Owned Forest Hills Homes

More Forest Hills Michigan Real Estate Articles

If you would like to see a Forest Hills Home, please contact

us at 1-888-240-1968 ext 0 or email us at:

terry@terrywestbrook.com

East Grand Rapids Michigan Top Best Buy Homes July 2011

This is our list of the Top Best Buy East Grand Rapids Houses

to buy based on price/square foot.  Price per square foot is a

great leveler.  If two similar homes are listed at similar prices,

their price per square foot should be similar and it should reflect

the interior finish of the home.  East GR has homes listed at almost

$500/ Sq Ft and under $100/Sq Ft, so the range here is wide.

For example, if it has crystal chandeliers, wood flooring, a new

kitchen, this would be more value per square foot than a home

that still has the 1980’s decor and/or is in derelict condition.

Please note that this list can change daily as some homes sell, prices

are adjusted and other homes come on the market.  If you would like

to sign up for daily new listing email, just contact Terry.  You can also

sign up for saved searches on our website.  This saves your profile

search and lets you monitor and control your search details.

July 2011 –  TOP BEST BUY East Grand Rapids Homes

The Top East GR Homes to Buy by Price per Square Foot:

2216 Audubon             $71,500       882 Sq Ft     $81.07/SqFt

2246 Estelle                 $104,000    1070 Sq Ft   $97.20/SqFt

1600 Wealthy St SE   $119,900     1248 Sq Ft   $96.07/SqFt

2450 Gilmour St          $121,900     1500 Sq Ft   $81.27/SqFt

2147 Hall St                 $137,500     1198 Sq Ft   $114.77/SqFt

1112 Eastwood           $139,000     1275 Sq Ft   $109.02/SqFt

2543 Richards Dr       $139,900     1400 Sq Ft    $99.93/SqFt

2543 Lake Dr              $140,000     1754 Sq Ft    $79.82/SqFt

2151 Tenway             $141,900    1396 Sq Ft    $101.65/SqFt

2234 Argentina          $149,900    1339 Sq Ft    $111.95/SqFt

1058 Orchard Ave      $149,900    1335 Sq Ft    $112.28/SqFt

2144 Hall St SE          $164,900     1742 Sq Ft    $94.66/SqFt

2405 Oakwood Dr     $165,000      1786 Sq Ft   $92.39/SqFt

2050 Tenway             $169,900     1520 Sq Ft    $119.99/SqFt

1045 Lakeside Dr      $174,900     1520 Sq Ft    $115.07/SqFt

1245 Woodshire        $199,750     2248 Sq Ft    $88.46/SqFt

319 Kingswood Rd      $209,000      1796 SQ Ft    $116.97/SqFt

1753 Breton Ave         $210,000      2740 Sq Ft    $76.64/SqFt

1555 Edgewood Ave   $212,000     2123 Sq Ft    $99.44/SqFt

541-3 Greenwood       $244,900    3676 Sq Ft    $66.62/SqFt

2254 Brighton Dr         $269,900    2250 Sq Ft    $119.96/SqFt

1447 Woodcliff Ave    $274,900     2861 Sq Ft    $96.09/SqFt

1563 Edgewood           $ 294,900    2779 Sq Ft     $106.12/SqFt

2733 Maplewood Dr     $295,000    2746 Sq Ft    $107.43/SqFt

3131 Lake Dr                $319,900    3300 Sq Ft     $96.94/SqFt

2649 Boston St SE      $425,000    3666 Sq Ft    $115.93/SqFt

22 Pending, 0 Sold in the last month in EGR

Average Sale List Price  $ 253,762

Home sales have increased this month, home inventory

is  moving in East GR.  Distressed properties are still popping up

but much scarcer than other areas around GR.  Price per square

foot is moving up slowly but can be affected by higher priced homes.

SEARCH EAST GRAND RAPIDS HOMES

Bank Owned & Short Sale EGR Homes Search

Related Posts:

Which Mortgage Do I Choose?

East GR  Real Estate Market Articles

Home Buyer Questions & Answers

East Grand Rapids – America’s Hometown

*Some of these homes may be bank owned foreclosures and

not habitable as is or available for a mortgage in present

condition.  Sold-As-Is*

If you would like to view an East Grand Rapids Home,

please contact us @1-888-240-1968 x 0 or email us :

terry@terrywestbrook.com

Grand Rapids Michigan 2011 East Suburban Top Best Buy Homes Reports

Caledonia Michigan Top Best Buy Homes Report 3-2011

Forest Hills Michigan Top Best Buy Homes Report 3-2011

East Grand Rapids Michigan Top Best Buy Homes Report 3-2011 

Kentwood Michigan Top Best Buy Homes Report 3-2011

 Lowell Michigan Top Best Buy Homes Report 3-2011

Rockford Michigan Top Best Buy Homes Report 3-2011

The March 2011 Top Best Buy Homes Reports for the East suburbs of

Grand Rapids are linked above.  Some areas went down in activity, some

went up, some stayed relatively the same.  Which proves the maxim, all

real estate is local.   Even these reports will just give a general picture of

what is happening in your community.  If you want to know what is happening

in your neighborhood, just give us a call.

9 Pros and Cons to Balance When Buying a Grand Rapids Condo

Condominiums and townhouses offer an affordable option to single

family homes in Grand Rapids, and they’re ideal for those who

appreciate a maintenance-free lifestyle. But before you buy, make

sure you do your legwork.

The 9 Top Elements to Consider:

1. Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
2. Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.
3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.
5. Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.
6. Reserve funds & association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.
7. Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar. 
8. Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
9. Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors

Syndicated from Grand Rapids Real Estate Blog

Forest Hills Michigan Waterfront Homes Real Estate Market Report

Oct 2010

Current market conditions have brought home prices down to levels 

we haven’t seen since 1997. All price levels and amenities have been

affected.  Now may be a great time to purchase a Waterfront Home

in Forest Hills.

Real Estate Market Report for waterfront homes in Forest Hills Michigan

Mar 1, 2010 to Sept 30, 2010 with private water frontage:

Forest Hills Waterfront Homes Real Estate Market Report Oct 2010

57 Active Listings

0 Pending Sales

23 Sold

High List Price  $ 1,895,000

Low List Price    $      75,000

Average List Price – $  559,067

Average Sale Price – $ 387,893

When purchasing waterfront homes, always be sure to check beach & access rights,

laws and associations regarding the body of water your potential property accesses.

Each area has there own rules about jet skis, power boats, and other water craft.

__________________________________________________________

We have gathered a list of the top Grand Rapids Township Houses

to buy based on price per square foot.  An added bonus, these

Grand Rapids Township Homes are in East Grand Rapids or

Forest Hills Public School system.  If you are new to the Grand Rapids

area, Grand Rapids Township taxes are lower than East Grand Rapids,

Grand Rapids, or Ada Township.

**Please note that this list can change daily as some homes sell,

some homes go through a lengthy approval process, prices are

adjusted and other homes come on the market.  Check

back often or just subscribe to our blog to get up-to-date local

real  estate information that you want to know.

The total square footage is noted here, although only the

main floors are used to figure price per square foot.

Grand Rapids Township:

Lowest price per Sq Ft    $59.45

Highest price per Sq Ft   $98.04

March 2010  BEST BUY GR Township Homes

Highest list price is $ 239,900

Lowest list price is  $ 79,900

Top Best Buy Grand Rapids  Township Homes by Price/Sq Ft:

3164 Dean Lake Ave    $ 79,900     1040 SqFt    $76.83/SqFt

3100 Windcrest Ct NE  $ 89,900     1209 SqFt   $74.36/SqFt

3914 Cascade Rd SE     $ 90,000     1240 SqFt   $72.58/SqFt

3165 Windcrest Dr      $110,000    1209 SqFt    $90.98/SqFt

3747 Bradford St NE    $114,900    1640 SqFt   $70.06/SqFt

3379 Fulton St E         $118,000     1985 SqFt   $59.45/SqFt

1791 Grand Ct NE       $118,900     1600 Sq Ft   $74.31/SqFt

1787 Park Trl NE          $119,900    1600 Sq Ft  $74.94/SqFt

3435 Dean Lake Ave   $119,900     1311 SqFt   $91.46/SqFt

1773 Park Trl NE         $121,900    1600 Sq Ft   $76.19/SqFt

3333 Park Ridge Ln     $124,300    1600 SqFt    $77.69/SqFt

2450 Maguire Ave       $124,900    2084 SqFt    $98.04/SqFt

1789 Grand Ct NE       $124,900    1600 Sq Ft  $78.06/SqFt

3346 Dean Lake Ave   $139,900    2520 SqFt   $79.58/SqFt

1170 Farnsworth Ave  $139,900    2200 SqFt   $96.48/SqFt

2309 3 Mile Rd NE     $149,900    3340 SqFt    $70.54/SqFt

2755 Pinesboro Dr    $159,900    1907 SqFt    $83.85/SqFt

3351 Nottingham Dr  $169,900   2202 SqFt    $91.15/SqFt

3365 Cascade Rd SE   $170,000   1758 SqFt    $96.70/SqFt

43 Robinhood Dr NE   $189,900   2328 SqFt   $94.20/SqFt

205 Shore Haven Dr    $199,900   2652 SqFt   $75.38/SqFt

493 Arrowhead Ave    $226,000  3284 SqFt   $81.18/SqFt

201 Shore Haven Dr    $239,900  2600 Sq Ft   $92.27/SqFt

In this area of Grand Rapids, as well as others, there are fewer

really great home bargains on the market. If you have been

waiting for prices to start climbing and inventory to shrink, the

time appears to be here.  List price and price per square foot are

both higher for all homes this month.

*Some of these homes may be bank owned foreclosures and

not habitable as is or available for a mortgage in present condition.*

If you have questions about Grand Rapids Township or Grand

Rapids homes, please contact me directly:

1-888-240-1968 ext 0

email: terry@terrywestbrook.com

Photo of Frederick Meijer Gardens Entrance by Bonnie Westbrook