Housing market exploding in West Michigan
WEST MICHIGAN (NEWSCHANNEL 3) – The housing market is exploding in West Michigan. Realtors say demand is high and inventory is low.
Realtors are asking anyone thinking of selling to do so right now.
One realtor that Newschannel 3 spoke with said a house just up the road from our station in Kalamazoo went on the market last Friday and sold on Monday, in that time she had 35 showing requests and ten offers.
Last week Amy Velding listed her home for sale on Lorraine Avenue in the Winchell neighborhood, she says she’s been blown away by the response.
“We put it Friday in the afternoon and Saturday we already had someone,” said Velding. “Monday we had two people, Tuesday one and later today we have another one.”
Requests for showings kept pouring in and she asked her realtor if this was normal.
“He’s like this is great,” said Velding. “You want this.”
“We’ve had a house sell within an hour,” said Alan Jeffries, President of the Greater Kalamazoo Association of Realtors. “Literally, we put it on the MLS and hit Realtor.com and it was gone within an hour.”
Jeffries says pent up demand from the housing crisis, plus first-time homebuyers entering the market has created a monster of a market.
“Our average price range here is probably about the 155 to 165 is our median price, that market is on fire,” said Jeffries.
If you’re a seller, it’s fantastic, but if you’re a buyer;
“Get pre-approved, be ready to pull the trigger,” said Jeffries. “It’s not going to be something where you’re gonna be able to see five to six houses.”
Jeffries doesn’t see the market leveling out anytime soon. So he says people like Velding are making a smart decision, taking advantage of a seller’s market.
“Now is the time,” said Jeffries. “Do it on a contingency that you’re going to find another house, but definitely get your house on the market.”
“It’s really exciting to see what’s gonna happen with the house,” said Velding.
Realtors say many homes are also going for more than the asking price. Jeffries hopes that an influx of new construction and more sellers will eventually even out the market.