Grand Rapids Area Real Estate Report with Steve Volkers
Each month, Steve Volkers, Associate Broker and Realtor at Five Star Real Estate provides a glimpse into the Real Estate market of West Michigan. Our insights are drawn from sales data and analytics within the communities of the Greater Grand Rapids area.
Please note that the content presented in this podcast is intended solely for informational purposes. It is important not to interpret any of this information or accompanying materials as legal, tax, investment, financial, or any other form of advice.
Grand Rapids Area Real Estate Report with Steve Volkers
Grand Rapids Area Real Estate Report w/ Steve Volkers - July 2023
In his latest video, Steve shares insights on the current state of the real estate market. Are we seeing the beginning of the "new normal"? While prices remain stable, sales and transactions have decreased by 17-20% compared to previous years. He looks at who’s currently moving… first-time homebuyers, first-time sellers, and second-time buyers.
There is a high demand for homes priced between $250,000 and $350,000, but there is a scarcity of available properties, causing buyer fatigue and a growing interest in renting. Sellers looking to upgrade face challenges due to limited inventory and rising prices in areas like Rockford and Forest Hills. Without an increase in available properties, the market may continue to experience declining sales and a rise in rental market activity.
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