It is spring, and the time when the local real estate market in Holland, Zeeland, and surrounding West Michigan communities begins to heat up.
Wondering how the local West Michigan Housing Market is doing? View my short video, or contact me now to talk about it personally.
We've had a lot of people reaching out to us, wanting to know where the current market is headed here in West Michigan. Should we be buying now? Should we be selling our home? I want to address these questions and concerns. Please reach out to me, I'm happy to talk with you personally about the current real estate marketing in West Michigan.
Are home prices dropping in Michigan?
I’ve also been getting some concern and questions about the current local West Michigan housing market entering a crash like we had back in 2008. If you’re concerned about the current housing market, you’re not alone. Nearly two out of every three Americans right now think there is going to be a housing market crash in the next couple of years.
I don't believe you need to be concerned.
Why the housing market in 2023 is different than 2008:
Mortgage standards are stricter. In the current market, it is more difficult to get a loan than it was back in the early 2000’s. This means that buyers are more qualified than they were back in 2008.
More equity in homes. Because of the increase in home values, many people have a good amount of equity in their homes. That means fewer foreclosures. In 2008, many people were paying more than their homes were worth, with little equity, and this increased the foreclosure rates to the high levels we saw in the market crash of 2008.
Is now a good time to sell your house in Michigan?
Home values are still high, and with many qualified buyers looking, now could be a good time to sell.
The biggest thing we’re seeing is a lack of inventory still. Even in the $300,000 price range and sometimes even higher, we’re still seeing a lot of multiple offers.
Check your home value right now by using the quick tool on our homepage.
Is the housing market still hot in Michigan?
I’ve seen a lot of concern about the increase in interest rates affecting the housing marketing in West Michigan. The plan many homebuyer in the West Michigan area have is to buy now, and when rates go down, they can refinance at that time.
The main thing to take away from the current housing market is that whether you are thinking of buying or selling your home in Holland, Zeeland, Grand Haven, Saugatuck, or any other West Michigan Community, we can help you succeed at reaching your goals.
And talking about helping our local communities succeed…
Kids Food Basket Event
We’re excited to again work together with you guys to support the local Holland Kids Food Basket. We’ve done this the past couple of years, and love all the support we get from our amazing West Michigan community.
We’re Going Orange to raise awareness about food insecurity experienced by many right here in our own local community.
Kid Food Basket Event
March 18, 2023
Luke Bouman Real Estate Team!
171 College Ave
Holland, MI 49423
How you can help:
We plan to park our moving truck across the street on March 18. You can stop by the office in the morning on the 18th, or any time before, to drop off much-needed items for the local Kids Food Basket.
Items they are requesting:
- Fruit Cups
- Pudding Cups
- Meat Sticks
- Brown Lunch Bags
We hope to see some of you stop by and help us support our local Kids Food Basket! If you have any questions, please contact us.Posted by Luke Bouman on