Spring brings the urge to buy a new home or a larger home.

Lots of internet searches for the perfect home are being done at midnight

in the robe & slippers, here in Grand Rapids Michigan, as elsewhere around

the country.

The mortgage rates are low, the apartment idea was great but now you

may have decided you want a piece of the American Dream. You want your

own garage, your own deck for barbecues and decorate the yard with flamingos,

if you choose to do so.

 

Let’s take a peek at that midnight computer search & see what the

average Grand Rapids consumer is searching for……….

I like to call this the “Dream Home Wish List.”

It seems buyers are ever optimistic and consistently put these parameters

in for top home search requirements, year after year, here in Grand Rapids.

 

Price	90,000 – 99,999
Architectural Type	Ranch
Basement Type	Walkout
Number of Bedrooms	At Least 3
Number of Baths	At Least 2
Garage Size	At Least 2 Stalls
Square Feet	4,000 or more
Zip Code	49506
County	Kent
School District	Forest Hills
Project Name	EXCLUDE ALL CONDOS
Age	5 to 25 Years
Riparian Rights	Lake Front/Private
Acreage	1 to 5
Lake Name	Lake Michigan
Air Conditioning	Yes
Fireplace	Yes

Anyone would buy this house in a nano-second, if it existed,

………. but it doesn’t. A 4000 sq ft ranch house in Forest Hills Schools

with acreage alone would have you in the higher price brackets [300K-500K]

immediately.  A 4000 sq ft ranch house on Lake Michigan is in the multi-million

dollar category.  So much for the Dream home for most of us…..let’s go back to reality.

 

So just what did the average home buyer purchase last year and this year

in the Grand Rapids area?

Last Year in 2007:

• 3159 households bought a house for $99,999 or under
• 3278 households bought a house for $100,000 – 149,999
• 1846 households bought a house for $150,000 – 199,999

First Quarter 2008:

• 1409 households bought a house for $99,999 or under
• 754 households bought a house for $ $100,000 – 149,999
• 420 households bought a house for $ 150,000 – 199,999
• 
  

It looks like prices have dropped dramatically and more people are buying

in the lowest price bracket of under $99,999. But these statistics are not

comparable.   About half of the homes selling for under $100,000 in 2008 are

bank foreclosures. The homes’ value and price sold are not the same.

 

Please refer to my other posts on bank foreclosures for the reasons:

Foreclosures are NOT fun – Be prepared to earn your bargain

Are Foreclosures are Selling Faster than Traditional Homes?

Stripped and Violated: This House could be Next Door to You

 

The average foreclosure price is $78,400 compared to the overall

average home sale price of $119,600.

When the short sales are taken out of the total, the average home

sale price is now $160,900.

Bank foreclosure houses are typically not priced to compare to the

homes in the neighborhood in good condition. The foreclosure homes are

usually abused and need lots of work to be similar in value to other houses

in the neighborhood. Some need literally everything to be habitable!!

Most households ended up spending more than they thought they would.

To get the home of their dreams, they spent between $100,00

and $200,00, on average.

If a first home or larger home is in the plans for you, we would

be honored to assist you in the process of purchasing the

“home of your dreams”.

Search Grand Rapids Homes for Sale

Featured Grand Rapids Homes

Greater Grand Rapids Area Information

Contact me: 1-888-240-1968 x 0 toll free

Website url: Terry Westbrook.com

Email: terry@TerryWestbrook.com

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Copyright by Terry Westbrook 2008