GR Metro Sees 69% Drop In New Real Estate Listings
The drop is one of the ten highest in the nation and while that is bad news, there is good news on the horizon.
The GR market saw a 69.4% drop in listings, after being one of the hottest markets in the nation for most of the past five years.
The good news is that the market should be friendly for buyers in the coming months as the state attempts to reopen following the shelter in place orders of Governor Gretchen Whitmer.
"Three months ago, home values were increasing and there was nothing to buy,” says Steve Volker, a broker with Berkshire Hathaway HomeServices Michigan Real Estate told Realtor.com. “So some buyers who couldn’t buy before feel like they might as well get out there before the big buyer pool comes back.”
In-person home sales resumed starting Thursday, May 7 with some social distancing guidelines in place.