Muskegon Magazine.com, Muskegon County's online magazine

2017 Was a Very Good Year in Real Estate

BY NANCY BIERENGA, REALTOR®, E-PRO, ABR, éLAN REALTY, PAST PRESIDENT, WEST MICHIGAN LAKESHORE ASSOCIATION OF REALTORS

Looking back on 2017, the first thing that stands out is the fact that home values in Muskegon County rose about 12%. The average days on the market dropped 34.3% from the same time in 2016. At the time of this writing there is only a 3.49 month inventory on the market.

Market conditions vary by neighborhood, or in some cases, even by block of homes. The figures in this article are for Muskegon County as a whole.

There are currently 476 homes on the market. In the past year we have sold 2,476 (to the middle of December). The average sold price was $141,001 and the homes were on the market (from listing to sold) for an average of 66 days. Thanks to the low inventory, homes sold for an average of 97.5% of the listed price.

What do these numbers mean for you? Whenever the inventory falls below six months’ supply, it shows a seller’s market. The selling price versus the listed price is so high because the rules of Supply and Demand dictate that sellers are able to get nearly what they’re asking because there are more buyers than sellers. Another indication of a very strong seller’s market.

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The Federal Reserve has indicated that they will be raising rates during the coming year, but even with a moderate increase we are in a prolonged period of historically low long-term interest rates. That makes it a great time to buy if you find a home that meets your needs.

Even though it’s a seller’s market right now, the cost of waiting to purchase a new home could be costly. We have no real idea how long the seller’s market will persist. At the same time, an increase of .5% in the interest rate coupled with a 5% (note we saw 12% last year) would add about $163 to the monthly payment required to purchase a home listed at $250,000 today. That would add up to about $58,500 over 30 years! Today is a great day to buy a new home and a great time to sell your current home as well.

Here’s to 2018 continuing the strong Real Estate market!


Nancy Bierenga, of élan Realty, is past president of the West Michigan Lakeshore Association of REALTORS®, a member of the National, Michigan, and West Michigan Lakeshore Associations of REALTORS®, and the Greater Muskegon Woman's Club. She is an Accredited Buyer's Representative, a Certified e-Pro REALTOR®, and a Certified Fair Housing REALTOR®. She and husband Robert have lived in Muskegon since 1996. Phone Nancy at (231) 730-0887, email Nancy@HousesByNancy.com, stop by élan Realty's office at 4075 Airline Rd., Muskegon or visit the élan Realty on Facebook here.

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Contents:

EVENT
February 10, Sip and Shop will bring together local crafters and vendors to sell hand made items and more at Watermark 920! Explore crafters here.

AWARD
Nominations are sought by the Greater Muskegon Woman’s Club, which will honor three women who have made on impact on our community! Learn more here.

FAMILY
Family caregivers are vulnerable to post-holiday blues! Judith Delis of Seminole Shores Living Center has tips for avoiding those blues in this informative article.

HOMES
2017 was a very good year in real estate, writes Nancy Bierenga, with Muskegon County home values rising about 12%! Find out what these numbers mean to you.

EVENTS
Are you stuck inside this winter? Visit the Lakeshore Museum Center online for updates, interesting tidbits and Muskegon history! Find out how here. AUDIO!

EVENTS
January is packed with things to do at the Hackley Public LIbrary! Explore music, crafts, games, classes and much more at HPL. Find out more here. VIDEO!

FAITH
A new year is an opportunity for positive change, writes Beth Bolthouse of Front Porch Church! Look into three decisions that can make a tremendous difference here.

FAMILY
How do you have “the talk” with your parents about wills, finances, medical care choices, and funerals? Jodi Clock of Clock Funeral Home has some suggestions.

HOMES
Window fashions can keep your home cooler in the summer, warmer in winter, provide light control and affect indoor air quality. Carol Beatty of Quigley Draperies explains. VIDEO!

GALLERY
2017 was an uplifting year for illustrator and writer Gary Scott Beatty! Find out why, and enjoy some eerie art from this powerful local artist, here.

COMMUNITY
It’s not too late to give to United Way of the Lakeshore this year! Christine Robere explains the goal to help 10,000 working families meet their basic needs. VIDEO!

BUSTER KEATON
Muskegon’s own Buster Keaton parodies melodrama, poking fun at William S. Hart, in 1922’s “The Frozen North,” complete and online here! VIDEO!

LAKESHORE STAR GAZER
January skies offer chances to enjoy some of the brightest stars of the year and to observe planetary sights for those willing to brave the cold. VIDEO!

EVENTS CALENDAR
Enjoy what’s happening with Muskegon County's BEST online events calendar, from Hackley Public Library.

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