The end of the first quarter of 2017 is approaching and we have yet to see a large influx of listings on the market. As you can see from the below chart of single-family homes, there is a shortage of houses available.

In 49423 almost 51% of available homes are listed over $250,000 pricing many buyers out of the market. In 49424 more than 68% and 49464 60% of available are over $250,000. In the Holland and Zeeland area, there are a total of 14 houses available under $150,000.

This year, the lakeshore hasn’t seen much of a Winter and as March comes to a close, our Spring home buyers have been looking for houses for a while now. There is a lot of competition for houses with our short supply of inventory which continues to drive prices.

According to Realtor Property Resource (RPR), the chart below represents the median estimated home value and increase in home value over the last year.

Sellers: What does this mean for you? It’s an excellent time to sell your home because of a lack of inventory and an increase in value. Houses sold in 2017 under $200,000 have a median accepted offer often within 10 days.

Buyers: What does this mean for you? When you start writing offers, you need to know you will run into competition. Minimize your contingencies and write a strong offer. Be ready, if not, someone else will buy your house.