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West Michigan Housing Market Continues to Take Off

The housing market in West Michigan is continuing to skyrocket just before hitting the mid-summer mark. Active listings are dwindling as folks continue to buy out the inventory.

"According to statistics provided by the Michigan Regional Information Center, in the Holland and Saugatuck area, the number of active house listings are down 7% compared to last year and looking at northern Ottawa County, the number of active house listings are down 22%," according to National Mortgage News.

With a market this competitive, buyers are. being forced into a bidding war which means purchasing a house over the asking price. It's a winning situation for sellers, not so much for buyers.

"It is unique because the rates are low with interest rates being around 4.7%. So, you have people who are wanting to buy because you can get a good interest rate and they are out there buying. You also have sellers and they are hearing about how the prices are increasing and how this market is so strong so people are wondering how much their house is worth," said Briana Beyer, a local Realtor for Caldwell Banker Schmidt, according to NMN.

To learn more about the highly competitive housing market in West Michigan, click on the image above.

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