The Ottawa County real estate market has been hovering over cool, lukewarm temperatures, but is slowly heating up. A combination of unpredictable factors such as interest rates and inventory is keeping people in the waiting game when it comes to buying and selling homes. Local experts remain optimistic for a change in the coming months and give advice on the best decision for your upcoming real estate needs.
Even though most stats may show that at this time Ottawa County is largely a seller’s market—there is a decrease in buyers due to high interest rates. This means less competition for buyers, which means fewer bidding wars, more time to make decisions, and less use of appraisal gaps and inspection waivers.
“Inventory in this area is so low, it is—on paper—considered a 'seller’s market,'” said Lindsey Cisler, Realtor with BHRG by Keller Williams Kalamazoo. “But we as realtors are feeling what is called a 'buyer’s market.' The average day on the market right now is over 30 days. The technical term for the inventory vs. buyer seller ratio is called ‘absorption rate,’ and [the interest rate is] still under two. If [the interest rate is] under a five it’s a seller's market, over five is a buyer’s market which tells me there’s an inventory issue.”
As soon as interest rates drop to a comfortable percent, it’s likely the market will flood. Right now, buyers aren’t paying over value for a home. But once bidding wars start, homes go up in price based on supply and demand.
Quiet towns, sandy beaches, excellent schools, conservative values, and access to everything within a 20-minute drive are just a few reasons Ottawa County is one of the fastest growing counties in Michigan.
“Ottawa County is different from a national standpoint because so many people want to live here,” said Jared Schuitema, Associate Broker at Bellabay Realty. “The last couple of months have been busy because people are expecting interest rates to drop. So, they’re moving now in hopes to refinance.”
Currently, in Ottawa County, average home prices are around $420,000, and that seems to be the magic number for buyers looking for a home here.
“Anything over $450,000–$500,000 sits for a long time, if it’s not marked at true market value,” Schuitema said. “Entry level homes at $400,000 and less are going pretty fast, if they’re priced accurately.”
Lenders are telling realtors to expect a drop in interest rates soon. With that being said, the drop could open up a flood of new homes on the market. Buyers may get into bidding wars and sellers may get more for their homes because of it.
“I think that people are not selling unless they absolutely have to for a couple main reasons: A: inventory issues and B: interest rates,” Cisler said.
“Buyers and sellers are playing the waiting game, which is going to be hard. Because once the interest rates drop, it’s going to open a tidal wave of competition.”
Local experts all seem to be saying the same thing when it comes to interest rates and buying a home. Buying a home now with higher interest rates in hope the rates drop may seem like a risky game. But if you find a home you want, you can always buy now and refinance later when the rates drop.
“In my opinion, if the rates were in the mid to high fives, people who want to move will relinquish their property and create more inventory,” Schuitema said. “That opens up more opportunities for home buyers. It spans out the demand, increases supply so homes don’t skyrocket for the most desirable homes.”
“My advice for buyers would be if you could afford to buy now, buy now,” Cisler said. “You can always refinance when the rates go down.”
“For sellers, in my opinion, every situation is different,” Schuitema said. “Get with a professional who has a track record of success in Ottawa County to maximize your investment.”
Anne Vruggink is a Grand Valley State University graduate and former employee of Holland Sentinel and Grand Rapids Press/MLIVE Media Group. She quickly realized the impact the media plays on our local community and wanted to be a part of something greater and more independent from the main stream media. As a West Michigan native her whole life, her heart beats for this community and the people who live here.
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