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Housing market slows slightly, creating a small window of opportunity for buyers

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Posted at 5:58 PM, Nov 03, 2021
and last updated 2021-11-05 15:46:00-04

GRAND RAPIDS, Mich. — If you were trying to buy a house at the beginning of the year and gave up the search, now might be your chance.

“The competition has gotten a little easier, so people who have been frustrated with the process, which is easy to get into that kind of a situation, moving back into the market may be your smartest move right now,” CEO of Hall Financial, David Hall, said.

Colder temperatures outside mean fewer people are willing to move, also creating a small window of opportunity for the next few months.

“Families hunker down. Nobody wants to go outside when it's 48 degrees and raining. So buyers are going to win in that scenario, where there are still homes for sale,” Hall said.

With interest rates rising slightly, Hall says some might think the market would go down. He says that's not necessarily the case.

“I think as rates rise a little, you could see it get better for buyers. But that’s one of those 'Goldilocks' scenarios. Not to hot, not too cold. You need it just right. So I think right now is a really good time to be a seller. A better time than it’s been all year to be a buyer,” Hall said.

If you're a current homeowner and haven't taken advantage of the current low-interest rates, Hall suggests refinancing sooner rather than later. Home equity could be better spent elsewhere.

“They’re utilizing all the equity they’ve gained in their home, to pay off some high-interest credit cards. Or maybe do a remodel. But that equity is precious,” Hall said.

RELATED: Grand Rapids accepting applications for Affordable Housing Fund Board

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