The township of Ada has attracted the attention of those who wish to relocate out of bigger communities like Grand Rapids over the last two decades. Ada’s smaller population, which hovers around 10,000 residents, has been ideal for families and retirees who want to live a quieter life.
The real estate market in this hamlet has seen substantial growth over the last three years, as median home prices there followed much of the same national trends that saw record-breaking values. As 2023 begins to wane, buyers and sellers will benefit from what the experts have to say about the trends and forecasts for this Michigan market.
The national real estate market at a glance
In a joint effort to make homes more affordable and to combat rising inflation, the Federal Reserve began to raise interest rates over the last 18 months. While this did have a cooling effect on the real estate market this past spring, the impact was short-lived. Though overall home closings are much lower than two years ago, the median home prices that were beginning to dip are now rebounding. Market experts predict that the record high set last year for median home prices will soon be broken.
Adding to the mix is the prediction that inflation will soon drop to a level that will lead the Fed to begin lowering interest rates in February 2024. If you are buying or selling an Ada home in the near future, how will the trends and forecast impact your next moves?
How the national forecast for 2023 will impact the real estate market in Ada
Grand Rapids has been a popular place for investors to purchase rental property. This is a far cry from the vast majority of people who are buying property in Ada. Most of the properties in Ada are owner-occupied, and the market in this community still favors the seller.
While you can readily find property for sale in Ada, you’ll discover that these homes do not stay on the market long. The demand for homes here is still high, even though interest rates have increased over the last year and a half. Until the demand drops or the supply of available homes increases, you’ll find that the Ada real estate market will continue to see median home prices increase.
What the 2023 real estate forecast in Ada means for you as a buyer
Buying a home today will mean getting a property before the values increase any further. If rates drop in six months, this will increase the demand for homes in Ada and certainly contribute to median home prices in Ada rising along with them.
Should you buy a home in Ada today and rates drop, you can always refinance your mortgage to a lower rate. In the meantime, you’ll have secured a property forecasters predict will continue to rise in value. It’s a win/win.
How the Ada real estate market forecast will impact you as a seller in 2023
As a seller, you stand to make substantially more money at closing if you use a realtor. The numbers show that the average seller will make double-digit percentages more with a real estate agent than if they did a for sale by owner. This is relevant in Ada for a couple of reasons.
With homes in Ada in high demand, you will want as many buyers attracted to your listing as possible. Qualified buyers in Ada have been bidding homes up above the list price in some cases, making you more than you might have expected. The marketing skills of a real estate agent will help find these buyers, prequalify them, and save you tremendous amounts of time.
The time you save is nothing compared to the stress that will be taken off your plate if you let an agent guide your sale in Ada. An agent in Ada will also sell your home much faster than you could manage on your own.