GRAND RAPIDS, Mich — If you've skimmed Zillow recently, you may have noticed that there's a lot of homes listed for sale that have gone through some price reductions, anywhere from $5,000 to $25,000.
Walter Perschbacher is the Vice President of Greenridge Realty in Grand Rapids. He explained that the Zillow listings may show that housing inventory in West Michigan has slightly increased.
"We have points in markets where you may have a little bit of slowdown, or a little bit of a time where that pressure comes off, traditionally, right around the start of the school year," said Perschbacher. "That's one of those times."
It's that seasonal slowdown and slight increase in inventory that could have made buyers bring their prices down recently.
"We're currently up to one and a half to maybe two months of inventory, maybe two and a half, depending on where you are in West Michigan," said Perschbacher. "While you see some price reductions right now, very truthfully, if rates come down again, I think that's only going to pull that many more buyers back into the market."
Perschbacher also said that agents are anticipating possible cuts to interest rates, and if that happens, inventory could go back to less than a month's supply, something realtors have been dealing with for years in West Michigan.
"I think it'll pull a few more sellers on because they see the demand coming," said Perschbacher. "But I believe that the imbalance may tilt again, back towards not enough sellers, too many buyers."