| The Holland Sentinel
HOLLAND — The housing market in Holland remains hotter than ever, but the winter weather has left some buyers out in the cold.
As of Tuesday, Feb. 16, there were approximately 140 listings on Zillow in the Holland area for single-family homes. Of those homes, only nine were priced between $185,000 and $225,000.
“Inventory is still very, very low,” said Mark Oegema of @HomeRealty in downtown Holland. “The average sales price is up from last year. We’re seeing a market that’s very similar to what it was in the fall, but with even less activity.”
More: New development, used home sales boom continues into fall season
More: Lakeshore association names Realtor of the Year, grants achievement award
More: Low income housing, single-family homes remain focus in Holland
The few homes that are listed, Oegema said, are going quickly.
“We’re seeing fairly quick turnaround times for getting someone under contract,” he said. “If the home is priced right and hits the market and the realtor does the right things to get exposure, there’s immediate activity. We’re still seeing multiple-offer situations.”
That competitive market has led to a financial boon for sellers — with some homes selling up to $20,000 over asking price.
“If you’ve got someone walking and driving through snow, going into someone’s home during a pandemic, that’s a serious buyer,” Oegema said. “Five or 10 years ago, when we’d do an open house, you’d have the nosy neighbor coming through. But now, if someone is coming, they’re serious.”
But after putting their home under contract, sellers are often faced with a new problem: buying a home themselves.
“The most difficult thing we’re seeing is not selling the home, but how to help our clients with the logistics of finding a new home,” Oegema said. “We have to line up the move and the closing, so everything happens at the right time.”
Oegema, who was named 2021 “Realtor of the Year” by the West Michigan Lakeshore Association of Realtors, has been in business since 2004.
“Every market is different,” he said. “But I’ve never seen the market this tight with inventory and with buyers willing to do what they’ve been doing to win.”
Although Oegema doesn’t recommend it, some buyers are waiving inspection periods. Others are writing escalation clauses into their offers, agreeing to give sellers additional time in the home after closing or having their lender contact the listing agent directly to put in a good word about the validity of an offer.
“People are staying competitive by writing solid offers and working with experienced realtors that can coach them appropriately,” Oegema said.
That coaching can be a balancing act, especially in the current market.
“There’s this feeling of excitement,” Oegema said. “But then you have to manage your emotions and know you might lose out on a couple of homes before you get the right one. We’re trying not to let buyers get discouraged. It’s about assuring them we’re going to find the right home, it’s just not necessarily going to be easy.”
— Contact reporter Cassandra Lybrink at [email protected]. Follow her on Instagram @BizHolland.
Recent Comments