Holland real estate market booming for home sellers
Low inventory and high demand among homebuyers are pushing the housing market in Holland and Zeeland to an unusual place for the area, according to local agents and brokers.
In the Holland Public School District, single-family homes tend to be on the market for about 40 days — but they can move much quicker than that.
“If you’re a seller, take advantage of that,” said Doug Klaasen, Realtor at Keller Williams in Holland and president of the West Michigan Lakeshore Association of Realtors. “But if you’re a buyer, make sure you’re 100 percent ready to go and be able to make a decision.”
The Holland housing market is always relatively strong, Klaasen said. But multiple offers on homes — and homes going for over list price — is a new dynamic to the local market.
“We’re seeing the most amount of movement in the $100,000 to $200,000 range,” said Sarah Lilly, associate broker with Five Star Real Estate Lakeshore. “Homes are moving very quickly and sometimes with multiple offers, and sometimes go for over list price.”
Home prices in the area continue to rise.
The average home sale price in the Holland area is about $220,000, an increase of eight percent from last year, Klaasen said. Average sale prices also rose seven percent from 2014 to 2015.
“That kind of increase isn’t sustainable long-term,” Klaasen said, urging caution.
Housing prices have rebounded well from the Recession, Klaasen said, explaining in some places sale prices are now higher than they were pre-2008.
Klaasen said the market is in need of more inventory.
“I think we would attribute the busyness of the $100,000 to $200,000 range because rental prices are fairly high in the area,” Lilly said. “So when a buyer is looking at what rent might be compared to a mortgage it makes the idea of buying a home very appealing, compared to renting a home.”
Lilly said she believes it will likely be a sellers market in the Holland and Zeeland for a while.
“Interest rates are very good, and we’re not expecting them to be noticeably higher,” Lilly said. “Rental prices are high, and the local economy is strong.”
However, Klaasen noted that if people relocating to the area continue to have issues finding a home to buy, it could impact companies’ hiring ability.
— Follow this reporter on Twitter @SentinelAmy.