It should come as little surprise to those looking at purchasing a home in the West Michigan real estate market or more specifically, the Grand Rapids real estate market, that the local markets are being touted as some of the strongest in the Midwest. Following the real estate meltdown of 2008, prices and home values in the West Michigan area (and nationwide) slumped dramatically, leaving many homeowners underwater (owing more on their mortgage than their home was currently valued at). Thankfully, West Michigan and Grand Rapids have recovered more fully and quickly than many other major markets in the Midwest, meaning that demand for housing and home values are up and on the rise.
For potential home buyers, this means that many houses that could not be sold for years due to depressed value are finally on the market again, as their owners look to recover their investment and move into a new neighborhood or perhaps a smaller, retirement home. For potential home sellers, this means that they can expect to receive a more fair, nationally-competitive price for a home that a few years ago probably had a price tag that wouldn't recoup the owners' investment in the property. With strong demand for housing in the region, houses are often selling within days or weeks of being listed for sale, sometimes with multiple offers driving the price above the asking price.
According to a Grand Rapids Research Report released by the Chicago-based company Triad Real Estate Partners, Grand Rapids currently has a 98% occupancy rate across 17,000 rental units located in 50 apartment complexes that were surveyed for the study. That 98% occupancy rate is better than those found in most of the strongest markets across the United States. Competition for rental units has never been stronger, and this has definitely impacted the residential real estate world, as more renters are looking to make the leap to home ownership as rental rates increase disproportionately to average income.
This spring looks to be a great season for real estate in the Greater Grand Rapids region, as more houses are generally listed in the spring, and more home buyers are ready and willing to view and make offers on houses once the snow has finally melted. With the rental market so full and competitive, home buyers can expect competition as well on the home purchase market, making aggressive, knowledgeable representation by a locally-based realtor more important than ever.
If you're considering taking the plunge and changing from a renter to a home owner, give the incredible staff at Pyxis Realty a call today! You'll be hard pressed to find a local Grand Rapids realtor with more devotion to their clients than the staff at Pyxis Realty. Additionally, you can rest assured that the people helping you with one of the biggest purchases of your life will be doing all they can to help you. No matter what your budget, you can count on white glove service from the team at Pyxis Realty.