Blog Post

Grand Rapids Spring Real Estate Market to be Hotter Than Ever Once Lockdown is Lifted

Tom Sprich • Jun 04, 2020

The Grand Rapids real estate market has struggled with a stagnant economy for a long time. However, recently, Grand Rapids seems to be making a comeback in the real estate market. 

Improvements in the local job market with brands like Amazon and other internationally renowned research and educational facilities call Grand Rapids their home — demand for houses in this region is undoubtedly bound to rise. Furthermore, the fact that real estate is affordable makes this an ideal region for investors. 

Here is a look at some of the reasons Grand Rapids spring real estate market is poised to be hotter than ever after the lockdown is lifted.

Low Percentage of Distressed Properties

According to data by RealtyTrac, the real estate market in Grand Rapids has performed well when you look at the rate of foreclosures and distressed properties. Since housing is affordable in the region, Grand Rapids has 123 distressed properties, which is low, considering that it is a big city. Furthermore, a majority of the distressed properties are auction homes.  These homes have been repossessed from their owners and are up for auction. Banks own the other distressed dwellings. This means the houses failed to sell during a previous auction. These distressed homes present an opportunity for real estate investors. The new owners of these distressed homes are motivated to sell at a discount. Therefore, during the COVID-19 spring market, investors will come to Grand Rapids looking for distressed assets to increase their odds of getting a deal with attractive profit gains.

Increasing Home Value

Grand Rapids home values have risen tremendously since 2018. According to a report by Realtor, out of the largest metro areas in the U.S., Grand Rapids was forecasted to have the most significant percentage increase in 2019. A related study by LittleBigHomes.com focused on the trend in home prices in 380 metropolitan areas. The forecast for Grand Rapids was that housing prices would go up. Another study by Redfin, a real estate company, regarded the Grand Rapids housing market as the most competitive. According to the study, homes in Grand Rapids sell in about 15 days. Therefore, after the lockdown is lifted, investors will be looking to buy real estate here to make significant profit margins later on.



Job Growth

According to the Bureau of Labor Statistics, the rate of unemployment in Grand Rapids has been decreasing since 2010. In 2018, it lingered around 4%. The Spectrum Health headquarters is partly to blame for the increasing local job growth. The city is also known for its thriving automotive, aviation, and furniture manufacturing businesses. This is a strong indicator of a healthy and stable economy and one of the reasons investors will be scrambling for real estate opportunities in Grand Rapids during the COVID-19 spring market.


Affordable Housing

Grand Rapids real estate market is still affordable, despite the high appreciation rates of home values. However, on a national scale, the median home value in Grand Rapids is a little over $150,000, which is affordable. Recently, Realtor.com listed Grand Rapids housing market as the hottest zip code in America based on how quickly homes were being sold in zip code 49508.


Endnote

Grand Rapids real estate market is bound to be hotter than ever during the COVID-19 spring market. The high job growth, low vacancy rates, and the young adult population have contributed to the booming real estate industry in Grand Rapids. Furthermore, according to numerous studies, the number of distressed houses, the increasing home value, job growth, and affordable housing in Grand Rapids are all factors that prove the city has a great potential in the real estate industry this spring.


Grand Rapids Real Estate Agent
By Tom Sprich 15 Jun, 2022
When sellers put up a home, there are a lot of factors to consider. However, pricing is very important. Sellers understand that buyers can now research information, and they are now smarter than ever. So, they need to set a reasonable price for their homes. Besides, the initial price differentiates between a painless sale and months of frustration. Here are five common house pricing strategies sellers use. 
Grand Rapids Real Estate Agent
By Tom Sprich 16 May, 2022
Buying a home is a significant investment, and it can be an exciting process. You have read about how important it is to get pre-approved and pre-qualified to stand out from the competition. However, when the home appraises for less than the agreed-upon price during the home appraisal, you risk losing your home or your money. Here is a guide on appraisal gaps and how to deal with the difference. 
Grand Rapids Real Estate Agent
By Tom Sprich 18 Apr, 2022
Are you looking to settle in Grand Rapids? Grand Rapids offers a growing economy, low cost of living, excellent health care, diverse cultural options, and award-winning schools. Thus, it was ranked among the top places to live. Given the high demand for homes in Grand Rapids, the real estate market is hot, and sometimes, sellers have multiple offers to consider. So, how do you deal with multiple offer situations as a buyer? 
Grand Rapids Real Estate Agent
By Tom Sprich 16 Mar, 2022
If you are trying to buy a home, you are probably keeping tabs on the real estate market trend. The real estate market is constantly shifting, impacting buyers' purchasing decisions. Thus, buyers are always on the lookout for the perfect time when the prices are low to make a purchase. This guide will help you understand the two markets under real estate and how to tell when the market is shifting. 
Grand Rapids Real Estate Agent
By Tom Sprich 16 Feb, 2022
Are you planning on buying or selling a home? While the forces of housing demand and supply affect the market, so do seasons. The seasonality of the real estate market will vary according to location since each region has its nuance. Read on to understand how spring impacts the real estate market and why spring is the best time to invest in your dream home.
Grand Rapids Real Estate Agent
By Tom Sprich 17 Jan, 2022
As the spring season approaches, it is time to get your home in order if you intend on selling. The real estate market goes up every spring, making it the best time to take advantage of the market and list your property. Preparing your home for listing could seem like a lengthy process for a first-time seller. If you would like your home to stand out among beautiful listed homes for sale in Grand Rapids, follow these tips. 
Grand Rapids Real Estate Agent
By Tom Sprich 16 Dec, 2021
As the market begins to shift and the interest rates start going up, the best time to make your investment in real estate is now. But where should you invest? - In Grand Rapids. Grand Rapids has become a favorite location for many real estate investors due to the competitive housing market and low cost of living. 
Grand Rapids Real Estate Agent
By Tom Sprich 16 Nov, 2021
You plan on selling your home and moving to a new location, but you can’t seem to decide the best town to move to yet. How about Grand Rapids? If you have been waiting for the best time to make an investment in real estate, it's time to make your move. The housing market has begun to shift, and the interest rates are expected to go up soon. So, if you would like your home to sell faster, list your property now for the best deals. 
Grand Rapids Real Estate Agent
By Tom Sprich 18 Oct, 2021
Are you on the lookout for real estate investment opportunities? Have you considered investing in Grand Rapids real estate? With an average population of 200,000 people, Grand Rapids is the second-largest city in Michigan State. The city shows more promise than other cities in the state, making it a prime area for investment. It has the following.
Grand Rapids Real Estate Agent
By Tom Sprich 15 Sep, 2021
Buying a house is a dream many people would like to accomplish. However, government policies change with the ever-changing real-estate sector and the dynamics of homeowners. Besides finding a suitable mortgage lender, the next considered factor is the interest rate. After the pandemic, the real-estate sector has been significantly affected, and most finance corporations like banks and commercial lenders have lowered their interest to encourage investments. However, a low-interest rate is like stealing money, and a rate between 6 and 8 is a healthy interest rate. Read more about interest rates below. 
Show More
Share by: