Is Metro Grand Rapids Still a Seller’s Market?
It has been said that it is the perception of a situation that holds greater value in the marketplace- especially to those with no direct connection to the person, place or event. This holds especially true when considering the way that trends move and shift in the business world. A company can be rock-solid on paper, but in the digital age can be brought down by a shifted perception of its reputation or practices. The constant development of new technologies creates new jobs and companies and renders others obsolete. Similarly, different areas of the country grow and shrink based upon the perception of the quality of life in that place. We in the West Michigan area have seen a great deal of growth in the last decade due to many different factors- affordable housing, good schools, and proximity to lakes and forests for year-round outdoor fun; to name a few. With all that the area has to offer, Grand Rapids has gained a reputation as a “seller’s market” for some time now. But potential buyers should NOT be discouraged- trends always have a way of shifting and correcting.
The Grand Rapids, Michigan area has been listed time and again as a most-desired place to live, and for good reason. We are a great community to own a home, send your kids to school, worship, and work. Being named Beer City USA for several years, hosting the competition ArtPrize, and the annual Festival of the Arts doesn’t hurt the appeal of the area either. Crime rates are fairly low, the city is clean and there is a real sense of community here. We are experiencing job growth when many areas are not. In short, a great place to call home if you can handle winter! All have combined to create a market where buyers have had multiple good offers not taken due to the sheer amount of bids on the table. While we understand this can be discouraging, all is not lost!
We are seeing a steady increase in new construction, which will add to home inventory. The influx of new residents is also starting to decrease slightly, and will hopefully stabilize in the next few years. The surrounding communities that have seen a population increase are mostly still retaining their “small-town” atmosphere and charm.
In short, Metro Grand Rapids is still a very busy market, there can be no doubt. For the most desirable houses in the best neighborhoods, we are certainly still seeing bidding competitions. But there is a shift coming in the winds of change as well. Prices are stabilizing in most neighborhoods, a definite good sign. And regardless of whether the market is labeled as one beneficial to sellers, buyers, or both; the right Realtor© will work to be your guide to a seamless purchase. Don’t let perceptions of the market be your deciding factor about buying in this area. If you’re not working with an agent we would love to earn your business here at the NexT LeveL team:
Robert Brown- Associate Broker/Listing Agent
Jeffrey Haarman- Buyer’s Agent