Finding Houses for Sale in Grand Rapids is a Challenge
New construction may be your best way to get the home you seek given the current market in West Michigan. However, if an existing home is your desire, using websites like Zillow.com and Trulia.com can help you find houses for sale in Grand Rapids and get what you are looking for in this tight housing market. You may be able to find the colonial or saltbox style home of your dreams, but getting there will take some patience and perseverance on your part.
A story on Realtor.com in 2017 identified 10 U.S. cities with the biggest housing shortages. Grand Rapids was on the list. The percentage of existing housing stock for sale in Metro Grand Rapids was less than 1 percent with a decrease in for-sale homes in 2016 of about 25 percent.
According to Realtor.com potential buyers in the area exceed existing demand. Home owners are holding back reluctant to sell because of their concerns about finding anything in their affordable range if they let go of their current homes.
Since late 2010, Grand Rapids has experienced net in-migration for the first time in a decade, creating a lot more housing demand. The median home price shot up 23.7 percent in 2016, due to a lack of houses for sale in Grand Rapids. The Michigan Home Builders Association, in a story that was posted online by the Grand Rapids Business Journal in June 2017, showed home values in Grand Rapids are above the pre-recession peak. Rising from $186,030 to $228,400, according to HSH.com, a nationwide publisher of mortgage information. At the bottom of the recession, home values dropped to $140,640.
The challenges faced is making it more difficult for middle-class citizens to find a home in the current housing market. In addition, slower housing growth is squeezing revenues that are needed to support schools and local units of government across the state.
While Michigan's economy has long recovered from the Great Recession, home-building activity across the state remains well below historical levels and is making it harder for prospective buyers to successfully bid on any homes for sale in Grand Rapids.
The Home Builders Association of Michigan forecasts that 16,515 new single-family house permits will be pulled for 2017, about 60 percent fewer than in 2005, the last strong year before a hard downturn in Michigan's real estate market.
The best advice to find houses for sale in Grand Rapids is to do your homework. Start by talking to a REALTOR® and home builder to explore the option of a new construction, and then explore all avenues for leads to find existing homes for sale in Grand Rapids.
Before you find your home or determine that new construction will be your best option, contact ChoiceOne Bank and get a 20-minute pre-approval for an existing home loan or construction loan. You will find that we are committed to serving you with quick, friendly service to help you close your home loan purchase, often in 28 days or less. With ChoiceOne Bank’s experienced lenders, underwriters and local decision makers, your loan will be closed promptly, taking care of you in every step of the process.
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20-Minute Pre-Approvals and 28-Day Closings
All pre-approvals and mortgage loans are subject to approval of credit. Final loan approval is contingent on property appraisal, clearance of title and confirmation of current loan application information. A 28-day mortgage loan closing timeline is not applicable to government insured loans such as VA, FHA, USDA or MSHDA. Timeline calculations are based on completed application and is not a guarantee. Equal Housing Lender.