The real estate market in Grand Rapids has been pretty hot in the past few years. In this type of market, are you wondering…what are buyers looking for?
As local real estate investors, here are some things we are seeing today.
The State of the Market for Buyers in Grand Rapids Michigan
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can don’t seem to move at all.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market. Like they say – location, location, location.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Grand Rapids, but seem to be rebounding as the rental market increases.
Investment properties are in demand. In today’s market there is plenty of cash flooding the real estate market. Cash purchases give buyers the chance to move quickly when they see a property that meets their investment criteria.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks can be very strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Grand Rapids because we believe in the community and the people here.
If you need to sell a property near Grand Rapids, we can help you.
We buy properties like yours from people who need to sell fast.