After a huge drop-off in February, home values now are showing steady growth in Grand Rapids, Michigan. Since March of this year, home values have continued to rise with September showing the highest levels of home values since January of 2017. On the flip side, homes are being listed for longer (almost 14% longer than in previous months) which suggests that while home values are increasing there is less demand currently in the market for real estate.
“There are a lot of factors that could contribute to that,” says Matt Engel, President of Real Property Management Investment Solutions. “We look at a lot of different factors that could signal a bit more stagnant demand and right now, we don’t see anything that says demand will outstrip inventory over the next six months. If anything, demand should increase as inventory gets smaller.”
In addition to the slow but steady growth in home values, Grand Rapids continues to be significantly cheaper when compared with nearby communities. Even with the big city feel and the growing market, savvy home buyers and rental property owners are snatching up houses left and right to make the most out of this current market.
“For real estate investors especially, even if you’re new to the game, now is an excellent time to purchase a rental property,” says Engel. “We strongly encourage those that are buying a rental to rent out have a property management company in Grand Rapids handle the day-to-day. It saves time, money and best of all, headaches. Not to mention you’ll get the most out of your property in the long run.”
Real estate in Grand Rapids continues to be a good investment for buyers and investors alike. There is inventory, it’s relatively inexpensive and the potential return is high and climbing.
If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!
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