Grand Rapids Real Estate Market Update for Fall 2014
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Here we are, the fall of 2014. The leaves outside are starting to turn and we want to give you an update on the Grand Rapids real estate market. A lot has happened this year as we head into the 4th quarter. We are going to recap you on what’s been happening, and give you an idea of what to expect in the near future.
For the first 3 quarters of 2014, the Grand Rapids market was very healthy. Home prices have escalated, but not as dramatically as they did in 2013. We have seen low interest rates, as well as low inventory as we head into the latter part of the year. Inventory is really starting to fall right now, and when that happens we will usually see demand start to pick up.
As for mortgage interest rates, all the information available to us points that yes, they are going to rise very soon. We talked to some mortgage professionals and we are looking at about a 1% increase in the next year.
People don’t realize how low that really is and what it means to take advantage of these low interest rates before they rise. According to Freddie Mac, a 1% increase in interest rates is like putting an extra $10,000 on a home over the life of the loan.
If you are a first time home buyer, rates won’t be like this for long. If you are a seller, inventory is dipping and soon, we will see some increases. If you have any questions about our market, don’t hesitate to reach out to us. We would love to help you out.