Grand Rapids Ranks #3 in the U.S. for Biggest Housing Shortage
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The housing shortage in Grand Rapids is making headlines! A recent article in Grand Rapids Business Journal says Grand Rapids is number three in its list of the 10 U.S. cities with the biggest housing shortages. Today I want to talk a little bit about what that means for our market.
Right now there are 1,426 homes on the market compared to around 10,000 homes on the market at this time in 2008. Demand is crazy in Grand Rapids.
Buyers and sellers still have plenty of options to get a great home.
In fact, there are people who want to move into a new house and sell their current home, but they are scared they won’t be able to find a new home because of the low inventory and increased competition. Situations like those are definitely when an agent or team who has access to off-market listings will come in handy.
The best teams in any area are going to have a list of off-market properties, so you can feel confident listing your current home or buying your first home if you choose to work with one of those teams or agents.
I recommend selling your home now and putting yourself in a situation to buy in the next 60 days when inventory increases in the spring as well.
As far as buyers go, there are a ton of options out there and the spring market will bring an influx of inventory to choose from.
If you have any questions about this topic or any other real estate related questions, please feel free to give me a call or send me an email. I look forward to hearing from you!
Listen to my radio interview on Wood Radio 1300: