Grand Rapids Among The Top Cities In Nation With A Housing Shortage
Realtor.com this week issued a report on the top cities around the country with a housing shortage, and Grand Rapids is on the list.
Which is good is some ways, bad in others.
With our economy booming and more people moving into the area, in part due to Switch's opening of a new data storage facility in the old Steelcase building in Gaines Township, housing is at a premium in our area.
Realtor.com has labeled Grand Rapids as one of the top ten markets in the nation experiencing a housing crunch. GR is rated number three on the list.
Slowly and quietly, Grand Rapids has emerged from the stereotype of a derelict Rust Belt city...Since late 2010, the city has experienced net in-migration for the first time in a decade, creating way more housing demand.
Twice in 2016, Grand Rapids even made it onto our monthly list of hottest markets. The median home price shot up by 23.7% that year, due to a lack of homes for sale.
“Buyers are out in hordes, but owners are reluctant to sell because they are concerned that they can’t get anything in their affordable range if they let go of their current homes,” says Trisha Cornelius, Realtor with the Cornelius Real Estate Team.
“If they (Grand Rapids homes) fall into that average price range, they’re going to be bombarded,” said Linda Fetterhoff, realtor of Keller Willams Grand Rapids North recently told WOOD TV8.
“They (realtors) let everyone know so that the seller can be aware, get everything ready and just know they’re going to leave the house the entire day because they may get 10 to 20 showings,” she said.
So if you're leaving the area, and looking to get a great price for your home, this report is a great thing. People are grabbing up homes as soon as thier market, especially in hot zip codes like Forest Hills and Jenison. Both of those communities were on SmartAssets list of hot housing markets.
However, if you want to move up in housing in the area, it causes a problem. Many people hold on to their homes because they're unsure if they can get another home in the area quickly because of the shortages.