Predictions for West Michigan Real Estate Trends
The real estate market in West Michigan and the Lakeshore has been one of the hottest in the country. For several years, Grand Rapids has held a place in the Top Ten housing markets in the entire United States.
Several considerations have been credited for the strength in the market. Low-cost housing, low-interest rates, a strong job market, and more have had a big impact on real estate, often leading to a lack of available homes for sale in many West Michigan townships.
In 2019, a dramatic rise in Great Lakes water levels also contributed to changes in the real estate market in many waterfront areas. In some areas, the high water has led to substantial beach erosion, or to substantial efforts to prevent damage.
For 2020, there are likely to be more changes in the housing market for home buyers and sellers alike. However, which direction it will go is difficult to guess even though many industry professionals have recently voiced their opinions.
Although we would never try to give a prediction with absolute certainty, we would like to share our opinions about some of the factors affecting the price and availability of homes for sale in West Michigan.
First, it’s a common belief that mortgage rates will continue to stay low. Although rates are expected to rise slightly by the end of the year, buyers will continue to benefit from lower-cost mortgages in the near future.
Second, the number of Lakeshore houses for sale will remain lower than the number of eager home buyers. With some sales ending in bidding wars, houses hitting the market are sold in less time than past years have shown.
Third, lakeshore environmental effects are a concern for many home buyers and sellers. With high water levels leading to beach erosion in some areas, there is some concern that property values will be negatively affected.
However, that creates opportunities for buyers looking for property along the beaches and other waterfront areas around Lake Michigan.
As with any industry, it’s difficult to make predictions, even educated ones, about the future. However, we see a strong market and low-interest rates leading to more home sales, and waterfront home sales, in less time throughout 2020 and beyond.
If you are a current West Michigan or Lakeshore homeowner looking to sell or are interested in moving to a home in the area, please contact the experienced real estate professionals at the Andrea Crossman Group and let us know how we can help you find the home you’ve been dreaming about.