What’s Causing This Strong
Grand Rapids Housing Market?
Experts said the Grand Rapids housing market has increased by 8.5 percent. Why such a strong housing market? I believe that the number of properties that were underwater with their mortgages has finally passed and those homeowners are starting to get back on their feet and are purchasing homes. Oh did I forget to mention the ridiculously low interest rates. Over the last couple of years the interest rates have been around 4%+/-. Wow, 4% interest rates for a home purchase is unheard of but the FED did increase the rate by .25% within the last couple of weeks. It sounds like the FED will continue to increase the rate by .25% the next time they meet.
Forbes stated the Grand Rapids has ranked 22nd in the strongest of growth over the last year.There are companies that are trying to come to the Grand Rapids area, like Switch which is a data center. Switch is expected to bring in 1000 jobs over the next 10 years. The great thing about Switch data center is this will show the rest of the world the Grand Rapids and West Michigan is firmly planted its feet into the 21st century technology markets.
Other factors include affordable housing, growing economy and a large population of millennials.