Each December, Trulia releases a report highlighting the top real estate markets to watch in the upcoming year.
Each of the markets considered must meet specific criteria, including job growth, vacancy rates, affordability, and a population that is mostly under 35, reflecting even more growth potential.
In 2018, Grand Rapids held the top spot on the list, and for 2019, it returns in second place.
If you’re looking for real estate in Grand Rapids, you probably know how desirable it is to live in. But what kind of impact can you expect from the Trulia report?
Grand Rapids – a great place to live and a real estate market to watch.
Is This A Good Thing?
It can be comforting to know that the area in which you’re buying real estate is considered one of the top markets in the coming year. You know you’re making a sound investment in a place that has the potential to grow as you do.
But it might not be entirely in your favor to have Grand Rapids appear so highly ranked for two years in a row. First of all, this is a good indication that prices will rise. If you haven’t yet settled on a property, you may find it even harder in six to twelve months. Second, you can expect greater competition as there will be more newcomers shopping in the area.
Will Your Home Increase In Value?
Most likely, you’re still not paying top prices for the Grand Rapids market if you’re shopping smart; if you were, it wouldn’t make it on any of these lists. But as the report implies, it’s likely that prices in Grand Rapids will rise as the market grows, in which case your home will increase in value.
Grand Rapids has a thriving urban scene, which is attracting younger residents.
How Can You Boost Your Chances Of Finding The Right Home?
While the future value of your home may be significant, it’s crucial for you to focus on your search. When an area becomes desirable, you can expect a population boost along with it, which means more people looking at the same house. If you want to ensure you get a fair chance on a property, it’s best to prepare in the following ways:
- If you want the best home mortgages, you need to get preapproved once you’ve started your search. A seller will be more motivated to accept your offer if they know you have financing secured.
- Don’t wait for a home that’s absolutely perfect; instead, look for a home that you can make yours. Once homes start moving quickly, you won’t have time to wait for a place that fits your every qualification, if one even exists.
- Have everything ready to present to a seller at the drop of a hat. The longer they have to wait to receive your preapproval letter, the higher the chance someone else swoops in.
It’s good news for Grand Rapids to be named as one of the top markets in 2019, and you can take advantage by being prepared to purchase your new home. If you’re shopping for real estate in the Grand Rapids market, answer a few questions here, and a home lending expert will contact you.