2018 Year-End Grand Rapids Home Trends and Statistics
Images Courtesy of the Greater Regional Alliance of Realtors (GRAR)
Images Courtesy of the Greater Regional Alliance of Realtors (GRAR)
Posts
Grand Rapids Housing Market: Ideal for Millennials According to NAR & Huffington Post
Huffington Post:
Grand Rapids, one of The Best Cities For Millennial Homebuyers, According To The National Association Of Realtors
Article/List link on HuffingtonPost.com
Excerpt:
Median Home Price: $123,000 Job Growth: 4.2 percent
“In your 20s and early 30s, it’s hard not to notice the siren song of real estate. After all, mortgages rates are still at all-time lows and in many markets, buying can be cheaper than renting. You might also have been brought up to consider housing an investment and renting as ‘throwing money away.’
“If this sounds like your experience, then you might want to read up on this latest survey by the National Association of Realtors, who rounded up the hotspots where strong job growth and affordable home prices might persuade you to consider making the jump. According to their report, these are the markets that “are well-positioned to soon experience a rise in first-time buyers as the economy improves.” And, surprisingly enough, of the 100 metro areas that were analyzed (see below for more detail), some of the more popular millennial-based citiesdidn’t make the cut.
Realtor.org
NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers
Excerpt:
source: NAR
“NAR analyzed current housing conditions, job creation and population trends in metropolitan statistical areas1 across the U.S. to determine the best markets for aspiring, leading edge Millennial2 homebuyers. Austin, Texas and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Seven of the 10 metro areas recognized are in the Midwest and West.
“Lawrence Yun , NAR chief economist, says the homeownership rate for young adults under the age of 35 peaked in 2005 (43 percent) and fell to 36 percent in the first quarter of 20143.
“‘Limited job prospects, student debt and flat wage growth have combined with tight credit conditions and low inventory to price Millennials out of some of the top cities such as New York and San Francisco,” he said. “However, NAR research finds that there are other metro areas Millennials are moving to where job growth is strong and homeownership is more attainable. These markets are well-positioned to soon experience a rise in first-time buyers as the economy improves.’
“NAR analyzed 100 metro areas that have a large Millennial presence, solid local job market conditions and strong migration patterns of young adults moving to that particular area to determine the best purchase prospects for young buyers. Housing affordability and inventory availability were also considered.”
National Home Prices Back to 2003 Levels
According to this article from CNN Money, the housing market has recovered to the point of around 2003, which is actually not too bad considering 2006 is widely-accepted as the peak of the real estate market. We wont be seeing 5-7% annual increases any time soon like we were predicting back then, but many economists are predicting a small 1-2% increase from this year to next.
Demand for standard-issue suburban housing is going down, not up
The Next Real Estate Boom
Christopher B. Leinberger, Patrick C. Doherty, Director, Smart Strategy Initiative, New America Foundation
Washington Monthly
excerpt:
We’re unlikely, however, to see a real estate recovery based on a continuation of the type of development that has driven the industry for the past few generations: low-density, car-dependent suburbs growing out of cornfields at the edge of metropolitan areas. That’s because there is now a massive oversupply of such suburban fringe development, brought on by decades of policy favoring it—including heavy government subsidies for extending roads, sewers, and utilities into undeveloped land. Houses on the exurban fringe of several large metro areas have typically lost more than twice as much value as metro areas as a whole since the mid-decade peak. Many of those homes are now priced below the cost of the materials that went into building them, which means that their owners have no financial incentive to invest in their upkeep. Under such conditions, whole neighborhoods swiftly decline and turn into slums. This happened in many inner-city neighborhoods in the 1960s, and we’re seeing evidence of it in many exurban neighborhoods today. The Los Angeles Times reports that in one gated community in Hemet, east of L.A., McMansions with granite countertops and vaulted ceilings are being rented to poor families on Section 8 vouchers; according to the Washington Examiner, similar homes in Germantown, Maryland, outside Washington, D.C., are being converted to boarding houses.
Many hope that when the economy recovers, demand will pick up, inventories of empty homes will be whittled down, and the traditional suburban development machine will lumber back to life. But don’t bet on it. Demand for standard-issue suburban housing is going down, not up, a trend that was apparent even before the crash. In 2006, Arthur C. Nelson, now at the University of Utah, estimated in the Journal of the American Planning Association that there will be 22 million unwanted large-lot suburban homes by 2025.
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Pete Bruinsma, Broker/Realtor
Pete Bruinsma
Realtor/Broker, Grand River Realty | Owner/Broker, Life Cycle Property Management
Pete is a licensed Michigan broker with over 15 yrs experience, focusing on representing buyers and sellers the Grand Rapids area. He lives in Heritage Hill, loves local music, cuisine and entertainment, and has renovated many homes. He is a strong but equitable negotiator, and can offer advice on a wide variety of topics. Expertise is balanced evenly between listing and purchasing.
Certifications and Designations
Licensed Michigan Real Estate Broker and Saleperson
Member NAR, MAR, GRAR
C2EX (NAR Commitment to Excellence)
Graduate, Realtor Institute (GRI I,II,III)
Master of Brokerage Principles
Grand Rapids Association of Realtors Leadership Academy
At Home with Diversity
Certified Tourism Ambassador (In process)
E-Pro (Internet Professional)
Accredited Buyers Representative
Recognition
Revue Magazine – Top 3 “Best Realtor” 2019
Revue Magazine – Top 3 “Best Realtor” 2018
Grand Rapids Real Producers – Top 300 Agent
Zillow 5 Star Agent
Trulia Top Agents
Westdale Company “Rookie of the Year” 2004
Community
Grand Rapids City Commissioner (Historic Preservation) 2019-2022
Music Director of Community Radio Station, 88.1FM WYCE 12 Years
Volunteer Programmer at Community Media Center 1995-Present
City of Grand Rapids | Downtown Management Board Marketing Committee, Former Member
Big Brothers Sisters of Grand Rapids | Former Big Brother
Employment and Business History
Grand River Realty | Broker/Owner 2017-Present
Life Cycle Property Management | Broker/Owner 2001-Present
Real Estate Certified Investor
Westdale, Coldwell Banker, Grand Rapids Realty | Licensed Real Estate Salesperson 2004-Present
Cosmopolitan Home Magazine | Sales 1997-2003
Alt & Witzig Engineering | Senior Engineering Technician 1992-1996
Services I Offer:
Buyers Agent
Listing Agent
Transaction Coordinator
Investment Property Consultation
Property Management (Life Cycle Property Management)
Education
B.A. Telecommunications
A degree integrating marketing, business, communications and technology
Calvin College, Grand Rapids MI