A lot of you are asking about what in the world is going on with the real estate market right now.
Multiple times a day I read we’re headed towards recession from click-baity headlines. Our team is asked if the economy is about to crash? Or if home prices are going to continue appreciating at this hyper-speed pace.
The short answer is, we don’t know. But we have some clues that I want to lean into with optimism.
It’s unfortunate that there was not great record keeping of housing data until the 1940s because I feel like what happened during the year of and few years following the 1918 Spanish Flu pandemic would be really helpful at this moment, but there are a few sources we have thanks to the Federal Reserve White Paper on this topic. You can read it for yourself here, but long story short is that it affected the economy in the short-term, but long term economic growth for the US was stable.
So, what about this time?
We have a whole lot going for us right now.
We had/have a STRONG and industry-diverse economy in West Michigan.
We have very low inventory of houses currently on the market AND both the Spring/Summer buyer demand out there right now shopping
Interest rates are at historic lows which pushes the buying power further. The best thing is these are fixed rates – not the adjustable rate stuff we saw in 2004-08.
Remote work is easier than ever to continue in employment or open up a broad range of new employment options (this is the first time in history our job market prospects are feasibly global).
Even though we were stalled, and there are several factors that are cause for caution, our real estate market is really strong and we are ready to continue to work to protect your investment.
If you are thinking about buying or selling in the Greater Grand Rapids region, our team would be happy to help.
Learn more at iheartgr.org
Follow along with the adventure:
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THIS WEEK ON SOCIAL
This week we will be heading into East Grand Rapids on our socials. The EGR neighborhood has a lot going on & we are so very excited to share some of our favorites with you! The last time we covered this neighborhood in our socials there was a CLEAR fan favorite of Jersey Junction. Will it be the same this time around?
Don’t forget, we have coolers and totes on sale right now with the proceeds going towards Meals on Wheels! Meals on Wheels works to fight against senior hunger and isolation. When you purchase a tote or cooler, you are donating to the cause!
Bloom and Grow Coffee fosters community and support for women in recovery. They sell specialty direct trade coffee to make their mission completely sustainable. When you purchase a bag of Bloom and Grow Coffee you are helping a woman in recovery. Please check out their Instagram using the link below!
If you own a business or just know of one that you love, click the link below and fill out the form! We would love to hear all about it. While we work hard to keep up with everything Grand Rapids, this city is bustling with new businesses and events that will evidently slip through the cracks.
Have a great place around town you’d love to see featured?
Respond back to this email with details! We love suggestions of great people, businesses, and organizations to spotlight!
You should feel free to contact us directly at 616.202.6551
Blog Cover Photo Courtesy of Grand Rapids Public Museum