US Housing Market Reaches a Turning Point

Grand Rapids Real Estate Market Update

Grand Rapids Real Estate Market UpdatePositive news for the housing market in general including the Grand Rapids Real Estate Market, according to a new study. Home valuations will start to climb again while adjacent consumer industries will capture significant new growth opportunities in 2012 and beyond as the U.S. housing market finally turns the corner.

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The new report, The Shifting Nature of U.S. Housing Demand, predicts that average home prices will increase by up to 1 percent in the second half of 2012. By 2014, home prices will increase by as much as 2.5 percent. From 2015 to 2017, the study projects annual increases between 3 and 4 percent. This recovery will not be uniform across the country, and the strongest markets could capture average gains of 5 percent or more in the coming years.

“In these initial years, the prime driver of recovery won’t be new home construction, but rather demand for rental properties,” said Louise Keely, Chief Research Officer at The Demand Institute and a co-author of the report. “This is a remarkable change from previous recoveries. It is a measure of just how severe the Great Recession has been that such a wide swath of Americans had to delay, scale back, or put off entirely their dreams of home ownership.”

“In the long-term, we don’t expect home ownership rates to change,” said Bart van Ark, Chief Economist at The Conference Board and co-author of the report. “Over 80 percent of Americans in recent surveys still agree that buying a home is the best long-term investment they can make. What will be intriguing to watch is how their aspirations around home ownership are affected by this period of extended austerity.”

 

We are seeing a large increase in demand for homes and Grand Rapids Condos as consumers are taking advantage of low interest rates and low home prices.

If you are thinking of purchasing a home, please take advantage of our improved Grand Rapids Listings search tool and unlimited access to all of the homes and condos in Grand Rapids and the surrounding areas.

If you have a home to sell, we can provide a detailed, comprehensive market report and Grand Rapids Home Evaluation, with current listings and recent sales to establish the price of your home. We will also provide you with the costs of selling your Grand Rapids home or condo as well as recommendations to help make your property stand out from the crowd.

For more information, feel free to contact me anytime.

 

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