Deciding to buy real estate is never easy. After all, it often involves investing hundreds of thousands of dollars. So, you want to make sure that you find a good home in a healthy community without burning a hole in your pocket.
This is especially true when it comes to buying a property in a region as prosperous as West Michigan, US.
In this article, we will analyze the West Michigan real estate market trends to determine whether now is a good time to buy a property there.
West Michigan Real Estate Trends That Can Influence Your Buying Plans
Before we discuss whether it’s a good time to buy properties in West Michigan right now, you must understand the relevant market trends. These trends can greatly influence your real estate purchase and sales plans.
- Mortgage Rates
The fluctuating mortgage rate can greatly influence any real estate market. And right now, the mortgage rates of West Michigan’s real estate market have been experiencing a slight decline.
This is great news for you if you want to buy a property here.
The annual interest rate on a 30-year fixed mortgage has been reduced from the usual 7% to 6% this year. So, if you’re planning to avail a home loan to buy a house in West Michigan, now is a good time.
- West Michigan Home Prices
Unlike the mortgage rate, the prices of West Michigan’s properties are on the rise.
Although the rate of increase in property prices is rather slow in West Michigan, the steady appreciation is indeed causing house prices to increase each passing year.
What does it mean for you as a buyer?
It means you should purchase the properties you have set your eyes on as soon as possible. The longer you wait, the higher the price you will have to pay.
This is especially true for the properties in the highly sought-after places, such as Zeeland and East Grand Rapids.
- The Demand Level
You need to understand that the houses in West Michigan are in high demand right now. Although the number of properties is increasing every year, the demand is still higher than the supply.
Again, this is especially true for the properties in the desirable, well-established communities within West Michigan.
So, more often than not, the sellers still have the upper hand. As a result, if you want to buy a property in a good neighborhood, you may have to spend more money than usual.
Why Should You Consider Buying a House in West Michigan Now?
Here are a few reasons why you should consider buying a house in West Michigan right now:
- The Dipping Mortgage Rates
As the mortgage rates are decreasing, taking a long-term home loan has become more affordable. If you take this opportunity to get a loan at a lower rate now, you can save tens of thousands of dollars by the time you repay the loan in full.
After all, the mortgage rate will surely increase in the future when the financial situation changes. That’s why now is the best time to buy a house in West Michigan if you’re planning to secure a home loan.
- More New Houses
Many new homes are entering the real estate market of West Michigan these days. Thanks to that, buyers now have more choices to resist the bidding war despite the demand still being higher than the overall supply.
This, combined with the lower mortgage rates, makes now a good time to buy a property. For further inquiries, you can contact a trusted West Michigan realtor.
- Long-term Investments
Even if you aren’t planning to buy a house, now is still a good time to invest in West Michigan real estate. The region is economically stable, and the house prices are increasing at a steady pace.
This is a good opportunity for real estate investors to build substantial wealth in the long term.
Tips to Navigate West Michigan’s Real Estate Market
Here are a few tips that may help you navigate the West Michigan real estate market and find the right property:
- Contact a Local Realtor: A local realtor will have a good understanding of the properties and the communities of West Michigan. Getting in touch with a reliable local realtor will help you find the right properties quickly and negotiate the best deals.
- Try to Get a Pre-approval for a Mortgage: With a pre-approval for a mortgage, you will have the budget and the chance to close the deal to buy your dream property as soon as possible. You don’t have to worry about others snatching the property you desire.
- Stay Informed: The real estate market can go through a transformation at any moment. So, keep your eye on the key market indicators to take action at the right time.
Conclusion
After careful analysis, it’s fair to say that now is a good time to buy real estate in West Michigan. The mortgage rates are low, and the house prices are steadily rising.
If you have the budget and want to relocate to West Michigan, buying a house there right now is a good choice. For real estate investors, West Michigan properties give them a solid long-term investment opportunity.
What are your thoughts about the current real estate scene in West Michigan? Let us know in the comments.
Recent Comments