GRAND RAPIDS, Mich. (WOOD) — One Grand Rapids neighborhood was recently recognized as the second most competitive real estate market in the country.
Alger Heights places second only to White Oaks in San Carlos, California, real estate brokerage site Redfin says.
The ranking doesn’t surprise Darryl Matthews, a real estate agent with The Lucas Howard Group at Keller Williams.
“It makes sense for a lot of first-time homebuyers moving or migrating to West Michigan and Kent County,” Matthews said. “Because (there are) so many different buyers and there’s so much competition to purchase a home at this price point … it makes sense that it’s number two in the nation.”
Take a drive down any street in the neighborhood and you’ll be hard pressed to find any homes with for sale signs in the front yard. Most are sold less than week after going on the market.
“It’s great for sellers,” Matthews said. “They are making close to 30% more on their listings because there is so much competition. For a buyer, just realize you’re buying it at a premium but you have so many positives here in the neighborhood, it’s worth it — well worth it.”
The neighborhood is situated minutes from downtown with easy access to US-131 and I-96 and walking distance to most anything else.
“Both of those corridors put you 15 minutes away from anywhere. And the walkability, you have shops, restaurants and breweries,” Matthews said. “It’s amazing. We’ve seen a great boom due to the hospital systems downtown, Medical Mile especially.”
If you happen to be in the market for a new home and want to call Alger Heights your own in the near future, Matthews said to be patient and know where you want to be.
“If you want to be closer to the school or if you want to be closer to the shopping, that’ll narrow down your search a bit,” Matthews said. “Above all, stay focused and don’t feel like you’re hitting a brick wall by making multiple offers. It takes time.”