Report: Grand Rapids among cities with biggest housing shortages

News

GRAND RAPIDS, Mich. (WOOD) — If you’re looking for a home in Grand Rapids, get ready for a long search.

Grand Rapids is among the top ten cities nationwide with the biggest housing shortages, according to realtor.com.

HOUSING IN HIGH DEMAND

Realtor.com more people moving to the area and new growth drove housing demand last year. The site mentioned Switch’s move to the former Steelcase pyramid in Gaines Township, which is expected to create at least 1,000 jobs over the next decade.

“If they (Grand Rapids homes) fall into that average price range, they’re going to be bombarded,” said Linda Fetterhoff, realtor of Keller Willams Grand Rapids North.

Fetterhoff says a lot of West Michigan agents list a home sale then host the first showing about 48 hours later.

“They (realtors) let everyone know so that the seller can be aware, get everything ready and just know they’re going to leave the house the entire day because they may get 10 to 20 showings,” she said.

HESITANT HOME SELLERS

However, a member of the Cornelius Real Estate Team said while more people are looking to buy, home owners are hesitant to sell because they are concerned they cannot afford the higher price of a new place to stay.

Realtor.com said the number of homes up for sale last year plummeted 24.7 percent. Less than one percent of all housing in Grand Rapids was on the market.

HEALTHIEST HOUSING MARKETS

Meanwhile, two other West Michigan cities are home to some of the healthiest housing markets, according to SmartAsset.

The financial technology company said Jenison and Forest Hills made the top ten based on how long homeowners stayed with their homes, as well as home value, ease of sale and ownership costs.

The average Jenison resident lived in their home for 17.6 years. On average, Jenison homes were on the market for 45 days before selling.

Forest Hills homes were snatched up quicker, with an average of 37 days on the market. However, the average Forest Hills resident kept their home for a shorter period of time: 15.5 years.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Know something newsworthy? Report It!

News 8 Links