On the Move - City2Shore Gateway Group July 2023

On The Move with Gateway Group Real Estate
Blog Introduction:
     The real estate market in West Michigan and Allendale in particular is still very strong, an increase in new home construction which is still woefully behind needed volume to alleviate some of the inventory issues we are seeing in West Michigan.  Locally and nationally, interest rates have steadied around the 7% range and there is likely not going to be much fluctuation over the next several months. 7% is still under the 30-year average which means as a buyer this is the right time to buy. Renting is still very expensive and when I’m asked by renters if they should buy now or wait, the answer is “by remaining a renter you are paying someone else’s mortgage! You are carrying renters’ insurance and are at risk of eviction. Buying a home ASAP often gets you your own home, for less than the rent you are paying monthly and helps you build credit and earn equity. There are some great programs from low-income, first-time home buyers and people with low credit scores. Don’t wait any longer to buy.