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The Brexit Effect on the Grand Rapids Market
Manage episode 179690925 series 1445534
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With Britain voting to leave the European Union, it has left the financial world in some uncertainty and turmoil. Has it had an effect on the Grand Rapids market?
Because of this, most institutions are dropping their mortgage rates, and that’s going to continue until at least December, according to the economists that I’ve read about. Because of the lower interest rates, there is going to be a refinance boom, so lenders’ pipelines are going to be quite full of people trying to take advantage of the moment.
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Homeowners are also taking advantage by refinancing.
” When it comes to our market in Grand Rapids, the effect we’re seeing is that buyer demand is staying high because access to money is good with incredibly low interest rates. Because of that, supply and demand will still push in the seller’s favor, even though our local market has kind of gone on vacation, so to speak.
As long as you’re in the price range of $150,000 and under, you’re going to be in really good shape. Because of vacation, some of the higher price ranges may struggle a bit.
Thanks for stopping by the blog today. If you have any questions about our market, feel free to give me a call or send me an email soon.
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