The choice of the city winners was primarily based on population, job growth, relatively low home prices that are considered to be under-valued, a healthy local jobs economy, and locations where opportunities are growing.The survey that was used concluded that the average Grand Rapids home sale priced at $138,596 is under the “equilibrium price” of $184,794 by 25 percent. What is meant by the “equilibrium price?” It is what the average price should be if speculation and factors such as the housing collapse and distortions in local income were not present in the market.

This article should definitely get the attention of those who plan to buy a house in the area in 2014 with the Grand Rapids-Wyoming market being the top Midwestern market on the Forbes list. When homes are way under the “equilibrium price”, purchasers are getting a great buy and can expect to make a good return on their money in the future when they decide to sell.

The prices on local housing are expected to continue to rise in 2014 as buyers do more searching for housing at a time when inventory levels are low and demand is high. It is suggested that buyers get mortgage pre-approval to be better candidates for a house they want, and first-time buyers may be surprised that their monthly payment might be less than what they were paying for rent.

Local real estate agents say it is also a good time to sell. Sellers can list their homes at higher prices because there are more people looking to buy. Business has increased in the last 18 months and is expected to continue. Normally this is the slowest time of year, but, instead, there was a 12 percent increase in sales in 2013 compared to 2012, there is a lot of activity, and the prices have been going up.

Additionally, it is a good time to invest in a rental property because that can be rented out for more than the owners are paying, which enables the owners to turn an easy profit.