insight
ISSUE 1 M AY 2 0 2 0
who and what is fueling west michigan 1
Letter From The Editor Our mission as a company has always been to inform and educate our clients, above all else. This publication is born out of our passion to share with our community the information we see from the front lines, and in turn to make them savvy consumers. As the second largest residential mortgage company in Kent and Ottawa counties, based in downtown Grand Rapids, we have an incredibly unique vantage point of the ever-changing economy and real estate market in West Michigan. We see firsthand, in real time, buying trends based on economic expansion and job growth, supply and demand, government incentives and legislation, and more importantly, who is buying and the types of properties they desire. Our goal in creating this publication is to share with you the current real estate and mortgage trends and highlight industry leaders and local businesses that are shaping the dynamic city we call home. We hope you love reading this as much as we loved writing it. Enjoy!
Insight is written, produced, and published by Treadstone Funding Contributors: Meghan Howard, Matt Muscat, Kari Radermacher, Kelsey Chisholm, Vaughn Hartley, and Aislinn Teachout
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www.treadstonemortage.com Treadstone Funding propelled by Neighborhood Loans NMLS 222982
insight 4
MORTGAGE NE WS
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RE AL ESTATE MARK E T STATS
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IN DU S TRY S TA N DO U TS
Josh May, Ashley Dietch-Schaefer, Rachel Major, and Wade Monsma
who and what is fueling west michigan
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10 C LIENT S TO RY
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There’s No Place Like Home G R CO M M U NIT Y
Community Coming Together
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LOCA L B U S IN E S S S P OTLIG HT
Studio Park
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HO M E & MOV ING TR EN DS
Home Sweet Home
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Down payment requirements, closing costs, and loan amounts are for illustrative purposes only; subject to credit qualification, not all applicants may qualify. Not a commitment to lend. Not affiliated with or endorsed by any government institution. Please contact us for an exact quote and for more information on fees and terms.
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MORTGAGE NEWS INTEREST R ATES Low interest rates in 2019 provided many the opportunity
NATIONAL INTEREST R ATES (30-YE AR FIXED MORTGAGE) 5.0%
4.5%
to save money or lower their term by refinancing. The start of 2020 has been even better for rates. Although volatility effects rates from day to day, there is still a
4.0%
3.5%
tremendous opportunity for most buyers and home owners to lock in a lower rate and save.
REFINANCE AND SAVE Many customers who have refinanced were able to lower their interest rate by anywhere from .5% – 1.5%. A 1.25% drop in interest rate could lead to an average 14% savings off your monthly payment. Total savings will depend and differ based on your actual rate and loan amounts.
LOAN LIMITS INCRE ASED Loan limits are one of the guidelines established by government-sponsored enterprises Freddie Mac and Fannie Mae for conforming loans. The limit increase gives buyers more access to affordable financing. Exceeding loan limits requires a jumbo loan. Conforming loans offer lower down payment options and better rates than jumbo loans.
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3.0%
JAN
2019
MAR 2019
MAY 2019
JUL
SEP
2019
2019
NOV 2019
JAN
2020
MAR 2020
Example: $200,000 Loan Amount
$1013 $870 Current Payment
New Payment
ASSUMING A 4.5% RATE
ASSUMING A 3.25% RATE
$143 Monthly Savings
Conventional
$510,400
FHA
$314,827 for single family $608,150 for a 4 unit home
R E A L E S TAT E M A R K E T S TAT S GR AND R APIDS LISTINGS IN 2019 TOTAL LISTINGS
LOCAL AVER AGE SALE PRICES $600,000 $500,000
14,899
$400,000 $300,000
HOMES SOLD
12,932
$200,000 $100,000
GRAND RAPIDS
EAST GRAND RAPIDS
ADA
ROCKFORD
BYRON CENTER
HUDSONVILLE
2019 NATIONAL STATS The average American home sold last year was about
86% of buyers ďŹ nanced their home purchase.
1,850 square feet, had three bedrooms and two bathrooms, and was built in 1990. 89% of buyers purchased their home through a real estate agent or broker.
The average down payment for first time home buyers
First time buyers comprised 33% of all home buyers.
was 6%. While second time home buyers had an average down payment of 16%.
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industry standouts
Every industry has individuals that elevate the profession by going above and beyond, and the real estate industry is no exception. We have reserved a place in our publication to recognize these trailblazers who epitomize what the industry stands for. These individuals not only exemplify professionalism and leadership within the real estate industry but within the community as a whole. By giving back through time and money, each one of them is helping to build and strengthen the West Michigan community. They are beacons within their field, and we salute them! Thank you for your hard work, commitment to excellence, and your dedication to continually raising the bar of the West Michigan real estate community. 6
Josh May
Ashley DietchSchaefer
Rachel Major
With over 20 years in the business
Ashley takes pride in leading a broker-
In her 6 years in real estate, Rachel
and 32 million in team volume, Josh
age that excels in superior market
has helped more than 325 families! In
and his team use their expertise and
knowledge, industry involvement, and
2019, Rachel was recognized on the
industry connections to bolster the
being well-connected. Hello Homes GR
National Association of Realtors 30
community. Josh is passionate about
embodies everything Ashley believes
under 30 list—and for good reason.
giving back and does so by patroniz-
in, for both life and work: passion,
She and her team seek opportunities
ing local businesses and supporting
culture, honesty, unwavering ethics,
to give back to local businesses and
his favorite nonprofits, Kids Food
attention to detail and, of course, fun!
help the community in every transac-
Basket and Heartside Ministries. Josh
Ashley has the honor of sitting on
tion they are a part of. Rachel fulfills
is the founder of Grand Rapids Young
numerous local, state, and national
this mission in part by supporting
Professionals which feeds his passion
committees to stay up-to-date on
311 Youth Housing, a local nonprofit
to connect and educate both clients
current events and issues and to be
dedicated to developing safe, afford-
and young professionals. Josh also
a frontline leader and voice for all.
able housing for youth. Additionally,
supports one scholarship annually
Aside from all that, her greatest honor
she and her husband have a talent
for a GVSU business student.
is being a wife and mother.
for finding, buying, and beautifying homes in our community.
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IN D U S T RY S TA N DO U T S
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Wade Monsma When it comes to hard work and integrity, Wade Monsma sets the bar high. He is the epitome of a great loan officer, and the pride he takes in his work is unprecedented. One of Treadstone’s longest running employees—Wade has seen it all. He began with Treadstone in 2006 and truly encompasses the values of the company. Detail oriented and diligent, Wade does it right the first time and puts in the extra work to ensure a seamless mortgage process for all of his clients. After many years in the manufacturing industry, a lay-off
them. Wade would rather meet in person than send an email any day—these are the connections that make his job meaningful. Wade is incredibly proud of all of the work that he does. Helping people achieve a dream of theirs is rewarding, and he loves playing a part in that.
“When you get to the closing with someone it represents a new chapter in their life, and it is truly is an honor to be able to help someone turn a page in their book of life.”
encouraged Wade to try something new. A neighbor mentioned possibly getting into the mortgage industry, which
Having been with the company since its beginning, Wade is
seemed off-putting to Wade at first. An incredibly active
proud of how far Treadstone has come. He loves working
and hands-on person, Wade was uneasy about taking a
for Treadstone because of the integrity and values of the
desk job. Nonetheless, he entered the financial industry
company. Wade believes that these are upheld in large part
and worked primarily with refinancing. When business
due to the people who work for Treadstone and explains
began slowing in the early 2000s, Wade applied for a job
that the owners have done a great job prioritizing these
at Treadstone. After two rounds of interviews, co-owners
values and staying true to them every day, even as the
Kevin Polakovich and Brendan O’Driscoll decided to give
company has grown.
Wade an opportunity. While they were wary of his lack of direct experience in home purchasing and sales, they saw
Outside of the office, Wade loves staying active and has many
his incredible potential. Wade’s work ethic and eagerness
fun hobbies. Not one to be caught sitting still, he loves doing
to learn, as evidenced by his career in manufacturing, made
anything outdoors—trout fishing, boating, snowmobiling,
him difficult to overlook. Fourteen years later, Wade is still
and dirt biking. In August, you can find him boating on Lake
originating loans with Treadstone.
Michigan with his family, and he takes several trips a year into Canada to four-wheel in the wilderness with his wife.
For Wade, the best part of the job is the client interaction.
Wade has been married for 33 years and has four children
He loves the application and closing meetings when he
and six grandchildren to accompany him on his endeavors!
can engage face-to-face with clients and really get to know
There is never a dull moment with Wade.
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C L IEN T S TO RY
s
e om
roads aren’t a straight path bu th e d e s
tinati o
n is
a ll t h
e sa m
t
e
Ryan’s dream was to purchase a home to put down roots and give his daughter stability. So he
Just as Ryan was about to close, his loan officer gave
worked hard, and he saved money with the intention of
him approval to deposit his down payment money. The
doing just that. When he was ready to begin the mortgage
next day, the loan officer informed him that because
process, Ryan began working with a loan officer at a
of the deposit, he now couldn’t close for another two
credit union. He was pre-approved for an FHA Loan with
months. The advice halted the process significantly, and
a down payment set aside for the purchase, and followed
Ryan was panicked and anxious. He had done exactly
his loan officer’s instructions every step of the way.
what the loan officer had told him to do.
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Desperate to get into a home for his daughter as soon as possible, Ryan decided to try another route. He had been referred to Mallory Strotheide at Treadstone by a friend,
“They made a dream come true for me, and the look on my daughter’s face when we finally got to move in was priceless...”
and he called her to see if there was anything she could do for him.
“Mallory made the whole process great, and she and her team were amazing. This was something I worked really
Hearing about Ryan’s struggle and knowing how import-
hard for and didn’t want to lose out on. I would recom-
ant the home was to him and his daughter, Mallory and
mend Mallory’s team to anyone. I couldn’t have asked
her team took over and went to work brainstorming ways
for more amazing people to work with. I’m truly grateful
to help. They thought outside of the box and figured out
for Mallory and her team,” said Ryan.
a way to use the down payment he deposited to pay off other debt which qualified him for the 0% down Rural
Ryan’s experience with Mallory is an exemplification of
Development Loan. The property was in an eligible area
Treadstone’s core values in action. They did the work to
and his income was within the limits to qualify for this
help Ryan achieve his goal, when other lenders fell short.
type of loan. Mallory and her team’s solution-based
That’s the Treadstone difference: Mortgages – Better.
thinking and mortgage knowledge enabled Ryan to move
Faster. Smarter.
in 30 days sooner! This made all the difference for Ryan.
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G R A N D R A PID S C O M M U NI T Y
Community Coming Together (BUT NOT CLOSER THAN 6 FEET)
Amidst the changes that COVID-19 brought into the lives of Grand Rapidians, these trying times demonstrated just how strong and community-driven West Michigan is. The way the community came together to help one another is just another reason why Grand Rapids is truly such a wonderful place to live. The culture of philanthropy and giving back has been a light, and although many of us practiced social distancing, in a way it’s brought the community close together. Here is a list of just some of the things Michiganders did to make a difference and share positivity. 12
COMING TOGETHER
For the Unemployed and Those in Need of Food Assistance As one of the hardest hit industries, many hospitality and service industry employees found themselves jobless. While many school districts have been delivering food via school bus routes and designated pick-up areas for children in need, many other food assistance programs have been implemented throughout Grand Rapids to help people struggling to keep food on the table during these trying times.
Garage Bar and Grill:
$10 for 40 Challenge:
This local restaurant pledged to give
Wood TV 8 and Feeding America West
away 100 meals per day to people who
Michigan teamed up to launch an
were out of work as a result of the
online fundraising campaign to get
coronavirus response. The original
people the food they need. Every $10
goal was to donate 3,000 free meals,
donated provided 40 meals worth of
but in extending the giveaway, they
food.
planned to donate 1,500 more meals. Not only did the initiative help feed
Uccello’s Heart of Hospitality:
the community, it also kept Garage
The East Beltline location of Uccello’s
Bar and Grill employees working.
provided free meals in a drive-through
Pioneer Construction, Custer Office,
style in their parking lot. Aimed at
Mercantile Bank, and Car City are
helping those in the service industry
some of the sponsors that helped
that have been impacted, this event
make this possible.
lifted spirits and fed members of the
Photo Via: Uccello’s Ristorante Facebook
community. Grand Rapids Service Industry Network Donations:
Mobile Food Pantries:
Jake Prell, a longtime piano player for
Feeding America West Michigan,
Mojo’s dueling piano bar, found himself
which provides food and groceries
out of a job like many others. Given
to people in need and added extra
the circumstances, Prell decided to
Mobile Pantries to account for the
use his time to organize a network of
increase in struggling households in
food donations. Several restaurants
West Michigan. The mobile pantries
in the area pitched in and donated
have been operating in a drive-through
food and time to contribute to the
format, and they plan to continue this
cause. The volunteers worked out
until people can go back to work.
of Flanagan’s Irish Pub, where they
Photo Via: Feeding America West Michigan Facebook
repackaged and distributed the food. With the outpouring of support, the network provided over 200 families with food!
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COMING TOGETHER
To Help Protect Medical Professionals Given the limited supply for personal protection equipment and other medical supplies, business and individuals took the challenge upon themselves and engineered ways to help fill the demand. People got creative and sewed masks to donate, while local businesses shifted their normal production to cater to demands. People and companies alike banded together to do what they could in these unprecedented times.
Advanced Oral Surgery:
Steelcase:
A local dentist answered the call
Steelcase worked with Spectrum
from medical workers who needed
Health’s vice president of surgical
more protective masks. The dentist
services to create a protective shield
organized a donation day where spas,
to protect hospital visitors from
construction workers, painters, and
the virus. Within a matter of hours,
other businesses contributed their
Steelcase had designs ready to be
unneeded supplies to be donated.
manufactured, and 50 screens were
Together, they were able to donate
made just a few days after.
Photo Via: WZZM 13
180,000 gloves, 16,000 masks, many gowns, and gallons of disinfectants
Grand Valley State University:
and sterilization wipes.
Given that classes were suspended for the rest of the semester, the Sci-
Eastern Kille Distillery:
ence programs at Grand Valley State
In collaboration with Coyote Logistics,
University were able to donate 90,000
this distillery quickly shifted from
gloves to Spectrum Health.
manufacturing spirits to producing hand sanitizer to address the nation’s
The Sassy Olive:
growing shortage. Over 2000 bottles
A West Michigan boutique shifted
of hand sanitizer were shipped to
gears to make homemade masks to
truck drivers around the country.
donate. They were able to make 200-
Photo Via: Coyote Logistics
250 masks a day! Die Tech and Engineering: The Wyoming-based manufacturing
MIX East Grand Rapids:
company’s team of engineers kicked
As part of MIX’s Pay it Forward
things into high gear as they began
campaign to support those on the
developing and producing parts for
frontlines, the health-oriented juice
life-saving ventilators. Although they
bar has delivered several rounds their
had never created something like this,
immunity boosting teas and shakes
they have been adaptable and eager
to medical professionals in Grand
to help—a theme consistent through-
Rapids free of charge.
out West Michigan.
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Photo Via: MIX Facebook
COMING TOGETHER
To Create Hope & Happiness During Quarantine As many of us transitioned to life in quarantine, maintaining normalcy proved to be difficult at times. Technology provided tools to help businesses and organizations adapt to sharing through online platforms. Many neighborhoods organized themed window decorations to spread joy and help keep the community in good spirits. While the uncertainty can feel overwhelming, it is nice to know that the community spirit of Grand Rapids endures.
Funky Buddha:
Local Spins:
For yoga lovers, Funky Buddha live
For the local music connoisseurs,
streamed yoga classes daily for all to
Local Spins live-streamed music
watch. The best part—they made the
performances on their website—a
classes available to everyone, not just
great way to enjoy the music scene
their members!
and support local artists while adhering to social distancing guidelines.
The Rainbow Hunt: Throughout Muskegon, people made
Be Nice Mental Health Foundation
pictures of rainbows and hung them
of West Michigan:
in windows to share cheer with their
A new podcast aimed at discussing
neighborhoods. This also promoted
how to navigate mental health during
physical activity, as people were
quarantine was started by the Be Nice
encouraged to go for walks to see all
Foundation. Each Wednesday, a new
the rainbow creations.
episode is published that addresses
Photo Via: FOX 17
the impact the outbreak may have on Grand Rapids Children’s Museum:
you or your loved one’s mental health.
Each day, the Grand Rapids Children’s Museum posted a different activity
MediLodge Nursing Home:
for children to try while away from
In Grand Haven, volunteers took their
school. There was a different theme
dogs parading through the courtyard
associated with each day of the week,
of MediLodge Nursing Home. Since
and the activities revolved around
human visitors weren’t allowed to
education and being active. This has
enter the building, it brightened the
been a wonderful resource for bored
senior residents’ days to see all the
children and parents that didn’t know
dogs through their windows!
Photo Via: Grand Haven Tribune
what to do with them! Hudsonville Schools: Teachers paraded through their students’ neighborhoods in their cars to brighten up their days.
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LO CA L B U S IN E S S S P OT L IG H T
The new, 62,500 square foot, $160 million-dollar mixed-use development complex in the heart of Grand Rapids is sure to be a feature point for downtown. Accounting for the increased downtown living, Studio Park plans to have a little of everything, and it’s so much more than just a movie theatre. Phase one of the development opened last Fall, featuring a movie theatre, a music venue, loft apartments, a 900-space parking ramp, and an outdoor courtyard with a big screen to host movies in the Summer.
Celebration Cinema Movie Theatre The nine screen Celebration Cinema theatre brings luxury movie-going to the heart of downtown Grand Rapids. Theatres are equipped with heated recliner seats, where refreshments from the cinema’s bar and concession stand can be brought to you—it doesn’t get much better than that! Movie-goers can park for free in the Studio Park ramp attached to the theatre.
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Listening Room A live music venue with amazing acoustics is situated on the second floor of Studio Park. With just 200 seats, this venue offers a more intimate concert experience. Listening Room boasts a full bar featuring cocktails, craft beer, and wine. The venue will feature all different genres of music with performances several nights a week and can be rented out for presentations and private events.
Studio Park Lofts The new urban living complex has 106 brand new loft apartments for rent. The one or two bedroom apartments are pet friendly, have many amenities, and some even have a patio where you can enjoy the piazza and all that Studio Park has to offer from your back door.
Funky Buddha Yoga Hothouse Funky Buddha has expanded into downtown. The Studio Park location opened in January, has showers, and features 45-minute classes to provide more flexibility. They also plan to offer free yoga classes in the courtyard in the Summer.
Canopy by Hilton The four-star hotel will be opening Summer of 2020. Plans include a bistro and a rooftop bar overlooking Studio Park, which will be accessible year-round.
Acrisure Insurance The new headquarters for the insurance broker company will be situated in an office building in Studio Park and is projected to bring 400 new jobs downtown.
RESTAUR ANTS & E ATERIES One Twenty-Three Tavern Malamiah Juice Bar Leo’s Coney Island Pump House Frozen Yogurt 17
HO M E & M OV ING T R EN D S
Interior Design Trends to Transform Your House into a Home
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Lounge-Worthy Family Room One of the most important rooms in any home, the family room brings your loved ones together. It’s where you go to relax and connect, so it’s important that it’s cozy, inviting, and functional. The sofa is the centerpiece of the family room, so it should be inviting, beautiful, and of course, very comfortable. When purchasing a new sofa, sit before you buy, and ask about the durability of the fabric. Throw pillowsare a great way to add coziness while bringing color and texture into the room. You can never have too many throw pillows! A tip to help keep your living room clutter-free is to use a large woven basket to tuck away blankets or kids toys. This way your items are easily accessible without taking away from the aesthetic of the room. What’s a family room without some personal touches—display family photos, travel momentos, or even family heirlooms to make your living room feel like home.
Plants In The Home When is the last time you saw a home on Pinterest or Instagram that didn’t have at least one leafy green plant in it?! Expect to see the houseplant trend continuing well into 2020—and for good reason! Houseplants are a great way to bring the freshness of nature indoors while adding warmth and color to your home. One of our top houseplant picks is the fiddle-leaf fig. This plant needs plenty of sunlight to thrive and varies in size, so it’s a great plant to place near a window. Another good pick are succulents, which come in many shapes, sizes, and textures. These sun-loving plants don’t require much water, making them great for beginners.
Curating A Gallery Wall There are few things more eye-catching than a well-curated gallery wall. Gallery walls tell a story by making your personal memories into art and can take the pressure off finding one “perfect” piece of art for your home. The easiest way to keep your gallery wall cohesive is to use a consistent frame color. Mix and match the frame sizes and textures to add dimension and interest. Pro tip–get creative with different frame layouts on the floor before hanging them to avoid unnecessary wall damage!
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