Housing Market Recovery?

By: John Tramontana Email
By: John Tramontana Email

If you're looking to buy a home, now's the time to do so. There are more than 4,100 homes on the market in the greater Lansing area and despite the slow market of 2006, realtors expect a gradual increase in sales over the next few months.

"I think the decline that we've seen is not going to occur," said Tomie Raines Realty President Debbie D'Valentine. "I don't think we'll have a huge increase back but I think it'll stabilize and will be the beginning of the rebound for the housing market."

It can't get much worse after the Lansing area witnessed a 20 percent drop in sales last year. More than 7,000 were sold in 2005 compared to just 5,600 in 2006. But while sales volume may have fallen, prices did not.

"When we talk about the market being 20 percent off in sales volume, it doesn't mean the home prices have dropped 20 percent," D'Valentine said.

The constant prices haven't helped those like Deborah Frederick who's currently paying two mortgages.

"It's going to get old very fast," she said.

Frederick and her husband put their Lansing home on the market last June to buy a condo. More than 6 months later, it's still unsold.

I was just really shocked the first time we had an open house," she said. "I thought a lot of people would show up and there wasn't."

She admits they may not get as much as they'd like especially since putting more than $40,000 worth of work into it over the last 20 years. But Frederick is optimistic. She believes they'll sell their home soon.

"I'm feeling like this may be the start of a good year."

A year realtors expect things to get back on track.


WILX 500 American Road Lansing, MI 48911 517-393-0110
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