Mid-Michigan houses becoming increasingly harder to afford
LANSING, Mich. (WILX) - If you have struggled to find an affordable home in mid-Michigan you aren’t alone. In mid-Michigan the cost of a home has gone up 12% since 2020. Mother of three, Ebony Bardell, tells News 10 it has been impossible to find a home for her family.
“For single parents its extra hard because there’s only one income. The houses are too expensive especially this past year they went up a lot so I usually cant find a house in the budget,” said Bardell.
She says when she finds a home in her price range, someone has already beaten her to it.
“When people put houses on the market they get snapped up really quick, so even if I see a house I like it’s probably going to have an offer pending on it before I get a chance to look at it,” said Bardell.
One local realtor tells News 10 it’s not just inflation that’s leading to these higher prices. He says there’s just not enough supply to meet the demand.
“With a scarcity in affordable housing that’s pushing more people to rent and when there’s a scarcity in rent prices go up,” said John Douglas with Kellar Williams Reality.
Douglas with Williams Reality says part of the issue is simply just catching back up after pandemic related shut downs.
“We have backlogs in mills, shipping yards, lumber, everything slowed down and were having to ramp back up which is slowly happening but construction is way behind. We have the shortage in supplies, shortage in people wiling to do those jobs that’s caused this weird place in new construction which has put even more pressure on an already tight housing market,” said Douglas.
He says he doesn’t believe prices will go down any time soon but recommends those who are looking keep their to keep an eye out during the change in seasons.
“In winter there’s less houses on the market but less competition, and in spring and summer there’s more houses for sale and a whole lot more competition, so it depends to the specific person or family what their goals are,” said Douglas.
Douglas tells News 10 interest rates are low now so that could save you money if you buy a house now rather than later.
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