Mid-Michigan’s transitioning housing market
A step down from an “extreme sellers market”
LANSING, Mich. (WILX) - We’re seeing signs that the red-hot housing market is cooling off. This means savings for buyers, as well as a longer wait for sellers.
There’s a huge demand for housing in Mid-Michigan, but not necessarily a lot of buyers. The demand for housing comes from a housing shortage. Owners are getting fewer offers, waiting longer, but still selling.
Lansing broker Kim Dunham said it’s a good time to buy if you can because the market will continue to inflate. We are still looking at a seller’s market, just not as extreme as it was last year
“So last year we were getting way over, on every single home. We were able to sell them for 30 and 50 thousand over.” said Dunham, “Now that’s still happening, it’s just taking longer.”
Dunham has been in this market for 30 years, and said Mid-Michigan is “definitely in a transitional market”.
“Instead of things selling on the first day, it might be day 14,” Dunham said. “So things are still selling, it’s just taking a minute to get there.”
She also said if you can, it’s a good time to buy a home.
“Houses are not going to get any cheaper. They are only going to continue to inflate,” she said.
She also said the biggest change she noticed, was the need for a skilled real estate agent.
“Sellers, we don’t want you to overprice your properties, let the market conditions raise that. and buyers, we have to be patient,” said Dunham, “Unfortunately, we might not be able to get the first house we fall in love with.”
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