What's Going On With the Housing Market?

What's Going On With the Housing Market?

MERIDIAN TOWNSHIP - For potential homebuyers, the thought of looking for a house right now might cause them to pull out their hair. With the decrease in new homes being built, the cost of homes on the market has skyrocketed.

However, Minesh Mody, a realtor with Berkshire Hathaway HomeServices Tomie Raines Realtors in East Lansing, said the market is great for both buyers and sellers.

Mody said the reason it is great for buyers is because of the extremely low interest rate for mortgages.

“Just five years ago it was 5%, 6% and it’s 3% [now],” Mody said. “So people’s ability to buy and borrow, their buying capacity has gone up.”

Many houses throughout Meridian Township are going for well over the asking price. From 2017 to 2021 in Greater East Lansing, the average selling price has increased by over $40,000, based on statistics prepared by RE/MAX Real Estate Professionals Lansing.

The reason for the growing price of real estate is due to the decrease in inventory. Home constructions are unable to keep up with the large demand of buyers, leading to the increase in prices that we see today.

Bonita Smith, a realtor with Berkshire Hathaway HomeServices Tomie Raines Realtors in East Lansing, said that the rising prices can be frustrating for buyers, but that they should stay diligent.

“I would suggest to the buyers to just keep their faith,” Smith said. “The house will come around and it will be the house just for them.”

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