Lansing Ranks Top 5 In U.S. For Affordable Homes - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Lansing Ranks Top 5 In U.S. For Affordable Homes

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(WLNS) – On the home front, the latest numbers from the National Association of Realtors show a rise in 30-year fixed mortgage rates and a drop in existing home sales compared to last year.

As 6 News Nick Perreault found out, realtors say things are looking good in mid-Michigan.

Almost as soon as they hit the market Realtor Chris Dean says homes are being bought up.

"If it's a good house and good value, we usually have a couple offers within seven days and we have it sold within 10 days,” said Dean, Gateway to Homes, Keller Williams.

Dean says last year houses would be lucky to get an offer in 30 days.

"Prices are very good in Lansing, Michigan; there's value in buying a home in our area right now,” said Dean.

That’s value that both the National Association of Realtors and Consumer Group NerdWallet recognize by labeling Lansing top five in the country for affordable home prices, even with fewer homes on the market.

"The value is up 5-10 percent, last year that house might have been priced at under $300, right now it's priced at $315,000.”

"I did just one build job last year,” said Mark Freund, builder.

Mark Freund's been building homes in the Lansing area for more than two decades and says this year he's already seeing an increase in work from his concrete and frame suppliers.

"We have possibilities of other build jobs in this subdivision, we only have about five or six lots left as it is right now.”

With interest rates still near historic lows, “we're still at that 4-4.5 percentage range, no matter what type of loan you're getting,” said Dean.

Realtors say act, if you wait, you could see an opportunity pass right before your eyes in 2014.

The National Association of Realtors says around the country the average time a home spent on the market is March was 55 days.
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