LANSING, Mich. (WLNS)– It’s being called, “the real-estate boom.”
Home prices are soaring and rent has increased for many households across the country.
Local real-estate experts anticipate the market will not slow down anytime soon.
Moraya Andrews currently resides in Williamston, and hopes to find her forever home in the area. She says her family is trying to remain optimistic in their search.
Andrews is a first-time homebuyer and has a family of four with two teenagers.
“We’ve been looking for almost a year now,” Andrews said.
Andrews says they have looked at five homes. Some need tons of work, and others aren’t what they want.
“We’re just finding that a lot of the homes in the area people are willing to pay well over what the asking price is,” Andrews said, “and with the value of the home is which then makes it difficult for other people.”
According to a study done by Zillow, the U.S. Housing Market has doubled in its value ever since 2008’s housing crash. It’s gained $6.9 trillion in 2021 alone.
Local real estate experts expect the trend to increase this summer.
“Once a listing comes on a market it typically is sold very quickly,” said Tom Barrett, Realtor with Keller Williams Realtor East. “I think we had 7 offers in less than 12 hours, and we’re expecting prices to continue to maybe increase a little through the summer.”
Jeff Thornton who is another real estate agent in the area says there is a shortage of homes which could make life difficult.
“Our concern is the value getting driven higher beyond what it will be when we settle and they are doing what we call appraisal guarantee,” Thornton said, “these are appraisal gaps in which they are paying cash.”
Thorton told 6 News what he is seeing out in the field is blowing his mind.
“I presented 17 offers on the same home yesterday and it ended up going for 25% more than they were asking,” Thorton said. “This could have a long-term impact if we don’t get control of the values climbing this fast.”
As a professional in real estate, he says there is no perfect advice to give people.
Meanwhile, Andrews says they will not give up on their dream home.
“With prices being what they are where people are just willing to give so much over what the home is worth,” Andrews said, “or what they are asking for it just makes it harder all the way around for those who don’t have that excess money.”