LANSING, Mich. (WLNS) — Soaring prices during the pandemic left some home buyers no other choice but to pay well over asking prices.
But one expert is saying that relief is on the way.
Broker and Owner for Exit Realty at Home, Heather Driscoll, got her start in real estate about 13 years ago, putting her degrees in interior design and teaching to use.
“I really wanted to be able to combine the two of them and have a dynamic, ever-changing day, and that for sure is real estate,” Driscoll said.
Driscoll wanted a job that gave her the ability to help people and change their lives and she said real estate does just that.
And when it comes to the current housing market, Driscoll said it’s in the process of cooling off.
“It has somewhat evened out I would say,” she said. “So, we are now going back to seeing a lot of price reductions.”
Heather is also seeing homes sitting on the market longer and offers coming in from buyers lower than the listing price.
“So, it is definitely a different market than what we saw six to twelve months ago,” Driscoll said.
According to Driscoll, the average home price for the area was around $255,000 during the time of the hot market and that price is now dwindling.
“And we are seeing a little bit lower than that, we’re seeing about $200,000 to $225,000,” she adds.
Driscoll has a few tips for sellers and buyers, including being certain that your home is priced correctly.
“If you price a home say at $260,000, you’re really being compared to a home that is up to $300,000,” She said. “So, you really have to put yourself in the right bracket or you could lose time on the market.”
As for those looking for a home, Heather said it’s vital to have a good buyer’s agent on your side.
“Somebody who is really knowledgeable about the market and connected not only with other agents but really good lenders,” Driscoll said.