Low interest rates make housing affordable in mid-Michigan

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EAST LANSING (WLNS) – Houses are up for sale, and it’s those selling that have the current advantage.

“The prices are on the rise, and so everybody is getting more for their home now than they did; At least since 2013 we’ve been on the rise, so it’s good,” Tomie Raines Realtor Steve Veile said.

Realtor Steve Veile says even though prices are going up, interest rates are stable.

“Because the interest rates are low, you’re still able to afford more home and that makes it still a very, very good market,” Veile said.

Right now, there are almost 1,900 homes on the market in the greater Lansing area.

“The market is very short on existing homes,” Veile said. “But there are a lot of people looking. There’s just not enough to look at.”

And, that’s one of the reasons so many new homes are being built.

“Well if you ever do anything in the future, this is our building and remodeling guide,” CEO of the Home Builder’s Association of Greater Lansing Cindy Kosloski said.

Cindy Kosloski sees that growth.

“Permits are up in the greater Lansing area as well as statewide,” Kosloski said. “The biggest issue that we’re facing with a new build is the fact that there’s not enough workers to fill the demand for people wanting new homes.”

Bob Hedlund agrees. He owns a local plumbing company and has a spot at the annual home and garden show in east Lansing,

“All the fields, all the contractors, we are all looking for people,” Hedlund says.

With so many job openings…

“It’s just amazing how that can help with the unemployment rate, get people into a career that maybe they didn’t think of before,” Kosloski said.

Realtor Steve Veile is optimistic for the future.

“Everything housing wise is truly on the up and up. Yeah indeed, yes,” Veile said.

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