LANSING, Mich. (WLNS) – Experts say if you’re looking to buy a house in Michigan, now might be the time.
“The market is changing. It hasn’t completely changed yet, but I think it’s for the better, really, for both sides,” said Jordan Waters, a realtor at Exit Realty.
David Hall, president and CEO of Hall Financial says recent hikes from the FED are resulting in the switch from a seller’s market to a buyer’s market.
“The buyer, because rates have gone up, there’s less buyers, but sellers, there’s not a lot of inventory, so we’ve got more of a balanced market right now,” said Hall.
Experts say credit card interest rates are the highest they’ve been in 30 years and that is causing some people to hold off on buying a home.
But higher interest rates aren’t exactly a bad thing for buyers.
“Buyers are not going up against fifteen other offers to try and get their property accepted. In the past, they were having to go thirty, forty, fifty thousand over maybe even, just to try and get home.” said Waters
Experts say other types of financing are being accepted, as well.
“In the past, it was really, cash is king and a conventional offer but now we’re seeing some non-conventional financing get accepted as well, as well as an FHA or VA loan.” said Waters
Now many houses are being sold closer to their listing price because more inventory means less competition.
“So now, buyers can at least get a house, it’s more expensive, but they can get a house. They can negotiate the price a little bit though. That’s my recommendation right now to buyers. You have the opportunity to negotiate price.” said Hall