LANSING, Mich. (WLNS) — If you’re interested in buying or selling your home, experts say now is a good time. 6 news sat down with the owner of Real Estate Redesign to find out what the housing market looks like right now.
Earlier this year you probably would have had a hard time getting your dream home.
“If you’re a first-time homebuyer, you’re gonna fall in love with the house. You’re going to think that that house is yours and you really want it. It can sometimes be emotional when competing against five or six sometimes upwards towards 10 other buyers just to try to buy this home. They’re all putting in bids, they’re calling for highest and best. It can get kind of crazy,” said Dominic Lee, owner of Real Estate Redesign at Remax Okemos.
That’s because inventory for homes was so low, and homes that were for sale were priced pretty high due to the demand.
Lee says now the housing market is more balanced.
“That happens naturally, usually every time the colder seasons come in Michigan. That’s simply because there are less buyers on the market, which supports the low inventory we currently have on the market,” he said.
Although the inventory in the Greater Lansing area is still below 500. Lee says now is a good time to buy, there’s less competition and rates are still low.
“We are still seeing more opportunities for you because your interest rates are so low. In fact, it was two weeks ago I had my first buyer purchase get an offer accepted without competition. And that hasn’t happened all year for me,” said Lee.
He says it’s a great time to sell too.
” It’s definitely still a wonderful season for sellers because your average sale price is still higher than it was last December. Right now the majority of homes can be listed and sold within just a matter of a week or two. So sellers put your house on the market,” he said.
Lee’s advice for everyone right now is to get with a good agent.
“Put your trust in your agent if you’re with a good agent that has a great track record. They know what they’re doing and they’re going to help you and then do your due diligence on the property,” he said.