Lansing Real Estate News – March 2018

Lansing Real Estate News – March 2018

If you’re interested in Lansing real estate news, you might be asking, “What were the hottest selling homes in 2017 for the Lansing Area?” According to the Greater Lansing Association of Realtors, Mason, St. Johns and Waverly school districts saw the average home sales price rise by over 10% from 2016. DeWitt, Laingsburg, Potterville, Okemos and Williamston saw their average home sales prices rise by less than 5% from 2016.

Remember our housing market is just like any other commodity.

It’s driven by supply and demand. In some areas we have more new homes being built than others, which is providing more supply in certain school districts than others.

By now you probably have heard we are in a seller’s market due to so few homes on the market. If you live in Holt, Mason or DeWitt you probably noticed a lot fewer homes on the market. Those school districts saw a decrease of at least 10% inventory.

How can DeWitt be on both lists?

What’s going on? Well, DeWitt had a drop in the number of homes on the market in 2017, but the number of homes on the market was still higher than the demand. DeWitt had 14.8% decrease in number of homes on the market in 2017 but only saw a 2% increase in average sales price. This isn’t necessarily bad news! The correction in 2017 should make for a much better market in 2018!

More good Lansing real estate news!

If you have a 3 bedroom home that has a value of $180,000 or above, you saw an increase in demand. 4 bedroom homes over $200,000 also saw an increase in total number of homes sold. In fact, in 2017 we sold about 15% more homes in this price range than we did in 2016. Pretty good considering we had 8% fewer homes go up for sale in this same price range!

If you would like to see this information specific to your school district and value range, please contact me. I would be glad to explain this in more detail. I also have information specific to neighborhoods.

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Make Yourself Wealthy by Buying a Home

Make Yourself Wealthy

Why do the rich buy real estate?  Because it can make them wealthy!  You can make yourself wealthy by buying a home too!  The question that every renter needs to ask themselves is; “Who is getting rich off my monthly payments?”.  If you are renting, it’s the landlord who’s making the money.  If you own a home and are making payments to the bank, then you are the one making money.

Unless you are living with parents or friends for free, someone is making money off your housing situation.  Why can’t it be you?  Mortgage rates are still historically low and there are even some government financing options that can lower the down payment amount you will need to purchase a home.  You might not even need any money for a down payment!

Great Advice

I was told a long time ago, you don’t get rich off the money you make working 8 to 5 everyday, you get rich off what you do with the money you make working 8 to 5 every day.

Make Yourself Wealthy by Buying a Home

Step 1 is to buy a primary home.   This is the home you will live in.

Step 2 would be to buy another home and use it as a rental.  But that is a story for another day!

When you purchase a house, you should work with an experienced real estate professional to make sure you buy in an area where home values are trending up.  This way you will be building equity in your home at maximum rates.  So, in 5 years, the value of your home should be worth much more than you paid for it.

Bottom Line:  Now might be the time to start making yourself wealthy and stop making someone else wealthy.

Contact Jim About Buying a House

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Misconceptions About Buying a House That Might Be Holding You Back

Misconceptions About Buying a House

Often times, at open houses, I hear people express misconceptions about buying a house for the first time, I hear them say they, “We’re just looking and dreaming for now because we don’t qualify for a home mortgage due to our credit score” or because they haven’t saved enough for a down payment.

The Down Payment

When I ask people how much they think they need for a down payment, most will answer 20%. And, that was true many years ago. Now, we have several options available to qualifying buyers where the down payment can be as low as 3% or even no money down in some instances.

The Credit Score

The other big hurdle stopping people from trying to buy a house revolves around credit scores. Before the housing crash in 2006, getting qualified for a home was very easy, then the lenders tightened credit to only those with seemingly perfect credit. Now that the crash is over and the housing markets are more stable, banks are starting to become more relaxed again and are giving out loans to those with lower credit scores than they were a few years ago. It’s still not like it was in 2005, I think the banks learned their lessons, but it is much easier than it was not too long ago. Some of the options available can go as low as 550. But, if your score is below 550, keep checking with a lender because this figure seems to be going down on a regular basis.

Misconceptions About Buying a House in the Lansing Area

I know in the Lansing area and surrounding communities the inventory or number of homes on the market is much lower than it has been in years past. It’s really important you work with an agent that is searching everyday for homes for you. When a home hits the market that meets the criteria you have, you need to know about it the same day and be ready to make a decision right away. It’s a really competitive market right now but you can still find what you are looking for if you have the right help.

If you would like to know more specifics about down payments or qualifying credit scores, please feel free to contact me….

Contact Jim About Buying a House

Download Our Buyer’s Guide