Mid-Michigan realtors work through trends not seen in decades

LANSING, Mich. (WLNS)—Mid-Michigan home prices are soaring. Experts say part of the reason is supply and demand.

“It’s disappointing for a lot of buyers out there that are having to pay over asking price, which people are doing it in order to get the home, but with the inventory being as low as it is. It’s the first time in 18 years that I’ve ever seen it like this,” said Broker/Reator at Remax Real Estate Professions, Peter MacIntyre.

Other experts like Jeff Kelley say while he’s seen high prices in the past, this year is different.

“Typically we have 1,200 homes for sale at any given time. This morning when I took a look at our MLS and we had 304,” said Realtor, at Remax Real Estate Professionals, Jeff Kelley.

The reason? It’s a little complicated. Experts say part of it has to do with people staying put during the pandemic, but another theory says Kelley goes back more than a decade to the bank and housing crash of 2008.

“New home builds came to a screeching halt because nobody was buying. Those people left the business and they really haven’t been replaced. We do have new homes being built, but they are being built slowly and they are being built for a lot more money,” said Kelley.

Kara Grossman helps many young people find homes at Earl Bird Homes at Keller Williams Realty in Lansing. She says buyers must come ready to compete.

“It may take a few offers before you actually get one accepted, so being prepared and not falling too emotionally invested in any particular property.”

Grossman also says it’s important to be pre-approved before submitting an offer, and to include any additional proof of funding that might be needed in an offer.

Research shows the average sale price right now of a home in Mid-Michigan is a little less than $200,000. MacIntyre says rising costs is a trend he believes will continue.

“I don’t see an end to that for a while. I honestly don’t.”