Homes In Mid-Michigan Getting Out Of Reach For Some Home Buyers
Buying a new home can be really tough these days. When I moved to the Lansing area a year ago I decided to wait a year to get to know the area and see how things were gonna go after the pandemic.
Now I am second-guessing myself because home prices have been skyrocketing the last 12 months. As soon as something goes on the market, boom it is gone.
If you have been stressing about buying a new home in mid-Michigan there are plenty of folks in the same boat. In the mitten, the cost of a home has gone up 12% since 2020 according to Wilx.com. That is quite a bit in just a year's time.
Here Is Part Of The Problem
Here is part of the problem. If you are a single parent it is really difficult because there’s only one income. The houses are priced too high.
I have a friend who said he and his wife were in a bidding war that went $18,000 over the asking price, so they had to come up with that extra cash. Many folks can't afford to do that and I am one of them.
When people put houses on the market they get snapped up really quick, so even if you see a house you like it’s probably going to have an offer pending on it before you get a chance to look at it.
Got a Crystal Ball?
This winter I guess we will just have to wait and see what happens to see if prices will continue to go up or they will go down. Keep in mind too that interest rates are low now so buying a house right now could be better than later, but it's hard to know for sure because anything can happen.