Home sellers currently receive historically high prices for their homes…yet fewer home sellers are putting their properties on the market…despite the temptation to cash in. The reason is, that mortgage interest rates are more than double what they were just prior to July 2022.
Home owners with low interest rate mortgages are unwilling to give them up! 

Many are only selling their home if they can pay cash for their next home, downsize to something smaller with less upkeep, or move to a new city and state where a similar home is less expensive than the one they’re selling. 

Residential Real Estate Values Depend on Sales
The number of available homes for sale (currently 447) is constantly growing or shrinking with market trends dependent on the sales prices of closed listings, time on market, price increases and/or reductions. It’s no secret that inflation, interest rates, uncertain economic conditions, weather, and even politics are having an affect on the 2024 real estate market.

Home Listings are Vital
However, 5608 Lansing area homes closed in 2023 with mortgage rates as high as 8%. The 447 currently listed homes represent a residential housing inventory that will be ‘sold out’ in five weeks!