The coronavirus pandemic has reduced homebuying and selling activity.  While many people are choosing to delay a home purchase or sale and stay in place until the coronavirus pandemic has subsided,  others are still buying and selling.

It remains a “seller’s market”, but many buyers are thinking long term as historically low interest rates have made this an opportune time to buy.  Those who are actively looking tend to be serious buyers.

Low Housing Inventory
Home listing activity has dropped significantly with many sellers having decided to delay putting their homes on the market, both to continue social distancing and eliminate the need to move in the middle of a pandemic.

As of May 18th, there were 1,322 residential home for sale in the entire greater Lansing market area. This is an increase of 260 homes in the past 14 days. Still, low inventory favors sellers and drives up offers due to competitive buyers. A balanced market, not favoring either buyer or seller, would be at least 2800 units.

Mortgage Rates
Rates have been hanging around 3.26% for a 30 year conventional mortgage.  This translates to $4.42 per thousand dollars of monthly mortgage loan. These rates are the lowest in recent memory.