The spring home-buying season has begun, and it’s business as usual. The combination of high mortgage rates, and home prices, along with low housing inventory means that home buyers will have to adjust to the reality of elevated home prices and mortgage rates if they want to buy a home in the near future.

Will there be a significant change in the 2024 housing market?
There has been discussion about rates dropping a percentage or two, but a 6% loan isn’t going to push current home owners into giving up a home with a 3.5% mortgage. Perhaps 5% will look attractive to first time home buyers…but would you give up your 3.5% mortgage to move in this competitive market?

Of course, lower mortgage rates would stimulate sales…but also drive up property values as it did during the years of 3% and 3.5% loans. Armed with affordable loans, buyers will need to make  competitively high offers to land a home in a market with low inventory.

Snapshot of current Lansing area sales entering into the Spring selling season:
Lansing Area Market View – April 1, 2024
 418 – currently listed homes for sale in the five county greater Lansing area.
 249 – homes with accepted offers. (Awaiting inspections and/or appraisal.)
 325 – homes listed as Pending. (Have completed inspections and will soon close.)
 982 – homes that have closed since January 1, 2024. 

Current Mortgage interest rates 
  30-year fixed – 6.79% ($651 per $1000)
  15-year fixed – 6.11% ($849 per $1000)