Housing sales have slowed down, home builders are slowing down production and mortgage interest rates are more than double what they were a year ago. Mortgage applications are at their lowest level in 22 years. However, home prices remain near record highs, driven by low supplies, and a strong job market. Is now the time to buy, or should you wait for housing prices and rates to come down?

Only you know when the time is right for you to become a homeowner, but if you’re uncertain, consider that the following:
Lansing area real estate market traditionally slows down during the holiday season and doesn’t gain momentum until early Spring.

Don’t expect housing prices to drop anytime soon. The housing shortage will continue in the greater Lansing area for as long as there are more home buyers than available home to fill the demand. One possible change may be that higher interest rates may reduce the number of bidding wars.

The Lansing area’s largest employers, such as Michigan State University, are in a continuing labor transition. This helps create a continuous housing market.

Owning a home is a long-term investment and a hedge against inflation. With rentals rates costing as much, or more, than the monthly cost of home ownership, purchasing a home is an option worth consideration. Should you stay in your home for a few years, allowing you time to build equity, you’ll likely recover your down payment, closing costs, and maintenance expenses.