The Greater Lansing housing market continues to suffer from low inventory.  As of the end of April there are 16% fewer homes for sale than were available at the same time last year.  Lack of inventory has been a serious problem for the past 42 months with real estate buyers struggling to find a home as demand outweighs the supply.

Multiple-offer situations have become commonplace

Because of high demand, homes have been getting continuous showings beginning on the day of listing. A few days later, sellers are presented with multiple offers for well over the asking price. It is not unusual for a seller to receive as many as 12 to 16 offers. To succeed in this competitive housing market a buyer must be ready to make a strong offer and act quickly. It’s essential that buyer have mortgage financing if place with a letter of pre-approval from the bank. To protect from making a hasty decision, the buyer should spend time viewing a selection of homes to become acquainted with the market. Finally, when the buyer discovers a home that they’d like to make an offer on, they should remember that if they like the home…someone else will too.

For home buyers, these trends highlight the importance of working with an experienced real estate agent when making a purchase. An agent can help you navigate the local real estate market and make a strong offer in a timely fashion.

What this means for sellers

In the current seller’s market, homes tend to sell faster and at a higher percentage of the initial list price.  It is not unusual to see offers of 10 to 15% above the listed price.