Mid-Michigan Housing Market Bouncing Back
FOX 47 News
For DeMarcus Evans, the 1,300 square foot house on Riverview Ave. in Lansing was perfect for he and his wife when they first moved in five year ago.
But with their latest addition--15-month-old Israel--the space just doesn't quite cut it anymore.
"We need a little bit more space," Evans said. "We plan on growing our family and we want to be able to have family events at our house."
The average selling price for homes in Michigan has hit a five year high, according to the Michigan Association of Realtors.
With home prices in Ingham, Eaton, and Clinton counties up more than five percent so far in 2013 the Evans family just might be in luck.
"Last year we had the opportunity to try and move but we couldn't get out house sold," he said. "So this year we started looking at it and said 'you know what, if we're going to move now is the time.'"
According to Pete Holoway, realtor at Coldwell Banker Hubbell Briarwood in Lansing and president of the Greater Lansing Association of Realtors, now is the time to buy or sell.
"It's good news all the way around," he said.
Holoway said people looking to buy should do it now while interest rates stay low.
"People can afford to buy more home because the rates are lower and the prices are still at a reasonable rate now," Holoway said. "We had a hard time but now we're on our way back."
It's not just a buyer's market either, a short supply of homes on the market for sale means sellers can cash in too.
"It's a win-win for both," Holoway said. "Low interest rates and mortgage money for buyers and homes for them to purchase--we just need more homes to sell."
It's a notion that leaves Evans feeling confident.
"Houses are moving and it's good time to be out on the market," Evans said. "I think the American Dream of owning a home is becoming more realistic for people who in the past have not had the opportunity."