LANSING, Mich. (WLNS) – Home sales are up in the Lansing area compared to this time last year, but a local real estate company says that trend is unlikely to continue.
The latest Coldwell Banker Residential Market Report finds that this year, not only did more homes sell, but they also sold for more money in the second quarter.
Bill MacLeod, President of Coldwell Banker Hubbell BriarWood, said the uptick in prices is a result of a shortage of houses on the market.
“With supply and demand, if the supply is down and the demand is up, it’s been driving prices up,” he said.
MacLeod said this has been a trend over the past 4 to 5 years, making the housing market a great place for those looking to sell.
However, MacLeod said that is already beginning to change, as more homes have come on the market this July, than they’ve had in a while.
“We expect that the number of listings is going to start to even off right along with the number of buyers,” MacLeod said. “We’ve gone into a slower period now, prices are going to start to come down a bit. We’re going to see the market start to get in target with where it has been.”
So for those looking to buy, or sell, he said it’s important to watch these next 6 months closely.
“I think this is a choice time for buyers to come out and start looking for homes because the average number of listings is starting to pick up, at a time when seasonal changes are happening so prices ought to start coming down again and there won’t be nearly as much competition out there, so good time to buy,” MacLeod said. “Not so good a time to list your house over the next 6 months.”