The March through May pandemic lockdown put the annual spring housing market on hold, but recovery is not an issue…the lack of available homes is.
Listed Today…Sold Tomorrow
Low mortgage rates have given buyers more purchasing power while an incredibly low inventory has been a bonus for sellers of move-in ready homes. Properly priced homes have been receiving multiple offers, well above the asking price, by the end of the first day of showings.
Very Low Inventory
The inventory of available homes in the greater Lansing market has never been this low. These are the statistics as of June 30th:
- 805 available homes for sale
- 534 Active/Backup. Homes that have an accepted offer and are awaiting home inspection and/or financial appraisal.
- 649 Pending properties. Homes waiting for a date to close the transaction.
Lower Mortgage Rates
Mortgage rates have been all over the place since March. Falling after the coronavirus shutdowns, then rising when lenders became overwhelmed with refinance applications. For the week of June 15th rates rose to 3.21% after the most recent unemployment report showed the economy was recovering.
On June 22nd the interest rate for a 30 year fixed rate mortgage loan dropped to a new low of 3.13%. This is the base rate extended to borrowers with flawless credit, more than 20% equity or down payment, and no other additional risk factors. Rates vary depending on the borrower’s personal financial circumstances.
COVID-19 Precautions
Corona virus is still with us so sellers are expecting that buyers and their agents follow prescribed COVID-19 precautions when visiting homes. This means wearing masks and foot covers, using hand sanitizer and signing a form acknowledging that there have been no recent COVID health issues.