- One neighbor breaks down why he hasn't bought a home.
- The current market favors sellers.
- Video shows what the market looks like for current home buyers and sellers.
(The following is a transcription of the full broadcast story)
For buyers ready to make a purchase, I wanted to know if now is a good time and if the market is in their favor. That’s why I spoke with experts in my neighborhood of Mason for the latest update.
“My mortgage payment would probably be right around what my rent would be, if not more,” Mason resident Kyle Francis said.
Because of the current housing market, Francis said he isn’t planning to buy a home anytime soon.
“The circumstances of my current rental situation, it wouldn’t make sense, with the market being in such high demand,” he said.
However, Francis said he hopes to buy a home in the future.
“I think the market will get there eventually, but right now, it’s not a buyer’s market because what’s available is so small,” he said.
Mason Realtor Robert Dowding, who has been in the business for decades, said the market remains challenging for buyers.
“For the last two years, we’ve been sitting at about one month’s worth of inventory across Ingham, Eaton, and Clinton counties,” Dowding said.
He said this means the market currently favors sellers, not buyers. However, he noted that could change soon, giving buyers more negotiating power.
“We’re seeing price points start to level off a bit, and with that, the inventory is starting to come back slowly,” he said.
Home prices are still rising, but not as quickly as they were a year ago.
“In 2024, we were seeing increases of 10-15% in sales prices year over year in ’23. In January this year in Ingham County, it was only 4% up,” Dowding said.
For Francis, that offers hope for the future as he continues searching for a home.
“I have been looking for a home in the areas I’m thinking about moving in, but nothing is set in stone,” he said.
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