Market Conditions in Lansing>Question Details

Bekah, Home Buyer in Lansing, MI

What's the market like in Lansing, MI? What are housing going for compared to their list price?

Asked by Bekah, Lansing, MI Sat Sep 29, 2007

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Bekah, Thanks for the question, It's a great question around the country these days. Although Lansing received a bad rap from the media for pricing drops and repo's I have experienced the homes that are priced correctly from day one, going within 5-10% of asking price. The problem is that sellers are in no position to drop pricing like the banks bailing out. Pricing of houses between 2001 and 2005 was inflated for a number of unfortunate reasons. We are now adjusting to that huge mistake in the market and houses will be sold at what the buyer is willing to pay. Good old supply and demand. So, my short answer is "there has never been a better time to buy a home. Rates are low, inventory is up, (More to pick from) and sellers are negotiating at lower prices. Provided your credit score meets today’s standards, I would say "Buy now'
Thanks, Mike
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1 vote Thank Flag Link Sun Apr 6, 2008
Bekah, I am in Western Michigan, but I am not sure you can necessarily pin point what houses are going for compared to list prices. It all depends. If a house is priced right and there is competition it might even go for over 100% of asking price. Then again if it is over priced it might go for 20% under asking price. It is hard to say for sure.

I once had a buyer where their loan officer said not to offer any more than at least 10% off of the asking price. I really had to re-educate my buyers on that one. Because plain and simple it depends if the house is priced right or not. This is where if you do not already have one, you may really want to consider having a buyers agent so they can help you out in this area. If you need a name of a good one in that area, I know a fantastic one! Just let me know if you need her name and number.

I hope this information helps. Best Wishes!
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0 votes Thank Flag Link Mon Apr 7, 2008
Hi Bekah,

I am a realtor in the Greater Lansing area. The City of Lansing is divided into four different quadrants and on the west side of Lansing there is another area, commonly referred to as the Waverly area. Each part of the city has its' own unique characteristics, and on average, are selling very close to the list price. Please contact me if I can be of further assistance.

Pam Caltrider
Keller Williams Realty - East Lansing
0 votes Thank Flag Link Wed Nov 7, 2007
Hi Bekah,

The link below may be helpful to you. It shows all properties currently listed for sale on Trulia in Lansing and if you click on the 'Recently Sold Homes' tab underneath the map you can view those values and compare the data.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes Thank Flag Link Mon Oct 1, 2007
Bekah, You can estimate what's going on in the Lansing Market using this tool. Enter Lansing, MI and wait. It takes a moment to load. Inventory is at the bottom right corner.
0 votes Thank Flag Link Sat Sep 29, 2007
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