Some realtors have double the numbers of homes over last year.
One realtor said she has about double the homes for sale now than she did three years ago. Just drive through the Walnut Creek subdivision in Flint Township. It’s one of many where you can see sign after sign advertising homes up for grabs. There are about 8,200 homes for sale in Genesee County alone. Nationwide, higher interest rates have prompted foreclosures.
Some analysts have criticized the lending industry for giving out loans too easily over the past few years. Adjustable-rate mortgages have caught up with some homeowners. Their low initial rates last only a year or so.
And since the new terms are kicking in, some borrowers have seen their monthly mortgage payment jump by about $200.
The only solution for many? Sell. That’s why experts are calling it a buyer’s market. But lack of jobs in Mid-Michigan means few buyers.
“Unfortunately, there’s a flip side of that, if you will, and that’s for the seller. I don’t see any immediate relief for the sellers of properties and residences in this area in the immediate future,” said Baker College’s Dr. John Cote.
“But again, depending on the job situation and the economy and investment going forward, eventually things will stabilize.”
Nationally, analysts say the housing market could stabilize by late next year. It could be even longer for Mid-Michigan.
By Gabe Gutierre,