Chris Mayer of Keller Williams Lakeside has more than 45 years of experience in the Michigan real estate market. For Chris, there’s no greater accomplishment than feeling the joy of helping a client find their new home, especially first-time home buyers.
In today’s hot housing market, Chris is seeing homes stay on the market longer compared to the last 10 months. There is still great demand and competing price points, but some pressure is coming off of buyers, with homes spending an average of 16 days on the market.
Low interest rates have been a hot topic of discussion over the past several months. Chris explains that sellers are going to get stronger offers due to low rates, and buyers will see savings in the future. Buyers have been hesitant with the higher prices, but they are getting one of the lowest interest rates ever. Interest rates have increased the average house buying power by $7,500 this past year. A buyer may have to pay an extra $5,000 or $10,000 right now, but that’s with an interest rate of 3% over the next 30 years. In the long run, the buyer will save thousands over the life of the loan with a low interest rate.
Regarding the most popular cities, Chris advises buyers to look at the outskirts where they can find newly constructed homes. Cities like Troy and Rochester are seeing less inventory, but new areas like the East side of Macomb, Independence Township, and Oakland Township are all up and coming.
Connect with Chris Mayer of Keller Williams Lakeside today at chrismayer@kw.com.
