By Mike Bowler, Associate Broker, eXp Realty | SRES®, CRB®, ePRO®
Editor's Note: The National Association of REALTORS® Chief Economist Dr. Lawrence Yun recently discussed how rising housing costs are affecting home sales across the country. I've embedded his video above because it provides an excellent national overview. Below is my perspective on what these trends mean for homeowners and buyers here in the Greater Lansing area.
National Headlines vs. Your Local Housing Market
If you've been following the housing market this summer, you've probably noticed a common theme: rising housing costs are weighing on home sales.
According to National Association of REALTORS® Chief Economist Dr. Lawrence Yun, higher mortgage rates, increasing insurance premiums, property taxes, and other ownership costs are making many buyers more cautious. These factors have contributed to slower home sales in many parts of the country.
But before you assume this means the housing market is in trouble, it's important to remember one thing I've said for years:
Real estate is always local.
National trends provide valuable context, but buying and selling decisions are ultimately driven by what's happening here in Eaton, Ingham, and Clinton counties.
Let's look at what today's market means for Greater Lansing homeowners and buyers.
Why Are Home Sales Slowing?
Today's buyers face a different set of challenges than they did just a few years ago.
Higher mortgage rates mean monthly payments are significantly higher than during the low-rate environment many buyers remember.
At the same time, homeowners are also seeing increases in:
- Homeowners insurance
- Property taxes
- Utility costs
- Home maintenance expenses
- Association dues in some communities
When these costs are combined, affordability becomes a larger consideration—even for financially qualified buyers.
That doesn't mean buyers have disappeared.
It means they're making more careful, thoughtful decisions.
The Good News: More Choices Are Returning
One encouraging trend highlighted by Dr. Yun is that housing inventory has improved in many markets.
After several years of extremely limited inventory, buyers are beginning to see more homes available.
That's healthy.
A balanced market gives buyers more opportunities while allowing sellers to compete through proper pricing, presentation, and marketing rather than relying solely on limited supply.
Here in Greater Lansing, we've also seen inventory improve compared to recent years. While we're still below what economists consider a fully balanced market, buyers generally have more choices than they did during the height of the pandemic housing boom.
Greater Lansing Continues to Offer Value
One advantage we enjoy in Mid-Michigan is affordability.
Compared to many metropolitan areas across the country, Greater Lansing continues to offer attractive housing opportunities at price points that remain out of reach in many larger markets.
Communities such as Delta Township, Grand Ledge, DeWitt, Holt, Haslett, Okemos, East Lansing, and many surrounding areas continue to attract buyers because they offer excellent neighborhoods, strong schools, convenient amenities, and a high quality of life.
While affordability challenges certainly exist here, our market remains comparatively accessible.
What Buyers Should Know
If you're planning to purchase a home, today's market may actually provide opportunities that weren't available a few years ago.
You may experience:
- More homes to choose from
- Less intense competition
- More time to make informed decisions
- Greater ability to negotiate in some situations
That doesn't mean you should wait indefinitely hoping prices or interest rates will suddenly decline.
The right time to buy is when you're financially prepared and the home fits your long-term goals.
What Sellers Should Know
For homeowners thinking about selling, today's market requires a slightly different strategy than it did several years ago.
Buyers have become more selective.
They're paying closer attention to condition, pricing, and overall value.
The good news is that well-prepared homes continue to attract strong interest.
Professional photography, thoughtful staging, strategic pricing, and effective marketing remain essential to achieving the best possible results.
Why People Continue to Move
One point that often gets lost in national housing discussions is that most people don't move because of interest rates.
They move because life changes.
Over the years, I've helped families throughout Greater Lansing navigate moves prompted by:
- Retirement
- Downsizing
- Growing families
- Job relocation
- Divorce
- Estate settlement
- Helping aging parents
- Health considerations
Those life transitions continue regardless of market conditions.
That's why understanding your personal goals is just as important as understanding today's housing statistics.
What Seniors Should Consider
Many of my clients are homeowners who have lived in their homes for decades.
They're not asking whether this month's housing report is positive or negative.
They're asking questions like:
- Is now the right time to downsize?
- Should we move closer to family?
- How do we prepare our home for sale?
- What housing options are available?
- How do we make this transition less stressful?
Those questions deserve thoughtful planning—not just reactions to national headlines.
If downsizing or helping a parent move is part of your future, starting the conversation early often provides the greatest flexibility and the most options.
My Perspective After More Than Four Decades
After helping Greater Lansing families buy and sell homes for more than 40 years, I've seen housing markets rise, slow, recover, and change.
Every market presents opportunities.
Today's market simply requires preparation, realistic expectations, and local knowledge.
National reports like Dr. Lawrence Yun's help us understand the broader economy.
Local experience helps us apply those trends to individual situations.
That's where I believe a trusted real estate advisor can make the greatest difference.
Final Thoughts
Higher housing costs are certainly influencing today's real estate market.
But they haven't stopped people from moving.
Families continue to grow.
Retirements continue.
Job changes happen.
Parents need assistance.
Estates are settled.
Life keeps moving forward.
If you're considering buying, selling, downsizing, or planning your next chapter, understanding both the national picture and the local Greater Lansing market can help you make informed decisions with confidence.
If you'd like to discuss your situation or simply have questions about today's housing market, I'd be happy to help.
Credit
This article was inspired by the National Association of REALTORS®' latest market update featuring Chief Economist Dr. Lawrence Yun. I encourage you to watch the embedded video above and visit the original NAR article for additional insights into national housing trends.
“Expect The Best” Mike
Mike Bowler SRES, CRB, ePRO
eXp Realty LLC
517-755-8168
6639 Centurion Dr. Lansing, MI
Mike@MikeBowler.com
Website: MikeBowler.com
Visit My YouTube Channel
https://bit.ly/eXpRealtyMikeBowler
