Coldwell Banker Hubbell BriarWood recently published the 1st Quarter real estate market report for the Greater Lansing real estate market. The results have shown a very active sellers market with inventory dropping below a 4 month supply. (Contact me for a complete copy of this 16 page report)
Keeping Current Matters had this to say last week: With the overall economy just inching along, some experts are questioning whether the housing market can continue its momentum throughout the rest of the year. People are beginning to ask questions such as:
- Will disappointing economic news adversely impact housing?
- Is affordability a major concern in today’s real estate market?
- Are we approaching a new housing bubble?
- Are mortgage standards too tight? Or have they loosened too much?
Freddie Mac, in their April Economic Outlook, addresses the disappointing economic news and what impact they think it will have on housing:
“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.
We’ve revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy.”
What about real estate?
Freddie Mac was much more optimistic about housing…
“We maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity.”
They went on to conclude:
"We expect housing to be an engine of growth. Construction activity will pick up as we enter the spring and summer months, and rising home values will bolster consumers and help support renewed confidence in the remaining months of this year."
If you would like to know the value of your home in today's market, feel free to drop me an email.
"Expect the Best" Mike
Mike Bowler Sr. CRB, ePRO, GRI, SRES, PMN
Director, Social & Technology Business Practice
Coldwell Banker Hubbell BriarWood