Mason home prices up 5.6% as buyers navigate challenging market conditions

Published 10 hours ago• 4 minute read

Hi, my name is Daniel Valle, but you can call me Danny! I’m thrilled and privileged to have the opportunity of telling stories in mid-Michigan and across our neighborhoods.

MASON, Mich — The average price of a home in Mason has risen to $235,000, marking a 5.6% increase from last year, according to the Greater Lansing Association of Realtors.

At the same time, the number of homes sold has decreased by 12.5% compared to last year.

WATCH: MASON HOME PRICES RISE TO $235,000 AS BUYERS AND SELLERS NAVIGATE CHALLENGING MARKET

Mason home prices rise to $235,000 as buyers and sellers navigate challenging market

For those navigating today's housing market, both buyers and sellers face unique challenges as interest rates remain high and inventory stays tight.

"Date the rate and marry the house because you can always refinance," said Morgan Meredith, a real estate agent for Keller-Williams Realty.

Meredith advises potential homebuyers not to wait for interest rates to decrease before making a purchase.

"You don't want to miss out on your dream home just because you're afraid of the interest rates," Meredith said.

Interest rates for a 30-year fixed mortgage were near 6.7% on April 6, according to Bankrate, and had increased to nearly 6.9% by May 18.

Marsha Ludtke, a lifelong Michigan resident who is selling her home to move to Kentucky with her son, expressed mixed emotions about the process.

"And now you kind of have to start over and at my age that is kind of scary," Ludtke said.

This is the fifth home Ludtke, a Lansing native, has sold and hopes it will be her last.

"I wasn't a fan of strangers rummaging through my house when I couldn't be there," she laughed.

Debra and Gilbert Gonzalez Jr, of Dimondale, have extensive experience in the housing market, having bought and sold five homes in the past six years.

FOX 47 News will be in Mason for our "On the Road" show. You can watch it live on FOX 47 News at 5:30pm and on our app at 6:00pm.

"We must love craziness I guess," Debra said.

The couple recommends getting pre-approved and finding a local lender before starting to look at homes.

"The process is not as bad as it sounds or else we wouldn't have done it five of the past six years," Debra said.

Gilbert Gonzalez views homeownership as a long-term investment for families.

"And it's a way to invest in yourself really it's what it boils down to, and investing in your future and not just yourself but your family members," Gilbert said.

WATCH: INTEREST RATES BEGIN TO FALL, BUT UNCERTAINTY REMAINS

Interest rates begin to fall, but uncertainty remains

Both buyers and real estate professionals emphasize the importance of financial planning when entering the housing market.

"So you really have to take a look at your budget and make sure you can afford it in the long run," Ludtke said. "You just have to make sure, before you buy, that you don't get forced into signing papers for something that you really cannot afford."

This story was reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.