The Lansing real estate market has seen a lot of variation recently. In early 2022, the real estate market in Lansing started off hot.
Red hot.
However, once rising mortgage rates entered the picture, the real estate market began to cool off. While homes are still selling quickly, they are taking longer than most home sellers have become accustomed to.
In this article, we’re going to explore the Lansing real estate market and the relationship to Lansing painting contractors.
How Fast Are Homes Selling In Lansing?
According to data that was pulled from the Greater Lansing Association of Realtors, homes are taking roughly 23 days to sell.
That’s up 7 days from the June low at 16 days. So, homes are still selling quickly. However, we expect this number to continue to trend upward as the number of active listings is at the level it was a year ago.
More and more active listings are entering the Lansing real estate market and fewer are going pending. Meaning, less homes have offers on them.
Since days on market are often a lagging indicator, it is better to look at leading indicators. This chart pulled from Greater Lansing Association of Realtors shows that pending sales are seriously down when compared year-over-year.
Okay, so what does all of this mean for the average homeowner? Plus, how does this relate to painting? Two both really great questions.
Should I Paint My Home Before Selling It?
This data on the Lansing real estate market is important because it helps homeowners and realtors ask if they should paint a home before selling it.
Over the last year, any homeowner could pretty much sell their home quickly, regardless of the overall condition of the property. That meant homeowners didn’t need to hire Lansing painting contractors. They could skip all of that hassle.
Recently, when someone asked our painting company if they should paint before selling, we often told them no. It was rarely needed. The only time we recommended it was when, for example, the exterior paint was chipping and would need to get repainted in order to pass FHA requirements.
However, things are starting to change. The power and balance is shifting from sellers and going to the buyers. Of course, we are not all the way to conditions being favorable for buyers, but a home that needs repaired or painted may have a tougher time selling.
Many Lansing home sellers are now going to have to put in some efforts into getting their home sold. And, that might mean contacting a Lansing painting contractor to help you get your home to a neutral color palette.
Conclusion
Selling your house in 2021 and 2022 was fairly easy. All you needed to do was put it on the market and it sold for top dollar in a few days. Now that the real estate market is shifting a bit, more homeowners need to reconsider their strategy for selling their Lansing home. It might mean getting repairs done or painting your home.
If you’re looking for help with your next Lansing painting project, we can help you.
