Homes For Sale In Lansing MI
Lansing Michigan is the Capital city of Michigan. Lansing is the state capital and is composed of several distinct neighborhoods offering a different experience.
The neighborhoods are typically recognized as Downtown, REO town, Old Town, Stadium District, Old Everrett, Grosebeck, and Westside.
Downtown, REO tow, Old Town, and Stadium district are more urban living than the other neighborhoods. In these neighborhoods you will find a nice mix of residential and commercial real estate.
From single unit lofts above an office, to a high-tower apartment building across from the Lugnuts’ stadium, to a single-family home around the corner to shops on Washington Ave. Each neighborhood is composed of a different demographic.
Often, people refer to the Greater Lansing area as Lansing. The Greater Lansing area is composed of a series of cities that are located in three different counties (also called tri-state area).
These counties include Ingham, Eaton, and Clinton. Cities in Greater Lansing include Lansing, East Lansing, Grand Ledge, DeWitt, Delta Township, Holt, Okemos, Bath Township, Dimondale, Charlotte, and more.
When looking for Lansing homes for sale, you can find them across the region.
Many of the homes located in Lansing are older. However, you can find a nice mix of new developments in older cities. For example, Delta Township and Grand Ledge has many new developments from the last 10 years.
Lansing Real Estate
In 2022, interest rates began to rise, creating a cooling off effect in the Lansing real estate market. Since real estate market data tends to lag with interest rates, the Lansing real estate market is only starting to see the impact of rising interest rates.
Prices and home values in Lansing remain strong. However, there are some shifting numbers in the market. The number of active listings has increased year-over-year and the number of homes sold has decreased year-over-year.
The real estate charts pulled from the Greater Lansing board of realtors indicates that real estate markets are starting to slow down and become less active on a year-over-year basis.
While these numbers, when isolated, paint a negative picture. It is important to place the data in context. Many of these numbers are still below balanced market levels and are nowhere close to recession levels in 2008 to 2012.
The second chart, showing absorption rate, is a good indicator of who the market favors: buyers or sellers. In the Lansing real estate market, the market still favors home sellers.
A typical absorption rate in a balanced market is 4 to 6 months. So, we are seeing a shift from sellers and it is going to buyers who are looking for Lansing homes for sale. Again, the market is still in favor of home sellers though.
To provide more context, here is a video about the Lansing real estate market after the Covid-pandemic.
Latest Real Estate Report – 2021
Best Places to Live In Lansing Michigan
Lansing is composed of several cities. Watch our video to hear our opinion on the best places to live in Lansing. Did the city you had in mind make it on our list? If not, it’s still a great place to live.
Lansing MI
Lansing features many two-story homes built in the mid 1800’s to 1900’s. The city is composed of five distinct neighborhoods with their own real estate market. For example, REO town has seen a lot of recent redevelopment and revitalization in the area.
The median age is 33 years old, compared to Michigan which is 39. That means, Lansing is dominated by a lot of young professionals or children.
The median household income is $41,000. This is under the $59,000 Michigan average. The median home value is around $141,000. This makes Lansing one of the most affordable cities in all of Michigan.
Grand Ledge MI
Grand Ledge is composed of the city of Grand Ledge and Grand Ledge. The city of Grand Ledge is often referred to as downtown and features many farmhouses built in the 1800’s. Homes full of character and charm line these streets. As you move out of downtown Grand Ledge, you can find homes built in 1900’s that often have a few acres of land. Certain areas are also being redeveloped and new housing is being built.
The city has a median age of 39 and an income of $79,000, which is slightly higher than the Michigan average. The median home value in Grand Ledge is $273,000. That is nearly double the city of Lansing.
DeWitt MI
DeWitt, like Grand Ledge, features a downtown, too. DeWitt housing varies from small 1,000 square foot ranches to sprawling 4,000 square foot homes.
The median home value in DeWitt is $297,000. This is one of the most expensive real estate markets on the westside of Lansing. The median age is 49 and the average income is $92,000. When compared to Lansing or Grand Ledge, DeWitt is a more affluent city with an older population.
East Lansing MI
The city of East Lansing is most famous for its university — Michigan State University. Composed of 5,192 acres of buildings, educational centers, and research farmland, the university is one of the largest campuses in the United States. Considering East Lansing is reported as being 8,649 acres, that makes MSU slightly over 60 percent of the city.
The median home value of East Lansing is $285,000. The median household income in East Lansing is $40,800. The average age is roughly 21.
Since it is a college town, many of the numbers are skewed towards the university’s demographics. MSU comprises a large portion of East Lansing. However, there are plenty of neighborhoods to live in East Lansing.
Holt MI
Holt features a downtown as well. Here you can find newer homes, developments, and property with land. The median home value in Holt is $243,000. Placing this city in the middle. It’s not as expensive as DeWitt, but more expensive than Lansing.
The median income in Holt is $81,000 and the average age is 39.
Okemos MI
Located in the northwestern part of Ingham County and just east of Lansing, Okemos is a city rich in Native American History. The city was named to honor a chief, John Okemos, of the Ojibwa. The translation of the city is “little chief”. So, it’s only fitting that the school mascot for Okemos is the chiefs.
Okemos is consistently ranked as a top-performing school district and is widely placed at the top of many “Best Schools in Michigan” lists. The school’s sports teams tend to do really well, also. From a winning Division 1 soccer team to state ranked tennis players.
The median home value of Okemos is $350,000. Making this the most expensive city to live in the Lansing area.
Homes For Sale In Lansing: Your Options
Let’s look at the different options you have when it comes to buying a home in Lansing, the pros and cons, and the neighborhoods you may need to purchase in.
#1: Build Or Purchase a New Home
The first method for buying a home in Lansing is to purchase or build a new home. Most of Lansing has been developed, but there are several communities surrounding Lansing where you can buy a new home.
Neighborhoods like Holt, Grand Ledge, Delta Township, and Okemos have new developments. You can find a new home in many of these cities.
Home values tend to be around $300,000 to $450,000 for newer homes in Lansing.
Pros: Buying a new home means less maintenance compared to an existing home that needs more work. Plus, if you’re in the beginning stage of buying a new home, then you can customize it.
Cons: Tend to be more expensive in the area. They are often larger homes. They rarely build 1,000 square foot homes in the area. Most are 2,000+ and you may not wish to have much square footage.
If you’re looking to build or looking for a newer home for sale, then you can buy a home in Lansing by contacting the Dolinski Group Real Estate.
#2: Fixer Uppers, Probate or Foreclosure
If you’re looking for a lower-priced home for sale and do not mind putting in the work, then search for fixer uppers, probate homes, or foreclosures for sale in Lansing.
Given the current market, there are not a ton of foreclosures. At least not like it was in 2008 through 2012. Every once in a while you can find a good foreclosure for sale. Most “fixer upper” homes are going to be homes that go through probate or pass through an estate.
These homes for sale are often outdated. They may have some good bones, but aesthetically they need a face lift.
Pros: You can get homes for the lowest price possible.
Cons: They need work. You could end up buying a lemon if you fail to do your due diligence and properly inspect the propert
#3 Existing Homes For Sale
A majority of homes for sale in Lansing are existing homes. These are near ready to move in homes and likely in neighborhoods built up around the early to mid-1900’s.
Pros: Probably the safest option. While it may need some maintenance or repairs when compared to a new home, it does not require the wait time a new home build could or the extensive repairs required with a fixer upper.
Cons: These homes often experience the most demand. Competing with other buyers could drive home prices up or cause you to lose out on a home.
Your Real Estate Options
You have a few different options for buying a home. Let’s look at some of those options and the associated pros and cons.
#1: Hire a Flat-fee or Discount Realtor
Instead of paying the full commission rate, there are real estate brokers and agents that charge discounted rates or flat fees for their services.
Often it works like this: a listing real estate agent offers 2.5 percent to 3 percent to a cooperating real estate agent (typically the buyer’s agent). The discounted broker, for example, only charges 1 percent. The difference between what the list agent offers and what the broker charges the buyer is given to the buyer as a credit.
Putting some numbers to this, say you are looking to buy a $300,000 house. The listing agent is offering the buyer’s agent $9,000 in commission. Your buyer’s agent only charges 1 percent, or $3,000. As a result, you get $6,000 as a credit to be used for closing or down payment.
Typically, these options are less than full-service. Meaning, you get less service than with a traditional real estate agent. Exactly what each company offers differs.
Often with these companies, buyers can expect to do more of the legwork during the transaction. If you’re familiar with the buying process, this can be a great option. However, if this is the first time you’re buying a home, you want to consider going the traditional route.
Pros: You can save on commission and get some of that money to be used to cover closing costs or as part of your down payment.
Cons: You can expect to put in some of your own time and effort. Failure to understand what you’re doing could lead to potential legal problems.
#2: Buy A Home Alone
Nothing says you have to use a real estate agent to buy a home. In fact, you could handle the purchase of a home all by yourself and potentially save up to three percent in commission.
For example, since most homeowners list their home with a real estate agent, you can contact each individual agent to set up a showing.
However, there are several cons with this method and it isn’t recommended. You will be required to do all of the legwork or put your trust in a real estate agent that has no obligation to you.
Every year, home buyers purchase a home without the help of a buyer’s agent and rely on the listing agent. While this can be done, consider the fact that the listing agent has no obligation to you.
The list agent works for the seller and their obligation is to get the best result for the seller. That means the list agent is unlikely to advise on price or offer much help through the process.
Pros: You can save a significant amount on commissions.
Cons: You open yourself up to liability and negotiate without someone having your best interest in mind. Often, buyers will overpay for a home in an effort to save a little bit of money. You will be required to do all of the legwork when it comes to closing if you expect to save on the commission. If the listing agent has to do all of the work, they are unlikely to offer any of the savings to you.
#3: Contact a Lansing Real Estate Agent
The most common method for buying a home is to work with a local, trusted traditional real estate agent. If you’re a first-time home buyer, this is especially the best method for buying a home in Lansing.
Pros: One of the biggest benefits working with a real estate agent is their guidance. An agent will explain the process and help you with paperwork. This brings a sense of peace, especially if you’re a first-time home seller. Because of their connections and resources, they can help you sell your home faster and for more than if you tried to do it on your own.
Cons: For starters, the commission and transaction fees can really add up. Even though an agent helps, you still need to fix up the home, get it ready for photos, have individual buyers walk through your home, do showings in the evenings and on the weekends.
Why Work With Our Lansing Agents?
The Dolinski Group is a trusted, experienced real estate agent team in Lansing. In addition, we’re a team of real estate agents that have helped hundreds of home buyers and home sellers in Lansing.
- Data-Driven: We use data to accurately value and price a home. For sellers, that means getting maximum value for your home without the costly mistake of overpricing it.
- Training: We have gone above the industry requirements in training by achieving our pricing strategy advisor certification.
- Honesty Approach: We would rather be honest than delusional, just to win you as a client. At times, that meant turning down clients that wanted to price their homes too high.
Frequently Asked Questions
How Do I Get Started Buying a Lansing Home For Sale?
It’s a good idea to get started by contacting a real estate agent or a lender. By contacting a real estate agent first, they can refer you to a local lender. There you can get pre-approved so you know how much home you can afford.
How Long Does It Take To Buy A Home?
That depends. Generally, 90 to 120 days. Typically, you can start looking at home once pre-approved and can find your ideal home within 30 days. After that, it takes 45 to 60 days to close on a home once your offer is accepted.
However, your timeline can vary based on your needs, the type of home you’re looking for, and the supply of homes on the market.
What is MSHDA?
Most cities in Lansing allow home buyers to purchase their home with the MSHDA down payment assistance program. The down payment assistance program allows home buyers to use up to $10,000 in down payment assistance for qualifying zip codes. Most homes for sale in Lansing are eligible for the $10,000 down payment assistance program.
If you want more information about this loan program, be sure to check out our complete MSHDA down payment assistance guide.
Buy A Home For Sale In Lansing: 4 Simple Steps
Dolinski Group Real Estate has one of the easiest processes for buying a home in Lansing.
- View Homes – The first step is to contact us and let us show you available homes on the market.
- Write An Offer – We understand that buying a home is a big decision. We will help you write an offer you’re comfortable with and gives you the best chance at winning the home.
- Complete the Loan – Once your offer is accepted, it is time to complete the loan process so you can get the keys to your new home.
- Close and Get Keys – After the deal is closed, you get the keys and move in.
Contact Dolinski Group Real Estate if you have any questions about how to buy a home for sale in Lansing.