LANSING, Mich. (WZMQ) – As interest rates and housing costs continue to rise, the Michigan State Housing Development Authority (MSHDA) is focusing on resources to ease the stress on buyers.
Since 2012, median sale prices for homes in Marquette have increased 68%. According to the U.S. Census Bureau, the median cost in Marquette County sits at $198,000.
Alongside rising costs, shortages in available units nationwide have made the process more competitive. According to the Upper Peninsula Realtors’ Multiple Listing Service, in the U.P., there are currently 11,378 homes listed.
Stephanie Jones, the managing broker with NextHome Superior Living said the shortage of units is causing stress in the market in more ways than one. She said that the decrease in available units is what’s driving up costs. With so few units available, mortgage costs continue to increase with limited supply, but increasing demand.
“That’s 30% lower than two years ago and two years ago was still an incredibly tight market,”
Jones said. “It isn’t inflated. That is just what the market is. It’s supply and demand. No one is driving prices higher to be greedy, it’s just supply and demand and there just is not enough housing.”
To help buyers navigate the market, MSHDA has been focusing on its regional housing counselors program which offers one-on-one virtual, and in-person services to provide buyers with the information, advice, and tools they need. Veronica Depotty is a housing education specialist, with MSHDA. She explained that the counselors have financial, purchase, and foreclosure prevention training, and offer virtual and in-person services to anyone looking to buy a home.
“You find yourself as a buyer, especially first-time buyers, at a real battlefield in being able to be able to get those homes available and at the right price,” Depotty said. “They custom-tailored the experience, the counseling, the classes, to meet the person where they’re at, to really be able to equip them with the knowledge, the resources, but most of all, making them a more confident buyer.”
Depotty said counselors can help every step of the way to avoid predatory loans and work through the mortgage process, without financial or experience requirements. You can find more information about the counselors art: michigan.gov/mshda/homeownership/housing-education
