Housing affordability is top of mind for so many of our clients right now, and recent trends across the US market are shaping the landscape here in West Michigan as well. We’re seeing some disinflation in housing, with buyers and sellers often missing each other on price—and more sellers are offering concessions, which can translate to savings for those determined to make homeownership a reality. The real challenge, though, remains borrowing costs: benchmark Treasury yields have hovered around 5%, and average 30-year mortgage rates have climbed above the low-7% range. For the four weeks ending September 13, the median monthly mortgage payment reached about $2,600—a 3% increase from last year—underscoring how higher rates continue to stretch affordability for buyers.
Locally, like much of the country, we’re seeing a tight resale market: many owners are holding onto their homes with low-rate loans, keeping inventory low, while sellers are still hoping for pandemic-era prices. Industry experts describe this as a correction toward stability, not a crash, thanks to strong equity positions and solid lending standards. For buyers and sellers in Spring Lake, Grand Haven, and Muskegon, there are still opportunities to be found—even in a challenging market. As a team that’s navigated every kind of market since 1992, we know how to help clients adapt and succeed.
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