Blog

Recently, we’ve seen US consumer confidence dip to a seven-month low, with the present-conditions index climbing about 7 points to 121, yet expectations for income, business, and jobs over the next few months dropped by around 6 points to 68—a number that’s often been a sign of recession risk. In early Q3, employers trimmed 23,000 jobs and unemployment crept up to roughly 4%, mostly because more people left the workforce rather than because hiring improved. Interestingly, even as overall confidence softened, homebuying expectations only eased a bit in mid-Q3 and continued to rise, with about 61% of people still anticipating higher interest rates ahead. With federal policymakers keeping rates steady and markets not expecting much immediate relief, it looks like borrowing costs will stay elevated through the end of the year.

Having spent over three decades helping buyers and sellers navigate changing markets across Oxford, Lapeer, and Lake Orion, I know how important it is to keep clients informed and prepared. Whether you’re considering a move or simply keeping an eye on the market, understanding these trends can help you make confident, well-timed decisions.

We’re seeing a noticeable shift in the real estate landscape—new US home listings were up 0.4% and total homes for sale rose by 0.5% in the four weeks ending August 23, reaching the highest levels since early Q2. However, with pending home sales down 1.1% to a six-month low, it’s clear that higher housing costs and mortgage rates—now near 7%, a 13-month high—are encouraging many buyers to pause. The median US home-sale price is up 1.9% year-over-year at over $400,000. What does this mean for buyers and sellers? With inventory rising and demand softening, active buyers are finding more opportunities to negotiate—price cuts and concessions are increasingly common, especially on homes that have been listed for several weeks. Sellers are seeing success by adopting realistic pricing strategies rather than chasing the highs of previous years. After more than three decades guiding buyers and sellers throughout Oxford, Lapeer, Lake Orion, and surrounding communities, I’ve found that staying informed and flexible is key. If you’re considering your next move, understanding how these market changes could work to your advantage is essential.

Here's a quick update on Lapeer County's real estate market. More homes are changing hands, but prices remain steady. Houses are selling at a similar pace, and inventory levels are consistent.

In my 35+ years helping buyers and sellers across Oxford, Metamora, Goodrich, Brandon, and Lapeer, I've seen the market shift in countless ways. Right now, many first-time buyers are wrestling with whether to wait for borrowing costs to drop, hoping for better rates. But, based on both my experience and current expert insights, trying to time the market can be a risky approach—especially for those looking for their first home. If rates do fall, we often see more buyers jump back in, and that increased competition tends to drive prices up. My role is to keep clients informed and guide them through these decisions as smoothly as possible, always with honesty and a focus on their long-term success. If you're weighing your options, remember: sometimes waiting can mean missing out on the right home for you.

Let’s talk about why the idea of true 'price stability' is, in reality, more of a myth—something I see echoed not only in the national economy, but right here in our local real estate market. In the US, when prices rise for one thing, they often fall for another, because people shift their spending between goods and services rather than everything getting more expensive at once. For example, advances in technology have made our devices more affordable, but at the same time, luxuries like hotel stays, sporting events, and especially college tuition have shot up. This pattern shows why we can’t expect the central bank—or anyone—to deliver perfect price stability. So many individual choices and global factors shape what things cost. If the value of the dollar were steadier, more people could invest instead of worrying about protecting their money from inflation. That could help make many prices more reasonable, but it would likely push the prices of truly scarce items even higher. The key takeaway? Prices are always changing, and these shifts aren’t always a sign of trouble—in fact, they often reflect progress and changing priorities, much like we see in the housing market over time. After more than 35 years of helping buyers and sellers navigate these ups and downs, I know that understanding these trends is just as important as knowing the right neighborhood or the best negotiation strategy.

In our local Oxford, Lapeer, and Lake Orion markets, I’m seeing a welcome shift: buyers are finally experiencing a bit more negotiating power. With competition easing up, it’s no longer just sellers calling all the shots. Builders are rolling out more incentives, mortgage-rate buydowns, and price adjustments in an effort to bring hesitant buyers to the table. The increased inventory means you have more homes to compare and a little more breathing room before making an offer. Of course, higher mortgage rates are still weighing on many minds, so buyers remain understandably cautious even as new opportunities open up. After 35+ years guiding clients through all kinds of market conditions, I know how important it is to feel confident and informed about your options—and I’m here to help make every step as smooth as possible.

Labor Day in the United States celebrates the contributions of workers everywhere, while also unofficially marking the final big summer weekend before fall takes over.
It’s known for backyard barbecues, road trips, and that classic tradition of buying things you didn’t know you needed because “it’s on sale.”
Beaches, parks, and grills reach peak activity as everyone tries to squeeze every last drop of summer fun out of the long weekend.
Happy Labor Day! Wishing you a fun, easygoing weekend filled with good vibes, great food, and absolutely no thoughts about Monday.