East Lansing is Experiencing a Number of Trends for Real Estate, Scott Chapelle Explains
The real estate market throughout East Lansing, Michigan has changed drastically throughout the last year. Regardless of whether someone is looking to buy, sell, or invest, it’s critical to understand what the options are. Scott Chapelle of East Lansing is a developer who has spent years exploring the real estate market.
As a developer, Scott Chappelle explores some of what makes East Lansing unique. This includes looking at the temperatures throughout the year, the various neighborhoods and what they have to offer, as well as what areas have the best views. Many people seek to have the Grand River or Red Cedar River as a part of their property – or at least be close to it.
In comparison to many parts of the country, East Lansing offers affordable housing. It’s not uncommon for single-family homes to be under $200,000 dollars. When compared to the country as a cost of living index, with the average being 100, Lansing, Michigan is a 37.3. Scott Chappelle of East Lansing says that the median home cost in the area is around $86,000.
Scott Chappelle of East Lansing recommends that anyone looking to partake in the real estate market of Lansing does their research. There are different needs when buying residential versus commercial. Those who want to buy residential are more focused on the view as well as where the best school districts are. Those who want to buy commercials are focused more heavily on location, particularly with how much traffic passes by them on an average day.
The real estate market has changed dramatically throughout 2020. Scott Chappelle of East Lansing comments that the inventory is not very large. Many homes will only stay on the market for a short period of time. When there are not many new homes coming available, it is a seller’s market. Sellers know they can get more for their properties because it’s all about supply and demand.
The pandemic has also made it difficult for people to get out and look for new properties. It’s why Scott Chappelle of East Lansing recommends that people not commit to tight timeframes when they are moving this year. It can take longer to buy because of the limited availability.
Scott Chappelle of East Lansing is also committed to offering diversity within the market. As a developer, he can work with clients who want something different. When they can’t find what they’re looking for, either residentially or commercially, they can turn to a developer to get more customized assistance.
There are still a lot of open-ended questions about the real estate market due to the pandemic. Scott Chappelle of East Lansing leaves everyone with the advice that it’s critical to conduct research before engaging in any kind of real estate transaction.