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Washtenaw County home buyers shopping again as mortgage rates drop

Real estate for sale sign and house
Andy Dean Photography
Real estate for sale sign and house

A recent drop in mortgage rates appears to have triggered a renewed interest in home buying in Washtenaw County.

Realtors in Washtenaw County reported nearly flat business in November and December. There were very few buyers reaching out to them looking for a new home. That’s when mortgage rates were peaking around 7%. But over the past month those rates dropped recently to 6%.

And Tracy Rose, president of theAnn Arbor Area Board of Realtors, says her members started to see some movement.

"January, we’re seeing an uptick in showings and buyers looking at houses again. But inventory is just critically low."

So, while buyers feel that mortgages are becoming more affordable in Washtenaw County, she says, those who now looking may find limited selections with prices prices not falling as they might hope.

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Cathy Shafran was WEMU's afternoon news anchor and local host during WEMU's broadcast of NPR's All Things Considered.
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