By Aaron Kendall, Associate Broker and REALTOR® – Keller Williams Northern Michigan

Chat 24/7 with the Northern Michigan Real Estate Pro assistant by clicking HERE

Understanding the Shift

Mortgage rates have taken a welcome dip lately — finally offering a bit of breathing room for Northern Michigan buyers and sellers alike. After months of steady pressure from higher borrowing costs, the average 30-year fixed mortgage now hovers near 6.1%–6.3% (as of early November 2025). That’s not the rock-bottom era we remember, but it’s enough to make a meaningful difference in affordability and market confidence.

For Home Buyers: A Window of Opportunity

🏠 A Little More Home for the Money

Even a half-point change in interest rate can shift your purchasing power by thousands of dollars. That small adjustment can mean the difference between a home that fits “just right” and one that stretches the budget.

In simple terms: if rates drop from 6.7% to 6.2%, your monthly payment on a $300,000 loan can fall by roughly $90–$100. That’s fuel for both confidence and competition.

💡 Why Acting Now Can Pay Off

When rates ease, more buyers step in — which tends to drive prices up. Buying before the next big rate cut may help you secure the right home before the crowd returns.

And remember: in our Northern Michigan markets, lifestyle often leads the way. People are moving here for quality of life — fresh air, water, and community — not just price tags.

For Home Sellers: The “Should I List Now?” Question

🏘️ The Lock-In Effect

Many homeowners today hold mortgages well below current rates. That keeps inventory tight — fewer people listing means your home may stand out more when you do decide to sell.

📈 A Slightly Warmer Buyer Pool

With rates easing, more qualified buyers are coming back into the market. That’s good news if your home is clean, priced right, and positioned well.

If you’re on the fence, consider this: listing while inventory remains limited could put your home in front of eager, serious buyers — before spring competition heats up.

🕒 Timing Still Matters

If you’re ready to move, don’t wait for “perfect” rates. Timing the market is like trying to catch the exact peak of a Lake Michigan sunset — nearly impossible, and you might miss your moment.

A Local Perspective

Northern Michigan isn’t like everywhere else. Our mix of lakefront retreats, forest-edge cottages, and family neighborhoods means rate changes ripple differently here. Lifestyle buyers — second-home seekers, retirees, remote professionals — often move based on opportunity, not urgency.

That makes right now an interesting balance:

• Buyers have a bit more breathing room.
• Sellers still face low competition.
• Everyone benefits from more stable market energy.

Key Takeaways

For Buyers

• Locking in near today’s 6.1% range can strengthen your buying power.
• Don’t wait too long — lower rates often mean higher home prices later.

For Sellers

• Inventory is still relatively low in Northern Michigan.
• Listing now could help your home shine while competition remains thin.

For Both

• Every situation is personal. The best move depends on your goals, timing, and comfort level.
• Connect early with a trusted local advisor (that’s me) to run your numbers and options clearly — no pressure, just perspective.

Let’s Talk About Your Next Move

Whether you’re planning to buy, sell, or simply want clarity in this market, I’m here to help you make a confident decision — rooted in facts, experience, and a genuine understanding of Northern Michigan real estate.

📞 Aaron Kendall

Associate Broker and REALTOR® | Keller Williams Northern Michigan

📍 Serving Traverse City, Cadillac, Leelanau, Benzie, Wexford, Kalkaska & Antrim Counties

📱 (231) 499-9164

🌐 AaronKendallRealEstate.com