Potential buyers searching in northern Michigan are learning they have to act fast to find a home. And this real estate frenzy is not limited to Traverse City. The prices of homes are rising in the northeast Lower Peninsula from Midland to the Mackinac Bridge and eastward.
“You don’t want to be a buyer and come Up North right now,” said Craig Hinkle, broker and owner at Re/MAX of Grayling. “Everything is picked over.”
The Governor’s stay at home order brought the Michigan housing market to a halt in March, but as soon as the order was lifted, things started to shift in Northern Michigan with multiple offers creating a sellers market.
This is not a trend that local agents were predicting. In fact, the opposite was expected as some speculated people to sell their vacation homes or downsize their primary residence.
So what happened? Real estate experts says the influx of buyers is not only happening despite the pandemic but actually because of it.
Remote Work Gives Buyers More Freedom
One thing Michiganders learned from the stay at home order is they can complete all their work remotely. People don’t need to live near the office anymore and can expand their home search or make their vacation homes their primary residence.
Time off Work, Time to Plan
The recent stay at home order caused people’s lives to slow down a bit. Time away from work and other activities may have nudged those buyers who were on the fence to move forward with their decision to retire up north.
“A lot of people I think just did soul searching, and decided to move their life plans up and make it work,” said Realtor Dee-Dee Burch with Real Estate One in Traverse City, where the market has been busier since mid-May than she can ever recall.
New Appreciation for a Simpler Lifestyle
Many Michiganders couldn’t wait for the stay at home order to be lifted so they could shop at their favorite stores and dine in at a restaurant. But something else happened too. Many realized they didn’t need to travel and run errands as often as they thought and didn’t need to live in a metropolitan area. And if there is another lock down in the future people would much rather be overlooking a lake or wooded area.
Buying a Home After a Pandemic: Michigan Loan Expert Explains
About Michigan Loan Expert, Julie Krumholz
Julie Krumholz, is a Michigan mortgage lender with over 35 years in the industry. Julie’s goal is to provide the best possible mortgage experience and the most competitive rates. Julie has vast experience in FHA loans, VA Loans, USDA loans and MSHDA loans throughout Michigan.
