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UP fall housing market: More demand, less supply

Homebuying is on the rise across the country with the momentum making its way to the Upper Peninsula, and it’s affecting supply and demand.
Published: Sep. 25, 2020 at 2:29 PM EDT
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MARQUETTE, Mich. (WLUC) - Homebuying is on the rise across the country with the momentum making its way to the Upper Peninsula, and it’s affecting supply and demand.

Select Realty President & Co-Owner Sean Leahy referred to it as ‘gangbusters’ when his business picked back up last summer.

“It’s a very busy and fast-paced market in Marquette and the surrounding areas,” he said.

The housing market rose along with the summer heat nationwide and that momentum’s carrying over to the fall season.

The real estate brokerage Redfin has seen median home prices in the country up 11 percent from last year. Here in the Upper Peninsula, it’s a similar story.

“It’s hard to say exactly what we’re seeing. But we are seeing homes listed going for more than the list price. So we’re getting multiple offers which then drives the price higher than what the home is listed for,” Leahy said.

The demand is there, but in short supply.

“We’re seeing more vacant land, I think being sold to people out of town, looking for their little piece of the U.P. to escape away to, and we still see an amazing amount of local people trying to buy houses,” noted Leahy.

The competition is being made all the more stiff as the pandemic continues and workers are offered the option to work from anywhere -- with a solid internet connection.

“Their employers are letting them move out of their geographic area to still do the same job but from somewhere with a little more, you know, enjoyment outside of work. With biking or hiking or kayaking," Leahy said.

And the U.P. is able to offer these amenities and more.

As a potential buyer, being ready is critical.

“Have their pre-approval letter from their bank ready to go, finances if they’re selling a home getting that on the market. If you have a house to sell, there’s two-three other people that don’t have a house to sell which means the seller will take likely an offer that doesn’t have a home sale contingency so to speak,” informed Leahy.

While winter is still hard to predict, this fall season is a seller’s market.

*United States Housing Market Statistics by: Redfin Real Estate Brokerage

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