Hot housing market creating lack of inventory in Marquette County
Last year at this time there were 340 listings available in Marquette County. Now there are 201.
MARQUETTE, Mich. (WLUC) - A lack of homes for sale in Marquette County is creating a competitive market for both buyers and sellers.
Some realtors say they have never seen a market like this.
Last year at this time there were 340 listings available in Marquette County. Now there are 201, but 96 of those are already under contract.
Realtors say a market like this can create mistakes.
“If you’re thinking of selling your house because, ‘Oh it’s so easy to sell your house right now.’ I can’t tell you the number of calls we get from people who try to sell their house themselves and end up getting into some sort of trouble,” said Stephanie Jones, Select Reality Agent. “They were excited because they accepted their first offer, but they actually listed their house too low.”
Another area of concern is sellers who have nowhere to move to.
“We do have sellers who want to sell and maybe downsize or resize but there just isn’t the inventory for them to jump into,” said Jones.
Part of the ongoing lack of inventory is a lack of building due to high construction costs.
“It’s high not just because of the pandemic, but because the last couple of years were very strong and devastating fire years out west,” said Jones. “Plus the number of hurricanes, we’ve had has just put a huge call for resources and the resources just aren’t there.”
A market like this also creates a challenge for buyers; especially inexperienced ones.
“I think it’s a real challenge for those starter buyers who potentially do not have a lot of down payment, but there are ways we can craft offers to make them look good,” said Jones.
While it’s unclear when the current market will change, some hope nicer weather will help.
“Typically, we get that first nice day and that’s when the listings start popping up,” said Benjamin Argall, Artisan Real Estate Group Broker and Owner. “So I have a feeling right now that in April we will have a lot of listing activity pop up for these buyers.”
Both Jones and Argall also note they have seen an increase in people moving to the area to work remotely which they say will be good for the area long term.
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