Marquette County realtors share 2023 housing market outlook

This is one of many homes for sale in South Marquette during a time where the market is...
This is one of many homes for sale in South Marquette during a time where the market is beginning to slow for buyers.(wluc)
Published: Jan. 10, 2023 at 2:08 PM EST|Updated: Jan. 20, 2023 at 11:40 AM EST
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MARQUETTE COUNTY, Mich. (WLUC) - As we start a new year, many are curious about what to expect in the local housing market.

After years of high demand, Broker Owner Fran Sevegney with RE/MAX 1st Realty said the market in Marquette County is beginning to settle.

“I think what we can probably expect is a continuation of what we have had the last few months,” Sevegney said. “A stabilization and a little bit of a more relaxed environment for buyers.”

Currently, average interest rates are at about 7%, up from 3% a year ago.

Sevegney said while rising rates might change the market slightly, most buyers are not discouraged by the increase.

“It does not seem to be scaring buyers away,” Sevegney said. “These rates are where they were a few years back., and historically they don’t look so bad.”

Select Realty Associate Broker Don Schinella said buyers will be able to take more time with a less competitive market.

“You are not going to see competitive bidding as we did before,” Schinella said. “You won’t see buyers putting in offers without inspections, and you may even see sellers paying for some of the buyer’s closing costs. We are kind of getting back to normal.”

Schinella says for those looking to sell, the market is still favorable for them.

For first-time home buyers and sellers, both Schinella and Sevegney encourage you to hire a realtor to help you through the process.

To view the current listing for RE/MAX and Select Realty visit their websites.