Marquette housing market outlook
Spring is the busiest time for home buying all around the country, especially in Marquette.
"Really over the past years it's heightened,” said Brian Syrjala, senior vice president of mortgage lending with Range Bank. “The median price in the Marquette area is around $200,000 and that price continues to climb as well."
All types of people are looking to buy, with plenty of them being first time buyers.
"We're also seeing people that are finding ways to relocate back to Marquette and then that retirement community is coming home," said Stephanie Jones, associate broker with Select Realty.
Over the past few years home buyers in Marquette have noticed a similar problem, there is a shortage of houses available on the market.
"We are 24% down in sales for Marquette County and that is primarily driven by the fact that we don't have enough inventory in the county," said Jones.
That shortage leads to more competition than is seen on the national level.
"We do have homes that are coming on the market and getting multiple offers right away," said Jones.
At any given time in Marquette County there is around 300 to 400 houses on the market in the area, with the median price being close to $150,000.
"We have just under 350 listings and we are seeing prices creeping up because of that lack of inventory," said Jones.
Many buyers are looking for newer homes that aren't getting built. This leads buyers to purchase older homes that need repairs. Often times these buyers will take out a loan larger than the cost of the home to afford these repairs.
“That's something that's pretty common especially from our end, from a community bank standpoint where we can offer that hybrid type of program," said Syrjala.
As always, it's recommended that if you're looking to buy or sell a home, you do so through a licensed realtor.
"Having that person by your side, whether you are a buyer or a seller will help you navigate an incredibly tricky real estate transaction," said Jones.