Marquette housing market picks up with increased relocation interest
The housing market in the Marquette area is regaining momentum one week after Michigan's real estate industry was allowed to resume in-person work, but there's still not enough housing on the market.
Select Realty's Stephanie Jones says there's an increase of interested buyers from outside Upper Michigan who are looking to relocate, likely because of the way the coronavirus outbreak is changing everyday life in more urban areas. The market remains similar to last year.
"I think there's a big demand, and unfortunately we don't have the housing to support the people that want to come," Jones said. "Right now, under $200,000 in Marquette city... we need those listings. Those are getting three, four offers the day they're listed, and people have to make decisions quickly, which is hard for those that are moving back here."
In the first five days of expanded real estate operations, Jones says there were 25 accepted contracts in Marquette County through Multiple Listing Services.
"A lot of people have a connection to the U.P, to Marquette," Jones said. "We're seeing people who went to Northern who are from here, some who are accelerating retirement plans to come back, some who can telecommute so they're coming home."
With people expecting to spend increased time at home -- whether for telework or hosting small gatherings in the future -- Jones says prospective buyers are looking at houses and yards in different ways. They want homes with dedicated, hardwired internet.
"That has only become more important," said Jones.
The real estate industry also has
. Jones says she and other agents are using all of the technology they have available to help buyers and sellers.
"I'm doing showings tonight via Skype," she said.