RE/MAX shares outlook on Marquette housing costs
RE/MAX 1st Realty says city home sales have increased despite the national trend in that category going downward
MARQUETTE, Mich. (WLUC) - A report from the National Association of Realtors (NAR) released last week said the number of existing home sales in the Midwest is on a downward trend. These statistics may have home buyers in Marquette County raising eyebrows.
The NAR said the number of Midwest home sales has decreased by 3.5% since last May and continues to decline.
RE/MAX 1st Realty in Marquette County said the area’s current housing trends do not match the regional trends. In fact, the city of Marquette’s home sales has increased by 33% in just the last four months.
“We’re seeing continued growth still. We’re seeing our median price up over last year, and we’re still seeing competing offers. Multiple offers,” said RE/MAX Brokerage Owner Fran Sevegney. “It’s a pretty aggressive market, still.”
Marquette prices are out-streaking regional numbers too. Midwest home prices have jumped 9.5% since last May, while U.P. prices are up 10-13%. And, the city of Marquette’s prices are up around 20-25%.
Since January, the median house sale price in the city of Marquette has increased to $261,000, up $34,000 from last June.
Range Bank’s chief home mortgage services officer, Brian Syrjala, said prices have not deterred buyers, however, most are offering well over asking price.
“I think that’s why it’s important that when people go to make an offer, especially in this market, they need to be prepared,” said Syrjala. “They need to sit down with the local lender because, in this market, that really does add value or strengthens your offer.”
And with available houses becoming extremely limited in the Marquette area, Syrjala says potential buyers should make pre-approval appointments with mortgage officers soon to be competitive.
“Understand the transaction. Understand what’s going on,” Syrjala said. “With it being so competitive and multiple offers, you want your offer to stand out.”
High prices and buyer competition aside, Sevegney said there are a lot of benefits for home buyers right now.
“People now have a lot of equity in their homes, and people are still coming from outside of the area,” Sevegney said. “We’ve got a lot of remote workers that can work from home, and they’re choosing this location because of what outdoor activities we have available to us.”
Sevegney also said he does not see home prices dropping for at least the rest of this year.
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