Perspectives on the cost of housing in Marquette
MARQUETTE, Mich. (WLUC) — A report from the National Association of Realtors (NAR) released last week indicates that the number of existing home sales in the Midwest is on a downward trend. These statistics may raise eyebrows among Marquette County home buyers.
The NAR said the number of home sales in the Midwest has fallen 3.5% since last May and continues to decline.
RE/MAX 1st Realty in Marquette County said current housing trends in the area do not match regional trends. In fact, home sales in the Town of Marquette have increased 33% in the past four months alone.
“We are still seeing continued growth. We’re seeing our median price increase from last year, and we’re still seeing competing offers. Multiple offers,” said Fran Sevegney, owner of RE/MAX Brokerage. “It’s still a pretty aggressive market.”
Marquette awards also exceed regional figures. Midwest home prices have jumped 9.5% since last May, while UP prices have risen 10-13%. And Marquette town prices are up about 20-25%.
Since January, the median selling price of a home in the town of Marquette has risen to $261,000, up $34,000 from last June.
Range Bank’s head of home mortgage services, Brian Syrjala, said prices hadn’t deterred buyers, but most were offering well above asking price.
“I think that’s why it’s important that when people are going to make an offer, especially in this market, they need to be prepared,” Syrjala said. “They have to sit down with the local lender because in that market it really adds value or strengthens your offer.”
And with available homes becoming extremely limited in the Marquette area, Syrjala says potential buyers should soon make appointments with mortgage agents to be competitive.
“Understanding the transaction. Understand what is happening,” Syrjala said. “With such competitive and multiple offers, you want your offer to stand out.”
High prices and competition from buyers aside, Sevegney said there are many upsides for homebuyers right now.
“People now have a lot of equity in their homes, and people are still coming from outside the area,” Sevegney said. “We have a lot of remote workers who can work from home, and they choose this location because of the outdoor activities we have available to us.”
Sevegney also said he doesn’t see house prices falling for at least the rest of this year.
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