NATIONAL MARKET UPDATE New Home Sales were up 1.6% in December, ending the year up 15.2% from a year ago. Sales in 2020 of new single-family homes were the best in
Housing Market Booms during Coronavirus Pandemic
Dated: January 28 2021
The housing market in Southwest Michigan has benefitted during the coronavirus pandemic and local realtors said sales are up more than 35% in November 2020 when compared to 2019.
Peter Rahm, a realtor, said inventory has been almost nonexistent because of how many people are buying homes. Realtors said many people want to relocate to Southwest Michigan from big cities.
"This is probably one of the best years realtors have had," Rahm said.
Rahm, the managing broker for Keller Williams in New Buffalo, said his sales have been up 35% compared to 2019.
"They want to get out of the city. Their statement is, 'If I have to quarantine, I want to do it out here,'" he said.
He said people have been buying nonstop, especially on Lake Michigan, since businesses started opening back up in May 2020.
Many realtors are struggling to find homes to sell.
“I think every agent has buyers that we can’t find any product for," said Rahm. "Agents are writing people who they’ve sold homes to a couple years ago and asking them, 'the market's great, if you think about selling, now's the time to do it .'”
Mike Barber, who’s a realtor for Cressy and Everett in St. Joseph, said his sales were up more than 40% in November 2020 when compared to 2019.
"They found out during the pandemic their home wasn’t as large as they’d like or whatever," said Barber. "In all my years, I haven’t found a better time. Our sellers are getting top dollar for their homes."
Both realtors say with the 30-year mortgage interest rate only 3%, which has also made people want to buy.
"It was on its way to 18% when I purchased my first home, so you complain about 3% is too high -- I paid three times as much," Barber said.
He said even through the holidays he’s seen many people interested in buying.
"We’ve seen an uptick in the past few weeks with sellers calling in to list their homes. I think the spring selling season is upon us," Barber said.
He expects 2021 to be a good year for real estate as well.
Rahm said many people are buying homes on Lake Michigan, but some have said they want pools instead of being right on the lake because of erosion concerns.
Courtesy of https://wwmt.com/news/local/housing-market-booming-in-southwest-michigan-amid-pandemic
Josh Murray is The Broker Owner of Linked Realty, a firm that specializes in all aspects of Residential Real Estate in Metro Detroit. Josh Murray received Hour Detroit's Top 5% of Realtors in Metro De....