UP realty experts offer advice on local market

Market sees increased demand for homes as people are moving to the area
Experts say people are moving to the U.P. for the first time because of the increased number of...
Experts say people are moving to the U.P. for the first time because of the increased number of remote workers.(wluc)
Published: Jan. 30, 2023 at 5:50 PM EST
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MARQUETTE COUNTY, Mich. (WLUC) - Realty experts say they are seeing more people moving to the area as the market continues to see an increased demand for homes.

Re/Max 1st Realty Marquette Broker, Owner Fran Sevegney says right now there are not enough homes to meet that demand so it’s time for sellers to think about putting their homes on the market.

“As 2023 is upon us here we have got some inventory coming on, not as much as we really need,” Sevegney said. “Sellers if they are considering selling should really consider getting on the market before spring because we have such a glut of buyers right now.”

Sevegney says many buyers are moving to the U.P. for the first time which is driving the demand.

“The ability to work from home is driving people to our community,” Sevegney said. “We definitely have a unique real estate market possibly in a lot of respects better than a lot of areas nationally.”

Sevegney says one reason the Marquette County market is better is because it is more stable.

“If the rest of the country has a dramatic up or a dramatic down, we typically roll along at a lot more stable consistent playing field,” Sevegney said. “Things don’t dramatically change as they do nationally.”

Meanwhile, Range Bank of Marquette Chief Home Mortgage Services Officer Brian Syrjala says interest rates have settled.

“Since November mortgage rates have stabilized around the 6.125% mark so they have really calmed down a little bit from their initial spike,” Syrjala said. “We are still seeing offers at or above the purchase price.”

Syrjala says there are a few tips for first-time buyers.

“One be prepared: meet with the lender where you can sit down and don’t just rely on an online approval or that sort of thing, really sit down and understand the process, understand what you are going through. Secondly: there are certain programs for first-time home buyers some that are easier, some that are a little more difficult,” Syrjala said.

Sevegney says if you are looking to sell or buy a home speak with an experienced realtor so you can find something that fits your needs.