Bay North Realty

“We worked with Bay North Realty for two years while searching for our “dream cottage.” They were so patient with our decision-making process – it was obvious their priority was to nd the right place for us.

The Bay North Realty team provided superior guidance on fair market value and were trustworthy and honest. We could not be happier with our home and highly recommend Bay North Realty to all.”

“The team at Bay North Realty was absolutely outstanding and guided me through the selling process with con dence, integrity, and in a friendly manner. They did their due diligence, explained how comps work and understood the high demand for homes in our area. Bay North Realty eased my mind and answered many, many questions. They were always available to take a call or reply to an email/text. They recommended listing our home for above what I ever imagined and sold it immediately! If you are looking for Realtors who care about you and your needs, Bay North Realty is your answer!”

— OLD MISSION PENINSULA SELLER

— HARBOR SPRINGS BUYER

Buyer’s Market? Seller’s Market? In Northern Michigan, It’s Both

Whether you’re looking to relocate to the area or just upgrade, it’s time to make your move.

by MEAGAN FRANCIS

Whetheryou’re buying or selling a home, a confluence of market conditions like interest rates and inventory can make you question whether it’s the right time to wade in or hold off for a potentially more favorable future. But the current real estate market in Northern Michigan is great for both buyers and sellers, say Sarah and David Shuman, owners of Bay North Realty, which has real estate specialists across Northern Michigan. Here’s why:

There’s enough (but not too much!) inventory.

“I talked to people over the past few years who said, ‘I’d love to sell, but where would I go? There are no houses on the market.’ And from a buyer’s perspective, we were seeing burnout from multiple bid situations and properties selling for significantly more than asking price,” says David Shuman. But with active inventory in Michigan up 11.6 percent statewide as of March, the impossibly low inventory crunch of the past few years seems to be moving in a healthier direction. For buyers, a modest increase in inventory means less cutthroat competition and more flexibility during negotiation. For sellers, it’s important to note that inventory is still well below pre-pandemic levels, meaning an accurately priced listing will still get a lot of attention.

Our current trajectory is likely to hold.

For potential buyers hesitant about current interest rates, it’s important to note that the two to three percent rates we were seeing a few years ago were a historical anomaly, David emphasizes, and our current rates are more normal and not likely to drop dramatically again. And even though a slight dip in interest rates may happen, holding out for it may not be the wisest move. “If that happens, then a number of people are going to

jump back into the market—so you’ll have increased competition again driving prices up further,” David says.

Appreciation is on your side— no matter which side you’re on.

It’s important to note that a “stabilizing” market is not the same as a declining market, Sarah Shuman points out. “Growth is still around six to seven percent per year, so we’re still growing; it’s just leveled off from the thirty percent growth we saw recently,” she says, suggesting that all signs point to continued stable growth. “When we look at what the market experts are saying, we’re probably going to see a twenty to twenty-five percent increase in home values over the next five years. So if you buy now versus a year from now, you’ve had twelve more months to create equity, and you’ll have that much more equity five years from now.”

Northern Michigan offers a variety of communities, amenities and price points.

Northern Michigan’s diversity of communities and price points can create opportunity—but also, overwhelm. Working with a Realtor who has team diversity and breadth of geographical expertise can help. Bay North Realty is poised to connect you with a team member who can help you find the perfect property no matter where it is in Northern Michigan. “Our entire team is in constant communication, so an agent in one area can seamlessly connect you with a Bay North agent in another area who can help you find the right property there without having to start over from scratch,” Sarah says.

The upshot? Whether you’re buying, selling, or both, this is still a very good time to move into your dream home, and the right Realtor can help you navigate the current market to your advantage.