After the COVID-19 shutdown things picked up quickly when real estate was permitted to resume in May. Read on to see the residential statistics for Marquette County for the month of June 2020.
58 Properties Sold
Median Sale Price: $180,250
Average Sale Price to List Price Ratio: 97.4%
Within the Marquette School District
31 Properties Sold
Median Sale Price: $224,900
Average Sale Price to List Price Ratio: 98.2%
Within the Negaunee School District
10 Properties Sold
Median Sale Price: $149,500
Average Sale Price to List Price Ratio: 96.4%
Within the Gwinn School District
5 Properties Sold
Median Sale Price: $215,000
Average Sale Price to List Price Ratio: 98.5%
Within the Ishpeming School District
5 Properties Sold
Median Sale Price: $123,500
Average Sale Price to List Price Ratio: 97.9%
Within the NICE School District
3 Properties Sold
Median Sale Price: $90,000
Average Sale Price to List Price Ratio: 96.3%
Within the Powell Township School District
2 Properties Sold
Average Sale Price: $148,200
Average Sale Price to List Price Ratio: 94.2%
Within the Republic-Michigamme School District
2 Properties Sold
Average Sale Price: $119,500
Average Sale Price to List Price Ratio: 92%
It is anticipated that the July statistics will show an increase of properties sold in all areas of the county. If you have questions about days on market or other statistics that may affect how long a home takes to sell, please reach out to me at 906-236-3750. I would be happy to discuss any questions you have!
This past week the 30-year fixed mortgage averaged 3.07%, which is the lowest ever recorded by Freddie Mac since it began tracking this data in 1971. For 30-year mortgages, rates are 0.625% lower than they were a year ago at this time (and they were considered low then)! What does this mean for buyers? It means that you will likely be able to buy more house for your monthly payment. Even though the focus is often the purchase price of a home, the reality is that you live in the payment, not the purchase price.
If you are not sure how much you can afford, please reach out and I will gladly connect you to fantastic local lenders who will be able to help you understand what price range you can be house shopping in. These lenders have multiple mortgage options, including options with a minimal down payment.
It is amazing how quickly listings in Marquette County are getting accepted offers. Several listings are pending within 24 hours of hitting the market. Rates are very low right now but it is important to be ready to go if you find the right house for you. Talk to a local lender (call me for suggestions if needed!), connect with an agent (buyer's agents work for you at no cost - see my post on Buyer's Agents for more info), and schedule a showing right away when you see a house you'd like to look at!
I'd love to work for you to help you get the home you desire. Take advantage of these record low mortgage rates today and call me at 906-236-3750 to discuss how I can help!
Have a safe and happy Independence Day!
If you are thinking (or dreaming) about buying a home at some point in the future, there are steps you can take now to make sure that can happen! The first piece of advice I always give buyers is to reach out to local lenders. There are so many loan types and lenders can explain all of them to you so you can see what might work for your circumstances. Perhaps your credit score isn't the best or your debt-to-income ratio is higher than you'd like... guess what? There are home buying options for you, too! If nothing else, lenders will be able to give you some tips on things you can do to improve credit score or reduce your debt-to-income ratio so that you will be able to qualify for a loan in the future. Many lenders offer down payment assistance programs also.
We are blessed with FABULOUS local lenders in this area. If you aren't sure who you should call, reach out to me and I will be happy to refer you to some great lenders so you can discuss your options. Don't put this off - the sooner you talk to a lender the sooner you can make your home buying goal a reality!
Beginning tomorrow, May 7, 2020, real estate showings may resume. Please know that this will be done with extreme caution. With Michigan's Stay at Home order still in place, I am taking the utmost caution to protect my clients, myself, and all involved. Showings will be limited to no more than four people total and buyers must be pre-approved with a lender for me to even schedule the showing. Masks will be worn and disinfectant wipes will be used on doorknobs, lockboxes, etc... Through it all, we will maintain a minimum distance of six feet apart. Sellers will be expected to leave lights on prior to showings so that light switches do not need to be touched. We will minimize contact while still allowing people to accomplish their buying and selling goals.
If you are looking to buy, get preapproved with a lender! Rates are excellent right now and I believe there will a flood of new listings in the next few days. Be prepared in case you see one you'd like to take a look at in person.
If you are considering selling, call me and let's chat about how this will work. I'm not sure we'll see the "normal" we once knew for a while yet, but until then, I still can help you safely sell your home.
No matter what, I want my clients to be comfortable. We will make sure to protect everyone involved to the best of our ability. My assistant and I will serve you from start to finish the best we are able. Allow us to work for you to accomplish your real estate goals! Call me anytime at 906-236-3750.
In compliance with Michigan's Stay Home Stay Safe order, I am not showing properties or meeting face to face with clients at this time. However, I am working with my buyers and sellers so that we are ready to go when we are able to. If you are considering selling your house or property later this spring or summer, NOW is the time to discuss this! Call me and I will explain the selling process to you! We can discuss your goals and I can explain how my assistant, Karen Bruce, and I work together to serve YOU the best we are able to! Let me answer your questions so you are ready to go and know what to expect when the time is right.
If you are looking to purchase a home later this spring or summer, please call me so I can help you understand the complete home buying process. It goes far beyond seeing a house you think you like online! I can explain how it is advantageous for you to have a buyer's agent working for you (it does not cost anything to have a buyer's agent as the seller pays commission on MLS listings). In addition, you can share with me what you are looking for in a home and I can set you up on a saved search so that you are immediately notified when a new listing that meets your criteria hits the market! In a competitive market, this is a huge advantage.
Whether looking to buy or sell, I am here to serve you. I would love to hear from you and answer any questions you may have. Give me a call at 906-236-3750!
There are many questions and uncertainties regarding the COVID-19 virus and social distancing. As a full time REALTOR®, please know that I am continuing to work full time but am taking all necessary precautions to keep everyone safe. If you have any questions or concerns, please call me! I am happy to talk about anything you may have questions about. I have conducted video showings for clients in the past and signatures can be obtained for contracts electronically. Interest rates are extremely low right now and buyers are still out looking for houses. My goal is to help all my clients (both buyers and sellers) accomplish their real estate goals. This might look a little different and will certainly require extra precautions, but it can be done. Please call me if you have any real estate needs/questions and I will be happy to help you out.