Check out our new waterfront listing inventory that just hit the market! We have options on Lake Superior, Bass Lake, Peshekee River, Pike Lake, Lake Michigamme, Granite Lake, Nelligan Lake, Dam Lake, the Michigamme River, Thomas Lake, and Horseshoe Lake.
This Spring has been one of the best we’ve had for new waterfront listings. Our waterfront inventory spans great options on the Great Lakes, inland lakes, private lakes, and rivers throughout the Upper Peninsula. We have so many options, we invite you to explore our invetory but also welcome emails or calls for assistance in finding a property to suit your needs. Sometimes a wealth of options can be overwhelming and makes it difficult to locate the right property for a particular buyer. That is exactly what we are here for and we welcome the opportunity to help narrow the options for you.
U.P. wildlife is out and active as Spring comes upon us in the Upper Peninsula.
It is Spring in the U.P. and despite the weather, we are seeing all kinds of wildlife out in the field. On a particular Saturday in mid April, I saw a number of grouse, deer, woodcock, ducks, geese, turkeys, and a rooster pheasant! Game seems to be relocating, migrating, and moving about to find mates or fresh food sources.
We’ve been seeing a pleasantly surprising number of grouse and woodcock this spring. This one in the photo above jumped up into view when I slowed to look at a property line. Without that movement, I would have never spotted it. From what I’ve seen of mature birds this winter and Spring, we should have a strong population this coming fall if the hatching season has good conditions.
This whitetail doe gave us a chance to snap a few pics while browsing just off the Hilltop Kelso Road in Iron County. Spring in the U.P. brings fresh buds and green up that the deer seek out. This doe was feeding on regeneration in an old clearing just off the main road. We had several other deer sightings this day, but this was the only camera friendly encounter. The deer numbers in the U.P. seem to be higher this year than in recent memory. We’ve seen more live deer, highway kills, and sign in the woods than in recent years. Hopefully this will translate to a healthier herd going forward.
One of the great aspects of what we do is being outdoors throughout the seasons and enjoying the U.P. wildlife. While traveling to view new properties we cover much of the Upper Peninsula and are blessed with the opportunity to see the great variety of wildlife that the U.P. has to offer.
The market for waterfront properties in the Upper Peninsula is on the move in a positive direction. This market might have seen the greatest increases in values of any market in the U.P. during the mid 2000s. Terms that applied to markets throughout the country such as “Real Estate bubble”, certainly applied to the Upper Peninsula’s waterfront market. Many buyers were purchasing properties on speculation that this market would continue to see large gains in value.
Much of the purchasing power for these waterfront properties came from home equity loans. As the national housing market ran high, many homeowners refinanced and took their equity out to make waterfront purchases. When the Real Estate “bubble” burst in 2008, the market for U.P. waterfront properties soon followed. As the finances of many investors and homeowners alike took a hit, the buyers for our waterfront parcels almost disappeared. Combined with the lack of buyers, a flood of sellers looking to get money out of the market pushed inventories high and values down.
It took a few years after 2008 for this market to really hit the bottom. It took even more time for much of the inventory to reduce and buyers to come back to this market so that values could stabilize. Well, we are now happy to say that this has definitely happened. In the past four years, we have seen steady increases in sales volumes. In the past two years, we have started to see an increase in market values. Real Estate markets in the U.P. vary greatly from location to location, but generally, things are positive.
While the bottom of the market may have passed, the time to buy has not. Some of our lakes, rivers, and other non-residential property types have just started to see this positive movement. A buyer can take comfort in this stabilization while also getting into the market at a good value point. The best news here may be for sellers. Sellers that may be thinking the market isn’t good enough to move their property, very well may be wrong.
If you have a waterfront property in the U.P. and you’ve been thinking that conditions are not good enough to sell, please reconsider. We have seen strong increases in sales within this market for several years in a row now. This winter, we have seen an increase in buyers in this marketplace. While pricing new inventory, we are also seeing increases in values over previous years.
So as we transition from a buyer’s market to a seller’s market, there are good opportunities for both buyers and sellers. If you are either, please contact us to discuss your specific property type and location. Waterfront markets can literally vary from lake to lake, so let us know where you’d like to buy or sell and we can provide up to date accurate information on the current status of that market.
While we may not be back at the pre-crash levels of the 2006-2007 markets, we feel like this market has definitely turned the corner. As other similar markets have pressed to all time high levels, we feel like there is significant room to move in this market as well. The U.P. has so many great waterfront properties to offer and now is a great to buy, or sell one of these.
As we roll into the selling season this Spring, we have some incredible new listings that will hit the market in the next month. Riverfront properties, inland lake frontage, building acreage, timberland, and even an entire private lake!
We are currently pricing and prepping these properties for the market. Our newest listings always posts to our homepage
and follow on our weekly newsletter and facebook page. This time of year, the new properties tend to come in bunches, so make sure to check with us frequently. We don’t expect much of these new listings to last long, so don’t delay, contact us today!
If you have a particular need or desire, email or call us and we’ll set you up to directly receive options within your criteria. Don’t miss your opportunity at an amazing property this year. We understand that you’re busy, so let us do the work for you.
If you have not already, please subscribe to our newsletter and like us on facebook to keep up with our latest and greatest. Or, contact one of our great Agents today to set up your personalized search.
Today, a market study done by the National Association of Realtors was released on existing home sales in the month of February. There are many great points to be taken from this report. Our residential market in the Upper Peninsula tends to track a little behind the national market, so keeping an eye on these reports gives us somewhat of a glance into the future. We are already seeing this similar trend in our market, so much of this data is applicable to our local markets.
WASHINGTON (March 22, 2017) — After starting the year at the fastest pace in almost a decade, existing-home sales slid in February but remained above year ago levels both nationally and in all major regions, according to the National Association of Realtors®.
Total existing-home sales 1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, retreated 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January. Despite last month’s decline, February’s sales pace is still 5.4 percent above a year ago.
Lawrence Yun, NAR chief economist, says closings retreated in February as too few properties for sale and weakening affordability conditions stifled buyers in most of the country. “Realtors® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” he said. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.”
Added Yun, “A growing share of homeowners in NAR’s first quarter HOME survey said now is a good time to sell, but until an increase in listings actually occurs, home prices will continue to move hastily.”
The median existing-home price 2 for all housing types in February was $228,400, up 7.7 percent from February 2016 ($212,100). February’s price increase was the fastest since last January (8.1 percent) and marks the 60th consecutive month of year-over-year gains.
Total housing inventory 3 at the end of February increased 4.2 percent to 1.75 million existing homes available for sale, but is still 6.4 percent lower than a year ago (1.87 million) and has fallen year-over-year for 21 straight months. Unsold inventory is at a 3.8-month supply at the current sales pace (3.5 months in January).
All-cash sales were 27 percent of transactions in February (matching the highest since November 2015), up from 23 percent in January and 25 percent a year ago. Individual investors, who account for many cash sales, purchased 17 percent of homes in February, up from 15 percent in January but down from 18 percent a year ago. Seventy-one percent of investors paid in cash in February (matching highest since April 2015).
First-time buyers were 32 percent of sales in February, which is down from 33 percent in January but up from 30 percent a year ago. NAR’s 2016 Profile of Home Buyers and Sellers — released in late 2016 4 — revealed that the annual share of first-time buyers was 35 percent.
“The affordability constraints holding back renters from buying is a signal to many investors that rental demand will remain solid for the foreseeable future,” said Yun. “Investors are still making up an above average share of the market right now despite steadily rising home prices and few distressed properties on the market, and their financial wherewithal to pay in cash gives them a leg-up on the competition against first-time buyers.”
According to Freddie Mac, the average commitment rate (link is external) for a 30-year, conventional, fixed-rate mortgage inched up in February to 4.17 percent from 4.15 percent in January. The average commitment rate for all of 2016 was 3.65 percent.
Properties typically stayed on the market for 45 days in February, down from 50 days in January and considerably more than a year ago (59 days). Short sales were on the market the longest at a median of 214 days in February, while foreclosures sold in 49 days and non-distressed homes took 45 days. Forty-two percent of homes sold in February were on the market for less than a month.
Inventory data from realtor.com® reveals that the metropolitan statistical areas where listings stayed on the market the shortest amount of time in February were San Jose-Sunnyvale-Santa Clara, Calif., 23 days; San Francisco-Oakland-Hayward, Calif., 27 days; Vallejo-Fairfield, Calif., 33 days; Seattle-Tacoma-Bellevue, Wash., 36 days; and Boulder, Colo., at 37 days.
NAR President William E. Brown, a Realtor® from Alamo, California, says being fully prepared is the right strategy for prospective buyers this spring. “Seek a preapproval from a lender, know what your budget is and begin discussions with a Realtor® early on about your housing wants and needs,” he said. “Homes in many areas are selling faster than they were last spring. A buyer’s idea of a dream home in a popular neighborhood is probably the same as many others. That’s why they’ll likely have to decide quickly if they see something they like and can afford.”
Distressed sales 5 — foreclosures and short sales — were 7 percent of sales for the third straight month in February, and are down from 10 percent a year ago. Six percent of February sales were foreclosures and 1 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in February (14 percent in January), while short sales were discounted 17 percent (10 percent in January).
Single-family and Condo/Co-op Sales
Single-family home sales declined 3.0 percent to a seasonally adjusted annual rate of 4.89 million in February from 5.04 million in January, and are now 5.8 percent above the 4.62 million pace a year ago. The median existing single-family home price was $229,900 in February, up 7.6 percent from February 2016.
Existing condominium and co-op sales descended 9.2 percent to a seasonally adjusted annual rate of 590,000 units in February, but are still 1.7 percent higher than a year ago. The median existing condo price was $216,100 in February, which is 8.2 percent above a year ago.
February existing-home sales in the Northeast slumped 13.8 percent to an annual rate of 690,000, but are still 1.5 percent above a year ago. The median price in the Northeast was $250,200, which is 4.1 percent above February 2016.
In the Midwest, existing-home sales fell 7.0 percent to an annual rate of 1.20 million in February, but are still 2.6 percent above a year ago. The median price in the Midwest was $171,700, up 6.1 percent from a year ago.
Existing-home sales in the South in January rose 1.3 percent to an annual rate of 2.34 million, and are now 5.9 percent above February 2016. The median price in the South was $205,300, up 9.6 percent from a year ago.
Existing-home sales in the West decreased 3.1 percent to an annual rate of 1.25 million in February, but are 9.6 percent above a year ago. The median price in the West was $339,900, up 9.6 percent from February 2016.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.
Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample — about 40 percent of multiple listing service data each month — and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.
The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.
3 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).
4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.
5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at Realtor.org.
NOTE: NAR’s Pending Home Sales Index for February is scheduled for release on March 29, and Existing-Home Sales for March will be released April 21; release times are 10:00 a.m. ET.
Technology is constantly evolving and changing the Real Estate industry. One of the latest and most exiting pieces of technology is the “drone”. These units are capable of shooting high quality video from high above a property providing perspective we’ve never had before. While virtual tours have been the rage recently, we see the “view from above” concept to be a great leap forward for all properties, but particularly large acreage and waterfront parcels.
There was a time when we actually took photos from low flying air planes as a way to get good photography of larger tracts or special properties. Now this drone technology puts that capability at our fingertips. With a little practice, these units can be directed over a parcel while capturing a video and photos. We can use them to inspect locations or areas that are difficult to access. Even a closer look at a roof or chimney of a building can come in very handy at times.
In 2016, we started to use this technology and we will integrate that into our marketing on a broad scale in 2017 and beyond. As we continue to look for an edge in the marketplace and lead the Upper Peninsula region in marketing and sales of unique and special properties, drones will be a key tool for us and our clients. Not only do these provide a great perspective on a property, but the quality of the video and attention that it can bring to a listing will really set our properties apart. While we are sure many others will begin to utilize this platform, we are ahead of competition on this and plan to stay there.
We have just rolled out a new website – PremiumUPProperties.com
This platform focuses on our unique and exclusive properties throughout the Upper Peninsula. The design allows us to feature some of our most outstanding properties with less limitations on the listing presentations. We have limited the inventory to the cream of the crop to make it easier to search for special properties of this sort. Many of these listings focus on waterfront properties and investment tracts, but we also have commercial opportunities, timberland, and special residential properties.
We have dedicated blog posts and a newsletter specifically for this category of properties. We encourage everyone to visit this new site and stay tuned for more as we will be adding to it. Please sign up for the newsletter to stay up to date on new additions to the site.
We have a new Agent in our Houghton office! We a pleased to introduce Jay Martineau to our team. View Jay’s profile and contact information