Market Update – June 2020 +

June Market Update

Information compiled and interpreted from the Northern Michigan MLS by Coldwell Banker Fairbairn Realty. (Search Criteria – Emmet County Residential Sales January – February 2018/2019/2020)

Information compiled and interpreted from the Northern Michigan MLS by Coldwell Banker Fairbairn Realty. (Search Criteria – Emmet County Residential Sales January – February 2018/2019/2020)

In a year over year comparison of homes sold, the local Northern Michigan MLS data shows that in the usually busy home sale season, sales were down in 2020.

The average selling price of homes stayed fairly consistent year to year for the months of April and May. This can be explained due to lack of availability of homes for sale.

According to Showingtime, an agent tool to schedule showings, we are now normalizing in our showing activity.

The National Association of Realtors Chief Economist Lawrence Yun points to these facts regarding navigating the economy & housing market during COVID-19 –

  1. Retail sales are down significantly but home improvements are steadily rising
  2. Demand for single family homes in the low to mid-level price range is exceptionally strong
  3. Given the shortage of inventory, multiple bids on homes are likely
  4. It is a strategic time to list for home sellers; pricing is close to pre-pandemic if not higher
  5. Historically low mortgage rates should be locked in before inflation occurs

Yun says – “We are in a recovery phase with potential to be strong”.

He predicts –

  1. Mortgage rates will continue to be low
  2. Home sales will rise 10-15%
  3. Home prices will rise 3-5%

What this means if you’re a buyer –
As mortgage interest rates continue to stay historically low, this is the time to purchase.

What this means if you’re a seller –
The fewer the homes on the market, the more market power you have.

What this means if you’re a homeowner –
Now may be the time to consider refinancing to a lower mortgage interest rate.

Tax Bills

July 1st is the local print date for area tax bills.


If you recently sold your home and receive its tax bill, let your agent know. Receiving this tax bill likely means that the new owner has not gotten notice of the bill and could potentially fall delinquent in property taxes.

If you’re a new homeowner and you do not receive a tax bill, be sure to contact your local treasurer to get a copy of the bill. If you don’t know who to contact, let your agent know. Your agent can help get you the contact information you need.

In support of equality

Please be aware that Coldwell Banker Fairbairn Realty agents support and actively engage in fair housing practices.

As Realtors, we oppose discrimination based on race, color, religion, sex, handicap, familial status, sexual orientation, gender identity, & national origin. This policy is embedded in our Code of Ethics.

As community members, we vow to:

• Provide equal professional service without regard to the race, color, religion, gender (sex), disability (handicap), familial status, national origin, sexual orientation or gender identity of any prospective client, customer, or of the residents of any community.
• Welcome everyone and exclude no one.
• Learn about those who are different from us, and celebrate those differences.
• Take a positive approach to fair housing practices and aspire to follow the spirit as well as the letter of the law.

Across the country and around the world, Coldwell Banker stands with our communities for equality of opportunity — from housing to employment to entrepreneurship.

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