Navigating the Real Estate Market following the COVID-19 Pandemic.
The 2020 Real Estate market in Northern Michigan has started off a bit different this year, for reasons we all understand. The same applies to the luxury resort community of Bay Harbor, an extraordinary Lake Michigan community that offers some of the finest Northern Michigan properties for sale. While the community is known for an impressive, deep-water marina, championship golf, two hospitality venues, and the community’s social centerpiece, Bay Harbor Yacht Club, no one can anticipate what the “new normal” will be. For homeowners and sellers, all the uncertainty might have them looking to the market for answers, but there is a silver lining of hope shared by Pat Leavy.
Given the drastic reduction in air travel, it might be easy to assume Bay Harbor completely lost rental requests from prospective visitors and buyers. Not so fast. “We are finding that our rental requests have been high because people are trying to escape the suburbs and city. These are the same people who were unable to take a spring break with their family, so they are excited to vacation in northern Michigan,” says Pat Leavy of Kidd & Leavy Real Estate.
It is evident prospective buyers are willing to travel to northern Michigan to explore and learn about Bay Harbor.
While no one knows how persistent the situation will be, real estate remains a long-term investment and many buyers continue to move forward with housing interests. In addition to the increased rental requests, there is also an increase in inventory within the Bay Harbor community due to downsizing and other life events, and it is evident prospective buyers are willing to travel to northern Michigan to explore and learn about Bay Harbor. Many homeowners have felt the frustration of being stuck at home during the quarantine and the idea of having a second home or a vacation escape, could spark some transactions in Bay Harbor.
“Sellers need to stay aggressive on their price points to attract buyers. With interest rates being low, it should attract more potential clients to look around,” says Leavy. There are certain life events such as birth, marriage, and downsizing that call for home sales. Leavy says he is optimistic there will be transactions in Bay Harbor, but the year could be similar to what happened in 2008 and 2009 when the market was tough, but then the community came out of it strong.
While society goes through social and cultural shifts, homeowners are truly recognizing the value of a home and its surroundings. Home is where we eat, sleep, play, work, and flourish with outdoor spaces, patios, and decks becoming a necessity. As safety and a sense of community become more important every day, Bay Harbor continues to lead luxury real estate in Northern Michigan with its distinct personality, resort lifestyle, and natural wonders. Now is the chance to build and maintain Bay Harbor’s confidence in the market as real estate will be at its height once it shifts back into normalcy. In the meantime, all these silver linings of hope should keep buyers and sellers optimistic.
