SUMMER IN THE MIDWEST
Higher interest rates haven’t dampened the appetite for Southwest Michigan and Northwest Indiana real estate in 2024. Buyer demand continues to be strong and inventory remains tight in many communities. To learn more about the latest local market trends, we sat down with George Schultz, Vice President of Brokerage Services for @properties Christie’s International Real Estate. IS BEST AT THE LAKE. IF YOU'RE CONTEMPLATING BUYING OR SELLING A HOME ON THIS SIDE OF THE WATER, YOU'VE COME TO THE RIGHT PLACE
How would you describe the current market in Southwest Michigan & Northwest Indiana? Fluid and fragmented. We continue to have a low inventory marketplace where properties are selling quickly and values are still appreciating, but at various degrees among price points. Luxury properties are still selling at top prices, but not with the exuberance we saw post-Covid. Now we are seeing one or two strong cash offers versus six. Meanwhile, values for more average- priced homes are pretty even to what we saw last year depending on the location, style and condition of the property. Have any new trends emerged? In the resort-home markets, various municipalities have placed restrictions on short-term rentals. So if you’re looking to purchase a home with the goal of generating rental income, it’s critical to work with a Realtor® who has expert knowledge of the area and any local ordinances that may impact your search. In Michigan City, Harbor Country, and beyond, there is a good amount of commercial investment coming into the area, with more restaurants and entertainment. There is still a great balance of being the quintessential small lake communities but with more options than ever. The St. Joseph market continues to thrive with movement year-round. Recently I have noticed more interest from Chicagoland buyers.
What's your top advice for today's buyers? Find a great Realtor® that is well connected to the community and the brokerage network, especially if you are coming from out of town. In a tight market like we have now, relationships are really vital. Also, there are local nuances to each community, so seeking expertise is more important than ever. Buyers should also be prepared to move quickly on any desirable property. You must have your finances in order and be able to prove your ability and desire to close from the first offer. What's your top advice for today's sellers? Price your home correctly. The market is somewhat returning to more traditional cycles, so you want to set a realistic list price that will maximize your exposure and attract the most buyers. Also, one strong offer is all you need in this market – don’t overlook the first one when evaluating your position in a negotiation. Has anything surprised you about the local market this year? I am surprised that our inventory levels are not growing a bit more. However, there continues to be strong demand, and sellers who have been reluctant to give up low rates are eager to enter the market. For the rest of the year, I anticipate a market that will be slightly better than 2023, and one that could take off if rates manage to come down by a point or more.
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At World Properties Michigan, LLC, a subsidiary of At World Properties, LLC | At World Properties Indiana, LLC, a subsidiary of At World Properties, LLC
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