Is There a Midwestern Real Estate Boom?
When you think of Midwestern real estate, you probably think of “bread-and-butter” properties that make great additions to rental portfolios, but you likely don’t think of a market heating up to rival other boiling markets across the country. However, according to some analysts, that is exactly what is happening in northern Michigan, where, they say, “prices are headed up and buyers are looking to make a move.” In fact, in some areas of northern Michigan like Traverse City, the market is getting ready to truly take off.
Michigan is an interesting market in which to work because there is so much diversity in the state. It goes from the extremely urban to the extremely rural, and encompasses just about everything in between. Nowhere is the importance of examining regional trends on a local level more clearly illustrated than in the Midwest and, in my opinion, than in the state of Michigan.
In order to best understand the current northern real estate boom, it’s important to understand what sets towns like Traverse City apart. It’s not just money, though there certainly is some of that there. It’s also walkability, a strong sense of community, and a great master-planning community that not only has grand visions, but the will and the resources to implement them. “Beaches and vibrant town centers,” explained one Traverse City real estate agent when asked what brought buyers to the area with money in hand. As you can see, this is not typical to every area of the Midwest. It is vital for investors to identify what type of property and what type of buyer is actually active in their target area before sinking money into an investment.
Do you think that the northern Michigan real estate boom will last?
Your comments and questions are welcomed below.