Tuesday, June 5, 2012

Upper Peninsula Real Estate: Improving Vacant Land Market in the ...

It's been a little while since our last post. We have been extremely busy, as is normal for this time of year. What is certainly different from the past few years is the increase in buyer interest. The Real Estate market in the Upper Peninsula seems to be improving. Prices have leveled off in many areas and we are seeing some vacant land sales of property types that have not had much activity until just recently.

Many of properties we have sold this year and currently have under contract are being purchased by "locals". While economic conditions continue to be slow to recover, their are some signs that the worst is behind us. It seems that there is a general feeling of more comfort when it comes to buying Real Estate. Much of the poor market condition were due to the lack of confidence as much as the lack of desire or funding. It feels like some of that confidence is returning.

The photo above is of a beautiful parcel that we listed in Marquette County and had an accepted offer within 2 weeks. It has been a few years since we've seen buyers acting this fast on vacant land. Every situation and every property is unique, so this may not be a significant sign of a better market, but we do think it is an indication that the market is improving.

We proceed with cautious optimism as national economic issues still remain, but the local economy in the Upper Peninsula has remained comparatively steady and we think that our market is seeing signs of improving in the near future.

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