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  • Writer's pictureTeresa Quintana

Midland Market Update: A Comparison of Sales During 2020 Quarantine vs Spring of 2019

As our Covid-19 Stay Home, Stay Safe order continues, many home buyers, sellers and even just curious members of our community continue to inquire about what our real estate market is really up to.

According to the data compiled in the Midland Board of Realtors MLS, from March 20, 2019 through April 14, 2019, 102 homes went under contract (meaning they were on the market and received an accepted offer from a buyer) at an average sales price of $207,999. Using those same dates, between March 20, 2020 and today, 53 homes have gone under contract with an average price of $211,216. So essentially, 1 out of every 2 buyers on the market are buying during a stay at home order from a virtual tour.

And the prices rised slightly.

Honestly? I think that is pretty incredible.

Personally, I have several buyers right now just waiting for the inventory to come onto the market. Some are eager for virtual tours and ready to buy utilizing technology. While there is less inventory to choose from at the moment, many of them feel reduced pressure about getting into multiple offer scenarios and are taking advantage of it. Others are waiting until the Executive Order is lifted to see homes in person, while a percentage of those have decided that if the order is extended further, then they will explore virtual purchasing options.

Handfuls of sellers are holding off listing their home due to setbacks from not having the ability to complete renovations between limited options of buying supplies and their contractors being considered non-essential.

"The crazy part is, I could still get on a plane and fly home to complete it myself" says a seller.

Others are holding off until the order is lifted because Realtors® are not allowed to show homes.

There are also sellers who will be apprehensive about allowing people in their homes if their home is occupied, which has potential to cause an inventory shortage for a length of time after the order is lifted.

"We have to move regardless" says a current buyer, who is utilizing Zoom and virtual tour options. Her and her husband could potentially see their new home officially in person at her home inspection. "We have to have a place to live near my husbands new job."

To diversify my research today, I reached out to a dear friend, Sonya Loose this afternoon inquiring about her market and buyer behavior. Sonya is a Modern Agent who specializes in lake-front properties in Gladwin County frequenting Wixom, Secord, Smallwood Lakes and Sugar Springs.

"Lake buyers are ready to make choices if they are highly motivated and aware of the limited inventory." Sonya explained. "If they see a good choice, they are acting. Others are waiting for more options and ready to return to life as soon as possible."

The common theme amongst myself and my peers in the Real Estate Industry is we are expecting buyers to come out in droves when the order is lifted. Factors such as order extensions and inventory levels could have an effect. The truth is, nobody really knows how this will play out, but the data is screaming "We still got this".

Stay safe, stay home, stay healthy, and please do not hesitate to contact me for any Real Estate needs!

Teresa Quintana


Modern Realty

6024 Eastman Rd

Midland, MI 48642


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