From Seller’s Market to Buyer’s Advantage:
What the Shift Means for Northern Michigan
By: Ty Wellman
Over the past few years, real estate across the U.S. has been defined by a seller’s market—low inventory, intense bidding wars, and rising prices fueled by pandemic demand. But today, things are changing. Nationally, inventory has climbed for 21 straight months, and reports show there are now far more sellers than buyers. What does that mean for Northern Michigan? In short: buyers are finally gaining leverage.
A Market in Transition
During COVID times, sellers held nearly all the cards. Multiple offers, above-asking prices, and cash deals were common across Northern Michigan waterfronts and in-town properties. Now, we’re seeing a more balanced playing field:
More inventory → Buyers have more choices than they did even a year ago.
Fewer bidding wars → Homes are sitting longer, giving buyers time to negotiate.
Price adjustments → Sellers are offering incentives or rethinking pricing strategies.
For luxury homes in Bay Harbor or waterfront properties on Lake Charlevoix, this shift is especially noticeable.
Why the Shift is Happening
It’s not a lack of interest—it’s affordability. Many buyers are simply priced out due to high mortgage rates and elevated home prices. Even with rates recently dipping to around 6.3–6.5%, monthly payments remain high compared to pre-pandemic years.
At the same time, more sellers are listing—some for financial reasons, others because they delayed during COVID and are only now ready to move. The result: a rebalancing that favors serious buyers.
What It Means for Northern Michigan Buyers
For those looking in Petoskey, Harbor Springs, Boyne City, or along Lake Michigan:
You have more negotiation power than at any point in the past five years.
Sellers of waterfront and second homes are often motivated, especially before winter.
With properties sitting longer, you can take time to make decisions rather than rushing.
This fall could be one of the best opportunities to buy a Northern Michigan property before the spring/summer competition ramps back up.
What It Means for Sellers
If you’re selling, pricing strategy and presentation are more important than ever. Homes that are well-staged, marketed with professional photography, and priced realistically are still moving—especially in desirable communities like Bay Harbor or near Walloon Lake. But expectations need to align with today’s market reality: buyers are more cautious, and negotiation is back on the table.
The Local Lifestyle Advantage
Even as the national market shifts, the appeal of Northern Michigan remains strong:
Fall brings postcard-perfect colors and quieter towns.
Winter means ski weekends at Boyne or Nubs Nob.
Spring offers fresh starts with hiking, golf, and boating season prep.
Summer still delivers the iconic lake lifestyle.
That year-round appeal makes buying here not just an investment—but a lifestyle decision.
The COVID-era seller’s market is fading, and buyers are finally gaining ground. In Northern Michigan, this transition means more opportunity, more balance, and more chances to find a property that truly fits your lifestyle.
Whether you’re a buyer ready to take advantage of the shift, or a seller who wants to position your home for success, the key is strategy—and local expertise.
Let’s connect to talk about your goals in today’s market.
