Michigan Housing Market Expected To Be Tight This Year
The 2022 housing market could see some interesting changes as people move into new working hours from home during the pandemic. Jeanette Schneider, president of Remax of Southeastern Michigan, says many commercial spaces will be hardest hit in the long run, and it is possible that some of that property will be converted into more residential space.
“Cities that are less established and surrounded by inland areas have no green spaces to build a lot,” says Schneider. “It has to come from the existing inventory, and that will certainly open the door. If you have another room like this one, you can hide it and convert it. “
Schneider says we’ve already seen an example with the former Dearborn Hyatt bought by a company that wanted to convert the building’s hotel rooms into upscale apartments. Schneider says buyers are no longer as likely to get involved in massive bidding wars and valuation waivers as they were last year.