Has your family just received PCS orders to Sault Ste. Marie, Michigan? Or do you live here already, and are struggling to find a place to live? Perhaps you have a home and are looking to sell it before you PCS. Regardless of your situation, a growing home shortage and changing market has made it increasingly difficult to navigate the housing market in Sault Ste. Marie. This article highlights key aspects of the housing market to help you assess your options to rent, buy, or sell your home.
Coast Guard Housing
Securing a home in Coast Guard housing can be difficult if you arrive when few units are readily available. Even if housing is available, a majority of the homes here are small, which can be especially challenging for larger families who need more space. For more information about your family’s eligibility to enter CG housing, email CS1 Rice at Ronald.D.Rice@uscg.mil or contact CG Housing directly at 906-635-3206.
The Local Rental Market
One alternative is to search the rental market, but in Sault Ste. Marie, rentals are scarce, both in number and quality. Your only remaining option may be to enter the housing market, but as many of us in the military have already experienced, finding a home in an unknown market can be scary and costly unless you connect with the right Realtor. That’s why I recommend choosing a Realtor who is also a military spouse, because unlike other agents, a military Realtor fully understands what you’re going through. Their unique experience can influence your ability to find you the right home. Right now, I am the only Realtor in Sault Ste Marie and the surrounding Eastern Upper Peninsula who is also a military spouse. You can email me firstname.lastname@example.org or contact me directly at 915-491-6910. Or you can check out my article titled, The 5 Must-haves of a Great Realtor to help you find the right Realtor for you. https://your-home-is-here.com/2020/04/17/5-must-haves-of-a-great-realtor/
To search available rentals in the area, email Joan Reed with Woodside Rentals at email@example.com or contact her directly at 906-440-1494.
The Local Housing Market
Like rentals, housing inventory for home sales in the Sault is also low, but buyers are aplenty. This and other factors have driven up the cost of housing, albeit the average price of a home is still affordable, around $117,000. Although a majority of homes sold in 2019 ranged between $120,000-140,000, homes between $100,000-120,000 holds the majority for most homes sold this year to date. But a growing number of homes in 2020 have sold for between $140,000-250,000, which has drastically increased the average home sale by over 19% at about $141,000. This is a huge change in just a short amount of time. The historical appreciation for this area is between 1-2%. It remains to be seen how long appreciation rates at that level will last. That should be considered when purchasing a home.
Purchasing a Home
If you decide to buy a home in the Sault, you can use this data to purchase a house that has resale value. That means buying a home that most local buyers can afford, between $100,000-140,000. If you make cost-effective upgrades to areas of the home that matter most to buyers, such as the kitchen and bathroom, you can raise the home’s value quickly and potentially sell it for more. And because more and more buyers can afford homes at a higher price point, you will still be in a position to sell your home quickly. Selling your home in a timely manner is a necessity to us in the military who don’t have much time to sell our homes. It can come as a huge relief to know that the only mortgage you have to worry about is the one you’ll acquire at your next billet.
Renting Out Your Home
In the event that you cannot sell your home before you get transferred, or say you wish to keep you house and rent it out, finding a trusted property management company to manage your property is the best way to protect your investment. They will charge around 10% of the rent, but it’s a fair price to pay to ensure that the property is maintained. To inquire with a local property management company in Sault Ste. Marie, you can contact Joan Reed with Woodside Rentals at firstname.lastname@example.org or 906-440-1494.
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