Michigan Real Estate News

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Upward Retail Trend Predicted to be Short-Lived

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Even with retail businesses taking advantage of cheaper rents and ample space, UBS predicts the upward trend will be short-lived. They estimate that 80,000 retail stores across the country will be closed by 2026.  Online shopping had contributed to the downturn for retail storefronts pre-pandemic. Stimulus dollars and consumers’ focus shifting to goods over services has recently bolstered retail, with store openings outpacing store closings for the first time in years. UBS predicts that retailers that sell office supplies, sporting goods, clothing and accessories will be the hardest hit.

Mall Vacancies Set New Record

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The vacancy rate for regional malls in the United States hit a record 11.4% in the first quarter of 2021 from 10.5% in the fourth quarter of 2020, according to Moody’s Analytics’ commercial real estate division. Shopping traffic to enclosed malls has been steadily decreasing for years due to Americans spending more online. In it’s latest quarterly report, Moody’s finds that other commercial real estate sectors are showing better progress, retail is still in crisis.

Home Appraisal Gap Causing Trouble For Home Buyers

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With the quick turn around in the home market, buyers are entering into bidding wars to secure their dream homes. Homes are selling above appraisal values creating a gap for buyers to make up. Many are tapping into retirement accounts or accepting loans from family in order to purchase their homes. With many sellers waiting in line to purchase one property, buyers must be prepared to come to the table with a substantial amount of money.