Buying a Michigan cottage — an up-north vacation location — is a dream of many who live in the state. Home to the Great Lakes, Michigan is also blessed with several inland bodies of water and the almost untouched beauty of the Upper Peninsula. Many long-time residents choose to vacation close to home, with generations of families sharing fond memories of their Michigan cottage. Because of the unique selling climate of 2020, you might feel like holding your assets close to your chest — but in reality, this may be the best time to buy the property of your dreams.

The Perceived Housing Market Crash

There is a looming cloud that many financial experts continue to reference — a potential crash as big or bigger than 2008, where home values could plummet and homeowners could find themselves underwater on their loans. Will this happen? Historically, during election years, interest rates and the housing market tend to fluctuate. Interest rates are currently at some of the lowest levels in years, which bodes well for people looking to snap up a second property at a favorable rate.

The Mortgage Moratoriums

In Michigan, there has been a freeze on payments regarding rent since March, which may end at the close of 2020. After this freeze ends, thousands of property owners will be forced to make hard choices about where their money goes. That may mean the second mortgage taken out to pay for a Michigan cottage will weigh more heavily on their wallets. Once banks begin foreclosure proceedings, the timeline will quickly advance toward several homes hitting the market for below normal value.

Second Home; First To Go

When people need cash — and with sky-high unemployment, many do — the first item to go is an unnecessary second residence. Canadian citizens may even be part of this property release, as they cannot enter the United States for the foreseeable future. With those realities on the horizon, people are willing to part with otherwise amazing properties. A seller's quick loss can be your family's long-term gain.

Winter Is Coming

This year's market for Michigan cottages was red-hot, with people sick of being cooped up making a mad dash for water and serenity. After Labor Day, this selling season naturally wanes — and in a pandemic, even more so. As winter arrives (and in Michigan, it arrives quickly), new cottages on the market face far less competition. You may find yourself as the only bidder, giving you the leverage to seek out your dream setup rather than settling for your first option.

In the end, you can't make more land. Michigan cottages will always be in high demand — but the conditions that have influenced the housing market of 2020 will hopefully never happen again. Take advantage now, if you are able.