The 2022 housing market could see some interesting changes as people establish new work from home schedules during the pandemic. Remax of Southeastern Michigan President Jeanette Schneider says many commercial spaces are going to be hit the hardest long-term and it’s possible some of these properties could be turned into more residential spaces.
“Cities that are little more established and landlocked, they don’t have green space to put in a lot of new construction,” Schneider said. “It’s going to have to come from the existing stock, and that certainly opens the door. If you’ve got some different space like that that you can covert and repurpose.”
Schneider says we have already seen an example with the former Dearborn Hyatt, which was purchased by a company planning to turn the building’s hotel rooms into upscale apartments. Schneider says buyers aren’t quite as likely to get caught up in as massive of bidding wars and appraisal waivers as last year.
