TRAVERSE CITY — Real estate transactions ground to halt in April because of restrictions put in place to slow the spread of COVID-19 pandemic. But they rebounded in May as pent-up demand burst forth.
The Traverse City residential scene remained a seller’s market this spring, with potential buyers anxious to scoop up houses as soon as they could sign the papers. It appears the local real estate scene is swinging back toward normal.
But one segment of the local real estate market may feel the effects of the pandemic shut-down far longer than most: short-term rentals. Typically rented by the day or week, short-term rentals allow property owners to make more money than longer-term rentals. Some houses can bring in summer weekly rents that rival monthly fees at comparable properties. But the short-term rental revenue stream has been cut off the state, an effort to slow