The Traverse City Real Estate Market
Everybody asks me "How is the Traverse City Real Estate Market?" My answer is good. Houses are like shoes. Ok, a really expensive pair of shoes. Everybody needs them and the need for them is not diminishing. With proportionately more homes (in my area) on the market for sale than what is selling gives the illusion of homes not selling and a poor market. There ARE currently more homes available on the market than those that are selling. This leads to a "buyers market", where buyers can pick the home of their liking and price. Sellers are generally more willing to negotiate price when there is much more competition out there. In reality, people are wanting to move to my area and need a home. People are also getting tired of wasting their money on rent and not building equity in a home of their own. With interest rates decreasing, (30 yr fixed was at 6.25% as of 11/28/06), people are able to get into an affordable mortgage. Some people complain that the "buyers just aren't out there" like they used to be. With over 1000 Realtors in our Traverse Area Association of Realtors, there are just proportionately more Realtors than available buyers, or so it seems. All of these factors lead people to believe that the market is poor and that is simply untrue. Homes in this area will generally hold and increase their value over time.