2011 was an interesting year in real estate. The good news is that compared to many areas, northwest Michigan has done very well in these turbulent times. Even though Michigan has seen home values decrease, our housing inventory grow and our market times lengthen, this market is still far better off than many other areas.
You have probably heard a lot of talk about our real estate market and much of the discussion has been framed in a very negative light. Sweeping generalizations of the real estate market cannot do it justice; you have to talk with local Realtors to get the straight scoop about your area.
Our area is a great place to live, buy and own a home. Numerous publications and media sources have named our area one of the best places to retire in, most beautiful place in America, best place to live, fish and eat among many other accolades.
Below are figures comparing waterfront home sales in Grand Traverse County over the past 7 years:
|
Year
|
# of Sales
|
|
2005
|
235
|
|
2006
|
228
|
|
2007
|
203
|
|
2008
|
146
|
|
2009
|
172
|
|
2010
|
211
|
|
2011
|
226
|
*Statistics from Traverse Area Association of Realtors Multiple Listing Service
It is my opinion that in this market, there hasn’t been a better seller opportunity in five years. Inventories are very low and even with the current frigid temperatures, there is a surprisingly unseasonal amount of buyer activity. Though sellers have to be more patient than in years past- homes are selling. Off water in East Bay and Acme, 2011 saw a 16% increase in homes sold over 2010 and Interest rates continue to stay low.
Please have a wonderful, safe, healthy and prosperous new year. Should you know of anyone thinking about buying or selling real estate in 2012 please let us know. If you would like a no obligation market analysis of your home, please feel free to call or e-mail me.
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