The general idea in obtaining a good feel for the market is to spot trends. Trends in home showings, pending sales, final sales, and new listings. Grand Traverse County real estate has sent mixed signals. This could be due to our long lasting winter season! New listings are down from last year, with an ample amount of buyers searching for homes. Buyer demand is very strong right now. Homes from $200,000 and under have a significant listing shortage. The only concern with this price range is the slower pace of new listings hitting the market. Although this is frustrating to buyers, it benefits home sellers by pushing up home values.
The 200k + segment is benefiting from the the inventory shortage of the 200k and below. With interest rates still low, many are finding these homes more affordable. There is a surge of inventory with new listings hitting the market. The home values have risen in the past 60 days as well. We can expect this segment to rise in the next quarter with buyers gaining increased buying power and moving up in the market to find homes to purchase.
The message is very clear to any homeowner who has contemplated selling in the past 5 years....get an updated market valuation, you will be surprised at what your home is worth today!
No comments:
Post a Comment