Traverse City Real Estate Market Gets Heated Up!!!

Traverse City Real Estate Market is in fact better.  The numbers don’t lie!!!  From July 1st 2008 to September 25th 2008 there were 270 closed residential sales reported in the Traverse Area Association of Realtors (TAAR) MLS system.  During that exact period of time for this year there were 303 closed residential sales reported.  That’s a 12% increase over 2008!  Another positive note is that of the 303 residential sales only a total of 68 were either bank owned, foreclosures or pre-foreclosure homes.  Again, this is good because prior to this, foreclosures represented approximately 35% of the closed sales in Traverse City.  Now that number is only 22% over the last 86 days. 

“It just feels better” according to Josh Croff of Coldwell Banker Schmidt Realtors 402 E Front Street office.  “Any first time home buyer I work with has had to be disappointed by the number of properties that are already “under contract” waiting to close” says Mr. Croff.   He continues “Your buyer picks out 15 listings to look at and of those 15, 7 are not available to show because they have a contract signed”. 

The fact that the number of closed foreclosure homes is shrinking is good news for both regular folks trying to sell their home unencumbered by a shortfall and good news for real estate prices.  If this trend continues then prices should level off as compared with a consistent decline we’ve seen in recent months.

The bottom line is this:  Now is a great time to buy and now is a great time to sell.   Buyers are “coming out of the woodwork”   The “two minute warning” is here.  Two months to close for first time home buyers to qualify for the $8000 tax credit.  November 30th 2009 it ends…unless it gets extended.   Let’s hope it does!  Either way Traverse City Real Estate Rocks!

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