In March National Housing Outlook Report, Freddie Mac explains:
“Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”
Many indicators are contributing to the surge in real estate sales, such as:
- Low Interest Rates
- A resilient labor market
- An increase in household formations
The Traverse City March Housing Report indicates an equally impressive real estate market in Traverse City.
- Homes Sold: 132
- Average Sold Price: $216,167 (Within 5% of Listing Price)
- Days on Market: 154
- Homes Sold: 144
- Average Sold Price: $251,981 (Within 4% of Listing Price)
- Days on Market: 97
March 2015 vs. March 2016
- 8% increase in home sales volume
- 14% increase in average Sold Price
- 37% decrease in Average Days on Market
The Traverse City March Housing Report shows an increase in home sales, lower interest rates and market stability; many Veterans are missing out and underutilizing the VA benefits they have earned. There are numerous myths about VA loans – such as:
- One and done: FALSE! Depending on available entitlements remaining or if previous home loan is paid, the loan could be used repeatedly.
- Great Credit Rating: FALSE! Minimum 620 FICO is often all you’ll need
- VA Loans take longer to close: FALSE! VA Appraisals are often coming back within 10-days
- VA Loans are more expenses: FALSE! Banks are limited by the VA on fees they can charge
In March 2015 and 2016, in each month, only 3 loans were processed using the VA backed loan. Many veterans are missing out on a great opportunity to use the well deserve benefit. Over 64% of my clients, in the last year, discovered the benefits of VA backed loans. As the Trusted Real Estate Advisor for Veterans, I want to help you learn more about this great opportunity.
On April 13, 2016 between 10 am and 2 pm, there will be a Military Rewards Program Open house at the Cambria Hotel & Suites 255 Munson Ave Traverse City, MI. Come at your leisure to learn more about Cash Bank Benefits after closing on the purchase or selling your home. Also many of the questions could be answered with utilizing the VA Loan and the Military Rewards Program for maximum savings!