The big news today causing a surge of confidence in the stock market is appreciating home values, and it's easy to see why browsing the headlines. Positive reports have been trickling in for several months, but this is one of the few times in recent years the industry has had such exuberance.
Obviously, this is a good trend, but what does it mean for the Harbor Springs area real estate market? The truth is we're seeing an upwards trend as well, but it's been a much slower recovery due to our isolated or insulated market. Following the 2008 recession we saw this as well. Housing values dropped across the country relatively fast, but we didn't start feeling any real consequences of the market forces for about a year.
This is actually very good news for anyone looking to purchase a home in the area. Our values are still lower from the recession, but if the trend continues we'll start seeing a jump in values as well. In fact, we're already seeing an increase in pricing due to a supply shortage, and foreclosures have been listing higher as well as we see less on the market. With positive news in the housing market nationally, and the stock market at near record highs now may be a good time to invest in a new home!
Jared Hammond, Realtor