National home sales have trended upwards towards their highest level in 2 and 1/2 years. The Traverse City market was no different.
Local home sales in the 5 county area for the month of October were up 5% over September according to data from the Traverse Area Association of Realtors. Further, home sales in those same 5 counties [Grand Traverse, Leelanau, Benzie, Antrim and Kalkaska] were up 8% over October 2008.
One reason for the surge must be the fact that Congress recently extended the $8,000 tax credit beyond the 11/30 expiration date and also expanded the group of individuals who were eligible beyond first-time home buyers to include people who have owned their current homes for at least 5 years. This eligible group can claim a $6,500 tax credit on a home purchase.
-Shawn Schmidt Smith