Take a look at a Page I added to my website; Leelanau County Information. I took the liberty of recommending some of my favorite natural attractions as well as the best restaurants… and of course the fantastic wineries.
I was reading an article in Money Magazine today about the best spots to retire, I am only about 35-40 years away from retiring and I thought I should start planning. What did I see? Well…Traverse City is ranked fifth for “Resort Area” to retire! The average temperature in July was listed at 65?! There is no way that July averages 65 degrees, likely in the realm of the mid-eighties.
After reading this bit on Traverse City I thought I would look into what other recent lists the Traverse City area has received. I know we live in a beautiful area but I was surprised by how many nationally renowned lists the Traverse City area has made.
Good Morning America – Sleeping Bear National Lakeshore Most Beautiful Place in America
USA Today Traverse City Top 10 for Local Wine
Trip Advisor Top 10 Fall Foliage Destinations
Boating Magazine Traverse City 10 Best List for Places to Live & Boat
Budget Travel Named Traverse City as one of “Coolest Winter Places in America”
National Geographic Top 10 Summer Trips
These are just a few recognitions Traverse City has received. Take a look at TraverseCity.com’s list:
Traverse City is on more top 10 destination lists than 99.9% of the Country, Truly Paradise!
I am always available to answer questions about the local real estate market and area.
Magda Couturier – Realtor with Traverse North Realty and Owner of Traverse City Home Search
In recent posts I discussed how the real estate market in Northern Michigan is gaining momentum. In my last post I identified the need for new builds to meet the growing demand. I have also blogged recently about how many home owners are seeing multiple offers on their homes, unlike what we have seen in quite some time. I have experienced an influx of business this year and I have written more offers then in prior years. 2012 has been my most productive year in real estate and there are 3 months to go! Is the Northern Michigan real estate market thriving as well?
|January 1 – Sept 19, 2011||January 1 – Sept 19, 2012|
|All Combined Homes Listed||$210,464,574||$279,427,782|
|All Combined Homes Sold||$191,529,998||$260,846,571|
|Average List Price||$221,308||$230,171|
|Average Sold Price||$201,398||$214,865|
|Average Days on the Market||185||177|
|Total Home Listings||951||1214|
2012 has seen an increase in all relevant housing data. The most surprising statistic is the nearly 30% increase in total sales and homes listed. To date 2012 is the third busiest real estate market in the history of residential real estate sales in Northern Michigan! The word is getting out that now is the time to list your home. If you have been putting off listing due to the downturn in the market I am happy to report that we are in a robust market with home sellers on average receiving 93.4% of their asking price thus far this year. Due to the current market trends a home priced below market value may very well receive multiple offers and will often sell at or above asking price.
Before the housing bubble burst anybody with a pulse (and some without) could get a mortgage, and after the bubble burst you had to be a celebrity to get a mortgage. I am happy to report that banks are giving loans to not only celebrities but also many more qualified buyers. With home loans below 4% for qualified buyers you may want to enter the market before inventory dries up and home prices start climbing back up.
As always, give me a call I would love to talk real estate or assist you in any way I can.
Traverse North Realty
830 E. Front St. Ste. 319
Traverse City, MI 49684
Traverse City Blog – The demand for new homes is on the rise – an analysis of new home sales since 2003 in Grand Traverse County
My motivation to write this blog stems from a recent resurge in the demand for new homes. I analyzed the prior year’s data to quantify my premise in relation to home buyer demand. Is the demand I have been experiencing with home buyers indicative of the market place?
The Graph shows the same 12 month time period for each year in Grand Traverse County
|New Homes Sold|
The statistics point to an increase in new home sales in Grand Traverse County for the first time in the past 4 years. There are another 12 houses pending sale when this data was collected. So potentially there are 44 new homes sold over the same comparative time period. The 44 home sales would make this 12 month period the strongest since 2007. This indicates the markets demand for new homes.
Currently in Grand Traverse County there is an inventory of 34 active new (2011-2012) built or to-be-built homes on the market. There has been a drastic reduction in new homes being built in Grand Traverse County since 2007; which is quite relevant considering the continued decline in new home purchases. With the number of foreclosures declining and the lack of move-in ready homes this is a signal to the market to produce more product.
In every respective market there is a lag in response to what the market is indicating and that is what Grand Traverse County is experiencing with the demand for new, move-in ready homes. With current market trends and a lack of moveable inventory the statistics indicate this is a great time to list your home. The question is how competitive will the market for become before we see an increase in inventory.
Cell: (231) 649-0795
Traverse North Realty
129 1/2 E. Front St.
Traverse City, MI 49684
Foreclosures continue to be a substantial portion of home sales in the Grand Traverse area. Many real estate insiders are predicting that in the not too distant future the quantity of foreclosures will be back to pre-2008 numbers. With interest rates at an all-time low; there has never been a better time to take advantage of the current Bank owned properties on the market. With the real estate markets climbing back and the lack of new builds on the market home buyers are facing multiple offer situations. A multiple offer situation can be a surprise to many home buyers in this current market. Here is a snap shot of foreclosure sales for a randomly selected seven-day period in July in the Grand Traverse Region:
13 Bank Owned/Foreclosure sales. Here are the numbers:
HIGH LOW AVERAGE MEDIAN TOTAL PRICE
List Price $194,500 $36,000 $94,453 $84,000 $1,227,900
Sold Price $194,500 $38,900 $92,723 $80,000 $1,205,400
This group of foreclosures sold for 98% of asking price. Of the 13 homes sold 3 houses sold for above asking price. This is not unusual in this current market place. To recap the combination of: Lack of new builds, low-interest rates, and the desirable area we live in increases competition in the existing market and thus prices coming in at asking or just above asking price.
Please check back as I will continue to keep you informed with the state of the local market.
Magda Couturier — Licensed Realtor with Traverse North Realty 129 ½ E Front St, Traverse City, MI