Investing, whether in real estate, stocks, bonds etc. is always a gamble. Sometimes we win and sometimes we lose. Unfortunately, there have been more portfolio "losers" as of late, but we got off the sideline and played the game; despite knowing the possible consequences. And interestingly enough, despite being kicked around and bruised, we're still in the game! We've remained hopeful by keeping whatever money remains in the "market".
The media has done a tremendous job of instilling fear among consumers; especially in the real estate market. Traverse City has not been except from foreclosures, however, we have not experienced it to the same degree that has been found in larger metropolitan areas. From a local perspective housing activity seems to be improving. Agents are busy. New listings and "SOLDS" hit the market daily. And as of this morning , there are 183 pending sales. So, "yes", things are moving! Overall, it is my belief that prices on a local level have stabilized.
The home buyer tax credit has worked. 51% of the sales last fall were first time home buyers. And now with the program extended and now including repeat home buyers, activity remains strong. With this program coming to an end (April) and interest rates forecasted to increase, now is an opportune time to buy. Prices and interest rates will not remain this low forever.
However, even if all the stars align to indicate now is a good time to buy, in the end, it's a personal decision. A decision that you have to be comfortable with. And when you decide the time is right, the talented, knowledgable and dedicated agents of Homewaters will be here - ready, willing and able to help.
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