The Grand Traverse County real estate market is constantly changing and evolving. Perhaps you’re thinking about looking at Grand Traverse County houses for sale but don’t want to go in uninformed. Here are some things you should know about the current state of the market.
1. What’s the local market like?
Lately, Grand Traverse County real estate has been more of a seller’s market. This means that homes typically sell faster and prices are higher. The median sales price is up nearly 15% from last year, or $42,000, to a current median sales price of just over $330,000. This is based on homes sold within the past 12 months. In February, there were 251 homes on the market, which represents a drop of nearly 8% from January. Most homes sell at or above the asking price and remain on the market for around 56 days.
2. What’s the national market doing?
The national housing market has been hot since the onset of the COVID-19 pandemic nearly two years ago. Interest rates dropped, and many buyers took advantage of this shift. Experts expect the market to remain strong in 2022, even as things begin to go back to normal. Interest rates will likely rise as the federal government attempts to counteract the effects of inflation, but they aren’t expected to go any higher than pre-pandemic levels. Generally speaking, there remain more buyers across the nation than there are sellers, and home prices should continue to rise.
3. What will supply be like in 2022?
Recently, Grand Traverse County houses for sale have been short in supply. Across the state of Michigan, the number of houses for sale has fallen nearly 25% in the last year, while the number of homes sold fell 5.1%. Usually, when the curve hits a valley, it tends to bounce back pretty well, so perhaps we will see more homes come on the market soon. Since February 2022, the number of Grand Traverse County houses for sale has increased by 10%.
4. What will demand be like in 2022?
In March, 52% of homes in the state of Michigan sold above the asking price. In comparison, only 22% of homes were sold under the asking price for a total of 16 homes. These numbers are relevant when talking about demand, as they reflect how many buyers are looking at the same homes and how many homes may be receiving multiple offers. They can give us a good idea of how saturated the market is and how competitive it might be.
5. How many foreclosures should we expect in 2022?
Recently, the federal government put a pause on foreclosures to help individuals and families impacted financially by the pandemic. This pause has since been lifted, although some local and state governments still have temporary measures in place. That said, we’ll see some foreclosures in 2022, but probably not nearly as many as we did before the pandemic. Keep in mind that homes in foreclosure or pre-foreclosure may come with unique challenges that you should take into account before purchasing.
6. Should I buy a house in 2022?
Should you buy one of the Grand Traverse houses for sale this year? The answer depends on your personal and financial circumstances. Are you ready to buy a home? If you’re not sure, a good first step is to speak with an experienced lender, who can ask questions and provide insight based on your unique situation. There are plenty of online websites that can prequalify or preapprove you for a loan, but an individual lender will likely be able to give you the most accurate information. Something else to consider is, given how competitive the market has been, are you willing to submit competitive offers on a home that may be above the asking price? Are you willing to give up some of your preferences and wishes in order to get into a home more quickly? These are all important things to consider as you think about purchasing a home in 2022.
7. Should I sell a house in 2022?
If you’re considering selling a home, 2022 might be a great time to do it. There remains a good chance that you can receive an offer above the asking price, assuming your house is priced in the right range. If you’re thinking about selling, you might want to continue doing market research while also making small improvements to your home that will help with staging and showing. This can lead to you getting the best possible return on your home.
8. Who can help me buy or sell my house in 2022?
Whether you’re buying or selling Grand Traverse County Real Estate, Molly Buttleman can help. Molly has lived in the area for 25 years. Furthermore, she understands the unique demands and challenges of handling any type of transaction involving Grand Traverse County houses for sale, which has allowed her to be a top seller year after year. She would love to talk with you about how she can assist you with your home sale or purchase.
