The burning question on ever Buyer, Sellerand Realtor's mind is - When will our market stabilize? If we each had a crystal ball, we could predict that information for the world to hear and see. Unfortunately, we do not have a crystal ball.
A healthy Real Estate market is one that has no more than 6 months of inventory in it. Nationally, we currently have approximately 9% of inventory on the market. So, what does this mean. It means that we are still in a Buyers market for homes.
In order to maintain a healthy Real Estate market, we must have an equal amount of Buyers who are ready, willing, and able to purchase homes and Sellerswho are willing to sell at market value. Without both of these critical components, we will have a disconnect in our market. This is what we are currently seeing. Buyers are searching for the deal of the century, therefore taking much longer to make a decision to purchase. Buyers are also waiting for interest rates to drop even further before making that all important decision to sign on the dotted line.
The 1st Time Home Buyer Tax Credithas increased 1st Time Buyers to purchase. Just over 50% of the homes purchased last month were 1st time homebuyers. In order to reach more home buyers, we desperately need for Congress to pass the $15,000 primary home purchase tax credit. This tax credit would enable ANYONE who was purchasing a Primary Residence to be eligible for the credit.
Our housing market is in much better shape then it was a uear ago when we were faced with 18+ months of inventory on the market.
Although some are waiting for interest rates to lower even further, we are seeing interest rates at an all time low and it is a GREAT TIME TO BUY A HOME!
402 E. Front St. Traverse City, MI 49686