March 7, 2020
Some house hunters in the Grand Traverse region this winter are growing increasingly frustrated with the tight housing market in the area. Inventory remains low, with a 2-3 month supply of homes in the typical range of $200,000 to $300,000 range. While some homes may spend months on the market before selling, homes that are in good condition/locations and appropriately priced tend to be snapped up almost immediately.
Thee lack of inventory along with the buying power that comes with historically low interest rates have lead to a very competitive market for people. Buyers seeking a typical 3-4 bedroom/2+ bath in Grand Traverse County can often find themselves in bidding wars with multiple other buyers. Many prospective purchases are hoping to hear about homes before they officially hit the market to gain an edge, while Realtors are increasingly sending out mailers to home owners looking to entice them to put their homes up for sale.
While spring often welcomes an increase in inventory that might increase opportunities for those looking to buy a home, it is typically accompanied by an influx of buyers, meaning the seller's market is likely to continue for the foreseeable future. Changes in the economy can quickly change the market dynamic, but given the increasing population of the economy and influx of young families looking to take advantage of the quality of lfe in and around Traverse City, buyer's should plan to act quickly when they see the house of their dreams.