Between the low inventory of available homes, particularly in the $200,000 to $300,000 range, and low interest rates, competition for homes on the market is high. Buyers have been finding themselves in bidding wars, with some properties selling above the asking price.
Spring typically brings an increase to the number of houses on the market, but can also bring with it an increase in buyers, meaning that, depending on any substantial changes in the economy, the seller's market is likely to continue.
The conversation over short term rentals in Traverse City continues as the city looks to address the lack of long term housing. On January 7th, Traverse City's planning board recommended a ban on new vacation homes in areas zoned C-1 and C-2.
While the proposed ban would allow for the 38 properties already licensed for short term rentals, updated language limits the number of newly constructed properties that would be allowed as short term rentals.
Yet another national publication has named Traverse City one of its "Top Places to Live." This time it was 24/7 Wall Street, a national blog focusing on investing, technology and the economy.
The top 50 cities were identified using "over two dozen metrics related to affordability, economy, standard of living, and community."
We're thrilled to launch JDXTraverseCity.com, a home-grown real estate website with tons of resources on NW Michigan real estate.