Thursday, December 22, 2016
From too many homes to needing more to sell in the span of a few years. Homes priced under 300k are in high demand. Affordable housing is an issue for our service based economy in northern Michigan. If a home in that price range hasn't sold, there could be a very good reason--or it's just not priced properly. There are still home owners out there that may be underwater from the bubble in the mid 2000's and may not have
room to move on the price. Why is that if prices are back up? Some of those sellers may have taken out a loan with a minimal down payment or 100% loan like a Rural Development loan and cannot cover the closing costs because they don't have enough equity built up. Unless they have money they can bring to the table they're stuck.
There was a decline in sales (or fewer than expected) in Emmet County. I believe that to be not an indication of slower demand but lack of inventory. There is a need for home owners to list their homes for sale. If you think the timing is right for you and your family to sell, please don't hesitate to contact me for a free market analysis.