11/20/2023
A lot people ask how the market is in the Traverse City region, of which in my mind includes Grand Traverse, Antrim, Leelanau, Benzie and Kalkaska. Let’s face it, all these counties are essentially interconnected and making a living in it for 30+ years, I can tell you that every buyer is unique and they might start in one particular county but they land in one 40 miles away from where they first started. It’s all good! Let cut to the market finally(IKR). Let me start by saying something you probably already knew- that is we’re not in the COVID era where we saw multiples and escalation clauses up the w***o. The market has slowed down a bit. You already know why and that’s cool! Here’s the good news: actually these are 2 quick wise statements (in my pro opine) that I’ve learned after being in the havoc of interest rates in 1981 (17%) and the downturn in 2006, 7 and 8 (bank fraud and bail outs). Here’s the 2 good news facts for both buyers and sellers: 1) Sellers might not get what they expected but if they are relocating the money they get now will be good in that the new home they buy elsewhere is also in a down market, so in essence they will get the same home they would have got in a better market and probably a better home because our 5 county region is somewhat better that other markets because we are a resort destination and people will always want to move here once they’ve been here whereas other larger metropolitan like areas suffer more (the bigger than the harder they fall). Let me add one more good for home sellers who are NOT relocating, that is this if are investing in something other than a home - fact: Warren Buffet makes his largest gains during downturns. So DONT be discouraged by investing in something now- just follow the money! Buyers: I think I’ve already answered that point. If it’s still unclear please contact me and I’m not high pressure!
