For anyone wondering what the real estate market is like post Covid-19, all I can say is it is HOT. Some might say too hot. Since the Governor allowed real estate agent to go back to work, our phones have been ringing off the hook and here is why:
1. Record Low Inventory
2. Record Low Interest Rates
3. The Ability to Work from Home
4. Traverse City is a Place People Flee to not Flee From
Those 4 things have moved many people time lines up from years to in some cases weeks. There was a lot of time during lock down for people to search online and no one could go look at property. There was pent up demand and very few new properties coming one the market.
Suddenly, we had a lot of people steping to the line and that has caused most properties (that are priced right) to sell almost immediate at full price or often well over due to multiple offers. A buyer in todays market must be prepared and do the following:
1. Be prepared to write an offer immediatly and in many cases over asking.
2. Have proof of funds avaialble, if a cash buyer.
3. Have a pre-approval letter from a local lender
4. Be working with an experienced local REALTOR who is very familiar with the market.
For a detailed explaination on why these are important please contact me to discuss your individual needs at 231-218-5199.
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