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State of the Real Estate Market - 2007
Part 1 of 4
TEAM MIKE here with our much-anticipated State of the Real Estate Market Address for the Grand Traverse area, Fourth Quarter, 2007.
You might be thinking, “Oh man, what kind of doom and gloom do these two Realtors have about the current real estate market?”…or… “Bet that TEAM MIKE’s got a lot of time on their hands as slow as the real estate market is right now.”
Nope.
And since you’re a reader of Ask the Realtors, you will be constantly in the know from here forward.
Unlike investing in the stock market, where, when the market is “good” the average investor does “good,” and when the market is “poor” the average investor does poorly, for the most part, the real estate market always has a “good” side.
You just have to know what the upside is and be able to take advantage of it.
Right now is not a “good” market if, say, you and your husband really worked hard in the last five years or so and bought the biggest, best, most beautiful home the two of you could possibly afford, while you both made as much money as either of you ever had. And now you’re both thinking you’d much rather downsize, spend more time on your bikes, maybe travel, and play with your absolutely adorable grandkids. Your home is worth between $250,000 and $450,000, and maybe you’ve taken a second mortgage out on it. If you want or need to sell your home quickly, and owe much of (or more than) its worth, this is not a good real estate market.
On the other hand, let’s say you’ve recently married (Congratulations!), are looking to start a family and know that you will be ecstatic not to be moving for the next three to five years. Or you’ve almost convinced your significant other that life in Traverse City really is better than it is in […fill in any big city here…] and that, yes, you’ll both be making only 40 percent of what you currently make, but life in TC will be more than 60 percent better. There is not a better time to buy a home in the Grand Traverse area.
For buyers (particularly those who don’t have a home they need to sell in order to buy), the Grand Traverse area real estate market isn’t “good,” it’s GREAT!
Check back with us next week when we continue our look at the TEAM MIKE State of the Real Estate Market - Fall 2007.
All the best,
TEAM MIKE
Last Updated: October 18, 2007
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