The holidays are over, and people are turning their attention to hopes and plans for 2019. Some of these plans include real estate purchases. According to local experts, the 2019 market in real estate will probably resemble the 2018 market. In northern Michigan, that spells good news as the local market was very healthy in 2018.
The residential market did show a slow down from 2017 to 2018. This is looked at more as a leveling off followed by a bit of a cooling-off period. Inventory is a little bit down, but selling prices are up, and time-on-market has also decreased with the reduction in inventory.
Commercial real estate showed much the same trends over the same period as residential real estate. It is believe that as long as the economy remains strong, so will the market. Inventory on the commercial side is somewhat of an issue as there are interested buyers and investors but a lack of sellers. Interest rates also remain low, and as long as they do, this should contribute to the continued health of both sides of the market. A large boost in interest rates is not considered a likely possibility.
The Traverse City area is considered to be in a somewhat unique position as the area is considered to have recovered from the recession more quickly than the rest of Michigan. As time passes and more commercial and residential properties come on the market, the opportunities for investors and buyers will also increase. An experienced real estate attorney can aid interested buyers and investors in achieving their real estate goals for 2019.
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