The residential real estate market in Grand Traverse County continues to be healthy. According to the online real estate site, Zillow, the median price for homes in the area has increased 9% in the last year and 32% since 2013. Number of days on the market has increased slightly in the last year, from 97 to 104. Data shows that April has been the busiest month so far, which is not unusual.
Zillow projects a continued increase in area home values over the next 12 months. The site projects values in the nation to rise about 2.8%. The site’s prediction for the Traverse City area has values increasing by 3.4%.
While Zillow is currently considered the most popular real estate site, it is not always the most accurate. Local agents may caution clients against putting too much stock in Zillow’s stated home values and possible selling prices. Real estate is very much a local industry and many things go into determining the value of a home. These include local schools, the home’s location related to major traffic and highways, and the general condition of the home.
Emotion can play a big part in the process of buying a home in Grand Traverse County, but a person may want to feel that the property one has fallen in love with is a good investment. One way to help ensure that one is getting a good deal in a real estate purchase is to work with a local agent and also to work with an experienced real estate attorney. A knowledgeable attorney can review contracts of sale and help to ensure that a buyer’s interests are protected.
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