Real estate has for a long time been considered a sound investment. When a young couple marry one of their first goals may to be to buy a house. This desire to own real estate appears to be alive and well in northern Michigan.
While sales had been on a bit of a decline over recent months, sales in February were up slightly over the same period a year ago. This can be seen as perhaps the beginning of a strong spring market. Indeed, spring is often one of the busiest seasons for home sales as families begin to consider relocation in time for children to start the following year in a new school.
Inventory, the number of houses on the market, is also up modestly in most areas of the region. The overall dollar volume of available properties in Feb. 2019 was at $41,785,904 and was at $38,274,545 for the same time period last year, and average and median prices were up slightly but interest rates remain low. Another factor to be aware of is the average number of days on the market, or DOM. That number differs from county to county in the region. Kalkaska shows the lowest average DOM this year at 116 while Benzie is at 172 and the others fall somewhere in between.
A real estate purchase is typically the largest investment a person will make. While a real estate agent can be a great asset in finding one the right house, it is wise to be well-informed on all the legal and investment issues as well. Consulting with an experienced real estate attorney in Michigan can help to ensure that a fair deal is reached and that a sound investment has been made.