After months and months of negative press about the Real Estate Market have we finally turned the corner in the Petoskey Real Estate market? The question has long been when will the market hit bottom, with the answer always being no one will know for sure until the market starts to go up. I believe I have found statistics to prove that we may be on our way back up. In the Petoskey real estate market from January 1, 2008 through March 3, 2008 the number of sales is actually up 5% over the same time period in 2007. This includes all sales published in the Northern Michigan Multiple Listing System including residential, vacant, waterfront and commercial properties. As far as the Petoskey residential market goes from January 1, 2008 through February 29, 2008 the statistics are up 3% over the same time period in 2007, again with all statistics being pulled from the Northern Michigan MLS.
What do these statistics mean? Well for our little corner of the world maybe things have finally started to get better. There is no question prices have come down from what they once were and that it is still a buyers market out there but with interest rates holding at exceptional levels, now before we get to the busy summer season may be the best time to buy before sales continue climb.
Experienced Real Estate Professional representing Purchasers and Sellers throughout Northern Michigan, including Petoskey, Bay Harbor, Harbor Springs, Walloon Lake, Burt Lake and Lake Charlevoix.
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