Mortgage and Lending News

Rates Improve as Market Remains Strong - Values up 8.7%

November 5th, 2013 | 100% mortgage, 100% purchase, 100% Refinance, traverse city mortgage, va 100% michigan mortgage, va mortgage, Versatile Mortgage LLC, 100% purchase Michigan, 10, 100% rd loan

 As we edge closer to the end of an amazing year rates have dipped again amidst rumors that the economy has slowed.  The Northern Michigan Housing Market remains strong with 103 closed sales last week.  New construction is at a record high since 2007 - a great sign that economic changes are working and more Americans are back to work.  

Weekly Market Statistics

 
10/28/2013 thru 11/03/2013
142 New Listings
103 Closed Sales
301 Pending 
 
Sales By Classification
67  Residential $20,000  to $1,148,700  Median $163,000 Mean $192,063
34  Vacant Land $1,500 to $495,000 Median $21,000 Mean $59,982
2    Commercial $1,750 to $1,950 Leases
  
Sales by Location
14 Antrim County
12 Benzie County
60 Grand Traverse County
03 Kalkaska County
10 Leelanau County
04 Wexford County
 
Expired Listings   140
 
Year over Year Comparison for Grand Traverse County on & off water homes
 
Off Water Homes All Values 
Current Listings        634
Sales                        11/12 to 11/13  1,057  10/11 to 10/12  1,018
Average DOM          125 or 4.2 Months
Value Direction         Up 8.7%
Market Activity          Up 3.8% 
Inventory Supply       7.2 Months
 
Direct Water Homes All Values
Current Listings       205
Sales                       11/12 to 11/13  150  10/11 to 10/12  183
Average DOM          205 or 6.8 Months
Value Direction         Up 1.2%
Market Activity          Down 18.0%
Inventory Supply      16.4 Months  
 
 
Respectfully,
Robert J. Reamer 
Real Estate Expert Since 1978
Certified General Appraiser
 
Phone:     231.649.0877
Fax:       231.333.5078
Email:     bob@teamreamer.com
Website:   www.RobertJReamer.com
 
Real Estate Appraisal Services, Property Tax Appeal, Real Estate Consulting
 

Randy Brown (NMLS# 179424)
Nicki Klama (NMLS# 1600896)
Christi Cronk (NMLS# 1403476)
Dave Crater (NMLS#1450363)


Versatile Mortgage LLC (NMLS# 179163)
Phone: 231-946-2202 | Fax: 231-946-5988
810 S Garfield Ave Ste A ,
Traverse City, Michigan 49686

Locate Us