Here we are, just a little over one month into 2016. I have been quite busy since the start of the new year which got me thinking - Is this a trend or just a little random good fortune on my part? After a little research, it seems that indeed 2016 is, in fact, off to a good start. For the Petoskey Area, home sales in January of 2016 were up 12% over January 2015. Also, the median sale price in January of 2016 was $20,000 over the median sale price in January 2015. This is encouraging news that activity and prices are continuing to increase.
In my opinion, the lack of inventory is a major contributing factor to the above statistics. I say it all the time, but it is simple supply and demand. The supply is currently low and the demand is high, leading to quick sales and strong prices. What does this mean for potential sellers? Now is the time to get your home on the market. With the current lack of inventory, buyers are ready and waiting for new listings to hit the market. Last week, I sold a home before it even went into the MLS. This week I sold a home with multiple offers to purchase. This time of year, sellers always say "I am going to list our home for sale this spring." I say - list it now! Don't wait until spring. There is always a flurry of new listings in the spring. List now while the demand is high and the supply is low.