Source: The Ticker —
Just how crazy is the real estate market in Traverse City? The Ticker asked eight local real estate professionals to share their wildest stories from the pandemic-era boom, as well as their predictions for what the market might look like in three years.
Brendan Davis, Five Star Realty
Craziest story: I got a call from one of my buyers about a condo. It had been listed just a few minutes ago, but the showings were already booked up for the day. I managed to squeeze us in the next day at noon. I woke up the next day ready to head over there – and learned that, within 12 hours, the condo had been sold, cash, for $200,000 over asking price.
Prediction: The market will surely flip as interest rates rise and our buyer pools diminish. However, more people are beginning to learn that this huge ‘inevitable crash’ will only be temporary, as real estate is something that will be forever crucial to a functioning society.