Luxury homes are sluggish, say Realtors in resort, second home and retirement towns like Traverse City, Waterford and Whitmore Lake, Michigan, which could offer great opportunities for buyers.

Traverse City

"We're in a buyers market right now," says Realtor Sandy Pownall. "The market for luxury properties such as waterfront, second homes, and high-end property is sluggish. Starter to mid-range homes are selling well."

Waterford

Says Realtor Perry.B.Thompson, "There are 641 houses on the market in Waterford and Sylvan Lake. Prices ranges from $46,800 to $1.6 million. The average list price is $249,641. The average time on the market in Waterford and Sylvan Lake is 62 days."

He explains, "Over the past few months, the number of houses on the market has gone up, and the average time on the market and the average list price are virtually unchanged. These factors suggest that the market is remaining a buyer's market in Waterford. Low interest rates and the high ratio of sellers to buyers make this an ideal time to buy throughout the region. Sellers can get the value out of their investment, but they must be prepared for several months of aggressive marketing."

Whitmore Lake

"With 30% more houses on the market now than the same time last year," says Realtor Dennis O'Hare, "there's no doubt that makes it a buyers market. If a home has not sold by September, the price will need to come down. Homes under the 200's are selling quickly to the first-time homebuyers' market. With the close location to Ann Arbor, you will not go wrong."

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Published: August 25, 2004

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