Coldwell Banker Fairbairn Realty conducted a study of the characteristics of homebuyers in Emmet County in the year 2022.

608 = Total homebuyers

Period January 1, 2022–December 31st, 2022

Purchase Power

· 44% of homebuyers were cash buyers

· 53% of homebuyers purchased via mortgage

· Remaining 3% of homebuyers used owner financing or Veterans Administration financing

· 56% of buyers paid asking price or above

Luxury Buyers

· 41% of homebuyers purchased at $500,000 or above

· 48% of homebuyers purchasing at $500,000 were cash buyers

Where

· 13% of homebuyers purchased in Alanson

· 33% of homebuyers purchased in Harbor Springs

· 40% of homebuyers purchased  in Petoskey

New VS Previously Owned

· 3% of homebuyers purchased a newly built home, 97% of buyers purchased a previously-owned home.

Construction Preference

· 160 buyers purchased a condo

· 84% of homebuyers purchased a site-built home

· 8% of homebuyers purchased a Modular/ BOCA home

· 4% purchased a Manufactured/ HUD home

Timeline

· 20% of sales took place within 30 days or less