Young Buyers Returning to the US Housing Market En Masse

Home Buying 6A key factor in the housing market recovery is returning to the national market en masse, much to the elation of housing market analysts.

According to a recent Bloomberg article, more and more first-time home buyers are entering the market because they feel more confident about the economic recovery.

Faster economic growth and a labor market that’s approaching “full employment” (according to the Federal Reserve) are aiding in that rise in confidence among first-time home buyers.

Even if you’re not a first-time home buyer, this news is sure to benefit anyone who is navigating the national housing market right now.

Fannie Mae Economist Makes Positive Predictions for 2015

Douglas Duncan, a chief economist at Fannie Mae in Washington, made the following predictions about the year ahead:

  • There will be a 6.3 percent increase in mortgage lending for purchases this year.
  • This increase follows a 9.6 percent decrease in 2014.
  • Increasing confidence in the job market is the strongest indication that home sales will improve.

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702 Sunset, Ann Arbor Real Estate Listing

702 Sunset, Ann Arbor MI 48103702 Sunset, Ann Arbor MI Real Estate Listing at Water Hill

New Listing! Walk to downtown Ann Arbor from this spacious ranch in the desirable Water Hill neighborhood. Features include:

  • 1702 square feet with 4 bedrooms and 2 baths.
  • Refinished hardwood floors throughout the living room and 1 bedroom.
  • Large deck overlooks the private back yard.
  • More photos & features
  • MLS #3227964
  • Listed for $285,000

For more information on 702 Sunset or to request your private showing of this home, contact Ann Arbor’s premiers Realtors at The Bouma Group today at 734-761-3060 or email us at info@bouma.com. View more of our Featured Listings here!

Burns Park, Ann Arbor Real Estate Report

Burns Park Real Estate Report – January 2015Burns Park Neighborhood, Ann Arbor MI 48104

Burns Park is a sought after Ann Arbor neighborhood located within walking distance of downtown and the University of Michigan’s central campus. There are currently 5 homes listed for sale and in 2014, 26 homes sold.

Homes for Sale:

  • $650,000.  1711 Morton, Ann Arbor. 2397 sq. ft., plus 550 in finished lower level, 3 bedrooms, 2.1 baths. Listed by The Bouma Group
  • $649,000.  1113 Fedon, Ann Arbor. 2312 sq. ft., plus 580 in finished lower level, 4 bedrooms, 4.1 baths.
  • $595,000.  1317 Granger, Ann Arbor.  2224 sq. ft., plus 250 in finished lower level, 4 bedrooms, 2 baths.
  • $485,000.  1505 Shadford, Ann Arbor. 1462 sq. ft., plus 600 in finished lower level, 4 bedrooms, 2 baths.
  • $400,000.  1700 Shadford, Ann Arbor. 1964 sq. ft., plus 722 in finished lower level, 5 bedrooms, 2.1 baths.

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Report: US Home Inventory Low, Making It a Great Time to Sell

Home RelocationHappy New Year! We hope you and your loved ones enjoyed a wonderful New Year’s Eve and that you’re as excited and hopeful about 2015 as we are!

And if you’re a prospective home seller, a recent report from the National Association of Realtors suggests that there’s a good chance you can get a great price on your home right now.

According to the recent report, US home sales recently hit a six month low, with inventory at a low point too.

While this may seem discouraging at first blush, this actually suggests that those homes that are being sold on the market are being met with increased demand. After all, home buyers have a smaller selection of available homes to choose from than in recent months.

The key to sealing the deal on your home for sale and getting a great price is expert marketing.

A Closer Look at This Recent Real Estate Report

Here are some of the highlights from the recent National Association of Realtors report:

  • Existing home sales decreased 6.1 percent to an annual rate of 4.93 million units.
  • That figure is the lowest it’s been since May.
  • Meanwhile, home inventories reached an eight month low.
  • Home sales were up 2.1 percent from a year ago during the month of December.
  • Meanwhile, the U.S. housing index was down 0.2 percent as shares in the largest home builder (D.R. Horton) decreased 0.4 percent. Lennar Corp fell 0.43 percent and Pulte Group decreased 0.19 percent.
  • Also, the inventory of unsold homes decreased 6.7 percent from a year ago, to 2.09 million.
  • At November’s sales pace, it would take 5.1 months to sell all homes currently on the market. A six month supply is usually considered a healthy balance between supply and demand.
  • The decreased supply of homes means that the median home price increased 5 percent from a year ago.

Experts say that fickle wage growth as well as higher home prices have kept a lot of first-time home buyers out of the market.

Still, experts also say that with job gains and wage growth expected in early 2015, more and more first-time home buyers are likely to enter the market in the coming months.

In fact, during the month of November, first-time home buyers accounted for 31 percent of all transactions, which is the biggest share they’ve occupied since October 2012.

For comparison purposes, first-time home buyers comprised 29 percent of all transactions in October.

Expert Real Estate Marketing is Key to Selling Your Home

As you can see, there is plenty of opportunity to get a good price on your home, you just have to make sure your home stands out to prospective and qualified home buyers.

That’s where working with an experienced real estate agent can help. A professional will be able to create a custom-made marketing plan for your home that will maximize its exposure to the right buyers. This will ultimately lead to you getting your home sold in a relatively short amount of time and for a great price! To find out what your home is worth in today’s local market, contact us at 734-761-3060 or info@bouma.com for a free market analysis.

Check back here soon for more expert insight on the national housing market and how it may impact you as a seller.

Here’s to a happy and prosperous 2015 for you and your family!

5 Predictions for the US Housing Market in 2015

PredictionAre you a current home owner who is considering listing your property on the market in 2015?

If so, then you’re likely to enjoy a lot of success!

After all, Realtor.com recently released its top predictions for the housing market in the New Year. And all of them seem to favor home sellers.

Let’s Take a Closer Look at National Housing Market Predictions

Millennials will enter the market en masse. This is something the housing market has needed for the last couple of years: More Millennials entering the market as first time home buyers. And according to projections, that’s what you can expect in the New Year, with more than two thirds of household formation being credited to this demographic. Helping matters is the fact that about 2.5 million jobs are expected to be added next year, improving home buying power.

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5454 Witness Tree Lane, Chelsea MI Home for Sale

5454 Witness Tree Lane, Chelsea MI 48118 5454 Witness Tree Lane, Chelsea MI 48118 Home for Sale

New Listing! 7 beautiful, wooded acres surround this updated home just outside of Chelsea. Features include:

  • 2530 square feet +850 in the finished lower level, 3 bedrooms, 2 full, and 2 half baths.
  • Numerous updates throughout include a remodeled kitchen, master bath, full bath, and half bath.
  • Stunning vaulted great room with a cozy fireplace.
  • Hardwood floors throughout the first level and solid oak doors throughout.
  • More photos & features
  • Virtual tour
  • MLS# 3227505
  • Listed for $395,000

To learn more about 5454 Witness Tree Lane or to request to view this home, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com. View more of our Featured Listings here!

 

Ann Arbor Condo Market Update for November 2014

Condo Sales in Ann Arbor Remain Steady

Ann Arbor Condo Statistics for November 2014
Ann Arbor Condo sales have remained steady throughout the fall with an average of 627 units selling in the past 12 months for August-November. Inventory continues to decline with 184 units available, compared with the high in May of 252. With less inventory, Ann Arbor is currently in a seller’s market with a 3.5 month supply of condos available. The $500k – $1M price range did really well with 20 sales in the past 12 months.

Thinking of selling your condo? The spring market, the best time to sell, is right around the corner. Get a jump on the competition and call us for a free market analysis for your condo and to find out what you need to do to get ready to sell. The Bouma Group has been the top seller of condos for more than 15 years and knows this market better than anyone! Contact us today at 734-761-3060 or info@bouma.com.

Ann Arbor Real Estate Market Update – November 2014

Ann Arbor Home Sales Slow

Ann Arbor Real Estate Market Statistics for November 2014
Due to a shortage of home inventory, Ann Arbor Real Estate sales are slowing. Typically this time of year, with colder weather and the holiday season, inventory shrinks and as a result so do sales. Compared with last month, the number of homes listed for sale has decreased 15%. Ann Arbor continues to be in a seller’s market with a 3.9 month supply of homes available.

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Barton Hills Neighborhood, Ann Arbor Real Estate Report

Barton Hills Neighborhood Real Estate Report – December 2014Barton Hills, Ann Arbor MI Neighborhood

Nestled in a a gorgeous wooded setting along the Huron River, Barton Hills is the epitome of luxury living. There are currently 4 homes listed for sale and so far this year, 4 homes have sold.

Homes for Sale:

  • $1,995,000.  100 Underdown, Ann Arbor. 8460 sq. ft. +1731 in finished lower level, 6 bedrooms, 7.1 baths.
  • $1,650,000.  310 Corrie, Ann Arbor. 6892 sq. ft. +1600 in finished lower level, 6 bedrooms, 5.1 baths.
  • $1,179,500.  860 Colliston, Ann Arbor. 5578 square feet with 4 bedrooms and 4.1 baths. Listed by The Bouma Group
  • $895,000.  767 Oakdale, Ann Arbor. 4460 square feet with 4 bedrooms and 3.1 baths.

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10 Winter Home Improvements That Are Worth The Investment

ChecklistWe hope everyone had a memorable Thanksgiving Day and are looking forward to the rest of the upcoming holidays!

With December officially upon us, residents can expect temperatures to continue to dip as we head into the New Year.

So today, we wanted to share with you some relatively easy home improvements that you can make that will save you money during the winter months.

Home Tips for Saving Yourself Money This Winter

Here are 10 home improvements that you can make this winter that will save you both money and energy:

Caulk around windows and doors, making sure that all cracks and holes are sealed. This will keep the cold air out of your house, which will keep your heater from working overtime. If necessary, you might also consider adding or replacing weather stripping.

Add area rugs to your tile and wood floors. This creates an extra layer of insulation in your home and also makes it easier to walk around your home in bare feet during the winter time.

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