The decrease in inventory isn’t spread evenly throughout the market.  Every price range under $600,000 has seen a decrease in inventory, ranging from a decrease of 20% in the $100,000 – $200,000 price range, to a decrease of 6% in the $400,000 – $500,000 price range. Once you get above $600,000, inventory has increased over last month. In the $800,000 – $1,000,000 price range there has been a 20% increase in inventory, and only 1 home went under contract in the past 30 days. 

Up to $400,000 there is less than an 8 months supply of housing which is a good sign – basically a balanced market.  Above $400,000, the months supply is over 8 months and begins to climb which each price bracket increasing to 41.3 months when you get over $1,000,000. 

What does this all mean? Based on basic supply and demand, this tells us that there is continuing downward pressure on pricing once you get over $400,000.  Under $400,000 the combination of decreasing inventory, and decreasing months supply of housing to under 8 months,  all points to stabilization and maybe even slight upwards pressure on pricing. Over $400,000, the increasing inventory and the months supply of housing being over 8 months is putting upwards pressure on pricing. 

So is the market getting better? It all depends on what price niche you’re in.  Under $400,000 look for the market improving slightly.  Over $400,000 the trends point to a decreasing market. In the real 3state market, if there is less than a 5 months supply of homes on the market, you are in a seller’s market. A 5-7 month supply of homes is a balanced market.  Anything over 7 months is a buyer’s market. As you’ll notice from the stats below, prices appear to have stabilized under 400K, however, there is still downward pressure on prices once you get above 400K.  

   ZIP Codes: 48103, 48104, 48105, 48108      Approximate Location Boundaries: Ann Arbor School District 

Location Characteristics: Ann Arbor has many distinct neighborhoods that offer a variety of home buying opportunities. The area is a cultural Mecca with many performance centers and theaters, live music, dance groups, libraries, museums, parks, & farmer’s markets. It is considered the education capital of the Midwest because it is home to the University of Michigan, one of the country’s top universities. The Ann Arbor area offers one of the most varied menus of restaurants in the state with Main Street as one of Michigan’s best places to eat, people watch and shop. In July, Ann Arbor is host to the Ann Arbor Art Fairs, which is among the nation’s top street festivals and takes up nearly all of the downtown area. Artists and shoppers travel from all over the country to attend this yearly event. Ann Arbor is a great place to live! 

For More Information: 

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*       Ask Me A Question 

About Martin Bouma: 

Martin Bouma is the dynamic team leader of the Ann Arbor Real Estate Team, The Bouma Group of Keller Williams Realty. Implementing a barrage of technology tools makes Martin stand out in a sea of real estate professionals.  Martin and his team use these online and offline tools for one purpose alone – so Washtenaw County home buyers and sellers succeed!  He provides superior work ethic and solid dedication to his clients and what separates him from the amateurs is his thorough knowledge of the market, pricing and negotiating skills, and strong team who ensures ultimate success is achieved for their buyers and sellers. 

 Contact the Bouma Group today!

Not only do we love sharing our ‘view’, we want to see what your Ann Arbor looks like. So, please email us your best photos of what this city is to you. We want this photo blog to become a great resource for people who already live here or are planning to relocate. Send your photos, along with a short description, to us at info@bouma.com.

Be sure to check our new Ann Arbor Photo Blog regularly, as we are constantly updating it with new and exciting photos.

-Martin

Technology Magazines Proclaim 2009 is the Year of the Mobile Search!

Many tech magazines have proclaimed 2009 as the biggest year for the mobile search! What they are referring to is using a smartphone to search the web. And with the ease of use offered by so many of the web-enabled phones today, it’s easy to see why that’s the case. Technology has also taken major strides in providing consumers the ability to “search for Ann Arbor real estate” with a smartphone APP. Check this out!

Your Personal Bouma Group – Ann Arbor Property Search APP

If you have a smartphone, you can go to The Bouma Group “Mobile Download” page on Bouma.com and secure your very own Bouma Group Home For Sale Property Search “APP”. It’s so simple! Just plug in your information and you can instantly begin searching for properties for sale in Ann Arbor. Now you have even more ways to search for your Ann Arbor home, and using your mobile device searching is so much easier.

Numerous Ways to Search for Ann Arbor Real Estate

With your GPS-enabled The Bouma Group Home For Sale Property Search APP you can see nearby homes for sale and save your favorite properties. The application also allows you to search for properties by:

• Map
• Property address
• Search desired schools
• By zip code
• By MLS number of the property
• And by property price

The Bouma Group Home For Sale Property Search application also permits you to save searches too. When you find a Washtenaw County home you wish to preview, the appliaction provides you the ability to call The Bouma Group to schedule a showing at your convenience.

Download your FREE Bouma Group Property Search APP

We would love your feedback on the The Bouma Group Property Search APP powered by Smarter Agent. With this new smartphone APP, you can take advantage of this new technology to locate your next Ann Arbor home.

Download your FREE Bouma Group Property Search APP NOW and be the first to comment. Tell us what you think of our new APP!

Putting Social Media to Good Use

Recently I decided to give Twitter a try. If you’re not familiar with Twitter, it’s sort of like “open instant messenger” meets blogging. In fact, most call it “micro-blogging” because you are confined to 140 characters (including spaces). So you are probably asking yourself, why would an Ann Arbor real estate agent jump on Twitter? Great question! Here’s how I see myself getting “engaged” in Twitter.

It’s All About Caring for Your Ann Arbor Home!

People use Twitter for all kinds of reasons. Because The Bouma Group totally embraces everything pertaining to a home, we are well connected to all kinds of home care resources to help you maintain your Washtenaw County home. Whether it’s a single-family home or a condo located in downtown Ann Arbor we can help you locate the right solution for your need. That means if you “Tweet” that you need a plumber, we can provide a couple of references or if you need a painter, we know several who do a really great job!

So Tweet Me!

Now that you know I’m on Twitter (and so are several of our team members) why not follow us on Twitter! We would love to help you with anything that pertains to your Ann Arbor home. Are you on Twitter?

Until the next post

The condition of the real estate market keeps this question at the forefront of most Washtenaw County homeowners minds. You can spend hours on the web trying to keep up with the latest home price and sales information and then try to piece it all together to make sense. Or, you can check out this great tool called Market Snapshot.

What is Market Snapshot?

A free graphical report that provides up-to-the minute MLS information on the area or neighborhood of your choice.  Market Snapshot provides the real estate information you need all in one place and is automatically emailed to you at the frequency you request. In a single report you will find:

• Market Info – including active and sold data, plus view homes in detail
• Community Info – characteristics, restaurants, shopping, arts & entertainment, plus much more
• School Info – schools in the area with detailed views

View an interactive sample of Market Snapshot here.

Signing Up is Easy

Just click here to visit the enrollment page. Remember, there is no obligation to buy or sell a home by signing up. Once you receive your report, contact the Bouma Group with any questions you may have with interpreting the data. If you are thinking of selling your home and would like more information on your home’s value, give Martin a call at 734-761-3060.

1. Home values in Washtenaw County have slipped from 4th quarter 2006 to 4th quarter 2008. Here are the numbers:
   • Declined 38% per square foot
   • Average sales price has declined 31%
   • Square footage of homes has increased 2.1%

   So homes in Ann Arbor are getting larger and prices are getting lower. Based on this market data, I believe the price per square foot is really the best gauge or indicator of what home values are doing in our area. Be sure you keep this data in mind when it’s time to place your home on the Ann Arbor real estate market. Remember, overpricing your Ann Arbor home when it first debuts on the market (and the Ann Arbor MLS) is a terrible mistake and should be avoided. Initial overpricing leads to a tale spin of consecutive price reductions which ultimately delays selling your home.

2. The overall condition of your Ann Arbor home is extremely important especially in our current highly competitive market. Minor details like a broken light fixture, worn carpet and non-functioning doorbell send strong signals to buyers and these obstacles to selling you home are often difficult to overcome.
3. Make sure the Realtor you select to list your Ann Arbor home ranks high in the search engines like Google and Yahoo. Most Ann Arbor home buyers start their property search online, so make sure you select an Ann Arbor real estate team who has an easy to find website where your home will be prominently featured.
4. Along these same lines, I recommend your Ann Arbor real estate agent “syndicate” your Ann Arbor home all over the web. This includes high-traffic national websites like Realtor.com, Trulia, Zillow, Google Base, Craiglist, and many more.
5. In addition, more agents are tapping into old fashion word of mouth marketing using many online social media networks (Facebook, LinkedIn, Twitter, etc.). This concept of “marketing by permission” is critical to your home selling success as well. Social media marketing is exploding and your next Ann Arbor real estate agent must participate in online social media and possess a strong web presence too!
6. Make sure your next real estate agent in Ann Arbor is utilizing their connections with the local media. These connections serve as a powerful “endorsement” for the agent and means more buyers will seek their listings.
7. Selecting an Ann Arbor real estate agent who blogs is a smart move. Sorry for the gratuitous plug . Why you ask? Ann Arbor agents who blog tend to be better informed. How so you ask? Because a real estate blogger invest their time by staying current with their knowledge of the market. Plus, utilizing technology tools helps streamline your real estate transaction making the agent more productive. In any Ann Arbor real estate market KNOWLEDGE and TECHNOLOGY are POWERFUL TOOLS for you the consumer.
8. The last suggestion offered is based more on chemistry between you and your next agent. My Trulia buddy Rudy Bachraty calls it “your gut feeling”. If you are looking for more tips to selecting your next Ann Arbor Realtor and listing partner to sell your Washtenaw County home, now would be a great time to read Rudy’s words of wisdom on “How to Pick a Real Estate Agent for You“.

What other characteristics would you say are the new realities of marketing your Ann Arbor home in 2009?

On behalf of the entire team here at the Bouma Group, we wish you the very best for 2009!

Martin

Do You Remember the “Brick”?

The cell phone recently celebrated its 25th birthday (October 13, 1983) and boy how these devices have changed and how they have changed our world. Weighing in at a hefty 2.5 pounds, the first cell phone was far from portable. And it was like carrying around a “brick”, hence the affectionate name. And it was expensive too. The first Motorola units sold for about $3,995. If you wanted to activate the thing it would set you back $50 a month just for the service, plus 40 cents a minute at peak hours and 24 cents a minute at off-peak times. Can you imagine still walking around with a 2.5 lb Motorola “Brick” on you today?

Additional iPhone APPS to Search for Washtenaw County Homes

In my next post I’ll discuss a recently introduced iPhone APP Ann Arbor home buyers can download and use to search for properties. It combines the portals of Google Base, Craigslist and Trulia. I’ll share my feedback on this “Home Finder” APP and let you know how it stacks up to the other applications available to Ann Arbor home buying consumers.

Until Next Time-

Martin Bouma