Category Archives: Ann Arbor Real Estate Trends

The Top 4 Home Selling Myths of 2019, Busted

“Fake news” has become one of the trendiest terms of the decade—even when it comes to real estate. Homeowners are often bombarded with selling advice that promises to get their home sold quickly and for top dollar…but more often than not, these “tips” are nothing more than misleading—and can throw you off-track.

As we end the year, we want to set the record straight. Here’s our list of the top four home selling myths, debunked.

Myth #1: It’s Just like Reality TV

Woman watching TV with popcorn

If HGTV is your guilty pleasure, you’ve probably watched hundreds of buyers and sellers navigate the real estate process on camera. Although the shows do get some things right, they’re often scripted and don’t provide an accurate idea of what it takes to sell your property.

One of the biggest misconceptions created by these programs is the length of the selling process. Don’t fall for the TV magic—it actually takes a lot more than a showing and a phone call to close a deal. In reality, homes can sit on the market for 60 to 100 days or more, and the closing process might last for up to 45 days. Instead of expecting instant gratification, it’s best to talk with your agent to create a realistic timeline before listing. Continue reading

2020 Vision: The Top Home Features You Can Expect to See Next Year

The year is winding down fast, and with the rush of the holidays, it’ll be 2020 before you know it. With a new year comes new trends, and you can expect a number of home design shake-ups both big and small.

Here are the top home features that are sure to be priorities for buyers in 2020!

Separate Laundry Rooms

A person carrying knitted blankets.

It might be a little unexpected, but laundry rooms were one of the most highly sought-after home features of the year, with a whopping 91% of buyers saying they’re essential. Many people also prefer the laundry room to be on the ground floor and sectioned off from the rest of the home.

In 2020, you can expect to see buyers continue to gravitate toward homes with designated laundry rooms—try brainstorming ways to bring more focus to yours! Continue reading

Ann Arbor Real Estate Report – October 2019

Year-to-date Prices Only Rise Slightly

In the month of October, 110 Ann Arbor homes were listed for sale and this is a 15.8% increase compared to the 95 homes sold last year. The average listing price declined slightly from $483,085 to $458,760, a 5% drop. A total of 83 homes were sold in the past month, and this is a minimal decline compared to October 2018. The average sale price for Ann Arbor homes increased by 14.9% from $416,435 to $478,428. Unfortunately for sellers, the average days on the market for homes has raised a significant 47% from 38 to 54 days presently.

Looking at the year-to-date statistics, we can see that both listing and selling prices have only somewhat increased. The ALP so far is $506,066 and this is 3.6% higher than before which was $488,423. There has been only a slight decline in the amount of listings entered, from 1381 to 1387 homes. Similarly, there has been little difference in the amount of sold homes as 934 have been sold thus far compared 940 previously. The ASP cumulatively sits at $461,552, which is 5% increase compared to $439,512 at this last year.

The Bouma Group is here to help with all of your housing needs, whether you are looking to buy or considering selling, contact the real estate specialists at (734)761-3060 or via email info@bouma.com. View more Ann Arbor neighborhoods here!

The Pros and Cons of a Buyer’s Letter: Standing Out in a Busy Market

Imagine, after weeks of searching, that you’ve finally found your dream home. It’s in the perfect location with the right features and exactly the amount of space you need. But after requesting more information, your agent informs you that there are already several offers made on the house. How do you stand out in a busy market and snag your dream home?

When buyers are looking to make a lasting impression on sellers, they often opt to submit a letter to the seller. In fact, a recent study found that buyers who submitted letters were 9% more likely to have their offer accepted.

A Buyer’s Letter can work both with you and against you, so it’s important to understand what they are and when you should use one. Continue reading

A New Kind of Home Buyer: Tips for Marketing Your Home to Millennials

A young millennial couple standing in front of the home they've just purchased.

Millennials get a lot of flack, but they’re an important part of the real estate market. In fact, they make up the largest generational percentage of home buyers right now!

So, if you’re planning on selling your home soon, it’s important to keep the average millennial home buyer in mind. This generation is unlike any that’s come before it, and the way they buy everything (from laundry detergent to life insurance) is unique.

When it comes to catching the eye of the discerning millennial home buyer, here’s what you need to do:

Create a Strong Internet Presence

It goes without saying that millennials rely on the Internet for, well, everything. This isn’t unusual: the Internet makes every kind of shopping easier and more accessible.

As such, giving your home an effective online presence is key. It needs to be easy to find via the most popular home-buying networks, and it has to look great no matter the screen size. After all, more home buyers than ever before are using their smartphones to find their dream home. Continue reading

Polo Fields, Ann Arbor Real Estate Report

Polo Fields Real Estate Report – April 2019

There are currently 2 homes listed for sale at the upscale Polo Fields subdivision and so far this year, 0 have sold. 4 homes sold in 2018.

Homes for Sale:

  • $699,900. 4943 Birdie Lane, Ann Arbor. 3021 sq. ft., +1250 in finished lower level, 5 bedrooms and 3.1 baths. Sale Pending
  • $510,000. 4861 Polo Fields Drive, Ann Arbor. 2514 sq. ft., +2250 in finished lower level, 5 bedroom and 3.2 baths. Sale Pending

Homes Sold 2018:

  • $715,000. 794 Bogey Court, Ann Arbor. 2855 sq. ft., +1254 in finished lower level, 5 bedrooms and 3.1 baths.
  • $670,000. 853 Chipshot Court, Ann Arbor. 3197 sq. ft., +1200 in finished lower level, 4 bedrooms and 3.1 baths.
  • $593,000. 4957 Gullane Drive, Ann Arbor. 3031 sq. ft., + 1100 in finished lower level, 4 bedrooms and 4.1 baths.
  • $402,000. 918 Fairway Park Drive, Ann Arbor. 2375 square feet with 3 bedrooms and 2.1 baths.

In 2017, 4 homes sold with an average sale price of $491,875 and an average price per square foot of $175.00. The 4 homes sold in 2018 had an ASP of $595,000, up 21%, and an A$/SF of $206.00, up 18%. To learn more about this golf and country club community, contact the real estate specialists with The Bouma Group at 734-761-3060 or email info@bouma.com. View photos and more market statistics for the Polo Fields here!

Ann Arbor Real Estate Report – December 2018

More Ann Arbor Homes Sold Than Listed in December to Finish Off the Year

Here is your final real estate report for 2018 for Ann Arbor homes! Both this past month’s prices and year-to-date prices have increased. Unfortunately, both the average sale and listing prices have increased on all fronts as well. Like November, 39 homes were sold this December, which is a 12.8% decrease compared to the 44 homes sold the prior December. There is minimal increase in the average listing price last month, from $451,784 to $452,492 now. A total of 57 homes have been sold in December, and although this is a 17.4% decrease from December 2017; it is good for sellers because more homes were sold than listed (in December) meaning that some homes that were entered into the multiple listings service before December were able to be sold. The average sale price is $436,533 versus $417,239 in December 2017, which is a 4.6% increase. Luckily for sellers, there has been a decrease in the average days on the market, from 56 to 45 days, a 19.6% difference. Continue reading

Ann Arbor Real Estate Report – September 2018

Ann Arbor Homes See an Increase in Both Inventory and Listing PricesHome inventory and prices increasing for Ann Arbor Real Estate

There has been growth in inventory for Ann Arbor homes comparative to last year’s statistics. With listing prices rising, sale prices have too; however, sale prices are still below the asking. This September, 137 listings were entered into the multiple listings service, this is an increase of 15.5% compared to the 110 listings entered last September. The average listing price saw a rise of 8.9%, from $488,176 to $530,567 currently. Unfortunately, only 71 homes were sold in September, which is a 22.8% decline in comparison to the 923 homes sold the previous September. Sale prices have seen an increase of 6.9%, $408,967 versus $437,082 this month. Luckily for home buyers, the average days on the market has lowered slightly to 26 days, from 28 days last September. So far this year, more listings have been entered into the multiple listings services compared to this time last year; but there has been a decline in the amount of sold homes. A total of 1286 homes have been listed for sale thus far, which is an increase of 5.7% compared to the 1217 homes sold at this time last year. There has only been a small rise for the average listing price of homes, from $476,195 to $489,791 which is approximately 3%. Like the increase of ALP, average sale prices have experienced the same growth. The ASP is $441,322 thus far, versus $428,494 last year at this time.

For more information about Ann Arbor homes, contact the real estate specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Don’t forget to check back here for more about the market!

Ann Arbor Hills Real Estate Update

Ann Arbor Hills Real Estate Report – September 2018Ann Arbor Hills, Ann Arbor Neighborhood of Executive Homes

Home sale activity in Ann Arbor Hills is mimicking that of last year at this time with 37 home sales year-to-date. There are currently 13 homes listed for sale, 4 more than last year.

Homes for Sale:

  • $1,500,000.  2320 Devonshire, Ann Arbor. 3974 sq. ft., +780 in finished lower level, 5 bedrooms and 3.2 baths.
  • $1,250,000.  1832 Vinewood, Ann Arbor. 3500 square feet with 6 bedrooms and 5 baths.
  • $1,070,000.  3080 Hunting Valley, Ann Arbor. 3016 square feet with 2099 in finished lower level, 4 bedrooms and 3.1 baths. Listed by The Bouma Group
  • $999,999.  3116 Overidge, Ann Arbor. 4005 sq. ft., +2072 in finished lower level, 5 bedrooms and 4.1 baths.
  • $950,000.  1116 Chestnut St. E., Ann Arbor. 2449 sq. ft., +580 in finished lower level, 2 bedrooms and 3 baths.
  • $875,000.  1942 Cambridge, Ann Arbor. 2270 sq. ft., +616 in finished lower level, 4 bedrooms and 3 baths.
  • $650,000.  1610 Kearney, Ann Arbor. 2592 sq. ft., +200 in finished lower level, 4 bedrooms and 2.1 baths.
    • For a complete list, contact us at 734-761-3060 or info@bouma.com

Continue reading

Ann Arbor Real Estate Report – July 2018

Increased Inventory for Ann Arbor Homes

Ann Arbor Residential Real Estate Report for July 2018

Compared to last month and last July, inventory has increased for Ann Arbor homes. As well, average sale prices have also risen for both this month and so far this year. This July, 7% more listings have been entered compared to the prior July, 146 homes versus 136. The average listing price saw a minimal decline compared to last July, from $491,264 to $490,390. Compared to July 2017, there has been a 5.6%  increase in the amount of homes sold this month from 124 units to 131. Although prices usually decrease with more available inventory, prices have actually risen for July. This month  the average sale price is $443,944, which is an increase of 11.6% compared to the ASP of $397,721 in the previous year. Luckily for home sellers, the average days on the market has decreased to 21 days. So far this year, 1018 homes have been entered into the MLS; this is a 4.3% growth compared to the amount of listings entered at this time last year. Unfortunately, only 655 homes have sold this year which is a slight decrease compared to 2017  which had 663 units sold. The average sale price for homes sold thus far in 2018 is $438,859, this is a slight increase in comparison to the ASP of $428,564 last year. It is still a seller’s market for Ann Arbor single family homes, with a month supply of 4.3. Homes priced from $500k to $800k are considered to be a balanced market. Like always, higher end homes, those above $800k, are a part of a buyer’s market. Continue reading