Category Archives: Ann Arbor Real Estate Trends

Ann Arbor Condo Market Update – 2nd Quarter 2017

Ann Arbor Condo Market Update

Ann Arbor Condo Statistics for June 2017

Ann Arbor Condos remain in a seller’s market with a 3.4 month supply of listings at the end of the second quarter of 2017. In fact, it has been a seller’s market since May of 2013 when it was briefly a balanced market. The trend has been that May has the highest amount of inventory. But even with higher Spring inventory, it still isn’t enough to keep up with buyer demand, which is keeping it a seller’s market. The other side of this is, condo prices are being driven upward as multiple buyers bid the price up. This is great news for seller’s, but buyer’s are having to pay more.  Continue reading

Ann Arbor Real Estate Market – 2nd Quarter 2017

Ann Arbor Real Estate Update

Ann Arbor Real Estate Statistics for July 2017
As the second quarter comes to an end, Ann Arbor Real Estate is in a seller’s market with a 4.5 month supply of homes overall. The number of listings is at it’s highest for the year with 494 homes for sale, but demand remains high and more than half of these listings are under contract with a buyer. Over $600k, things slow down a bit and it’s more of a buyer’s market in these price points due to the higher inventory.

It’s always a great time to sell your home, but now is the best! The summer market is still going strong and spring buyers that haven’t found the perfect home yet are just waiting for new listings. Wondering what your home is worth? Don’t count on a computer generated Zestimate, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com. We know the nuances of each Ann Arbor neighborhood and how to properly price your home for the market at that moment. Want to know what’s selling in your area? Get a FREE market snapshot here!

 

Thinking of Selling Your Home? You Should Act Now!

Now is the Time to Sell Your Home!

Thinking of Selling Your Home? Hit the Gas before the Sun Sets!

If you’ve thought about selling your home this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:

“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”

Yun goes on to say:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

Selling Your Home

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies. We see this every day.

Bottom Line

As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas while it remains a seller’s market. Want to know what your home is worth or are you ready to list? Contact the real estate specialists with The Bouma Group at 734-761-3060 or email info@bouma.com and we’d be happy to talk to you about it!

Georgetown Commons, Ann Arbor Condo Market Update

Georgetown Commons Condo Report – July 2017Georgetown Commons, Ann Arbor MI Condo Complex

There are currently 2 units listed for sale at Georgetown Commons and so far this year, 3 have sold.

Condos for Sale:

  • $146,500.  2637 Fenwick Court, Ann Arbor. 987 square feet with 3 bedrooms and 1 bath.
  • $131,800.  2729 Winthrop Court, Ann Arbor. 820 square feet with 2 bedrooms and 1 bath.

Sold Condos:

  • $173,500.  2842 Bombridge Court, Ann Arbor. 820 sq. ft., +400 in finished lower level, 2 bedrooms and 1 bath.
  • $155,000.  2660 Fenwick Court, Ann Arbor. 987 square feet with 3 bedrooms and 1.1 baths.
  • $139,900.  2636 Fenwick Court, Ann Arbor. 882 square feet with 2 bedrooms and 1 bath.

In 2016, 21 units sold with an average sale price of $153,853 and an average price per square foot of $150.00. The 3 units sold this year have an ASP of $156,133, up 2%, and an A$/SF of $176.00, up 17%. The large jump in price per square foot means that smaller units are selling for more money than previously. To keep up-to-date with new listings, sales, and values for Georgetown Commons, or to buy or sell an Ann Arbor Condo, contact us at The Bouma Group, Realtors at 734-761-3060 or email info@bouma.com. We’d be happy to talk with you!

3 Home Selling Prep Essentials

3 Home Selling Prep Essentials

You’ve got to start somewhere when preparing your home to sell, but it’s not where you would think. Before jumping right into cleaning, decluttering, staging, and marketing, take some time to review. Having a solid understanding of the real estate market and the home selling process is essential for a smooth and stress-free sale. So let’s get to it.

1. Know What’s Happening in the Real Estate Market

aerial view of residential community home selling

Are homes in your community flying off the market in just a couple of days? Are properties selling over asking price again and again? What have homes like yours recently sold for? Knowing about current market conditions will give you an idea of how quickly your home is likely to sell, as well as how high a price you’re likely to receive. Ask us for a Neighborhood Sales Report for an inside look at market activity!

2. Find Out How Much Your Home is Worth

You’ve probably asked yourself “what’s my home worth?” a dozen times over the past few years. Now’s your chance to learn the answer!

When we’re determining how much homes are worth, we don’t just pull a number out of thin air. Home buyers are the ones who determine what properties are worth, so we take a look at current market activity (which you’ve already done!) to see how much buyers are willing to pay for homes like yours. At the end of all of our research, we have a detailed report of what your home is worth, which in the real estate industry is called a “comparative market analysis.” Call us and we’ll provide one for your home!

3. Wait Before Making Drastic Home Improvements

highly upgraded kitchenBefore you decide to shell out thousands of dollars to completely gut your kitchen and bathrooms, talk with a real estate agent who’s familiar with your community and what buyers are looking for in a home like yours. You may be surprised to learn that your potential buyers don’t want top-of-the-line appliances, quartz countertops, under-cabinet lighting, or any of those “must-haves” that you see on HGTV.

Save yourself the time, money, and headaches and talk with us. We can tell you which home improvements are worth the money and which ones aren’t.

Bonus Tip: Find the Right Real Estate Agent

The best way to save time, money, and unnecessary headaches? Work with a professional. The best real estate agent takes the time to understand your goals, provides you with the resources you need, and tells what to expect when selling your home. Plus, your real estate agent will be there to answer any questions you have at any time in the process.

We’d be happy to talk with you about your home selling plans. Call us at The Bouma Group, Realtors at 734-761-3060 or email info@bouma.com today!

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Are Home Prices Approaching Bubble Territory?

Are Home Prices Approaching Bubble Territory?

Are Home Prices Approaching Bubble Territory? | Simplifying The Market

As home prices continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that:

National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”

Though that statement is correct, we must realize that just catching up to prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR).

Are Home Prices Approaching Bubble Territory? | Simplifying The Market

Continue reading

Forestbrooke, Ann Arbor Real Estate Update

Forestbrooke Real Estate Update – June 2017Forestbrooke, Ann Arbor MI Neighborhood

There is currently 1 home listed for sale in Forestbrooke subdivision and so far this year, 3 have sold.

Home for Sale:

  • $275,000.  2806 Lillian, Ann Arbor. 1426 sq. ft., +672 in finished lower level, 3 bedrooms and 1.1 baths.

Sold Homes:

  • $247,000.  2906 Brandywine, Ann Arbor. 1411 sq. ft., +450 in finished lower level, 4 bedrooms and 2.1 baths.
  • $218,000.  2920 Brandywine, Ann Arbor. 1676 square feet with 3 bedrooms and 2 baths.
  • $185,000.  2840 Lillian, Ann Arbor. 2038 square feet with 4 bedrooms and 2.1 baths.

Last year at Forestbrooke, 10 homes sold with an average sale price of $246,950 and an average price per square foot of $151.00. The 3 sold this year have an ASP of $216,667 and an A$/SF of $132.00. The decrease in the ASP and A$/SF can be attributed to the sale of 2840 Lillian, which sold for such a low price due to needing a complete remodel. Keep up-to-date with new listings and sales for this neighborhood on it’s website here. And for information on any Ann Arbor subdivision, contact us at The Bouma Group, Realtors at 734-761-3060 or email info@bouma.com.

Gallery Park, Ann Arbor Condo Market Update

Gallery Park Condo Market Update – June 2017Gallery Park Condos, Ann Arbor MI 48103

There is currently 1 condo listed for sale at Gallery Park and so far this year, 4 have sold.

Condo for Sale:

  • $385,000.  5538 Gallery Park, Ann Arbor. 2335 square feet with 3 bedrooms and 2.1 baths.

Sold Condos:

  • $365,000.  5615 Gallery Park, Ann Arbor. 1559 sq. ft., +1000 in finished lower level, 3 bedrooms and 3 baths.
  • $317,000.  5535 Gallery Park, Ann Arbor. 1651 sq. ft., +771 in finished lower level, 4 bedrooms and 3.1 baths.
  • $315,000.  5552 Gallery Park, Ann Arbor. 1651 square feet with 3 bedrooms and 2.1 baths.
  • $277,000.  5614 Gallery Park, Ann Arbor. 1652 square feet with 3 bedrooms and 2.1 baths.

Last year, 9 condos sold with an average sale price of $322,154 and an average price per square foot of $183.00. The 4 sold this year have an ASP of $318,500 and an A$/SF of $196.00. To learn more about values at Gallery Park or any Ann Arbor Condo complex, contact us at The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com.

Liberty Glen, Ann Arbor Real Estate Report

Liberty Glen Real Estate Report – June 2017Liberty Glen Subdivision, Ann Arbor MI Real Estate

There is currently 1 home listed for sale at Liberty Glen subdivision, located on the west side of Ann Arbor, and so far this year 3 have sold.

Home for Sale:

  • $399,500.  360 Burr Oak, Ann Arbor. 2266 sq. ft., +821 in finished lower level, 3 bedrooms and 3.1 baths.

Sold Homes:

  • $385,000.  648 Burr Oak, Ann Arbor. 1991 sq. ft., +500 in finished lower level, 3 bedrooms and 2.1 baths.
  • $350,000.  682 Trego Circle, Ann Arbor. 1802 sq. ft., +600 in finished lower level, 3 bedrooms and 2 baths.
  • $300,000.  2986 Atterberry, Ann Arbor. 1942 square feet with 3 bedrooms and 2.1 baths.

Last year at Liberty Glen, 3 homes sold with an average sale price of $345,833 and an average price per square foot of $177.00. The 3 homes sold this year have an ASP of $345,000 and A$/SF of $181.00, both almost the same as last year. Home values continue to rise at Liberty Glen since the low in 2008 when the ASP was $249,250 and the A$/SF was 123.96. Keep up with trends at this Ann Arbor neighborhood, contact us today at 734-761-3060 or email info@bouma.com and we can talk about your home’s value and buying and selling needs!

What’s Hot in Home Design This Summer

Hot Summer Home Design Tips!

Bright sunshine, warmer days, and a ton of new trends come with the change in season, and this summer certainly won’t disappoint. In the real estate world, these new trends revolve around the latest and greatest in wall colors and decorations, space savers, and creative living arrangements. We have our eye on a few interesting home design ideas and hot home features that we think you’re going to love!

laptop sitting on marble countertop

Marble: A Sophisticated Look for Summer

Whether natural or imitation, marble is one of the top home décor trends for summer 2017. Designers are incorporating this luxe look into bathrooms and kitchens as expected, but they’re also taking it to everything from flower vases to side tables. Continue reading