Ann Arbor Condo Market Update – 2nd Quarter 2017

July 27, 2017Martin Bouma

Ann Arbor Condo Market Update

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

July 26, 2017Martin Bouma

Ann Arbor Real Estate Update

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!

July 24, 2017Martin Bouma

Now is the Time to Sell Your Home!

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

July 6, 2017Martin Bouma

Georgetown Commons Condo Report – July 2017

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

July 5, 2017Martin Bouma

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

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

Before 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!

Save

Are Home Prices Approaching Bubble Territory?

June 26, 2017Martin Bouma

Are Home Prices Approaching Bubble Territory?

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).

Continue reading →

Forestbrooke, Ann Arbor Real Estate Update

June 21, 2017Martin Bouma

Forestbrooke Real Estate Update – June 2017

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

June 16, 2017Martin Bouma

Gallery Park Condo Market Update – June 2017

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