Tag Archives: homes for sale

Why Are So Few Homes for Sale?

How is the Lack of Homes for Sale Affecting Buyers?

Detective Buyer Searching for Homes for Sale

There is no doubt that the largest challenge in today’s housing market is a lack of inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

  • 47% – existing homeowners are worried that they will not be able to find a home to buy
  • 26.5% – first-time buyer demand is absorbing a large share of available homes
  • 11.3% – existing homeowners’ mortgage rates are lower than the current rates
  • 10.6% – insufficient or negative equity in the home
  • 4.6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

The Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell at a peak selling time. Plenty of buyers have seen what the summer market has leftover and are just waiting for better homes to come to the market. If you’re an anxious buyer waiting for new inventory, let one of our Buyer Specialists get you set up on a ‘flash’. You will receive instant notification of new listings that fit your criteria as soon as they hit the market. Give us a call at 734-761-3060 or shoot us an email at info@bouma.com and we’ll get started!

Ann Arbor Real Estate Market Update – April 2017

Ann Arbor Home Inventory Reaches New Low

Ann Arbor Real Estate Statistics for April 2017

Inventory for Ann Arbor homes has reached a new Spring low, and is down 4% from this time last year, based on data from the Ann Arbor Area Board of Realtors. This is beginning to affect the number of home sales with 6% less homes closing this April compared with last April. The lack of supply is creating a larger demand and as a result, average sale prices are rising and days on the market are decreasing. The average DOM is 21 compared with 35 and the ASP is up 4.5% at $414,281 vs. $396,224 last April.

With the continued price increases in the Ann Arbor area, your home may be worth a lot more than you think! For more information on the current market conditions or to find out what your home is worth, contact the Ann Arbor Real Estate specialists with The Bouma Group at 734-761-3060 or info@bouma.com. Search the MLS for homes here!

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Centennial Park, Saline Real Estate Report

Centennial Park Real Estate Report – May 2017Centennial Park Subdivision, Saline MI Neighborhood

There are currently 7 homes listed for sale at Centennial Park subdivision in Saline. So far this year, 3 have sold.

Homes for Sale:

  • $682,900.  6227 Gyers Meadow Lane. 3470 sq. ft., +1500 in finished lower level, 5 bedrooms and 3.1 baths. Listed by The Bouma Group
  • $585,900.  1447 Bicentennial Way. 3721 square feet with 4 bedrooms and 2.1 baths.
  • $499,900.  1228 Innsbrook Ct. 2854 square feet with 4 bedrooms and 2.1 baths.
  • $469,900.  1157 Bicentennial Pkwy. 2876 square feet with 4 bedrooms and 3 baths.
  • $469,700.  6095 Wilson Rd. 2625 square feet with 3 bedrooms and 2.1 baths.
  • $450,000.  6213 Wilson Rd. 2536 sq. ft., +1000 in finished lower level, 4 bedrooms and 2.1 baths.
  • $449,900.  6263 Wilson Rd. 2486 square feet with 4 bedrooms and 2.1 baths.

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Castleton Farms, Dexter Real Estate Update

Castleton Farms Real Estate Update – April 2017Castleton Farms, Dexter MI Subdivision

There are currently 4 homes listed for sale at Castleton Farms subdivision, and so far this year 1 homes has sold.

Homes for Sale:

  • $513,000.  11370 Castleton Court, Dexter. 3135 square feet with 4 bedrooms and 3.1 baths. New Construction & Sale Pending
  • $503,498.  11475 Castleton Court, Dexter. 2987 square feet with 4 bedrooms and 3.1 baths. New Construction
  • $484,395.  11367 Castleton Court, Dexter. 3092 square feet with 4 bedrooms and 3.1 baths. New Construction & Sale Pending
  • $400,000.  11500 Castleton Court, Dexter. 2938 sq. ft., +666 in finished lower level, 5 bedrooms, 3.1 baths.

Sold Home:

  • $417,000.  11377 Castleton Court, Dexter. 2664 square feet with 5 bedrooms and 2.1 baths.

Last year at Castleton Farms, 1 home sold for $486,400 with an average price per square foot of $157.00. The home sold this year also has an A$SF of $157.00.  The newly constructed homes are a bit larger and selling for a higher amount than the previously built homes which will affect the values of this neighborhood when they sell. To keep up with what is going on here, be sure to check the neighborhood web page for Castleton Farms here. And for more information on home values, new listings and more for any Dexter subdivision, contact us at The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com.

Rolling Meadow Estates, Ann Arbor Real Estate Report

Rolling Meadow Estates Real Estate Report – March 2017Rolling Meadow Estates Subdivision, Ypsilanti with Ann Arbor Schools

There are currently 2 homes listed for sale at Rolling Meadows Estates and last year, 5 homes sold.

Homes for Sale:

  • $289,900.  4049 Lark Lane. 2342 square feet with 4 bedrooms and 2.1 baths.
  • $262,000.  4141 Rolling Meadow Lane. 2033 sq. ft., +350 in finished lower level, 4 bedrooms and 2.1 baths.

Sold Homes:

  • $346,000.  4040 Lark Lane. 2495 square feet with 4 bedrooms and 2.1 baths.
  • $287,500.  4119 Inglewood Drive. 2188 sq. ft., +800 in finished lower level, 3 bedrooms and 2.2 baths. Listed by The Bouma Group
  • $245,000.  4148 Rolling Meadow Lane. 1891 sq. ft., +900 in finished lower level, 3 bedrooms and 2.1 baths. Listed by The Bouma Group
  • $235,000.  4200 Rolling Meadow Lane. 1546 square feet with 3 bedrooms and 2 baths.
  • $191,000.  4110 Rolling Meadow Lane. 1891 sq. ft., +500 in finished lower level, 3 bedrooms and 2.1 baths.

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Ann Arbor Hills, Ann Arbor Real Estate Report

Ann Arbor Real Estate Update – August 2016Ann Arbor Hills Neighborhood Home

One of the most coveted neighborhoods in the area, Ann Arbor Hills offers an eclectic mix of custom homes in a gorgeous natural setting within walking distance of downtown. There are currently 19 homes listed for sale, and so far this year 24 have sold.

Homes for Sale:

  • $1,499,000.  2717 Kenilworth, Ann Arbor. 6100 sq. ft., +390 in finished lower level, 5 bedrooms and 4.2 baths.
  • $1,495,000.  1001 Aberdeen, Ann Arbor. 4100 sq. ft., +1500 in finished lower level, 5 bedrooms and 4.1 baths.
  • $1,275,000.  2519 Londonderry, Ann Arbor. 3865 sq. ft., +1100 in finished lower level, 6 bedrooms and 5.1 baths.
  • $1,050,000.  2200 Belmont, Ann Arbor. 3438 sq. ft., +525 in finished lower level, 4 bedrooms and 4 baths.
  • $998,000.  2111 Vinewood, Ann Arbor. 3814 square feet with 4 bedrooms and 3.1 baths. Listed by The Bouma Group
  • $894,900.  2116 Devonshire, Ann Arbor. 3564 sq. ft., +600 in finished lower level, 4 bedrooms and 2.1 baths. Listed by The Bouma Group & Sale Pending
  • $498,000.  2460 Devonshire, Ann Arbor. 2092 sq. ft., +800 in finished lower level, 2 bedrooms and 2.1 baths. Listed by The Bouma Group

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