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 →
The Ann Arbor Real Estate market has experienced a lot of positive increases. For the month of August, the average sale price of homes rose 13% to $438,370 from $388,986 last August. Year-to-date, we’ve seen an increase in the number of new listing entered, 1106 vs. 1087 this time last year. The total number of sales dropped to 790 from 846, but the average sale price increased about 9%, going from $396,614 to $430,483. The overall average days on the market decreased from 33 to 29. Ann Arbor remains in a seller’s market with a 3.9 month supply of homes available for sale.
Lack of Listings Drive Ann Arbor Real Estate Prices Upward
As has been the trend for most of the year, new real estate listings are down, sales are steady, and prices are up. According to the Ann Arbor Area Board of Realtors, new Ann Arbor home listings decreased by 12% when comparing December of this year to December of last year. Home sales decreased slightly from 84 in 2015 to 81 in 2016. And, the average sale price rose 8%, from $362,452 in ’15 to $390,381 in ’16.
Ann Arbor Condo inventory is extremely low with only 117 units listed for sale. This is the lowest it has been in the past 2 years. Sales remain higher than previous years, so condos are selling at a fast pace, indicating plenty of buyers. If more units do not become available soon, there won’t be anything to purchase and the market will stall. Overall, Ann Arbor condos are in a strong seller’s market with a 2 month supply of units available.
There were few changes to the Ann Arbor Real Estate market when compared with last month. And when compared with this time last year, the only significant change is the number of homes sold. This is a positive sign for home sellers! But unless we start to get more listing inventory, sales will quickly begin to slow down. Low inventory has been an issue for the Ann Arbor area for quite some time now. Our buyer’s agents continue to report that their buyers cannot find a home due to lack of listings available. Because of steady sales and low inventory, Ann Arbor is in a seller’s market with a 4 month supply of homes for sale.
We have some excellent news to report from the national housing market: Evidently US pending home sales index increased for the third straight month in April.
This is a great testament that the national housing market is getting back on track and becoming increasingly stable.
If you’re considering entering the market anytime soon as a buyer or seller, we encourage you to continue reading to learn more about this new trend.
The Latest Outlook from the Housing Market is Positive
Let’s take a closer look at the recent report from the National Association of Realtors.
According to recent data, the pending home sales index (which is based on contract signings for purchases of previously owned homes) increased 1.1 percent to a seasonally adjusted level of 108.6 in March.
This is also higher than in February, when the level was 107.4.
And evidently, the increase in the home sales index is higher than many economists surveyed by the Wall Street Journal thought it would be. They had expected the increase to be 1 percent.
Regardless of where you live, experts are expecting that Baby Boomers will have a major impact on the local housing market.
That’s because this sizable portion of the population is comprised of 76.4 million individuals. And many of them are expected to make major moves over the next several years as they continue to retire.
To that effect, we wanted to share with you the top 5 Baby Boomer real estate trends to watch for in the coming months and years.
The Top 5 Real Estate Trends for Baby Boomers
Although many Baby Boomers plan to move to the Sunbelt when they retire, others may be motivated by different factors.