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Archives: May 5, 2021

Oak Park, Ann Arbor Neighborhood Report

Oak Park Market Update – May 2021

This tranquil Ann Arbor subdivision is full of trees. Oak Park is a well established area and many of the homes have been remodeled. There is 1 active listing on the market and so far this year, 1 home has sold.

Home for Sale:

  • $275,000. 4430 Central Boulevard, Ann Arbor. 1206 sq. ft., + 777 in the finished lower level; 3 bedrooms and 1.1 baths. Sale Pending

Home Sold in 2021:

  • $319,000. 2911 Grant Drive, Ann Arbor. 1724 sq. ft., + 1300 in the finished lower level; 3 bedrooms and 2.1 baths.

Last year at Oak Park, 2 homes sold with an average sale price of $285,000 and an average price per square foot of $200.57. The 1 home that has sold thus far in 2021 has a SP of $319,000, up 11.9%, and an $/SF of $185.03, down 7.7%. To learn more about homes at Oak Park, contact the real estate experts with The Bouma Group at (734)761-3060 or email info@bouma.com. View more Ann Arbor homes here!

4 Tricks to Buying a Home in a Crazy Hot Market

Key Takeaways:

  • Despite the ongoing pandemic, the real estate market is more competitive than ever before—and that means buyers have to do more to get their offer accepted.
  • Want to stand out from the competition and score the home of your dreams? Our four tips can help you achieve real estate success in no time.
  • If you have any questions about buying in today’s hot market, just give us a call for even more personalized advice!

The 4 Tips Every Buyer Needs to Know in 2021

If you’ve been house-hunting for a while, you’ve probably noticed that today’s real estate market is more than just a little competitive. Low mortgage rates, high demand, and dwindling inventory have created ideal conditions for sellers—but it’s still very possible to score a fantastic deal on a home.

Want to know the secret to buying a home in 2021? Here are four tips that can help you take back control in a seller-driven market.

Get your finances in order

Calculating mortgage payments

First and foremost, you need to get your finances in order before you even consider looking at homes. Start by paying off as much debt as you can and increasing your credit score. It’s also a good idea to keep track of just how much you have saved for a down payment. Sellers are more likely to choose buyers who can put down at least 20% or pay cash.

Want to strengthen your offer even more? Get pre-approved or attach a higher earnest money deposit to show a seller you’re serious about buying their home.

Know what you want

Buying a home is one of life’s most exciting milestones. However, it’s easy to get caught up in the little details—which is why it’s crucial to do your research in advance. Connect with a local agent early on to discuss your home-buying goals. A good agent will help you hone in on your budget, wants, and needs, as well as the right area or neighborhood.

Prepare for a bidding war

Negotiating a deal

According to a recent survey by Redfin, more than half of all buyers found themselves in a bidding war last year. And while the idea of competing against other home-seekers might seem overwhelming, there are a few things you can do to stand out.

If you’re trying to score a house with multiple bids, send in your best and final offer up front. You may also want to include an escalation clause, which automatically increases your purchase price by certain increments (like a few thousand dollars at a time) so you avoid getting outbid.

It’s also a good idea to consider homes below your budget, especially if you have your heart set on a popular neighborhood. This gives you some flexibility if you end up in a bidding war.

Appeal to the seller

Talking about real estate

Even if you find yourself in a bidding war, it’s still possible to come out ahead. Believe it or not, sellers don’t always choose the highest offer, even if it far exceeds the original asking price.

You can appeal to a seller’s peace of mind by limiting your contingencies, offering to pay closing costs, and letting them choose the closing date. Adding these extra bonuses might seem minor, but they can really impact a seller’s final decision.

Only Buy with the Best

Working with a top-notch agent can help you navigate 2021’s crazy real estate market with ease. So if you’re looking for some guidance, it’s time to give us a call at The Bouma Group!

Whether you’re at the beginning of the buying process or are already searching for a home, you can trust us to help you find your perfect place. Contact us today at 734-761-3060 or info@bouma.com to get started; we look forward to working with you!

410 N. First, Ann Arbor Condo Report

410 N. First Market Update – May 2021

Look no further for modern living, 410 N. First is a recently developed Ann Arbor condominium and only has a few units. Each condo has upgraded features like tall ceilings and windows, and private balconies. There are 2 active listings on the market and so far this year, none have sold.

Condos for Sale:

  • $999,000. Unit #303, 410 N. First Street, Ann Arbor. 1499 square feet with 2 bedrooms and 2.0 baths.
  • $599,900. Unit #107, 410 N. First Street, Ann Arbor. 1096 square feet with 2 bedrooms and 2.0 baths.

Last year at 410 N. First, 1 condo sold with a sale price of $905,000 and a price per square foot of $508.43. In comparison to the condos in 2019, their average SP was $612,250, a 47.8% difference from 2020, and their average $/SF was $484.94, a difference of 4.8%. If the current listings sell at their asking price averaged at $779,450, it would be a 13.9% decline from 2020, and their asking $/SF of $588.65 would be a 15.8% rise from 2020. For more information about condo values at 410 N. First, contact the condo specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Browse more Ann Arbor condos here!