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Tag Archives: Home Inventory

Saline Real Estate Market Update – 3rd Quarter 2017

Saline Home Sale Prices Up 7%

Saline Real Estate Statistics for 3rd Quarter

The Saline Real Estate market finishes off the third quarter in a slight seller’s market with a 4.7 month supply of homes available for sale. This is especially evident in the under $500,000 range with all price points in a seller’s market. This changes over $500,000 with a large amount of homes for sale in each category with a high month supply. Year-to-date, fewer homes have been listed and sold which is driving the average sale price up. At the end of September, 346 homes were listed, compared with 404 the same time last year. 257 homes have sold compared with 278 and the average Saline home sale price has increased 7%, going from $367,348 in 2016 to $394,763.

For sellers, this is a great time to get your home listed for sale! Inventory is low and sale prices keep rising. Want to know what your home is worth? Contact us at The Bouma Group, Realtors at 734-761-3060 or email info@bouma.com and find out! See what is happening in your particular Saline neighborhood or search for homes here!

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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!

Sellers: Your Home is an Oasis in an Inventory Desert

Home Inventory Still a Struggle for BuyersHome Inventory is Like an Oasis in the Desert

First-time home buyers are flocking to the real estate market by the thousands to find the perfect homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand! According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month. Some homeowners may be hesitant to list their homes for sale because they are worried that they will also have a problem finding a home to buy. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live.

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Ann Arbor Real Estate Update – May 2015

Ann Arbor Area Home Sales Up 20%

Ann Arbor Real Estate Statistics for May 2015

According to data from the Ann Arbor Board of Realtors, home sales for May 2015 are up 20% when compared with May 2014. Year to date, the AABOR sales are up 19% while The Bouma Group sales are up 48%.

Overall, the Ann Arbor Real Estate market is in a balanced market with a 5.5 month supply of homes listed for sale. The under $400k price range is seeing a seeing a seller’s market and homes are selling very quickly. It’s still a hot market in most Ann Arbor neighborhoods, so if you’ve been waiting to get your home listed, now is the time! Contact the real estate specialists with The Bouma Group today for a market analysis of your home at 734-761-3060 or info@bouma.com. Don’t miss the market, Ann Arbor needs inventory!

Report: US Home Inventory Low, Making It a Great Time to Sell

Home RelocationHappy New Year! We hope you and your loved ones enjoyed a wonderful New Year’s Eve and that you’re as excited and hopeful about 2015 as we are!

And if you’re a prospective home seller, a recent report from the National Association of Realtors suggests that there’s a good chance you can get a great price on your home right now.

According to the recent report, US home sales recently hit a six month low, with inventory at a low point too.

While this may seem discouraging at first blush, this actually suggests that those homes that are being sold on the market are being met with increased demand. After all, home buyers have a smaller selection of available homes to choose from than in recent months.

The key to sealing the deal on your home for sale and getting a great price is expert marketing.

A Closer Look at This Recent Real Estate Report

Here are some of the highlights from the recent National Association of Realtors report:

  • Existing home sales decreased 6.1 percent to an annual rate of 4.93 million units.
  • That figure is the lowest it’s been since May.
  • Meanwhile, home inventories reached an eight month low.
  • Home sales were up 2.1 percent from a year ago during the month of December.
  • Meanwhile, the U.S. housing index was down 0.2 percent as shares in the largest home builder (D.R. Horton) decreased 0.4 percent. Lennar Corp fell 0.43 percent and Pulte Group decreased 0.19 percent.
  • Also, the inventory of unsold homes decreased 6.7 percent from a year ago, to 2.09 million.
  • At November’s sales pace, it would take 5.1 months to sell all homes currently on the market. A six month supply is usually considered a healthy balance between supply and demand.
  • The decreased supply of homes means that the median home price increased 5 percent from a year ago.

Experts say that fickle wage growth as well as higher home prices have kept a lot of first-time home buyers out of the market.

Still, experts also say that with job gains and wage growth expected in early 2015, more and more first-time home buyers are likely to enter the market in the coming months.

In fact, during the month of November, first-time home buyers accounted for 31 percent of all transactions, which is the biggest share they’ve occupied since October 2012.

For comparison purposes, first-time home buyers comprised 29 percent of all transactions in October.

Expert Real Estate Marketing is Key to Selling Your Home

As you can see, there is plenty of opportunity to get a good price on your home, you just have to make sure your home stands out to prospective and qualified home buyers.

That’s where working with an experienced real estate agent can help. A professional will be able to create a custom-made marketing plan for your home that will maximize its exposure to the right buyers. This will ultimately lead to you getting your home sold in a relatively short amount of time and for a great price! To find out what your home is worth in today’s local market, contact us at 734-761-3060 or info@bouma.com for a free market analysis.

Check back here soon for more expert insight on the national housing market and how it may impact you as a seller.

Here’s to a happy and prosperous 2015 for you and your family!

Ann Arbor Real Estate Market Update – November 2014

Ann Arbor Home Sales Slow

Ann Arbor Real Estate Market Statistics for November 2014
Due to a shortage of home inventory, Ann Arbor Real Estate sales are slowing. Typically this time of year, with colder weather and the holiday season, inventory shrinks and as a result so do sales. Compared with last month, the number of homes listed for sale has decreased 15%. Ann Arbor continues to be in a seller’s market with a 3.9 month supply of homes available.

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Report: U.S. Home Prices on the Rise

Real Estate dataMuch to the elation of home sellers everywhere, home prices are on the rise in nearly all states, according to a recent report from the real estate researcher CoreLogic.

Evidently, 48 states showed year-over-year gains in April.

Meanwhile, home prices also showed month-over-month gains between March and April.

As a result, home sellers from California to New York are feeling increasingly confident about entering their local real estate markets, hopeful about the price they may be able to get for their property.

Home Sellers Encouraged by National Home Prices

According to CoreLogic, home prices rose 3.2 percent between March and April – a sizable increase from the 1.9 percent gain between February and March.

Nevada led the nation in gains, with home prices there leaping 24.6 percent from 2012.

Rounding out the top five list were:

  • California (19.4 percent)
  • Arizona (17.3 percent)
  • Hawaii (17 percent)
  • Oregon (15.5 percent)

Experts say that a low inventory of available homes for sale has caused home prices to rise – at least in part.

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