Dexter Real Estate Selling Quickly
Dexter Real Estate ends the third quarter of 2017 in a balanced market with an overall 5.1 month supply of homes available for sale. The under $500,000 market is a seller’s market in all price brackets with the over $500,000 in a buyer’s market keeping it balanced overall. New listings entered in September increased slightly compared to September 2016, with 20, up from 18. However, year-to-date, new listings have decreased 6%, with 314 last year vs. 296 this year. The number of homes sold is following suit and has decreased 11%, 226 this time last year vs. 200 YTD. Homes in Dexter are selling quickly with the average days on market decreasing from 58 last year to 44 this year.
The lack of homes for sale under $500,000 is affecting the amount of sales and driving sale prices upward. Dexter has seen an 8% increase in the average sale price which is now at $377,706. If you’re thinking of selling your home, it’s still a great time to do so! Many buyers want to be in a new home by the end of the year and there is not a lot to choose from. Call us today at The Bouma Group, Realtors and let’s talk about what we can do to get you top dollar for your home and get you in a new one before the holidays! 734-761-3060 or email@example.com.
What Experts are Saying About Future Home Prices
Today, many real estate conversations center on home prices and where they may be headed. That is why we like the Home Price Expectation Survey.
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number to better depict the results. Continue reading
Ann Arbor Home Inventory Reaches New Low
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 firstname.lastname@example.org. Search the MLS for homes here!
The National Association of Realtors recently announced the latest US real estate figures and the numbers are encouraging for anyone considering selling their home.
Evidently, home price growth accelerated in much of the country during the fourth quarter of 2014.
This is a fantastic development for anyone hoping to get a good price on their home for sale. Continue reading to learn more.
What You Should Know About US Home Sales
Here is an overview of the highlights of the most recent real estate market report:
- The median price of an existing single-family home increased year-over-year in 86 percent of 175 metropolitan areas.
- 24 areas had price gains of 10 percent or more.
- That figure is up from 16 regions during the third quarter.
- Meanwhile, prices declined in 24 areas.
- Experts credit the home price acceleration at least in part to low mortgage rates and improving employment conditions.
- Still, home price gains are reducing affordability in areas across the country, which had 25 percent growth on average over the last three years.
- At the end of the fourth quarter, there were 1.85 million previously-owned homes listed for sale, down from 2.01 million a year earlier.
- The number of markets that saw year-over-year price gains in the fourth quarter has increased.
- The median price for an existing single-family home in the three months through December was $208,700, which is up 6 percent from the fourth quarter of 2013.
How the Appraisal Affects Your Ann Arbor Home Sale
The good news is the Ann Arbor Real Estate market is starting to show signs of recovery. Residential inventory is down 22% from 2008 and condominium inventory is down 29% from 2008. Interest rates are at historical low rates, and prices seem to have stopped the downward slide that we’ve experienced for the past several years. We are actually seeing multiple and over list price offers on Washtenaw County homes in certain niche markets.
Then May 1st came around – the date that the Home Valuation Code of Conduct was instituted. This Code of Conduct applies to all mortgages being purchased by Fannie Mae and Freddie Mac and was intended to protect appraisers from pressure by lenders to hit predetermined values.
In part two of “Now More than Ever – Buying a Home is All About Neighborhood Location!” we continue our discussion on forces that determine what Washtenaw County neighborhoods will experience a rebound in property values.
- The surrounding retail space is the third determining factor that will influence what Washtenaw County neighborhood locations will experience a home value rebound first. If the retail area near the neighborhood has experienced closing of big stores or businesses going out of business (ie Circuit City), commercial property owners will have a difficult time finding new tenants. It’s these neighborhoods near these depressed areas that will be challenged to experience a rebound. It is suggested that the neighborhood you choose have a strong base of retail development with minimal retail turnover. Stable retail centers are a reflection of the classification of an “economic force” on real estate values.
- The last factor that plays an integral part in a potential rebound of home values in a neighborhood is that of nearby job opportunities. Granted, our current economic environment is making a rebound of home values even more challenging in light of the decrease in job opportunity in greater Washtenaw County. There are pockets of bright spots for new jobs but overall, the current picture is not encouraging. Job recovery will be an important driver of home values in our Washtenaw County neighborhoods. Again, this influence is classified as an example of an “economic force” on real estate values in our neighborhoods.
- The two last forces or factors that affect neighborhood home values are: 1) governmental forces (zoning laws, building codes and rent controls) and 2) physical/environmental forces (natural resources, climate, and topography). While these have and will continue to impact home values, lately economic and societal factors have dominated how and when our home values will begin to turn around.
Ann Arbor Speaks
What other factors would you add when buying a home and selecting a neighborhood that direct you to the best neighborhoods? Is it neighborhood amenities like play grounds, nearby recreational opportunities, or is it being near your place of worship, service providers like a grocery store, or medical facility? Ann Arbor, speak up.
Until or next post,
Your Ann Arbor Real Estate Expert
What is my Ann Arbor Home Worth Today?
The condition of the real estate market keeps this question at the forefront of most Washtenaw County homeowners minds. You can spend hours on the web trying to keep up with the latest home price and sales information and then try to piece it all together to make sense. Or, you can check out this great tool called Market Snapshot.
What is Market Snapshot?
A free graphical report that provides up-to-the minute MLS information on the area or neighborhood of your choice. Market Snapshot provides the real estate information you need all in one place and is automatically emailed to you at the frequency you request. In a single report you will find:
- Market Info – including active and sold data, plus view homes in detail
- Community Info – characteristics, restaurants, shopping, arts & entertainment, plus much more
- School Info – schools in the area with detailed views
View an interactive sample of Market Snapshot here.
Signing Up is Easy
Just click here to visit the enrollment page. Remember, there is no obligation to buy or sell a home by signing up. Once you receive your report, contact the Bouma Group with any questions you may have with interpreting the data. If you are thinking of selling your home and would like more information on your home’s value, give Martin a call at 734-761-3060.