This time of year, many people like to take a moment and reflect on the year that has passed, whether it’s reflecting on good memories or how the nation is doing financially. Today, we would like to take a moment to reflect on the economy and what this year’s trends meant for real estate.
A Brief Look Back on the US Economy
The economy has done well in 2015 — personal income is increasing, new construction homes are on the rise, and the job market is strong. And looking to the new year, now is the best time to buy a home. Here are three main real estate-related takeaways from the United States’ past economic performance in 2015.
1. Unemployment is Decreasing
The job market in the United States is doing much better than in previous years following the Great Recession.
Unemployment this time last year was at 5.6%; the latest data from the Bureau of Labor Statistics states unemployment is at 5.0%. With more jobs and disposable income, home buyers have been able to spend more on their dream home than in past years.
Ann Arbor Slowly Inches Towards a Balanced Market
While still in a strong seller’s market, with a 3.9 month supply of homes listed for sale, the overall Ann Arbor real estate market is slowly inching towards balanced as more and more inventory becomes available. Inventory is already up 21% since January. The upper price ranges, over $500k, are balanced or in a buyer’s market. Under $500k, it is a seller’s market with a much tighter inventory.
A lack of inventory continues to be an issue for home buyers in Ann Arbor. Competing offer situations are the norm and many buyers are writing offers on multiple homes before finally securing a property. This is great news for home sellers – if you’ve been considering selling, now is the time! Contact us at 734-761-3060 or email email@example.com for a market analysis to see what your home could sell for. Don’t wait, get your home listed today!
The numbers don’t lie: Americans are growing increasingly confident about the overall health of the national real estate market, according to a recent report.
Evidently, a recent Gallup poll showed that 56 percent of Americans expect average home prices in their area to increase, which is up 33 percent from just two years ago.
And it’s markedly increased from the low point of 21 percent in January 2011.
How The Recent Poll Was Conducted
Gallup conducted interviews between April 3 and 6 with a random sample of 1,026 adults, ages 18 and older.
These respondents lived in all fifty states as well as the District of Columbia.
These telephone interviews were conducted on cell phones and landlines and were conducted in English and Spanish.
Dexter Real Estate Market Basically Unchanged
The Dexter Real Estate market hasn’t changed much since our report last month. There are 3 less homes listed and there were 3 less sales. The current month supply remains unchanged at 4.5, a seller’s market. January was a slower month, mainly due to the frigid temperatures, snow days, and lack of new listings coming to the market. However, the number of sold homes, for the entire Dexter area, is up over last January with 38 more homes selling, but with almost the exact same number of homes listed. With more folks purchasing homes, the need for more inventory is apparent.
Now is a great time to sell your home! There is an active pool of buyers in Dexter and Washtenaw County just waiting for the right home to come to the market. Wondering what your home may be worth? Contact us at The Bouma Group at 734-761-3060 or firstname.lastname@example.org for a market analysis of your home. We continue to be the Ann Arbor area’s leading home seller and can get top dollar for you!