Ann Arbor Condo Sales Continue to Rise
While inventory for Ann Arbor Condos is down 14%, when compared with this time last year, sales for previous 12 months are up by 17%! Low inventory, combined with high sales is keeping Ann Arbor in a seller’s market with a 2.7 month supply of condos listed for sale. The under $200k market is booming with 655 condos sold since last October. Condo values continue to rebound and are exceeding those at the peak of the market in 2006 when the average price per square foot was $151.03. The low was in 2011 with an A$SF of $110.11. So far this year the A$SF is $158.00, up 44% from the low.
As more millennials are preparing to buy a home, one issue is making it difficult for many — student loans.
The Project on Student Debt calculated that just about 7 in 10 college graduates in the Class of 2014 had student loan debt, and on average each student had about $29,000 in loans.
With mortgages often amounting to well over a hundred thousand dollars, many first-time home buyers may be asking whether they can even qualify for financing with their student debt.
So, is it possible to buy a home even with thousands of dollars in student loans? It depends.
What’s Your Debt-to-Income Ratio?
It all comes down to your debt-to-income ratio, or what percentage of your gross monthly income goes toward your total monthly mortgage payments.
Lenders recommend a debt-to-income ratio no greater than 36%, with no more than 28% of your monthly income going toward paying off your mortgage. As an example, someone who earns $50,000 in a year and has $1,500 in monthly debt payments would be right at the 36% recommendation.
Summer Ends with Strong Real Estate Sales!
Ann Arbor Real Estate sales remain strong as the summer market comes to an end. According to the Ann Arbor Area Board of Realtors, residential sales for August 2015 were up 20% when compared with August of last year. Inventory is beginning to decline, which is resulting in a seller’s market with a 4.5 month supply of homes available. Now is still a great time to get your home listed since inventory is declining and strong sales are a good indication that a lot of qualified buyers are out there.
For a more detailed interpretation of these statistics or to find out what is happening with home prices in a specific neighborhood, contact the Ann Arbor Real Estate specialists at The Bouma Group today at 734-761-3060 or firstname.lastname@example.org. Want to know what’s selling in your community? Check out our Market Snapshot here!
3113 Earlmoore, Ann Arbor MI 48105
SOLD! Hard to find, ranch style home located in north Ann Arbor’s desirable Arbor Hills neighborhood. Features include:
- 1490 square feet of living space with 3 bedrooms and 2 baths.
- Lower level provides an additional 500 square feet of finished space and daylight windows.
- Vaulted living room has a cozy fireplace.
- Home backs to a nature area for added privacy.
- More photos and features
- MLS# 3234369
- Listed for $309,900
To set up your private showing, or to request more information for 3113 Ealrmoore, contact Ann Arbor’s Premier Realtors at The Bouma Group at 734-761-3060 or email@example.com. Learn more about the Arbor Hills neighborhood here!
It’s a New Year for Ann Arbor Real Estate
The new year is off to a strong start for Ann Arbor Real Estate, especially if you’re a seller! The number of homes with contracts pending is up over December, so despite the cold weather buyer activity is increasing. Overall, Ann Arbor is in a seller’s market with a 3.3 month supply of homes available. Inventory continues to be tight for the market under $800,000.
The lack of inventory combined with interest rates still at low levels, make this the best time to get your home listed for sale! Don’t wait for the spring market to get here, buyers are out there now and are scooping up great houses in record time. Call us today at The Bouma Group for a market analysis of your home – it’s quite possibly worth a lot more than you think! 734-761-3060 or firstname.lastname@example.org.
1016 W. Madison, Ann Arbor MI
SOLD! Located in the sought after Eberwhite elementary neighborhood, 1016 W. Madison offers many new updates and lots of charm. Details include:
- 1622 square feet, plus 939 in finished lower level, 3 bedrooms, 3 baths.
- Living room has hardwood floors and cozy wood burning stove.
- New carpet, front windows, paint, and updated first floor bath.
- More photos & features
- MLS# 3225096
- Listed for $259,900
To set up a showing or get more information on this westside Ann Arbor home, contact us at The Bouma Group today at 734-761-3060 or email email@example.com. View more of our Featured Listings here!
5 Reasons Why Cash is King in Real Estate
You may have heard that term before, ‘Cash is King’ when referring to a whole host of things. But it’s never been more true than in today’s real estate market. With such a lack of inventory, especially in the Ann Arbor area, as soon as a home comes to the market for sale, it’s not uncommon for it to receive multiple offers. Here are a few reasons why a cash offer is more appealing to the seller.
With a Cash Offer:
- There is no question that the buyer will be able to secure a loan for the purchase price.
- A lot of potential problems with financing are avoided.
- Since no bank appraisal is required, there is no worry that the home won’t appraise.
- The seller has more confidence in the buyer.
- It makes for a smoother transaction throughout the closing process.
While requiring financing isn’t a bad thing when making an offer on a home, in fact it’s the norm, if a buyer does have cash, the offer can be more appealing to the seller. To learn more about purchasing a home in today’s real estate market and the best way to make an offer, contact us at 734-761-3060 or firstname.lastname@example.org. With over 27 years in the real estate business, we have the experience to help guide you through the process!
1621 Long Meadow Trail, Ann Arbor
SOLD! Not your typical Weatherstone condo, situated in the original section, this beautifully updated unit features:
- First floor condo with 1422 sq. ft., 3 bedrooms, and 2 full baths
- Living room has cathedral ceilings, a wall of windows viewing the pond, and a cozy fireplace
- Maple cabinets, limestone backsplash, granite counters in kitchen
- New carpet, paint, closet organizers, fixtures, sinks, faucets, and more
- MLS# 3215514
- Listed for $160,000
With Ann Arbor Condos not lasting long on the market, this pristine unit will go fast! Call us at The Bouma Group today at 734-761-3060 or email email@example.com to request more details or to schedule your private showing for 1621 Long Meadow Trail. View and compare more Weatherstone Condos here!
1563 Oakfield, Ann Arbor MI
SOLD! Move right into this first level Weatherstone Condo! Details include:
- 1111 square feet with 2 bedrooms and 2 baths
- Updated counter and tile flooring in kitchen
- Baths updated with new counters and fixtures
- Screened porch and 1 car garage
- Listed for $132,900
For additional information on 1563 Oakfield, or to receive a list of Ann Arbor Condos available on the market, contact us at The Bouma Group today at 734-761-3060 or email firstname.lastname@example.org. Search the MLS for Condos here!
The Huron River in Early Spring at Hudson Mills Metropark
A view of the Huron River in early spring from Hudson Mills Metropark in Dexter, MI. While the water is still very chilly, a few people will fish from the banks. In the summer you will find fly fishing, canoeing, kayaking, and tubing down the river from Hudson Mills to Dexter Huron or Delhi Metroparks.