Ann Arbor MI Real Estate Bloghttp://www.annarbormihomes.com/blogAnn Arbor MI real estate market news provided by Prudential Snyder & Company RealtorsMon, 14 Nov 2011 14:46:00 GMTA Rising Tide Raises all ShipsThe Ann Arbor Residential Real Estate Market is showing signs of steady growth. The Average sale price in the Ann Arbor School District has gone from $280,524 in 2009 to $299,251 in 2011, a 7% increase. Over the same time period the median price has risen from $230,000 in 2009 to $242,000 in 2011, a 5% increase. So far this year we have sold 801 residential properties and are on track to sell a little less than 900 properties for the year. We are expecting a good finish for 2011 and an even better spring market in 2012!

]]>http://www.annarbormihomes.com/Blog/A-Rising-Tide-Raises-all-Shipshttp://www.annarbormihomes.com/Blog/A-Rising-Tide-Raises-all-ShipsMon, 14 Nov 2011 14:46:00 GMTAre we seeing an improvement in the Ann Arbor Residential Real Estate Market?This frequently asked question has a complex answer. Through mid August, total volume in the Ann Arbor School district is up 4% to $180.2 million. Average prices are up 4% while unit sales are about even with 2010. If you look at sales below $500,000 and sales above that number, we get a different picture. Sales volume in the under $500,000 market is down 3% to $123.8 million while the average price is about flat year on year. Sales volume in the $500,000 and up market grew 27% to $56.4 million at an average price of $679,307. The average price in this price range is down 6% from 2010. Days on market rose to 137 as compared to 109 in 2010. This data suggests that the market has firmed and that expectations of buyers and sellers are more closely in sync.

]]>http://www.annarbormihomes.com/Blog/Are-we-seeing-an-improvement-in-the-Ann-Arbor-Residential-Real-Estate-Markethttp://www.annarbormihomes.com/Blog/Are-we-seeing-an-improvement-in-the-Ann-Arbor-Residential-Real-Estate-MarketFri, 26 Aug 2011 16:55:00 GMTPrices continue to improve in the Ann Arbor Residential Real Estate MarketUsing data provided by the Ann Arbor Area Board of Realtors, prices are improving in 2011 as compared with 2010. Through July 31, 2011 the average sale price for residential transactions within the Ann Arbor School District was $301,609 as compared with $287,471 for the same period in 2010. The median price for 2011 is $246,150 while in 2010 the median was $237,500.  This is a result of a slight reduction in the inventory of available homes for sale. Total sales units so far in 2011 stand at 536 while in 2010 we sold 545 residential properties through the end of July. Based on prior year’s experience, residential home sales units should finish the year at a pace that is approximately equal to 2010.  

]]>http://www.annarbormihomes.com/Blog/Prices-continue-to-improve-in-the-Ann-Arbor-Residential-Real-Estate-Markethttp://www.annarbormihomes.com/Blog/Prices-continue-to-improve-in-the-Ann-Arbor-Residential-Real-Estate-MarketTue, 09 Aug 2011 03:00:00 GMTWhat are you waiting for?Housing affordability is the lowest on record according to the National Association of Realtors.  The principal and interest payment for a median priced home is now at 13% of gross household income.  In addition,a 30 year fixed rate in March was 4.84%, compared to 4.97% in March 2010.  Now is a great time to buy!

]]>http://www.annarbormihomes.com/Blog/What-are-you-waiting-forhttp://www.annarbormihomes.com/Blog/What-are-you-waiting-forThu, 21 Apr 2011 16:52:00 GMTFHA rate increaseFHA rates will increase on April 18th, the second increase in the last six months.  Make sure to check with your lender to see if you would save money by taking a conventional loan with private mortgage insurance, rather than an FHA loan.

]]>http://www.annarbormihomes.com/Blog/FHA-rate-increasehttp://www.annarbormihomes.com/Blog/FHA-rate-increaseWed, 13 Apr 2011 10:57:00 GMTThe Glass is more than Half Full in the Ann Arbor Residential Real Estate Sales MarketThe first two months of 2011 have shown a better than expected sales rate that has averaged 179 units per month. Overall 2010 sales dollar volume exceeded 2009 by 4%. That reversed a steady decline going back to 2004.  Sales units in 2010 were up 3% to 3,117 while the average price was up 1% to $186,217. The median price remained flat at $146,623.  It is still early in the year but with the spring market upon us, things are looking better than they have in a long time.

]]>http://www.annarbormihomes.com/Blog/The-Glass-is-more-than-Half-Full-in-the-Ann-Arbor-Residential-Real-Estate-Sales-Markethttp://www.annarbormihomes.com/Blog/The-Glass-is-more-than-Half-Full-in-the-Ann-Arbor-Residential-Real-Estate-Sales-MarketFri, 25 Mar 2011 09:37:00 GMTThe Glass is Half Full in the Ann Arbor Real Estate Market.The Ann Arbor Board of Realtors July data was somewhat shocking due to the impact of the First Time Home Buyer Credit. Sales units in July dropped to 259 from 394 in June. August Sales Units stand at 262. We are forecasting a full year however that is better than 2009. Here are the positives:

 

  • Year-to-Date Median Prices and Average Sold Prices for Residential properties are higher in 2010 than in 2009.
  • The ratio of listed Residential inventory units to sales units stands at 2.2 slightly less than the fourteen year average of 2.5.
  • The sixty month moving average of Residential Median Prices has swung to the positive.

 

All of this suggests a firming in the market place. Continuing low interest rates and a relatively low level of inventory will have a positive affect on the market. We expect this trend to continue for the remainder of 2010 and into 2011. Our forecast for 2010 indicates that combined Residential and Condominium Sales will grow 7% for full year 2010 as compared to 2009. Sales units are also expected to grow by 6%.

 

]]>http://www.annarbormihomes.com/Blog/The-Glass-is-Half-Full-in-the-Ann-Arbor-Real-Estate-Markethttp://www.annarbormihomes.com/Blog/The-Glass-is-Half-Full-in-the-Ann-Arbor-Real-Estate-MarketFri, 17 Sep 2010 10:57:00 GMTOne Interesting Mortgage Strategy for Purchasing a Home in Ann Arbor, MichiganHome owners and potential home buyers are faced with a number of issues including affordability of a new home that may need some repairs.  The Federal Housing Administration (FHA) provides loans  that include a low down payment and  mortgage  insurance on loans made by FHA approved lenders.  These loans are generally limited in amount. For a single family owner occupied home in Washtenaw County, the maximum loan amount is $345,000.  Should the home need repairs an FHA program called 203K Streamlined will permit repairs up to $35,000 that can be financed as part of the loan. Generally the home must be occupied once the transaction closes. The work must be completed within six months.  Not all banks participate in the program so some shopping is required.

]]>http://www.annarbormihomes.com/Blog/One-Interesting-Mortgage-Strategy-for-Purchasing-a-Home-in-Ann-Arbor-Michiganhttp://www.annarbormihomes.com/Blog/One-Interesting-Mortgage-Strategy-for-Purchasing-a-Home-in-Ann-Arbor-MichiganTue, 27 Jul 2010 11:47:00 GMTIncentives for Purchasing a Home TodayThe Ann Arbor Board of Realtors reports a 7.8% increase over January 2009 in residential sales and a 7.1% increase over January 2009 in condominium sales.  Also rising is the average sales price up 8% and list prices are up 6.7%.

In order to take advantage of the Home Buyer Tax Credit, you must be under contract by April 30, 2010 and you must close by July 1, 2010.

Additional financial incentives are being offered by Fannie Mae, the largest U.S. finance company.  If you purchase one of their foreclosed homes, they are offering up to 3.5% in closing cost assistance.

There has never been a better time to purchase a home.  Call me today to get started!

]]>http://www.annarbormihomes.com/Blog/Incentives-for-Purchasing-a-Home-Todayhttp://www.annarbormihomes.com/Blog/Incentives-for-Purchasing-a-Home-TodayWed, 10 Feb 2010 18:04:00 GMTShould I Buy a Home Now?I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

]]>http://www.annarbormihomes.com/Blog/Should-I-Buy-A-Home-Nowhttp://www.annarbormihomes.com/Blog/Should-I-Buy-A-Home-NowThu, 04 Jun 2009 18:32:00 GMT