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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Ann Arbor. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 734-395-6533
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| Average Home Price | $200,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 0-5% |
| Average Time on Market | 30-60 days |
| Best Selling Price Range | $150,000 - $199,000 |
| Worst Selling Price Range | $400,000 - $449,000 |
| Prices As % of Asking Price | 90-95% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | No Change |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Ann Arbor is | Increasing |
| Seller Activity for the past 90 days in Ann Arbor is? | Increasing |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | If the homes are priced according to real estate market value, they sell very quickly. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 20-25% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | FHA mortgages are becoming the standard form of financing. FHA limits are up to $374,000 in the Ann Arbor area and throughout Washtenaw County. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | The buyer and sellers real estate markets in ann arbor michigan has stabilized over the last 12 month. real estate values in ann arbor will not change much over the next 12 months. Interest rates are very low making it a good time to buy and sell if you have substantial equity in your current home. |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Good economic news |
| Nearest Metro Area | Detroit |
| Housing Hot Spots | Most cities within the Washtenaw County area are considered 'Housing Hotspots', especially Saline, Dexter and Chelsea. South Lyon and Whitmore Lake are quickly developing yet offer excellent real estate value. |
| Average Sold Price | $200,000 - View Graph Trend |
Ann Arbor Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
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