Happy (Almost) Spring!
Our latest Washtenaw County & Ann Arbor housing market report has just been released.
Due to supply & demand issues in 2020, homes appreciated by as much as 10% in many price ranges and are forecasted to increase around 5% this year. Inventory levels are down 36% from prior year, but demand continues to increase spurred by historically low interest rates and many buyers who have realized their home no longer works for them in a post COVID-19-world.
Tight inventory is keeping competition fierce, with packed showings, multiple offers, low # of days on market and favorable seller terms. In fact, one of my clients put in an offer last Friday on a home in the $150K price range and the listing agent said there were 25 other offers besides ours!?! In addition, I found out another listing in our office with a price over $1M had 6 excellent offers. These are unprecedented stats, which further demonstrates inventory issues in all price ranges.
So how does this apply to you? Now is a great time to sell! In addition, I have pre-approved, ready & willing buyers in all price ranges, so if you or anyone you know is interested in selling their home, please reach out. I may be able to complete a sale without it even having to go on market &/or be shown to the public.
For my Buyers, in a Seller’s Market like this one, I’m counseling the 3 P’s – Preparation, Patience & the ability to Pounce. It’s important to be knowledgeable about market conditions, have access to new homes the minute they become available & fully understand all the forms & procedures to submit an offer. Remember, your home is out there, we just have to find it! Although, it’s probably because it hasn’t hit the market yet, so patience is a must. Once a potential house is found that meets your criteria, you must pounce on it with a showing that day & if it’s “the one”, then we’ll make an offer utilizing the latest in bidding war offer techniques.
Any questions/concerns or if you want to talk housing or just catch up, please give me a call – I’d love to hear from you!
