Ann Arbor and all of Washtenaw County continues to feel the effects of the Pfizer move to Conn. These homes are so undervalued that buyers are snapping them up quickly. For instance, I have a transaction closing in August that the sellers paid 525,000 for last year and we are closing at 425,000. That is a great opportunity for my buyers and many other home buyers in Washtenaw County.
The effects of this will take years to overcome and eventually these will be sold and off the market. Then sellers in those neighborhoods will be looking at appraisals coming in low and most appraisers will not know that it was a Pfizer Relocation house. We Realtors will have to be on our toes to be able to show the appraisers that because it was such a low sales price, the sellers were actually able to get back at up to 100,000. in their " loss on sale" clause.
Pfizer is offering their employees up to 100,000 loss on sale as an incentive to relocate. So ultimately the sellers did not lose anything. Prudential Relocation does not want these homes in their inventory so they are being dumped at incredible values.
Average List Price Average Sale Price
List vs Sales Price
All data is compiled by a great company Big House Data, located in Ann Arbor Michigan, aka, our very own Todd Waller. The static's are compliled from the MLS data from the Ann Arbor Area Board of Realtors.
I send out a a 10 page report monthly to my sellers each for condo's residential, and Washtenaw County. In any market but especially one that is slow and homes are staying on the market a long time, it is important to keep your sellers informed.
Sellers will tend to think it is "just their house" or worse yet " your not doing your job" in getting it sold.
The market is what the market is, we as professionals can't control the market, but we do have a responsibility to keep our sellers up to date on the conditons of that market. The biggest complaint I get when I am the 2nd Realtor in to list a home is that the sellers feel their Realtor never called them or kept them up to date.
How do you stay in touch with your clients ? Weekly, Monthly? What kind of things do you do ?
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Missy, these are amazing graphs. I have a lot to learn.