Here is the executive summary from Big House Data in Ann Arbor, MI. This is a great company that I hire to do the research and compile the data for me.
You can read the entire report here. I maintain it is still a great time to buy, the sellers are more realistic in their pricing and the buyers are having great opportunities. We wrote a offer yesterday on a 2100 s.f house in Ypsilanti Township for under 200,000. This would have sold for more a few years back. In fact it started at 289,900. Now what a opportunity for a first time home buyer !
I remember when I first became a realtor and people would be relocating to Ann Arbor and they would say, " We want to spend around 150,000 to 200,000 for a home. We would have the sad news of telling them that our starting price point in Ann Arbor was 250,000. to 289,000. WOW, what a change ! Now we can get them in a really great starter home.
There is a silver lining in every cloud and in this downturn of a market, first time home buyers are able to get really great houses. Sellers are being more realistic and the market is moving along.
The sellers are starting to understand that in order to sell you must price it right at the beginning. We tell our buyers you will get a great house for a awesome price, BUT you will not steal the house. My heart sinks when the buyers and the buyer agents bring ridiculous offers on homes that are truly priced right. I think most of the sellers have adjusted their expectations and are priced accurate in most cases. When a realtor says to me, that her buyers are going to write 5 or 6 offers until they find the most desperate sellers, I cringe. Then I feel sorry for the realtor that is driving them all over and writing those 5 plus offers to find them a house.
The bottom line is " A great time to buy " and sellers " price to sell" not to sit. !!! Check out the data above for Ann Arbor, MI and the surrounding Washtenaw County area
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Great report you are getting, Missy. I can see why you don't mind paying for it. I wish we had such a service here Up North.