Homes for Sale in Ann Arbor: The Market Is Hot!

 

 

 

 

 

 

 

Buyers and sellers in Ann Arbor, Michigan are enjoying another record setting year in the local housing market. A combination of high demand, attractive mortgage rates, new construction projects, and an influx of homes for sale have contributed to the most dynamic market in Michigan.

A number of factors have contributed to the positive real estate trend now shaping the region's housing market. As new construction in an area is an important factor when considering both short-term and long-term trends, local economists have examined the number of permits applied for and the number of new construction projects scheduled to begin throughout the area. Current numbers for the end of 2015 indicate that permits within the city increased by 11 percent from two months earlier, and projections for 2016 predict that new projects will increase by 12 percent over the course of the year—which could result in the highest number of new construction projects the region has seen since 2007.

With the current increase in prices of single-family homes for sale in Washtenaw County, the market has moderately tightened for buyers. Recently, bidding wars have erupted as a number of potential buyers vie for the same dream homes. However, the construction of new properties should help to relieve this shortage by building up the inventory of available homes, making buying a house less stressful as mortgage rates and prices begin to stabilize.

With a great deal of activity and interest in the lower price ranges of homes for sale, the Ann Arbor real estate market is moving quickly. Sellers who price their houses well shouldn’t have a problem finding buyers willing to bid, and buyers who work with an agent with strong expertise in the local market can come out on top in a multiple bid scenario.

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