Understanding Ann Arbor Real Estate Market Conditions
Because the Ann Arbor real estate market is always changing, it is important Ann Arbor home sellers have a solid understanding and knowledge of the market conditions you may encounter when selling your Washtenaw County property. Plus, it helps to understand how market conditions can affect your position as a seller. The Bouma Team will explain the market conditions at the time you are considering selling your home and advise you as to the perfect marketing strategy to get your home sold for the most amount of money, in the least amount of time, and with the least amount of stress.
Buyer's Market: In a buyer’s market, there are more Ann Arbor homes for sale than there are buyers. With that said, here are more characteristics of a buyer’s market:
- High inventory of homes for sale. (Greater than 7 months supply of inventory)
- Few buyers compared to availability.
- Homes tend to remain on the market for a longer period of time.
- Prices tend to drop if no offers are received.
- Buyers have more time to look for a home.
- Because of market conditions, it’s not uncommon for buyers to be able to gain the upper hand in price negotiations.
Seller's Market: The number of buyers wanting homes exceeds the supply or number of homes on the market. Characteristics of a seller’s market include:
- Smaller inventory of homes. (Less than 5 months supply of inventory)
- Many buyers.
- Homes sell quickly.
- Prices usually increase.
- May have to pay more.
- Make decisions quickly.
- Conditional offers may be rejected.
Balanced Market: The number of homes on the market during a balanced market is equal to the demand or number of buyers. Other characteristics of a balanced real estate market include:
- Demand equals supply.
- Sellers accept reasonable offers.
- Homes sell within an acceptable time period.
- Prices generally stable.
- More relaxed atmosphere.
- Reasonable number of homes to choose from.
Pricing Your Ann Arbor Home for Any Market Condition
Pricing your Ann Arbor home accurately is critical in a number of ways. Properly pricing your Washtenaw County property helps attract more buyers with stronger offers sooner. Remember, it is our goal to secure the most money for your Ann Arbor home in a timely manner. It all begins with accurate pricing! To find out what your Washtenaw County home is worth contact us today.