Ann Arbor, Michigan does it again! We have been included in yet another national "Top 10" list. This time, Ann Arbor ranks as one of the top cities with rising real estate values in the nation! Edward Surovell Realtors are seeing more and more multiple offers per property and buyers are beginning to wonder if they are actually in a “Seller’s Market.” One thing is certain, this is prime time to take advantage of the wonderful deals in the Ann Arbor area, while they last!
3 signs that it is a favorable time to buy a home in Ann Arbor, Michigan
1) Interest Rates: 30 year fixed-rate averages remain BELOW 4 percent. With historically low interest rates, it’s a prime time to take advantage of this buyers market, while it lasts! Making a purchase now, instead of next year when we may see interest rates climb, may literally save you tens of thousands of dollars over the life of your 30 year fixed-rate loan.
2) Ann Arbor shows great promise for growth and property appreciation: In late 2011, Realtor.com named Ann Arbor in its list of “Top Turnaround Towns.” According to Realtor.com “With prices up and inventory down, the No. 10-ranked Ann Arbor fills the last spot on the turnaround report. According to Realtor.com’s October data, median list prices increased more than 8 percent year-over-year, while total inventory is down almost 25 percent. Home sale prices are also steadily increasing, and rose 4.4 percent for the year. The supply of homes is now considered balanced, with a months’ supply at 6.8 percent, a decrease of 11 percent.”
3) Home Affordability: If you are currently shopping for a home, then you are the envy of many of your home-owning friends. You have probably heard this many times “I wish I was purchasing a home right now, do you know how much I paid for my house in 2004?” According to well known consumer economist Clark Howard “Home prices are very low, creating a unique opportunity for people in a position to buy a home. The affordability index for homes is at its best level in the 41 year history of the home affordability index. That means that home buyers are getting more house for their money, and better interest rates.”
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