Ann Arbor is home to a unique real estate market. The University of Michigan and luxury lifestyle some homeowners experience have dramatically characterized the town into a top residential area. The need for housing around the university campus and the desire for historic homes along the downtown area have created an interesting dynamic of listings and buyers. However, there is one growing trend in real estate that Ann Arbor is facing at the moment. Real estate is shifting towards a “seller’s market.”
A seller’s market means there are fewer homes listed while there are more buyers on the market. The advantage this brings to sellers is choice. Buyers are faced with fewer home to choose from, which means they either have to make an excellent bid on the house (to get it) or wait for another time to shop. If they make a low bid, the seller has plenty of other buyers looking at the house already. They can easily wait it out and get a higher offer before deciding.
What Time Is It?
It’s time to sell. Homeowners are always afraid they won’t get what the home is worth (considering the ’06 housing bubble), but over the years the market has rebounded. Buyers are on the hunt and they are willing to pay top dollar for the “dream” home, since they are hard to find in today’s market. That means if you’re selling, you have a strong advantage.
Recently Sold Homes in Ann Arbor
Looking at recently sold homes is a good indicator to the real estate market. They can provide you a snapshot of the potential value of your home and show you how much your neighbors are making. Below are a few recently sold homes in Ann Arbor:
1. 2355 Londonderry Rd, Ann Arbor, MI – 4 bedrooms, 2.5 baths – Sold for: $540,000
2. 1211 W Washington St, Ann Arbor, MI – 2 bedrooms, 2 baths – Sold for: $361,012
3. 1316 W Huron St, Ann Arbor, MI – 3 bedrooms, 3 baths – Sold for: $325,000
Closing the Deal
Deciding to sell can often be a difficult decision, but with the right preparation and real estate agent, you’re sure to do fine. Doing some research ahead of time will save you from crossing hurdles in the future, but to get a good handle on selling, rely on your real estate agent. They know the market best, and they know what homes are selling for. Feel free to send us your questions or concerns through the form below: