Over 2429 homes and condo’s have come on the market since January 2007 in Ann Arbor, MI. The closings are only off by 1%, but the listings are up. I would like to say this is all due to Pfizer’s announcement and although some of it is, most of the Pfizer employees are still negotiating their packages.
The fact that the closings are off by only 1% says to me that the sellers are getting more realistic in their pricing. I know this is true for me and the sellers I represent. All one has to do is drive around the neighborhoods, read the paper to know we are in a strong buyers market. So the sellers that need to sell are pricing their home appropriately. The average sales price is February was $215,186.00. In February alone 4.83 months were added to our existing inventory.
Now in saying all the above, I still maintain it is a great time to buy. Especially first time home buyers with good credit. STOP paying rent !! I tell people renting that you are buying a home, you are just buying it for someone else, not yourself. The mortage rates are still fantastic. We are still selling a lot of houses. So far this month, my TEAM has written over 8 offers and the buyers are getting very good prices for the homes.
The sellers are starting t0 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. !!!