February saw the largest drop in prices in many years in Ann Arbor Area. Compared to March of 2006, Ann Arbor was down 22.5%
The biggest drop was in the condo market, with a average list price of 183,655 compared froma average list price of 254,004 in March of 2006. The list price for single family homes was really down in February from 241,814 to 198,670.
Is this just an abberation ? Who really knows……….we’ll have to report in April on the home sales in April. But, it was not good news for people needing to sell their homes. The best strategy to sell a home now ( if they can afford to) is to price your home in the top 10 of the lowest price homes in your price range, have it looking spic and span and get the most showings.
My TEAM in Ann Arbor is telling the buyers to pick out their top 10 favorite homes and most of time we find them a home in that first bunch. One of my buyer agents has 7 homes under contract and it is working.