Ann Arbor Real Estate Market Update – Winter 2020
Provided by: The Sam Vail Group
Real estate agents in Ann Arbor are among many across the Michigan who’ve had more downtime since March 2020, with both work and the real estate market disrupted by the covid-19 outbreak and lockdown orders. Though the real estate market in Ann Arbor is known to be a hot one, it witnessed slashed sales by 30 percent in April 2020 compared to April 2019, as per the Ann Arbor Area Board of Realtors. Under the new restrictions, property showings should only be done by appointment and are limited to just four people at a time on a property, with no in-person open houses, and no showing rental properties until tenants have vacated. Also, the people must follow the social-distancing guidelines, maintaining a 6-foot separation.
The Ann Arbor Real Estate Market – The Past & Present Outlook
According to experts, the Ann Arbor real estate was hot in the last two or three years. Spring was multiple offers, houses didn’t last one or two days without 15 offers and $30,000 over list price in certain cases. This year, it feels like it started that way in February, March, and April, but it seems like in May and June a different tone has hit the market place.
It appears that the market is slowing down at present and the Fed may also reduce rates in 2020 if the anticipated economic slowdown looms to snowball. Hence, it is perhaps good for buyers. Sellers are still asking themselves, “Should we sell now? “Should we wait now?’
However, we still cannot say if the Ann Arbor market is a buyer-market. Rather, we see it as a balanced market, with certainly the fact it is slowing down.
Why Purchase A Home In Ann Arbor?
People want to buy a home in Ann Arbor because it is a great place to work, live, and play. It is a peaceful and lively city with all amenities and resources of modern living including work, education, entertainment, healthcare, transportation, shopping, leisure, and recreation. As per experts, people are preferring a move-in ready house.
Hiring A Hyper-Local Real Estate Agent For Home Buying & Selling
Though it is not mandatory to work with an agent, we strongly recommend hiring a hyper-local agent if you are looking to buy a home in Ann Arbor.
This is because for most people purchasing a home is the biggest financial decision of their life. An experienced local agent is the best source of information about the local real estate market. They know the nuances of Ann Arbor’s market and possess the expertise to give you the best advice, taking into consideration the latest trends, taxes, and the areas closely matching your requirements and budget. Besides, they have local connections with reliable home inspectors, interior designers, home stagers, lenders, etc.
Also, as per the recent situation, as explained above, it is not an easy time to be looking for a home in the Ann Arbor market. For sale, inventories continue to be a challenge for most price ranges and areas, mainly in the City of Ann Arbor. To avoid the frustration of the slow market, it is advised to hire a local realtor for the best and realistic advice. Even after you find the best realtor and your desired home, the most important thing you can do is be patient for completing the process that usually consists of lots of paper works and approvals. The local real estate agent can be of great help for these aspects too!