Wednesday, January 16, 2008

It's the BIG SALE!

Now that the Holidays are past, retailers everywhere are fretting about how to get customers into their stores. In every newspaper around the country, there are full-color advertisements from retailers of every sort, exhorting us to visit their “Big Sale”.

A review of our market conditions here in January, 2008, reveals that the same thing is occurring in the Real Estate market, as well. Only, you’re just not seeing the big headlines.
So, let me be among the first in this area to trumpet the following headline:

It’s The Big Sale!

Seriously, never before in our history has there been such a big sale in the Real Estate market. When has there ever been this many homes available for sale? Never!

Just like in the retail business (when a retailer orders too many of a particular item, they have to lower prices to “move the goods”), the Real Estate market has been experiencing the same thing in our area.

There are many indications that overall prices of homes have come down 15-25% in our region since their peaks of 2003-2004. This is consistent with the retailers’ approach, as we Realtors are trying to “move the goods” for our clients. How? By offering some of the best homes at the best prices we’ve seen in many, many years!

On top of all of this, interest rates continue to be incredibly low, on a historical basis. Just this week, you could get a 30-year, fixed-rate mortgage, for an INCREDIBLE 5.75%.

So, never in our history have we had such a confluence of positives for the Real Estate market – plenty of homes to choose from, fabulous prices, and rock-bottom interest rates.

So, WHAT ARE YOU WAITING FOR?

I know, I know. It’s the economy, stupid (to quote a past President of the United States).

But, back to the matter at hand:

Here’s a chart of the market conditions for Saline, as of mid-January, 2008:



The top line on the chart shows the number of homes available for sale in the Saline area, going back to 1996. The number of homes for sale began to climb in 2004, and is only now showing some signs of a retreat. So, act fast to be sure to get the home you really want, while it’s on the market now.

The lower, blue line on the chart shows the number of homes which actually have sold each month, again going back to 1996. There is a remarkable resiliency in our market, which means that you can’t go wrong buying a home in the Saline market.

I’ve got many other charts like these, including areas like Ann Arbor, and the entire Washtenaw County marketplace. Let me know if you’re interested in a particular area, and we’ll talk.

By the way, I’ll be hosting an open house this coming Sunday, January 19, from 2-4pm, at 1513 White Street in Ann Arbor. It’s an affordable home in the Burns Park school district, priced at $225,000, with 3 bedrooms and 2 full baths. There’s also a walk-up basement, and a 2-car garage. You are welcome to visit!

3 comments:

Karen Moorhead said...

Vance GREAT blog! Love it and can you believe there is a home in Burns Park for that price? It would be unheard of years ago.

Vance Shutes said...

Karen,

Many thanks! Yep, prices in all areas have reached the level where you have to take a SERIOUS look when you're looking to buy!

Vevay said...

This is great info to know.