Do You need to Sell Your Ann Arbor Area Home?
Having been a Realtor in the greater Ann Arbor Area for 13 years, I have many clients that need to sell their homes. Perhaps their Residency is over at University of Michigan Hospitals, they got a job transfer to another state, they are retiring to warmer places, they lost their job.
Many people NEED to sell in Ann Arbor Area and for a number of good reasons. It saddens my heart when sellers bought their homes when the market was at peak. Somehow, Ann Arbor had always escaped most down-turns in Michigan.
You know… “24 miles surrounded by reality”.
Unfortunately, we have been hit with declining home values too. There is almost a 14% decrease in prices in homes throughout Washtenaw County. That is the average. Average means, certain townships have taken larger hits. Ann Arbor City has seen less of a decline. Townships like Ypsilanti have seen the largest decline, with up to 20%. They have also been the highest hit with forclosure’s.
Currently, there are 720 homes listed in the Ann Arbor MLS. Of the 720 homes listed, there are 55 under contract, either waiting to close or under a limited time clause. So in reality there are 665 homes available to purchase. Last year, in 2007, 1159 homes closed in Ann Arbor. The absorption rate is not too bad. (The absorption rate is determined when you take the number of homes available and divide number of homes sold in a given time period to determine how many months it would take to absorb the inventory, given no other houses come on the market)
I have been asked a lot lately? “We are thinking about selling our house, what do you think, is it a good time?”
What I think… depends on why they are selling. If they are not moving, or are not in a HAVE TO SELL situation, it might be better to wait. If they NEED to sell, then now is the time to sell and price it to SELL. I was out showing condo’s last weekend, all in the same condo community, and my buyers asked me,
“Why is there such a difference in price?” They are all basically the same floor plan.
“Motivation of the seller”, was my response.
Some people really need to sell, others don’t need to sell, but want to.
Motivation is extremely important when pricing your property and determing the time to sell. Life would be great if we all had a crystal ball and I could say, this time next year or in 2010 the market will come back. Unfortunately, that is not the case. No one really knows.
Sellers, ask yourselves, “Do I need to sell or do I want to sell?” Those sellers that need to sell are homes priced the most appropriately throughout Washtenaw County.
Want to check what homes are listed at in your neighborhood, you can search all the active listings on Search Ann Arbor Houses.
February 3rd, 2008 at 2:49 pm
Pricing a home correctly is critical on todays market. Checking comps on a weekly basis is necessary. Swift action/price reductions, as warranted, on a timely basis are a large part of the difference in whether a home will be shown and sold. And the really sad part………not all homes will sell even with the right price.
The competition out there to sell is fierce right now. Without putting their best foot forward on many fronts, sellers may as well not be on the market.
February 3rd, 2008 at 3:14 pm
Yea, you’re right only the best condition and the best priced are selling.
February 4th, 2008 at 6:12 pm
Missy, Motivation to sell is the key to selling and then come the pricing. If you are really motivated to sell than you will price your property at a price that will encourage a buyer to make an offer.
February 4th, 2008 at 9:02 pm
Katerina, pricing is always the bottom line, isn’t it, buyers market or sellers market.
February 7th, 2008 at 8:37 am
Motivation is critical to the outcome of a sale! If a seler isn’t motivated they probably shouldn’t be trying to sell in this market. Wonderful guidance for your clients!
March 28th, 2008 at 2:06 am
Buyers are comparitive shoppers and want the best house for the best price. Ask your sellers if they will pay more for a property…oh course not, it’s always about price and of course saleability of the home. It boils down to do they want to list the property or sell it. If the response is….we do not have to sell then suggest that they take the home off the market!