What Do Recent Ann Arbor Market Trends Mean for You?

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Today, we’re taking a look at real estate trends we’ve seen recently in the Ann Arbor area and determining what they mean for you and your family!

Right now, we’re in a seller’s market. We know this because anything less than a 6-month supply of homes favors sellers. We currently only have a 3-month supply, so it’s a great time to own a home in Ann Arbor! Homes that are under $200,000 are flying off the shelf right now, but homes above $500,000 (the luxury market) are selling a bit slower, at about 18 months. However, the exact market time is dependent on the particular area a home is in!6.8

Interest rates are still quite low, at about 5% for 30-year fixed-rate mortgages. This makes now a great time to buy, as the Fed plans to raise rates by the end of the year. If rates rise even 1%, it could cost you as much as $70,000 over the life of your loan!

If you have any questions about conditions in our area, or if you need real estate assistance of any kind, don’t hesitate to reach out to us. We would love to hear from you!

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