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The Reinhart Blog

Sidestepping the Move Up Spiral

Although slow to arrive due to the long cold winter, the spring market is finally heating up. The total number of Washtenaw County sales through April continues to lag a bit from the same period in 2013, but the gap is closing and prices are up 10% year over year.

Sold House

One of the biggest logs in the dam holding back a flood of new listings is the seller’s “Move Up Spiral.” With many homes selling quickly, some sellers are afraid to put their home on the market until they find one to buy. We have successfully used a variety of tactics in contract langue, and are using our knowledge of upcoming listing that haven’t specifically hit the market yet to help sellers solve this problem. In fact, Reinhart sales are up 5% through April, bucking the overall market statistic.

For sound advice and help getting past your personal real estate obstacles, contact us today.

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Spring is Officially Here

If you’ve been waiting to buy or sell, it’s time to set your real estate plan in motion. With snow melting and the weather improving, the spring market is underway. Activity has been a little slower than  expected this winter due to weather, but that means demand is building and we are expecting a sudden influx of sellers and buyers and a strong remainder of the year.

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Interest rates continue to favorable for buyers. Average prices are  increasing. The housing market is continuing to strengthen, and is expected to continue to do so at a steady pace for the next several years.

For sound advice and help creating your real estate plan, contact us today. 

 

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The Fall Real Estate Market is Strong

Third quarter results are in, and they are outstanding! Reinhart finished the third quarter strong with closed sales up 13% for the first 3 quarters of year versus the same period in 2012.

The good news for homeowners in Washtenaw County is that prices are continuing to climb and homes are selling 22 days faster on average than last year. The Ann Arbor Area Board of Realtors is reporting that average sales prices YTD for residential homes are up across all major areas of the county.

Many industry experts feel fall is the best time to list because low inventory creates upward pressure on prices and fall buyers are serious.

For sound advice and help creating your real estate plan, contact us today.

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Ann Arbor Market Makes Strong Gains

The Ann Arbor regional real estate market continues to make strong price grains over the previous year in both median and average sale price through June (15% and 22% respectively).

The recovery is steady and broadening to include healthier activity in other hard-hit market segments, such as vacant land and new construction. While there was a buying frenzy this spring that produced double-digit numbers of offers on some listings, supply and demand is bringing back the balance.

It’s still a sellers’ market in popular areas and price ranges, but the crazy atmosphere of the spring has settled down. First-time home buyers and those who weren’t successful earlier in the year should find the late summer and fall an easier time to find the right home. New construction is again a legitimate option. Interest rates are rising and this may be a compelling reason to act now instead of waiting.

For sound advice and help creating your real estate plan, call a Reinhart Realtor today.

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Ann Arbor Region is Leading the Real Estate Market Recovery

Nationally, residential real estate sales and prices are moving solidly into recovery. Through July sales are up 10.4% versus 2011 and prices have risen 9.4%.* The National Association of Realtors predicts strong continued growth in 2013.

But real estate is local, and in Ann Arbor this is old news. Sales here began to improve in the second quarter of 2009 and have continued to gain strength. Ann Arbor is running well ahead of the national recovery and for many reasons, that will continue:

  • University of Michigan is hiring and populating the NCRC (the former Pfizer campus)
  • Tech and start-up firms are hiring
  • The auto industry is back from the brink and growing in Southeastern Michigan
  • Interest rates are near all-time low levels
  • The market has largely absorbed the inventory of distressed properties (foreclosures – short sales)

The rate of recovery in our market is slower the further out from Ann Arbor one looks, but every community is significantly healthier than it was 12-24 months ago!

At Reinhart, we have been fortunate to capture much of the increased sales activity. Our market share has never been higher (45%+ in the Ann Arbor School District and 37% of the entire Multiple Listing Service as of 8/31/2012**) and we now exceed the combined sales totals of our three closest competitors.

We appreciate the support and confidence that our communities and friends have extended us. We stand ready to help, whatever the real estate need. Have a great fall, 2012!

*  Source: National Association of Realtors “Existing Home Sales Report” (7/31)
** Data from the Multiple Listing Service of the Ann Arbor Area Board of Realtors

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