Tuesday, May 6, 2008

Good News for Ann Arbor, MI Real Estate

A few posts ago, I summarized the recent National Association of Realtors report that led off with the header: "No Bottom Yet". Well I'm here to report that there are at least three encouraging indicators, at least for our south east Michigan market. Today's office meeting, here at Real Estate One in Ann Arbor, coupled with this article from the Detroit News, and this article from the Washtenaw Business Review indicate that our market is definitely starting to rebound in a big way.

At our Tuesday meetings, we get the opportunity to learn the pulse of the market. At today's meeting, one of our offices top agents reported that he was working with a Buyer recently, scheduled showings for 20 homes, and found that 15 of the 20 went under sales contract between the time he scheduled the appointment, and the time his showing was scheduled. Another agent reported a similar experience, with 7 of 10 homes going under contract within just a few days. I myself, have also had this experience with buyers recently, who have found homes on the internet that they want to look at, only to find out when I go to set the showings, that the homes have gone under contract.

The consensus was that there has been a great burst of market activity. Not only that, but the gap between offering price and listing price seems to have narrowed significantly. More on this topic later, as I'm off to show homes!

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