chart "This Month in Real Estate" has been released by Keller Williams, outlining the changes in the real estate market over the last few weeks. This edition - which is available to download here as a PDF - explains how there is a growing demand for housing with existing home sales rising 7.2% to an annual rate of 5.24 million in July of this year. The largest gain on record since 1999.  They call this the "green shoots of recovery" as first time homebuyers are dipping their toes into the market - driven by low rates (which are still in the low 5's), a great - but expiring soon - $8,000 tax credit. In fact, in July 30% of buyers were purchasing for the first time. Even CNN.com noted how there was an influx of buyers snapping up homes! Also more excitingly, as the report says, home prices have risen from where they stood at the beginning of 2009. In fact, it says an 8% increase where they were in July compared to January 2009. This is great news! This hints that the economy is starting on its road to recovery. Many Economists are starting to predict a good, stable economy for 2010, which is bolstering consumer confidence. This good news continues with the level of inventory on the market - Compared to a year ago, when the number of unsold homes was at a record, there are now 10.6% fewer homes on the market.   Also, the homes on the market are more affordable, with affordability at record levels since it was first documented back in the 1970's - making it cheaper to own than rent in some cases! All this adds up to be an encouraging mix for todays discerning buyer and seller. Buyers are getting great deals on homes and sellers are seeing inventory moving. It is noted that people are not moving for negative factors, but postive ones. For instance:
  • 26% moved to live in a bigger or better home
  • 24% moved into a better neighborhood
  • 12% moved to be closer to family or friends
  • 9% moved into an area with a lower cost of living
  • 6% moved due to a change in marital status
  • 3% or less for each of the following: school, job loss, retirement, or foreclosure
Contact us at the office more more information on local market conditions in your search area in Ann Arbor. Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs. Search all listings in Michigan with pictures and tours...Free! Kathy Toth & Team: Ann Arbor Area Real Estate Experts www.KathyToth.com Keller Williams Realty