Thursday, November 14, 2013

A freeze on the Washtenaw County real estate market? Not this winter

While it’s true that families traditionally plan their moves around their children’s summer vacations, several emerging catalysts are influencing a somewhat unknown trend: winter is a great time to buy or sell your home.

With the baby boomer generation retiring from the workforce and families finally unburdening themselves from a period of financial restriction brought on by the recession, a fresh crop of highly motivated buyers and sellers is rejuvenating the marketplace year-round. Additionally, recent data from Ann Arbor real estate team Piperpartners finds that the average amount of time a home spent on the market in Washtenaw County dropped from 62 days to 39 days between September 2012 and September 2013. In a market that competitive, many people looking to buy were forced into a holding pattern over the spring and summer months. Not confined by the academic school year, these buyers are ready to jump on the next great listing.

Average days a home spent on the market in Washtenaw County between Sept. 2012-Sept. 2013
Many sellers, assuming a drop in buyer activity during the holidays or choosing to not deal with the pressures of real estate during such a busy time of year, will shelve their listing until the spring. Those with property on the market through January will face fewer competing property listings. And while home affordability is currently at an all-time high, trends indicate that prices will begin increasing into 2014. Educated buyers know this, so sellers can expect a spike in activity among serious buyers between now and the end of the year. 

Number of properties sold each month are on the rise, a trend that we expect to continue into 2014
As we move into the 2013 holiday season, do not let old real estate myths put a freeze on your home buying or selling plans. Savvy sellers will face less competition for a still-strong pool of buyers during this period. And if the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note.

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