Blog

  1. Ann Arbor Condo Report – October 2020

    Prices Remain Consistent Overall for Ann Arbor Condos The prices for Ann Arbor condos did not change drastically from last October. For example, the average listing price this past month is $366,788, a minimal increase from the $365,348 prior. New inventory saw a 12.5% rise at 72 condos compared to the 64 from before. As… read more

  2. Rent vs. Buy: How to Decide What’s Best for You

    Rent vs. Buy: How to Decide What’s Best for You According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further. While the best timeline to buy a condo or… read more

  3. Do You Have Enough Money Saved for a Down Payment?

    One of the biggest misconceptions for first-time condo or home buyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a condo or house. Here’s how it breaks down. A recent survey by Point2Homes mentions that 74% of millennials… read more

  4. Ann Arbor Condo Report – August 2020

    More Inventory for Both Listings and Sales Ann Arbor condos saw an increase in new and sold inventory this August. New listings were up 14.5% at 71 condos, and this is in comparison to the 62 last August. The average listing price for these condos was $269,522, versus $362,526 before, down 25.7%. A total of… read more

  5. Millennials Are Increasing the Demand for Condominiums

    When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium! According to CoreLogic, “Last year about 43% of all condo home-purchase mortgage applications were submitted… read more

  6. Ann Arbor Condo Report – July 2020

    Comparable Inventory for Ann Arbor Condos Besides year-to-date sales, all other inventory for Ann Arbor condos have remained stable. July saw 108 new units hit the market, a 4.9% increase from the 103 last July. The amount of sold condos experienced a decline of 4.8%, from 83 to 79 this past month. As for the… read more

  7. Guidance and Support Are Key When Buying Your First Condo or Home

    In June, the number of first-time homebuyers accounted for 35% of the existing sales, a trend that’s been building steadily throughout the year. According to the National Association of Realtors (NAR): “The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending… read more

  8. Ann Arbor Condo Report – June 2020

    Listed and Sold Inventory Remain Balanced With the start of summer, the inventory for Ann Arbor condos have maintained their balance. Last June, 68 condos were both listed and sold, and although there was a 14.7% decline on the whole this June, 58 condos were listed and were also sold. The average listing price has… read more

  9. What Are the Experts Saying About Future Condo Prices?

    A worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that reason, forecasting prices has become extremely difficult. Normally, there’s a simple formula to determine the future price of any item: calculate the supply of that… read more

  10. Condo Buying Has Gone Virtual!

    Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes… read more