While taking a winter break here in sunny Florida I’ve wanted to read and watch what is happening real estate wise in this market. As a Michigan Realtor (Real Estate One, Team366) I wanted to see where this market stood compared to the Ann Arbor, Washtenaw County market. What I’ve learned is that the market is so saturated with a bloated residential/condo market that it will be years before it recovers, although the article in today’s local paper is encouraging.
The premise of the article is that real estate continues to struggle as home prices continue to drop most everywhere, but the reality is that housing is becoming affordable again for the average person. Albeit mostly through foreclosures and short sales. As a result, inventories have begun to drop.
So what does this have to do with my home market?
Simply put, the Ann Arbor area has seen this resurgance in the last quarter of 2008 and thus months ahead of this market. And our local real estate market is producing buyers who have been waiting to purchase and feel now is the right time to buy.
So am I enjoying the sunshine…of course, but the housing market in the Ann Arbor area is much brighter.
[photo source: moertl]
