Who IS Buying Ann Arbor Homes?

Everyone keeps asking me, 'Martin - who's buying homes in Ann Arbor right now?'. After getting asked this a couple of times, especially since the beginning of the current financial crisis, I decided to look into this further.

I went back two months to analyze where our buyers came from. The Bouma Group sold homes to 18 buyers in September and October of 2008. The results are interesting, and much different from the perceptions that I had.

First Time Buyers 8 Sales 44%

Relocation Buyers 3 Sales 17%

Move up Buyers 2 Sales 11%

Second-Home Buyers 2 Sales 11%

Rentals 2 Sales 11%

Investment Buyers 1 Sale 6.5%

The most interesting statistic is the number of first time home buyers. Despite the fact that most 100% loan programs and seller down payment assistant loans are now gone, almost half of the buyers are first time buyers. That's a very good sign as it tells me that first time home buyers, who are generally younger buyers, are confident that a home purchase is still a sound economic decision. The second-home buyer is also a good trend. Many of these buyers are people that graduated from the University of Michigan, and as they approach retirement years, want a residence in Ann Arbor because of all the amenities Ann Arbor has to offer, like excellent restaurants, theater, sports events, world class medical facilities, and a 25 minute drive from Detroit Metropolitan Airport - a world class international airport. Many of them are also cash buyers.

Great deals are to be found everywhere! If you are working with an Ann Arbor Realtor who has expert knowledge of the local real estate market and is a strong negotiator, you can certainily take advantage of today's challenging real estate market. Contrary to what many are thinking, there are lots of buyers taking advantage of the current market to purchase a Washtenaw County home. Homes that are priced well, show well, and have a good location are the ones that are selling.

To stay updated on the current Washtenaw County real estate market conditions, be sure to check my website regularily.

Until next time-

Martin