The real estate market nationwide is definitely on the turn. Buyers are buying and inventory in certain areas is starting to decrease as the glut of unsold properties is worked through.
Of course the global economy and the stock market remain concerns that buyers have, however they are understanding that a home is not just an financial investment, it is an investment in their future on a personal and emotional level.
Realty Times reported this week that pending home sales rose sharply, by nearly 7 percent in all four major regions of the country, in the latest month measured by the National Association of Realtors and that Mortgage rates continue to be favorable, at an average of 5.3% last week for 30 year fixed rate loans.
While mentioning the Mortgage front, according to the Mortgage Bankers Association’s weekly survey, new applications to buy houses increased by nearly 7% in the week ending July 3rd, which is excellent news!
Most interestingly however is the news out of a New York research firm, that Rental unit vacancies have just hit 7.5% nationwide – the highest they’ve been in 22 years as renters who have been considering purchasing for a while are coming off the fence and deciding to get going!
If you are a Renter who is looking at purchasing a property in Ann Arbor, please contact us for advice on where to start. You may even be eligible for the first time homebuyer tax credit!
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