February 2015 Market Statistics

Posted on by Rob

The Ann Arbor Area Board of REALTORS just released the latest listing and sales statistics for February 2015, and our market continues the trend of low inventory and increasing buyer demand. This lack of supply and high demand is pushing prices higher. Listing prices for February are 23.4 percent higher than last February. The average listing price for February 2015 was $284,955, compared to $230,791 a year ago. Year-to-date, the difference in listing prices is only 10 percent, at $262,458 this year, compared to $238,725 at this time last year.February 2015 StatisticsThe average sale price for February 2015 was up 23.4 percent from last year at $274,182, compared to $222,255 in February 2014. Two months into the year, the average sale price is up 9.4 percent, at $253,321, compared to $231,541 a year ago. Both locally and nationally, the market is expected to grow as new listings reach the market and buyers take advantage of low interest rates.

Now that we have broken free from Winter’s icy grasp, we are expecting more homes to start hitting the market which should ease the supply. By the end of the year, prices should level out and result in modest gains over 2014 in the range of 4-7 percent.

FAQ – What is Involved in Buying a Home?

Posted on by Rob

On paper, buying a home seems like a simple process, find a home and pay the current owner for it, but the process is quite a bit more complicated than that. There are a few very important steps to take before you even begin to look for a home. The following flow chart breaks down the process into logical steps.Purchase Flow Chart For more detailed information about the buying process, visit my Home Buying page or call me today to discuss how you get started.

Howard Hanna? Never Heard of It.

Posted on by Rob

Howard Hanna has only been in the southeastern Michigan real estate market since merging with Edward Surovell Realtors in October 2013, but as a company, they have been around since 1957. Family-owned and based in Pittsburgh, Pennsylvania, Howard Hanna now has 170 offices and over 4,700 agents across Pennsylvania, Ohio, Virginia, Michigan, New York, West Virginia, North Carolina and Maryland.

Howard Hanna Real Estate Services is ranked the 4th largest real estate company in the United States (REALTrends Magazine, May 2011 based on 2010 transactions). The company sold 30,308 homes in 2007, 35,742 in 2008, 35,004 in 2009, 33,954 in 2010, 34,292 in 2011, 41,348 in 2012, and 52,827 in 2013.

But Howard Hanna is more than just real estate sales. The Hanna family believes that you should be able to fulfill all of your needs for a real estate transaction with one stop shopping. We offer real estate sales, mortgage lending, title insurance and closing services, home warranty and full line insurance options. From start to finish, we can do it all.

Howard Hanna continues to seek opportunities to grow and offer more services to the home buyer or seller and to expand its service areas. If there is not an office near you now, there will be soon.