A Silver Lining: Affordable Real Estate in Ann Arbor

I was reading surfing the net today and came across an article about the S&P estimating housing prices fell an average of 18 percent in November 2008. You all know where my mind raced “Great, my home value has dropped even more.” What I didn’t stop to consider however, was how that affects those trying to buy a new home for the first time!

Yesterday, The National Association of Realtors indicated that median home prices fell 15 percent last month to $175,400, down from $207,000 a year ago. What that means to the potential home buyer is that combined with historically low interest rates and a 10 percent down payment, anyone who buys a median-priced home would save $254/month compared to a year ago. The Realtor’s home affordability index in November showed its best reading since 1993; Speculation is that when the December 2008 numbers are incorporated, it will show that housing is as affordable as it was in 1973!

And so it goes… What I wouldn’t give to be in the market to purchase a new home in Ann Arbor!

If you have any questions about buying a home in Ann Arbor or interest in knowing how affordable owning your first home can be, contact the Wickland Group. Our experienced team of Realtors, marketers and support staff is here to help you with your home buying or selling needs in Ann Arbor and throughout Washtenaw County. Expect only the best customer service and support from the team, taking all of the stress out of your real estate buying experience!

by Tammy Mayrend