arboritis

April 2011 Ann Arbor Home Sales Market Report

2011-05-18T15:28:00.004-05:00

Another mixed bag in the Ann Arbor Real Estate market for April 2011, with decreases in unit sales, as compared to April 2010, but an increase in Average Sales price, year to date as compared to the same period in 2010. Here are the latest statistics from the Ann Arbor Board of Realtors:

Single Family Home Sales April 2010: 297
Single Family Home Sales April 2011: 261
Decrease -12.2%

SFH Sales Y.T.D. 2010: 890
SFH Sales Y.T.D. 2011: 859
Decrease: -3.5%

SFH Avg. Sales Price April 2010: $175,989
SFH Avg. Sales Price April 2011: $171,593
Decrease: 2.5%

SFH Avg. Sales Price Y.T.D. 2010: $168,357
SFH Avg. Sales Price Y.T.D. 2011: $174,342
Increase: 3.5%

Q1 Ann Arbor Real Estate Dollar Volume Sales Report

2011-04-26T10:34:00.004-05:00

One of our areas economic indicators of the Ann Arbor Real Estate market is an analysis of toal sales volume in dollars. As this graph indicates, our area is on a pretty strong uptrend. In a year to year comparison for the First Quarter, total sales volume is up by 8.5% over 2010, and up by 37.3% over 2009.

Ann Arbor Home Sales in Units Q1 2011 v. Q1 2010

2011-04-15T09:29:00.001-05:00

After positive trends in unit sales for the first two months of 2011, as compared to the same period in 2010, we've seen a bit of a comparative decline in unit sales for Ann Arbor area homes. In March 2011, there were 279 units sold, compared to 320 units sold in March 2010. Year to date, however, unit sales are almost identical, year over year, with 720 units sold YTD in 2011 vs. 724 unit sales YTD in 2010.

March 2011 Ann Arbor Home Sales Market Report

2011-04-11T12:59:00.002-05:00

The good news is that Ann Arbor Home average sales prices are trending positively. For Single Family Homes, average sales price for March 2011 is up by 11% over March 2010, and is up by almost 7% Year To Date 2011 vs. 2010. Here are the latest statistics from the Ann Arbor Board of Realtors:

Single Family Home Sales March 2010: 255
Single Family Home Sales March 2011: 229
Decrease -10.2%

SFH Sales Y.T.D. 2010: 588
SFH Sales Y.T.D. 2011: 595
Increase: 1.1%

SFH Avg. Sales Price March 2010: $162,740
SFH Avg. Sales Price March 2011: $180,645
Increase: 11%

SFH Avg. Sales Price Y.T.D. 2010: $164,600
SFH Avg. Sales Price Y.T.D. 2011: $175,872
Increase: 6.8%

Ann Arbor New Home Listings by Month: 2010-2011

2011-03-13T13:08:00.000-05:00

February 2011 Ann Arbor Home Sales Market Report

2011-03-12T13:31:00.002-05:00

Across the board, Ann Arbor Home sales are trending positively for the first two months of 2011. Here are the latest statistics from the Ann Arbor Board of Realtors:

Single Family Home Sales February 2010: 166
Single Family Home Sales February 2011: 180
Increase 8.4%

SFH Sales Y.T.D. 2010: 331
SFH Sales Y.T.D. 2011: 360
Increase: 8.7%

SFH Avg. Sales Price February 2010: $167,049
SFH Avg. Sales Price February 2011: $176,629
Increase: 5.7%

SFH Avg. Sales Price Y.T.D. 2010: $166,418
SFH Avg. Sales Price Y.T.D. 2011: $173,615
Increase: 4.3%

2010 vs. 2009 Ann Arbor Home Sales Average Price Comparison

2011-01-18T13:56:00.003-05:00

As the graph indicates, sales of homes in Ann Arbor are showing some encouraging trends. The Blue Line indicates 2009 Sales, and the Red line indicates 2010 Sales. The average sales price for homes within the Ann Arbor School District are up by almost 15% in December 2010, when compared with December 2009. Throughout the year of 2010, the average sales price has been a bit of a roller coaster ride, with a decline in the first Quarter, an increase in Average Sales Price of over 16% between April and August, followed by another Fall dip, followed by another almost 37% increase in the Fourth Quarter. These prices are the average for Single Family Homes, and do not include Condominiums. These statistics are from the Ann Arbor Board of Realtors.

2005 Rugby Ct, Ann Arbor, MI

2011-01-12T12:05:00.000-05:00

November 2010 Ann Arbor Home Sales Market Report

2010-12-15T09:34:00.002-05:00

In November, Ann Arbor Single Family Home sales in units was down by almost 13% as compared to November 2009. The average sales price for Ann Arbor Single Family homes increased by 0.2% over November 2009. Year to date comparison for 2010 vs. 2009 shows a slight increase in unit sales, and an almost identical average sales price.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales November 2009: 268
SFH Sales November 2010: 236
Decrease: -12.8%

SFH Sales Y.T.D. 2009: 2,794
SFH Sales Y.T.D. 2010: 2,865
Increase: 2.5%

SFH Avg. Sales Price November 2009: $176,543
SFH Avg. Sales Price November 2010: $180,491
Increase: 0.2%

SFH Avg. Sales Price Y.T.D. 2009: $182,704
SFH Avg. Sales Price Y.T.D. 2010: $183,537
Increase: 0.004%

More than 2M homes in foreclosure process | Inman News

2010-11-23T18:53:00.002-05:00

Please click the article link to Inman News for updated information on the current state of foreclosures in the US.

More than 2M homes in foreclosure process | Inman News

Ann Arbor Home Sales Average Sales Price Year to Date: 2009 v. 2010

2010-11-13T08:02:00.000-05:00

October 2010 Ann Arbor Area Home Sales Market Report

2010-11-11T12:26:00.003-05:00

In October, Ann Arbor Home sales in units was down by almost 23% as compared to October 2009. The average sales price for Ann Arbor Single Family homes declined by 3.1% over October 2009. Year to date comparison for 2010 vs. 2009 shows a slight increase in unit sales, and an almost identical average sales price.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales October 2009: 277
SFH Sales October 2010: 214
Decrease: -22.8%

SFH Sales Y.T.D. 2009: 2,524
SFH Sales Y.T.D. 2010: 2,628
Increase: 4.1%

SFH Avg. Sales Price October 2009: $172,698
SFH Avg. Sales Price October 2010: $167,382
Decrease: -3.1%

SFH Avg. Sales Price Y.T.D. 2009: $183,426
SFH Avg. Sales Price Y.T.D. 2010: $183,831
Increase: 0.002%

The Foreclosure Moratorium in Michigan

2010-10-20T10:10:00.002-05:00

Here is a direct quote from the powers that be within the Michigan Association of Realtors on the moratorium's effect (or lack of) for Michigan.

“The Michigan Association of REALTORS has met with experts in the field and state government to discuss recent national developments on foreclosures and their potential impact on our state. That impact, to date, is minimal or non-existent. Michigan is a “non-judicial” foreclosure state, meaning that Michigan’s legal protections for consumers and homeowners do not involve the procedures in question. Valid real estate contracts and mortgages remain enforceable and unchanged. There are no major anticipated legal challenges associated with recent headlines that will have an effect on our state.”

Ann Arbor Average Home Sales Price Comparison 2009 (Red) - 2010 (Blue)

2010-10-08T11:43:00.001-05:00

September 2010 Ann Arbor Home Sales Market Report

2010-10-07T14:11:00.003-05:00

Ann Arbor Home sales were flat in September. The average sales price for Ann Arbor home sales, 2010 Year To Date is $462 above 2009. The number of sales in September was up by 1.1% over September 2009.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales September 2009: 264
SFH Sales September 2010: 267
Increase: 1.1%

SFH Sales Y.T.D. 2009: 2,245
SFH Sales Y.T.D. 2010: 2,413
Increase: 7.5%

SFH Avg. Sales Price September 2009: $183,344
SFH Avg. Sales Price September 2010: $184,965
Increase: 0.008%

SFH Avg. Sales Price Y.T.D. 2009: $184,829
SFH Avg. Sales Price Y.T.D. 2010: $185,291
Increase: 0.002%

August 2010 Ann Arbor Home Sales Market Report

2010-09-13T17:35:00.002-05:00

The average sales price for Ann Arbor home sales, 2010 Year To Date is within a scant $500 as compared to the same time period in 2009. The number of sales in August was down by 7.1% over August 2009.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales August 2009: 282
SFH Sales August 2010: 262
Decrease: (7.1%)

SFH Sales Y.T.D. 2009: 1,976
SFH Sales Y.T.D. 2010: 2,141
Increase: 8.3%

SFH Avg. Sales Price August 2009: $198,121
SFH Avg. Sales Price August 2010: $204,666
Increase: 3.3%

SFH Avg. Sales Price Y.T.D. 2009: $185,028
SFH Avg. Sales Price Y.T.D. 2010: $185,532
Increase: 0.0%

Real Estate Outlook: Good News/ Bad News

2010-08-30T08:29:00.000-05:00

There is no sugarcoating the dramatic drop in home sales that coincided with the expiration of the First Time Homebuyers Tax Credit, but there is somewhat of a Silver Lining to the otherwise gloomy outlook. Great values coupled with unprecedented Mortgage Rates still make it a great time to buy.

For a bit more detail, please read this article from Realty Times.

Realty Times - Real Estate Outlook: Mixed Figures

5 Home Tips for Fall

2010-08-27T08:29:00.003-05:00

We'll, it's that time of year. Football, kids back in school, and (I hate to say it) preparing for winter. I came across a great article from my friends at Lowe's on the top 5 things you can do to your home in the fall to keep it in tip top shape, and prevent further problems down the road. The 5 are:

1) Clean out gutters
2) Take care of pots & planters
3) Rake leaves
4) Weed & feed lawn
5) Tune up your tools

For more details on each of these, and to learn more, please follow this link:
For Your Clients: Tips for Getting Your Home Ready for Fall

Ann Arbor Residential Listing Inventory

2010-08-18T18:16:00.003-05:00

The above graph is a visual representation of listing inventory for single family residential homes in the Ann Arbor Michigan area. The Blue line represents 2009, when inventory was relatively stable. The Red line represents 2010, and it is very curios to notice the dramartic change in inventory that coincided with the expiration of the Tax Credit. April 2010 inventory was 732 homes, which dipped to 500 in May.

Realty Times - Real Estate Outlook: Modest Recovery

2010-08-16T08:31:00.000-05:00

A bit of light through the clouds in real estate. The Federal Reserve has decreed that the industry is in a "modest" recovery phase. Not great, but better than what we have been going through, and, as my Aunt Loie used to say: "Better than a poke in the eye with a sharp stick."

The top 5 recent trends that have positively impacted the real estate market over the first seven months of 2010 are:

1) GDP is growing
2) Corporations are saving cash (next step is spending)
3) Median home prices in 2/3 of the major markets measured are up 2010 vs. 2009
4) Interest rates are at an all time low.
5) Mortgage applications are UP over the past 4 weeks, after a drop with expiration of the Homebuyer Tax Credit.

For more details, please click the link below to todays Realty Times article, elaborating on this topic.

Realty Times - Real Estate Outlook: Modest Recovery

July 2010 Ann Arbor Home Sales Report

2010-08-12T17:39:00.007-05:00

For the first time in nine months, Ann Arbor home sales, in units are down by (22.5%) over the same time period of July 2009.

November 2009: Sales up by 32%
December 2009: Sales up by 6%
January 2010: Sales up by 7.8%
February 2010: Sales up by 23%
March 2010: Sales up by 22%
April 2010: Sales up by 14.2%
May 2010: Sales up by 38.6%
June 2010: Sales up by 12.1%
July 2010: Sales DOWN by -22.5%

Also, the average sales price in July was just (1.7%) below July of 2009.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales July 2009: 330
SFH Sales July 2010: 256
Decrease: (22.5%)

SFH Sales Y.T.D. 2009: 1,688
SFH Sales Y.T.D. 2010: 1,876
Increase: 11.1%

SFH Avg. Sales Price July 2009: $199,973
SFH Avg. Sales Price July 2010: $196,673
Decrease: -1.7%

SFH Avg. Sales Price Y.T.D. 2009: $182,832
SFH Avg. Sales Price Y.T.D. 2010: $182,860
Increase: 0.0%

1218 Waterways - Ann Arbor, MI - Featured Listing

2010-08-10T06:04:00.001-05:00

Realty Times - Avoid Common First-Time Buyer Mistakes

2010-08-05T07:01:00.000-05:00

If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.

By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.

Please Click the link for the full article from Realty Times.

Realty Times - Avoid Common First-Time Buyer Mistakes

Real Estate One Recognized in Realtor Magazine’s Nationwide Top 100

2010-08-04T06:37:00.001-05:00

Three of Michigan’s leading real estate companies are featured in Realtor Magazine’s Top 100 Companies of 2009. The list seeks to identify outstanding performances in overall transaction sides, transactions sides per salesperson, and percentage of change from the previous year.

Real Estate One Inc. of Southfield, Michigan edged into the very top of the list at #10, competing with companies more than double its size. Established in 1929, Real Estate One is the largest broker in Michigan, and was the first to have multiple offices, print homes books, develop a digital MLS, and host open houses. The company now operates thirty-two offices in Michigan, and employs nearly fifteen-hundred salespeople, representing over 17,000 transaction sides last year alone. Real Estate One placed #40 on Realtor Magazine’s list of overall real estate sales volume for 2009.

Realty Times - Real Estate Outlook: Sales Jump

2010-08-02T06:22:00.000-05:00

New home sales, which had been anemic following the expiration of the tax credit deadlines, bounced back with vigor in June, according to the Commerce Department.

Single family sales jumped by 24 percent seasonally-adjusted basis over May, and were 19 percent above the totals for June 2009.

Please click the link for the full story from Realty Times

Realty Times - Real Estate Outlook: Sales Jump

Ann Arbor Bach Scool District Mid- Year Market Snapshot

2010-07-23T11:26:00.002-05:00

Within the Bach School District of Ann Arbor, there have been 22 sales since January 2010. The average sales price was $247,086, or $177.33 per square foot.
Currently, there are 34 homes on the market in the Bach School District with an average list price of $282,891, or $179.74 per square foot.

Ann Arbor Residential Listings: Mid-Year Snapshot

2010-07-15T16:06:00.002-05:00

Very interesting visual on the lising inventory of Single Family Homes. The Blue line represents January - June 2009, and the Red line represents the same period in 2010.

Ann Arbor Average Home Sales Price

2010-07-14T15:27:00.001-05:00

I've created a visual representation comparing Average Sales Price for Ann Arbor Homes 2009 vs. 2010.

As the graph indicates, the red line, which was the 2009 trend, was fluctating wildly during January - June 2009.

The Blue line represents Average Sales Prices for January - June 2010. As you can see, the trend is positive, consistently growing, and is very encouraging.

During the past four months, the average sales price has risen by over 26%. From $162,740 in March to $205,994 in June 2010

June 2010 Ann Arbor Real Estate Sales Report

2010-07-12T16:22:00.003-05:00

No doubt, the Federal Tax Credit continued to boost the overall Ann Arbor Real Estate market in June 2010. Sales in units are UP and Average Sales Price Year to Date is UP. Unit sales were up by 12.1%% over June 2009, marking EIGHT consecutive months of year over year growth.

November 2009: Sales up by 32%
December 2009: Sales up by 6%
January 2010: Sales up by 7.8%
February 2010: Sales up by 23%
March 2010: Sales up by 22%
April 2010: Sales up by 14.2%
May 2010: Sales up by 38.6%
June 2010: Sales up by 12.1%

Also, after a dramatic drop of -21.1% in Average Sales Price in May 2010 over May of 2009, the average sales price in June was just 0.04% below June of 2009.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales June 2009: 346
SFH Sales June 2010: 388
Increase: 12.1%

SFH Sales Y.T.D. 2009: 1,350
SFH Sales Y.T.D. 2010: 1,614
Increase: 19.5%

SFH Avg. Sales Price June 2009: $206,738
SFH Avg. Sales Price June 2010: $205,994
Decrease: -0.04%

SFH Avg. Sales Price Y.T.D. 2009: $178,431
SFH Avg. Sales Price Y.T.D. 2010: $180,760
Increase: 1.3%

MICHIGAN: Help For At-Risk Michigan Homeowners (2010-07-07)

2010-07-08T09:27:00.000-05:00

Governor Granholm says there will be more help soon for some families at risk of losing their homes to foreclosure.

Michigan will use $154 million in federal funding to help homeowners on unemployment, or who have missed a payment or lost family income because of illness or a change in job status.

"There are few other states as hard hit as Michigan has been as a result of the challenges to our automotive economy," says Granholm, "and we are very grateful for the opportunity to relieve the stress, potentially, of up to 17 thousand homeowners in Michigan."

But the demand for help is much bigger, with tens of thousands of homeowners possibly facing foreclosure. Starting Monday, the assistance will be awarded on a first-come, first-served basis. (Website: www.michigan.gov/hardesthit)

MICHIGAN: Help For At-Risk Michigan Homeowners (2010-07-07)

REO inventory swells again | Inman News

2010-07-06T15:37:00.001-05:00

The number of homeowners who were 90 days or more late on their mortgages or in the foreclosure process continued to ease during May, but inventories of bank-owned properties grew for the fifth month in a row, according to the latest statistics collected from loan servicers by Lender Processing Services. Please click the link for the detailed story.

REO inventory swells again | Inman News

FREE Online Home Energy Audit From DTE

2010-07-02T08:39:00.003-05:00

I'm going to give a big shout out to DTE for taking proactive steps to help their customers learn how to save energy. There are lots of great tools on their website to help you get educated.

For example, MyEnergy Analyzer is an interactive tool that helps you easily evaluate how you use energy in your home and where you can save.

When you sign in, MyEnergy Analyzer pulls data from your bill history to give you a custom analysis. Please enable/accept cookies to get the optimal value from this tool.

* Get customized energy savings tips - find out where your home energy dollars are being spent
* Use the interactive cost calculators to determine how much you're spending to run appliances and equipment
* Run 'what-if' tests to see which improvements will give you the best return on investment

If you don't want to sign in, you can use the Home Energy Center instead to get generic advice.

* Compare your energy use with that of other typical homes
* Get an estimated breakdown of where your energy dollars are being spent
* Find general ways to reduce energy costs each month

May 2010 Ann Arbor Home Sales Market Report

2010-06-11T14:39:00.002-05:00

Ann Arbor Real Estate sales trends are mixed in the month of May 2010. Number of listings are DOWN, sales in units are UP, Average Sales Price Month Over Month is DOWN, and Average Sales Price Year to Date is UP.

FIRST: Listing inventory is down by 28.2% over May 2009.

SECOND: In May 2010, sales in units, of single family homes were up by 38.6% over May 2009. This marks SEVEN consecutive months of year over year sales growth:

November 2009: Sales up by 32%
December 2009: Sales up by 6%
January 2010: Sales up by 7.8%
February 2010: Sales up by 23%
March 2010: Sales up by 22%
April 2010: Sales up by 14.2%
May 2010: Sales up by 38.6%

THIRD: The average sales price for Single Family Homes took a dramatic drop of -21.1% over May of 2009. This cuts against ASP increases over the previous 60 days.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales May 2009: 233
SFH Sales May 2010: 323
Increase: 38.6%

SFH Sales Y.T.D. 2009: 1,001
SFH Sales Y.T.D. 2010: 1,223
Increase: 22.1%

SFH Avg. Sales Price May 2009: $236,897
SFH Avg. Sales Price May 2010: $186,970
Decrease: -21.1%

SFH Avg. Sales Price Y.T.D. 2009: $170,973
SFH Avg. Sales Price Y.T.D. 2010: $173,213
Increase: 1.3%

Extend Home Closing Deadline For Tax Credit: Senator Reid - CNBC

2010-06-10T16:41:00.001-05:00

Senate Majority leader Harry Reid (D-Nev.) is offering an amendment to the American Jobs and Closing Tax Loopholes Act of 2010, to extend the closing deadline to September 30th. Again, no new buying opportunities here, just a longer period to close.
Clickon the headline for link to the full story on CNBC.

Extend Home Closing Deadline For Tax Credit: Senator Reid - CNBC

Home Buyer Credit Expiration Sinks Mortgage Applications by 27% - Business - The Atlantic

2010-05-21T07:21:00.001-05:00

Home Buyer Credit Expiration Sinks Mortgage Applications by 27% - Business - The Atlantic

Anyone who thought the housing market might be able to continue its positive trend without the home buyer credit got a swift dose of reality today. The Mortgage Bankers Association reported that mortgage applications for home purchases fell off a cliff, declining by 27% last week to a level not seen since May 1997. Clearly, the housing market is already missing the home buyer credit.

Please click the headline link for the full article.

April 2010 Ann Arbor Home Sales Market Report

2010-05-07T15:57:00.003-05:00

Ann Arbor Real Estate sales trends continue to trend positively in April, and for the past six consecutive months. The number of listings are up by 10.4%, the number of sales in units are up by a 14.2%, and best of all, the average sales price is up 20% month over month up by 11.4% Year to Date (2010 vs. 2009).

FIRST: Listing inventory is up by 10.4%, from 663 Units in April 2009, to 732 Units in April 2010.

SECOND: In April 2010, sales in units, of single family homes were up by 14.2% over April 2009. This marks SIX consecutive months of year over year sales growth:

November 2009: Sales up by 32%
December 2009: Sales up by 6%
January 2010: Sales up by 7.8%
February 2010: Sales up by 23%
March 2010: Sales up by 22%.
April 2010: Sales up by 14.2%

THIRD: The average sales price for Single Family Homes continues to rise over the same time period last year. In March 2010, ASP was up by 7.7% over March 2009. In April, the Average Sales price over April 2009 was +20%.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales April 2009: 260
SFH Sales April 2010: 297
Increase: 14.2%

SFH Sales Y.T.D. 2009: 766
SFH Sales Y.T.D. 2010: 890
Increase: 16.1%

SFH Avg. Sales Price April 2009: $145,611
SFH Avg. Sales Price April 2010: $175,989
Increase: 20%

SFH Avg. Sales Price Y.T.D. 2009: $151,111
SFH Avg. Sales Price Y.T.D. 2010: $168,357
Increase: 11.4%

As Dry as 60 Year Old Lead Based Paint

2010-04-28T09:23:00.005-05:00

Here are three exciting things you can do on a Wednesday morning:

1) Watch (lead based or non-lead based) paint dry.
2) Read a Blog post about the new home buying rules regarding lead based paint.
3) WRITE a Blog post about the new home buying rules regarding lead based paint.

So, without further adieu, here are some new requirements for purchasing a home being financed by an FHA loan:

If the house was built in 1950 or earlier, the house MUST be tested for the presence of lead based paint regardless if there is any evidence of defective paint surfaces, either visible to the buyer or home inspector. Buyers can count on this adding about $200 - $300 over and above the cost of the standard home inspection. This test must be done by a licensed professional. All test results, positive or negative are to be shared with the buyer. If lead based paint is found, it must be remediated prior to closing, again by a licensed professional. I'm no expert, but I'm guessing this will cost in the hundreds, if not thousands of dollars.

If the house was built between 1951 - 1978, ANY "defective" paint notated by the FHA appraiser must be tested. All test results are to be shared with the buyer(s). Any defective paint (i.e. chipping, peeling, positive for lead, etc.) whether lead based or not, must be remediated by a licensed professional.

If the house was built between 1979 and today, no testing is required, because they are certain that no lead based paint was ever used to paint any home after the original rules went into effect.

Now, for those of you still awake after this scintillating post, I invite you to jump over to this other website I discovered: www.watching-paint-dry.com

$139,000 - 2740 Page, Ann Arbor, MI

2010-04-26T17:54:00.000-05:00

Home Buyer Tax Credit Update

2010-04-16T15:22:00.001-05:00

The Ann Arbor Area Board of Realtors staff has contacted the Michigan Association of REALTORS® (MAR) Legal Hotline to help clarify questions from members:

What constitutes a binding contract for home buyers to receive the Tax Credit? Does it need Bank Approval first?

The answer from MAR Legal Hotline is that the contract must be accepted by both the buyer and seller. If there is a third party involved (i.e., short sale), the bank DOES NOT need to approve the sale prior to the April 30, 2010 deadline.

March 2010 Ann Arbor Home Sales Report

2010-04-09T14:05:00.002-05:00

I wish I could find those big fancy green UP Arrows that some of those financial sites use to show upward trends, because the Ann Arbor Real Estate sales trends continue in positive territory for the month of March. The number of listings are up by 3.7%, the number of sales in units are up by a substantial 22%, and best of all, the average sales price is up 7.7% month over month, and Year to Date by 6.8%.

FIRST: Listing inventory is up by 3.7%, from 707 Units in March 2009, to 733 Units in March 2010.

SECOND: In March 2010, sales in units, of single family homes were up by 22% over March 2009. This marks FIVE consecutive months of year over year sales growth:

November 2009: Sales up by 32%
December 2009: Sales up by 6%
January 2010: Sales up by 7.8%
February 2010: Sales up by 23%
March 2010: Sales up by 22%.

THIRD: The average sales price for Single Family Homes continues to rise over the same time period last year. In March 2010, ASP was up by 7.7% over March 2009. If my calculations are correct, since October 2009, when the average sales price for the year was a -15.5%, there has been an improvement of +24.3% in the average sales price of homes.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Sales March 2009: 209
SFH Sales March 2010: 255
Increase: 22%

SFH Sales Y.T.D. 2009: 505
SFH Sales Y.T.D. 2010: 588
Increase: 16.4%

SFH Avg. Sales Price March 2009: $150,263
SFH Avg. Sales Price March 2010: $162,740
Increase: 7.7%

SFH Avg. Sales Price Y.T.D. 2009: $154,015
SFH Avg. Sales Price Y.T.D. 2010: $164,600
Increase: 6.8%

April Ann Arbor Market Snapshot: Active Listings for Single Family Homes

2010-04-01T12:55:00.005-05:00

The Ann Arbor Real Estate market is very busy for a number of good reasons. Lot's of great, new inventory is coming on the market every day. Here's just a brief snapshot of homes currently for sale in the Ann Arbor School District, broken down by price range.

Number On Market and Price Range

12 for sale at less than $100,000
145 for sale between $101K - $200K
144 for sale between $201K - $300K
50 for sale $301K - $400K
151 for sale $401 K and above

Lot's of great homes to choose from, and it's not too late to get under contract before the tax credit expires. If you'd like more information on specific homes in your price range, Mary and I would love the opportunity to help you find a great home. If' you'd like to get in the market, please get in touch with one of us today.

REALTOR® Magazine - Foreclosure Prevention Plan Announced

2010-03-26T15:10:00.000-05:00

President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers.The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses.The plan asks banks to write down loan balances to less than the value of the home. If there is both a first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.

For the complete article, please click the following link

REALTOR® Magazine-Daily News-New Foreclosure Prevention Plan Announced

Property for your consideration

2010-03-19T09:02:00.000-05:00

Property for your consideration

Real Estate One Wins Most Innovative Brokerage Award

2010-03-14T06:37:00.000-05:00

From our President, Dan Elsea

We won a really great award last week, a tribute to all of your collective efforts. As you know we are a member of The Leading Real Estate Companies of the World, the largest broker network in the country (larger than any franchise system - Re/Max's numbers only compare to the larger franchises). It is a prestigious national and international network of the largest brokers in the country representing about 1/3 of all real estate transactions. Last week at their annual convention, we received the first ever Most Innovative Brokerage award for our efforts in providing the strongest current market education and the most creative property marketing!

February 2010 Ann Arbor Home Sales Market Report

2010-03-10T16:35:00.003-05:00

Good Bye 2009, Hello Spring and an early Spring market boost for Ann Arbor, Michigan Home sales. Our positive sales trends continued in February.

FIRST: In February 2010, sales in units, of single family homes were up by 23% over February 2009. This marks four consecutive months of year over year sales growth:

November 2009: Sales up by 32%
December 2009: Sales up by 6%
January 2010: Sales up by 7.8%
February 2010: Sales up by 23%

SECOND: The average sales price for Single Family Homes continues to rise over the same time period last year. In February 2010, ASP was up by 1.7% over February 2009. If my calculations are correct, since October 2009, when the average sales price for the year was a -15.5%, there has been an improvement of +25.3% in the average sales price of homes.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in February 2009: 514
SFH Listings in Febrary 2010: 514

SFH Sales February 2009: 135
SFH Sales February 2010: 166
Increase: 22.9%

SFH Sales Y.T.D. 2009: 288
SFH Sales Y.T.D. 2010: 331
Increase: 14.9%

SFH Avg. Sales Price February 2009: $164,106
SFH Avg. Sales Price February 2010: $167,049
Increase: 1.7%

SFH Avg. Sales Price Y.T.D. 2009: $157,673
SFH Avg. Sales Price Y.T.D. 2010: $166,418
Increase: 5.5%

Ann Arbor Real Estate Sales Report for January 2010

2010-02-10T12:40:00.005-05:00

The January 2010 Ann Arbor real estate sales report continues to show encouraging trends:

FIRST: The year over year increase in unit sales over the past 90 days. In November, there was an increase of 32% in unit sales over November 2008. In December, that increase, although lower, was still encouraging at a +6% over December 2008. In January, the trend has continued with an increase in unit sales of 7.8% over January 2009.

SECOND: The average sales price for Single Family Homes continues to show an increase over the same time period last year. In January 2010, the average sales price was up by 8% over January 2009. If my calculations are correct, since October 2009, when the average sales price for the year was a -15.5%, there has been an improvement of +23.5% in the average sales price of homes.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in January 2009: 615
SFH Listings in January 2010: 562
Decrease: 8.7%

SFH Sales January 2009: 152
SFH Sales January 2010: 164
Increase: 7.8%

SFH Avg. Sales Price January 2009: $153,486
SFH Avg. Sales Price January 2010: $165,842
Increase: 8.0%

December 2009 Ann Arbor Home Sales Report

2010-01-12T16:09:00.004-05:00

The year-end Ann Arbor real estate sales report shows some encouraging trends:

FIRST: The increase in unit sales over the past 60 days. In November, there was an increase of 32% in unit sales over November 2008. In December, that increase, although lower, was still encouraging at a +6% over December 2008.

SECOND: The average sales price for Single Family Homes was higher in December 2009 over December 2008 by +2.7%. Year to Date, the average sales price measures in at an almost -14%; but during the 4th Quarter of 2009 the average sales price went from a -15.5% in October to a +2.7% mark in December. An improvement of +18.2%.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in December 2008: 409
SFH Listings in December 2009: 359
Decrease: 22.3%

SFH Sales December 2008: 216
SFH Sales December 2009: 229
Increase: 6%

SFH Sales Year to Date 2008: 3,082
SFH Sales Year to Date 2009: 3,027
Decrease: 1.8%

SFH Avg. Sales Price December 2008: $173,343
SFH Avg. Sales Price December 2009: $178,059
Increase: 2.7%

SFH Avg. Sales Price Y.T.D. 2008: $211,342
SFH Avg. Sales Price Y.T.D. 2009: $182,287
Decrease: 13.8%

$159,000 - 1700 Weatherstone, Ann Arbor, MI

2010-01-04T15:26:00.001-05:00

November 2009 Ann Arbor Home Sales Report

2009-12-11T19:46:00.003-05:00

Here's the deal. The Nov. 30 deadline for the First Time Home Buyer Tax Credit was a huge shot in the arm for residential Unit sales: An increase of 32% in unit sales over November 2008.

Another definite trend of note is the dramatic increase in the average sales price. It is still in negative territory over 2008, but shows a marked improvement in the last 90 days. The Year to date average sales price drop improved over the past 90 days by a whopping +13.8%. (From -17.8% in August to -15.5% in October; to -4% in November).

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in November 2008: 428
SFH Listings in November 2009: 346
Decrease: 28.4%

SFH Sales November 2008: 202
SFH Sales November 2009: 268
Increase: 32%

SFH Sales Year to Date 2008: 2,860
SFH Sales Year to Date 2009: 2,794
Decrease: 2.4%

SFH Avg. Sales Price November 2008: $183,738
SFH Avg. Sales Price November 2009: $176,543
Decrease: 4%

SFH Avg. Sales Price Y.T.D. 2008: $214,156
SFH Avg. Sales Price Y.T.D. 2009: $182,704
Decrease: 14.7%

How to Buy a House With a Rehab or Renovation Loan | eHow.com

2009-12-03T09:19:00.000-05:00

How to Buy a House With a Rehab or Renovation Loan | eHow.com

October 2009 Ann Arbor Home Sales Report

2009-11-12T17:21:00.004-05:00

October 2009 comparative analysis shows an average sales price drop of 7.4% over October 2008. The Year to date average sales price drop improved over the past 60 days by +2.3%. (From -17.8% in August to -15.5% in October). Also notable in October is an 11.2% increase in unit sales over October 2008. This is primarily attributed to the First Time Home Buyer Tax Credit. Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in October 2008: 655
SFH Listings in October 2009: 502
Decrease: 23.4%

SFH Sales October 2008: 249
SFH Sales October 2009: 277
Increase: 11.2%

SFH Sales Year to Date 2008: 2,648
SFH Sales Year to Date 2009: 2,524
Decrease: 4.7%

SFH Avg. Sales Price October 2008: $186,324
SFH Avg. Sales Price October 2009: $172,698
Decrease: 7.4%

SFH Avg. Sales Price Y.T.D. 2008: $216,833
SFH Avg. Sales Price Y.T.D. 2009: $183,426
Decrease: 15.5%

Top 5 Home Improvement Projects Based on Cost & ROI

2009-11-10T06:57:00.002-05:00

HomeGain.com, one of the first websites to offer Web-based free instant home values, announced that it has released the results of its nationwide home improvement and home staging Home Sale Maximizer survey.

HomeGain’s recent survey shows the top do-it-yourself home improvements that Realtors recommend to home sellers. HomeGain received responses from nearly 1,000 Realtors nationwide and configured a list of the top 12 do-it-yourself (DIY) home improvements that cost under $5,000 and benefit sellers most when they sell their homes.

According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are:

1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)

Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000), recommended by 98% of Realtors, costing less than $200 and returning a value of nearly $1,700 to the home’s sale price, or an 872% return on investment.

“Many Realtors agree, especially in a buyer’s market, that sellers who make these recommended home improvements often get their homes sold faster and at higher prices,” stated Louis Cammarosano, General Manager at HomeGain. “We have customized our Home Sale Maximizer online home improvement tool to help identify and prioritize the projects that can increase the salability and selling price of a home.”

Rounding out the top 12, the list of low cost, do-it-yourself home improvements includes: updating electrical, replacing or shampooing carpets, painting interior walls, repairing damaged floors, updating kitchen, painting outside of home, and updating bathroom/s.

The home improvement projects with the highest price increases to a home’s resale value are updating the kitchen ($1,200 cost / $2,850 price increase), followed by painting the outside of the home ($900 cost / $1,815 price increase) and home staging ($300 cost / $1,780 price increase).

For more information, visit www.homegain.com.

10 Cities Where Home Prices Are Improving

2009-11-09T08:06:00.004-05:00

Ten cities with improving home sales market conditions from Forbes.com, sourcing the Schiller/ Case Price Index:

1) Minneapolis
2) San Francisco
3) Detroit
4) Chicago
5) Phoenix
6) San Diego
7) Los Angeles
8) Washington DC
9) Denver
10) Seattle

CLICK HERE for the full atricle.

Ypsilanti City Wide Open House is Almost Here!

2009-10-28T09:14:00.003-05:00

The City of Ypsilanti, MI, in partnership with Eastern Michigan University, Michigan State University Extension, SPARK East, local businesses and local Realtors are taking the traditional Open House concept to a new level, hosting the first City Wide Open House this Saturday, Oct. 31, 2009.

I'm excited to be a part of this. The event was organized by P.J. Moffett, one of my associates here at Real Estate One. This has been her brainchild for a couple of years, and she along with her team, have put in a lot of long hours to make this event a success. P.J. calls it: "A true demonstration of partnership. We will display Ypsilanti's finest in education, homes and community spirit."

Event goals are to raise awareness of what Ypsilanti has to offer new visitors, prospective university students, as well as prospective area home owners. The event is also designed to raise the city's visibility. Events scheduled throughout the 10AM to 2PM time period include:

Explore EMU: Eastern Michigan University's open house attracts potential high school and transfer students to visit EMU and meet with academic and admissions advisors, take a campus tour, and apply. Then, they can hop on a free shuttle to visit Downtown and Depot Town. Visit: http://emich.edu/explore for more info.
Open Houses: Stop by SPARK East, located at 215 W. Michigan Av to meet representatives from schools and neighborhoods, learn about incentives for house hunters, pick up maps of homes for sale. Visit: http://openhouse.ypsi.com for full details.
Depot Town and Downtown: Discounts will be available to participants at the EMU Student Center and at the SPARK East location for restaurants, retail and other services in Downtown and Depot Town. Shuttle services will be available between the Student Center, SPARK East and Depot Town.
Video Competition: Enter the pre-event video contest and tell why you love Ypsi. Videos will be posted on a You Tube site for voting. Visit: http://www.emyouthemagazine.com for more information.

You're invited to check out this great town. If you're in the area, stop by. I'm hosting one of the Open Houses at 1208 N. Congress.

September 2009 Ann Arbor Home Sales Report

2009-10-13T13:14:00.004-05:00

September2009 comparative analysis shows an average sales price drop of just 2.9% over September 2008. This is an average sales price improvement of +7.5% over the prior month (August - August) comparison. The Year to date average sales price drop improved from -17.8% in August to -16.1% in September. Also notable in September is an 8.1% increase in unit sales over September 2008. Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in September 2008: 633
SFH Listings in September 2009: 533
Decrease: 15.8%

SFH Sales September 2008: 244
SFH Sales September 2009: 264
Increase: 8.1%

SFH Sales Year to Date 2008: 2,398
SFH Sales Year to Date 2009: 2,245
Decrease: 6.4%

SFH Avg. Sales Price September 2008: $188,774
SFH Avg. Sales Price September 2009: $183,344
Decrease: 2.9%

SFH Avg. Sales Price Y.T.D. 2008: $220.089
SFH Avg. Sales Price Y.T.D. 2009: $184,829
Decrease: 16.1%

Ann Arbor Homes For Sale Hotsheet: Week of 10/02 - 10/09/2009

2009-10-09T12:17:00.003-05:00

31 homes have come on the market in the immediate Ann Arbor area in the past week. On the high end is a 4 bedroom, 3 1/2 bath newly renovated 3475 foot Energy Star home in the Angell School district listed at $875K, or almost $252 per square foot. On the other end of the spectrum is a 3 bedroom 1 1/2 bath, 975 square foot ranch, listed at Short Sale at $89K, or $92.20/ sq. ft..

There are a total of 637 active listings in Ann Arbor, which is up 3.7% over the same time last year. There are a total of 31 homes on the market at $1 million or above. The high is a 15,000 square foot home listed at $2,990,000. The average listing is a 3 bedroom, 2 bath, 2368 square foot home, which is on the market at $412,982, or $164.17/ sq. ft. This is up by 1% over the October 2008 Average List Price of $408,891.

Our Real Estate One First to Know program can make you an area Real Estate Insider. By signing up with our program, you can be emailed detailed information on new homes that meet your search criteria, the minute they hit the market. Real Estate One has all listings throughout the state of Michigan, not only in Ann Arbor. If you would like more information on First To Know, please visit www.RealEstateOne.com, or contact me for more details.

How to Buy a Bank Owned Home

2009-10-08T18:36:00.000-05:00

Ann Arbor Listing Inventory: October 2009

2009-10-01T14:13:00.002-05:00

Let's kick-off October with a new regular post regarding home inventory for Ann Arbor, Michigan. A quick look at our MLS shows a total of 542 Active Listings in the immediate Ann Arbor area. The listings range from a 702 Square foot, 2 BR, 1 BA home on the market for $39,900 to a 7 Bedroom; 7 Bathroom 15,000 Square Foot home on the market for $2,990,000. The 542 listings average out as 3 bedrooms; 2 bathrooms, 2434 square feet at a list price of $437,235, or $169.62 per square foot.

The 542 Listings break down by price as follows:

Up to $100K = 13 listings
$101K - $200K = 139 listings
$201K - $300K = 135 listings
$301K - $400K = 61 listings
$401K and up = 194 listings

If you have any interest in learning more about any of these listings, please feel free to drop me a note or give me a call.

Ann Arbor Area MLS Now Searchable by Foreclosure, Short Sale, etc.

2009-09-23T10:58:00.001-05:00

Better late than never. The Ann Arbor Area Multiple Listing Service database is now, finally, searchable by the data fields of Short Sale, Private Owned, Bank Owned, and Government Owned. For the first time, prospective buyers can set their search parameters based on the ownership status of the property. Prior to today, it was pretty difficult and cumbersome for buyers and their agents to easily determine the ownership staus of a house without sorting through listings individually for identifiers within the 'remarks' section of the listings.
Agents are now required to enter the ownership staus as they input the data when they take new listings. This should prove interesting in some circumstances. For example, one Asset Management company that I work with makes it very clear that they do not want their listings identified, advertised, or promoted as Bank Owned. Now that this is a local Board of Realtors requirement, it should make for an interesting discussion.

August 2009 Ann Arbor Home Sales Report

2009-09-11T14:36:00.005-05:00

August 2009 comparative analysis shows an average sales price drop of 9.4% over August 2008, bringing the Year to date average sales price drop to 17.8%. Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in August 2008: 677
SFH Listings in August 2009: 528
Decrease: 22.1%

SFH Sales August 2008: 343
SFH Sales August 2009: 282
Decrease: 17.8%

SFH Sales Year to Date 2008: 2,141
SFH Sales Year to Date 2009: 1,976
Decrease: 7.8%

SFH Avg. Sales Price August 2008: $218,626
SFH Avg. Sales Price August 2009: $198,121
Decrease: 9.4%

SFH Avg. Sales Price Y.T.D. 2008: $224,287
SFH Avg. Sales Price Y.T.D. 2009: $185,028
Decrease: 17.6%

You're Invited to Join the Washtenaw Real Estate Investors Group

2009-09-08T08:28:00.001-05:00

You're invited to join, learn, and get all your questions answered about investment properties in and around Ann Arbor, Michigan.

Our group, the Washtenaw Real Estate Investors, has been meeting for more than a year, and is now 46 members strong, and growing! At our monthly MeetUps we learn about market conditions, successful strategies, hear from interesting Guest Speakers, discuss opportunities, and share experiences. We're meeting next Tuesday, and you're invited to join us.

We're planning a full agenda for next Tuesday's MeetUp. Here's a quick overview of who we are:

First, our approach is to seek out, learn from, and implement successful investing strategies from other successful investors. Our groups "Bible" is the book: 'The Millionaire Real Estate Investor' by Gary Keller. You will get the most value out of this group if you purchase and read a copy of this book.

Second, once we have an overview of a successful Real Estate Investing career, we implement one of Steven Covey's 7 habits by Beginning With The End in Mind, and creating our own, individual written Business Plans. Skeleton Templates were provided at our last MeetUp and will be made available to new members and those who attend our MeetUp's in person. Each member has their own Real Estate 'Success Book' in the form of a 3-ring Binder, filled with the information and discussions from each MeetUp.

Third, moving forward, we will be discussing other valuable books, which are more specific in focus than the Keller book. The next book we will read and discuss will be: "Investing in Duplexes, Triplexes, and Quads" by Larry Loftis.. You can purchase a copy on Amazon for about $11.

Fourth, we have been very fortunate to have had a series of knowledgeable Guest Speakers who have shared valuable information with us over the past several months. We are grateful for their contribution, and are working to get more Guest Speakers for our group in the future.

Finally, I'm very excited that I have in development, a proprietary WREI Investment Analysis Software Program. My plan is to have this available by November.

We have a dynamic group of 46 members who are committed to learning, encouraging and helping each other have successful real estate investment careers.

Please check out our groups website, and make plans to attend next Tuesday's MeetUp.

Thanks again, and I look forward to seeing you on Tuesday, 9/15/2009.

Live in the Moment and Be Thankful

2009-09-07T09:02:00.001-05:00

Unemployment numbers are distressing. We all know family and friends impacted by the economy. Perhaps our own businesses have been negatively impacted by the economy. It would be easy to wallow in the bad news, and lose track of the good news. Today's message is an encouragement to turn all the bad news 180 degrees into good news by completing the following exercise:

Begin your day by writing down or saying aloud: "I thank you Lord, for . . . " filling in the blank with 25 or 30 specific things, great and small, for which you are grateful.

Encourage your spouse and children to join in this. Express thanks for the food you are eating, your health, the clothes you are wearing, the school you're attending, and for your business. Express thanks for family, friends, teachers, colleagues, clients, customers and neighbors. Give thanks for fire departments, police departments, our military. Give thanks for church leaders and political leaders (yes, them too).

Once you boldly make these expressions of thanks out loud, you will have established the mind-set of being in the moment of today with immense gratitude, and will help build up in you the resilience t handle any obstacles that you encounter during the day. When you are armed with your arsenal of thanks, any problems you encounter are just little annoying bugs on the windshield of life.

Make it a GREAT day, and a GREAT week!

Time is Running Out for First Time Home Buyer Credit

2009-08-25T09:44:00.003-05:00

The $8,000 First-Time Home Buyer Tax Credit expires November 30, 2009. In order to claim the tax credit, the IRS requires that you've closed on or before that date. December 1, 2009 is too late.

But that doesn't mean that first-time home buyers should target November 30, 2009 as a closing date. In fact, there may not be a worse day in 2009 on which to try to close on a home. The optimal time is during the week of November 16, 2009 and the earlier in the week, the better.

To understand why, let's start with the fact the home sales volume is through the roof, and then we'll look at a calendar.

New Home Sales data and Existing Home Sales data has been unexpectedly strong and first-time buyers account for nearly 1/3 of all transactions. Furthermore, the Pending Home Sales reports tell us sales volume is still growing.

It's reasonable to infer, therefore, with home prices still low and with mortgage rates still down, buyer interest will stay strong all the way through the November 30, 2009 deadline -- especially as trade groups trumpet "The End Of The Incentive". There will be a mini-panic as everyone tries to close in time to claim their $8,000.

This is when it starts to get messy. Check out the calendar.
November 30, 2009 is the Monday after Thanksgiving Weekend.
November 28-29, 2009 is a weekend. No closings on weekends.
November 27, 2009 is the Friday after Thanksgiving -- an unofficial holiday.
November 26, 2009 is Thanksgiving -- an actual holiday. No closings.
November 25, 2009 is the day before Thanksgiving -- a national "half-day".
So, that backs up the November 30, 2009 first-time home buyer tax credit deadline by 6 days to November 24, 2009 -- a Tuesday.

Also, closing on Tuesday, November 24, 2009 is a bad idea. You're going to want a cushion between the "the problem" and "the deadline".

Maybe it will be a problem on your final walk-through, or with your mortgage loan documents. But as the buyer of a home -- the largest purchase you've made in your life to-date -- the last thing you're going to want is to feel pressured into signing your paperwork because of worries over an $8,000 tax credit.

Therefore, don't mess. Schedule your closing for the week of November 16, 2009, instead. That way you'll have plenty of time to work through whatever needs to be worked out in connection with your home and your home loan. With a closing set for the 16th, you'll meet your tax credit deadline with plenty of time to spare.

That said, the clock is winding down. If you haven't started your home search yet or aren't under contract, it's seriously time to get cracking. Purchase closings come 60-day default. Sometimes, you can negotiate them down to 45 days or 30 days, but, for the most part, 60 days is the standard-- especially if you're buying a short sale.

Counting backwards from November 16, therefore, renders September 17, 2009 the last day to go under contract and be sure of collecting that $8,000 tax credit.
It's a scant 24 days from now.

July 2009 Ann Arbor Area Home Sales Report

2009-08-16T10:32:00.003-05:00

July 2009 comparative analysis shows an average sales price drop of more than 15% over July 2008, bringing the Year to date average sales price drop to 19% over the same time period in 2008. Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in July 2008: 791
SFH Listings in July 2009: 622
Decrease: 21.4%

SFH Sales July 2008: 349
SFH Sales July 2009: 330
Decrease: 5.5%

SFH Sales Year to Date 2008: 1,794
SFH Sales Year to Date 2009: 1,688
Decrease: 6.0%

SFH Avg. Sales Price July 2008: $236,209
SFH Avg. Sales Price July 2009: $199,973
Decrease: 15.4%

SFH Avg. Sales Price Y.T.D. 2008: $225,447
SFH Avg. Sales Price Y.T.D. 2009: $182,832
Decrease: 19%

Ann Arbor Area Homes Under $100K

2009-07-20T06:56:00.005-05:00

A quick search of the Ann Arbor area MLS shows 147 homes for sale in Washtenaw County for less than $100K. The bulk are in the Ypsilanti area, and 12 of them are in Ann Arbor. It feels as though I've been in all 147 in the past few weeks, but I've really only been in 25 - 35 of them. 90% of the ones I was in were either Short Sales or foreclosures. While the conditions of the houses I saw ran the gamut, overall conditions were very, very bad. I'd estimate that repairs needed on most of these homes range from $20K to $60K. Quite eye opening. Especially in the foreclosures, I've seen pristine condition to totally trashed. It's very sad to envision the situation of the displaced homeowner when you see such things as ripped out fixtures, punched out and kicked drywall, and other conditions I will leave to your imagination. Still lots of opportunity for first time home buyers and investors.

A quick reminder to First Time Buyers: The $8,000 Credit expires on December 1, 2009. Realistically, you would need to have a sales contract in place by October 15 to leave yourself enough time to comfortably work through the closing process. That leaves you under 90 days from today to find your home.

Ann Arbor Home Sales Market Report: June 2009

2009-07-14T10:48:00.003-05:00

Well, one month does not a trend make. After last months good news of a comparative increase in average sales price of almost 9%, June 2009 comparative analysis shows a dip back into negative territory at a (4.7%) and a Y.T.D. (2008 vs. 2009) average sales price drop of just over 20%.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in June 2008: 808
SFH Listings in May 2009: 678
Decrease: 16.1%

SFH Sales June 2008: 357
SFH Sales June 2009: 346
Decrease: 3.1%

SFH Sales Year to Date 2008: 1,436
SFH Sales Year to Date 2009: 1,350
Decrease: 6.0%

SFH Avg. Sales Price June 2008: $232,162
SFH Avg. Sales Price June 2009: $206,738
Decrease: 4.7%

SFH Avg. Sales Price Y.T.D. 2008: $223,082
SFH Avg. Sales Price Y.T.D. 2009: $178,431
Decrease: 20.1%

Market Upturn + Appraisal Process = Catch-22

2009-07-03T15:31:00.005-05:00

So we've all grown up believing that in a free and open marketplace, an item or product is "worth" what someone is willing to pay for it.

Not so, it seems, when it comes to residential real estate when a declining market takes an upturn. In the Ann Arbor real estate market, we experienced a distinct market upturn in May, with the average sales price rising by almost 9%, the first time the average sales price has risen in more than a couple of years. The June market statistics will not be published for another week or so, but all indicators point to another positive month. Now, two months do not a trend make, but signs are strong that the residential real estate market (at least in Ann Arbor) has hit bottom, and is on the rebound up.

The local market has been really popping over the past 8 - 10 weeks. Personally, I have been involved in several multi-offer situations, with a few offers the first day homes hit the market at over asking price. Several other agents in my office report similar activity, and several other cooperating agents from other offices are scratching their collective heads at the pleasant spike in showings, offers, and multiple-offers. Given this great upsurge, you would think everyone would be happy.

Not so fast. Once a sales price is agreed upon, the purchasers Mortgage Company sends out an Appraiser to assess the value of the home. In the past, this was typically a 'rubber-stamp' approval of the agreed upon purchase price, especially with the Mortgage Broker sending an Appraiser of his or her own choosing.

The recent market melt-down has turned this process into a quagmire of red-tape, unbelievably ridiculous requirements and regulations, and irrelevant standards being imposed which all result in a homes "worth" being decided by a third party. I do not know of any other transaction where a third party can effectively kill a deal between a willing seller and a willing buyer. This would be like agreeing to purchase a car, and the Finance company telling the buyer and seller that the car is not worth what they have agreed to.

At a recent office meeting, several of my associates have said that they have had appraisals come in at $10,000, $20,000, $40,000, and even $100,000 below the agreed upon sales price!

It works this way: When an Appraiser is called in, they must base their appraisal on recent comparable sales (Comps). Some underwriters have tightened the parameters so tightly, that it gives an unrealistic picture of the market, and actually serves to perpetuate a declining market. The Appraiser must only use sales within the past 90 - 120 days, within a tight geographic area. In the past, they were not allowed to use foreclosures and Short Sales as Comps, but do now. Using these sales as comparables dramatically decreases the "worth" of the subject property.

In addition, Appraisers now must be chosen by lenders on a 'blind draw' which means that quite often, the Appraiser is from out of the area, and is not attuned to the local market.

Bottom line: The Appraisers say they can't appraise at a higher price until the comparables are higher, yet there is no way the comparables get higher until Appraisers appraise higher. Hence the Catch-22. We are told to wait until the market "Sorts itself out." In the meantime, willing sellers can't sell, and willing buyers can't buy because of the unrealistic regulations imposed by the Mortgage Industry. The very same Mortgage Industry that got us in this mess in the first place!

Fun things to do in and around Ann Arbor...

2009-07-03T13:53:00.004-05:00

July is just chock full of great things to do in and around Ann Arbor. This list of events was originally published by my friends over at Ann Arbor SPARK, but are worth sharing here:

Final weekend through July 5
Ann Arbor Summer Festival, 7 - 11pm
Free music and free movies. Movies at 10pm (Sunday-Thursday) and at 10:30pm on Fridays.
Location: Ingalls Mall at Washington, Ann Arbor
W: http://www.annarborsummerfestival.org/

July 4
Ann Arbor Jaycee's 4th of July Parade, S State at E William, Ann Arbor, 10am
The Ann Arbor Jaycees are proud to host the 19th Annual Ann Arbor Fourth of July Parade. The parade starts at 10:00 am, on Saturday, July 4, 2009. Bike decorating contest at 8am.
Location: South State at East William

Now through Aug 22
"Wake" - a World Premiere Comedy by Carey Crim at the Purple Rose Theatre, Chelsea
Agoraphobic mortician Molly Harrison must realize what is truly important in her life before the power of love can finally inspire her to embrace the world again. Recommended for ages 12 and up. Directed by Guy Sanville.

July 9 - 11
Saline Celtic Festival at Mill Pond Park, Saline
Music, dancing, outdoor markets and much more!

July 9 - 12
Ann Arbor Jaycees - 58th Annual Carnival at Pioneer High School, Ann Arbor
Location: 601 W Stadium Blvd, Ann Arbor

July 13
Townie Street (Pre Art Fair) Party, 5 - 9:30pm, Ann Arbor, Free Admission
Come party with the locals to kick off art fair week. Live music, children's art fair, and more!
Location: North University between Thayer and Fletcher
Parking: Free parking is available at bagged meters on Fletcher, State, and Liberty. Paid visitor parking available at UM Thayer and Palmer Parking Decks.

July 13 and on
Learn to Row with the Ann Arbor Rowing Club
Classes begin on July 13

July 15 - 18
Ann Arbor Art Fairs
Ann Arbor Street Art Fair (AASAF)* - www.artfair.org

July 16
56th Annual Manchester Chicken Broil, 4-8pm

July 31 and Aug 1
8th Annual Riverfolk Music and Arts Festival, Carr Park, Manchester MI

Outdoor Recreation
Delhi Metropark (on the Huron River): Metropark Information
Canoe Rentals, swimming pools

Music / Concert Sources
The Ark, Ann Arbor - http://www.theark.org/
The Firefly Club, Ann Arbor - http://www.fireflyclub.com/home.htm
The Ypsilanti Symphony - http://www.ypsilantisymphony.org/
University Musical Society - http://www.ums.org/
General Music Events, Ypsilanti - http://www.ypsilanti.org/events.html

Resource and Entertainment Guides

Ann Arbor's Home on the Web - Ultimate City Guide
http://www.arborweb.com/cghome.html

Ann Arbor Attractions
News, Attractions, Maps, Hotels, Jobs, Travel, History, Real Estate
http://www.helloannarbor.com/landing/Things_To_Do.cfm

Ann Arbor Area
Links to Parks, Sports, Recreation, Hobbies and Clubs
http://www.hvcn.org/info/rec.html#parks

Detroit's Festivals and Fairs
http://events.detnews.com

State of Michigan Events
Plan your next trip using this event calendar - exhibits, shows and more
http://www.michigan.org/travel/events

Michigan Art Show Directory
http://www.netstreetfair.com/artshowlist.html

Freecycle Ann Arbor is Very Cool

2009-07-01T08:30:00.004-05:00

The amazing worldwide phenomenon known as Freecycle(TM) started in Tucson, Arizona in 2003 by Deron Beal. Freecycle harnesses the power of the Internet to connect people who have stuff to throw away with others in their area who would like that stuff, so it doesn't wind up in a landfill. We ALL have things in our garages, closets, attics, offices, etc., that we don't need. Freecycle lets you find someone who does. No item is too big or too small but ALL must be 100% FREE with NO strings attached. A perfect consumer/earth friendly circle is no overhead, no money, no waste and no catch. After all, there is no point in throwing something away when it still has good life in it or it can be of use to someone else. And you know what they say - The only difference between a yard sale and trash is proximity to the curb. So, get that good stuff off the curb and share it with your community instead!

Post offers for all the good stuff you don't need anymore... furniture, appliances, toys, clothes, lawnmowers, car parts, etc. If it's still good, then someone probably could use it.

If you are new to Yahoo Groups and don't have a Yahoo profile yet, please go to http://groups.yahoo.com/ and set one up ASAP. You do NOT have to put your full name and info on the profile but you should have one to access mail delivery options, view the pictures in the photo album, participate in polls, and do all that other good stuff. It only takes a few minutes to complete, so just do it already. You'll be glad you did!

*To post via the web page, go to
http://groups.yahoo.com/group/FreecycleAnnArborMichigan

Brian's Summer Reading Bookshelf

2009-06-29T06:10:00.002-05:00

Summer's here, and if you're planning to take some time off over the next several weeks to recharge your batteries, you are encouraged to read some books that will energize you, and cause you to take action towards achieving your BHAG's. Remember: The difference between the person you are today and the person you will be in 5 years is based on the people you meet and the books you read.

Here are some of my recommendations:

Think & Grow Rich by Napoleon Hill

The 29% Solution by Dr. Ivan Misner

The Little Teal Book of Trust by Jeffrey Gitomer

Shut Up, Stop Whining, and Get a Life by Larry Winget

The Four Agreements by Don Miguel Ruiz

Dare to Win by Mark Hansen

Never Give Up by Joyce Meyer

10-10-10 by Suzy Welch

Awaken the Giant Within by Tony Robbins

People are Idiots and I Can Prove It by Larry Winget

Your Best Life Now by Joel Osteen

Make it a GREAT Day & GREAT week!

Ann Arbor Single Family Home Sales Report: May 2009

2009-06-09T14:36:00.004-05:00

The good news for this month, and a new, positive trend year to date is (finally) in the category of average sales price for Single Family Homes in the Ann Arbor area.
Average sales prices for May 2009 were up by 8.7% over May 2008.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in May 2008: 886
SFH Listings in May 2009: 696
Decrease: 21.5%

SFH Sales May 2008: 303
SFH Sales May 2009: 233
Decrease: 23.2%

SFH Sales Year to Date 2009: 1,001
SFH Sales Year to Date 2008: 1,074

SFH Avg. Sales Price May 2008: $217,849
SFH Avg. Sales Price May 2009: $236,897
Increase: 8.7%

SFH Avg. Sales Price Y.T.D. 2008: $216,882
SFH Avg. Sales Price Y.T.D. 2009: $170,973
Decrease: 21.2%

Ann Arbor Home Sales Report: April 2009

2009-05-08T20:04:00.003-05:00

A spiked increase in Ann Arbor Single Family Home sales (in units)of 13.5% in the month of April 2009 (over April 2008), has been cause for optimism in the local market. However, average sales price continues to decline, year over year.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in April 2008: 872
SFH Listings in April 2009: 663
Decrease: 24%

SFH Sales April 2008: 229
SFH Sales April 2009: 260
Increase: 13.5%

SFH Sales Year to Date 2009: 766
SFH Sales Year to Date 2008: 767

SFH Avg. Sales Price April 2008: $222,798
SFH Avg. Sales Price April 2009: $145,611
Decrease: 34.7%

SFH Avg. Sales Price Y.T.D. 2008: $217,631
SFH Avg. Sales Price Y.T.D. 2009: $151,111
Decrease: 30.6%

Finally, Some Real Estate News Worth Blogging About

2009-05-07T09:56:00.003-05:00

A tip of the cap goes to reporter Paula Gardner of the Michigan Business Review and her article yesterday about the encouraging turn-around in Ann Arbor Real Estate for the month of April 2009.

With the average home sales price in virtual free-fall for the past 2 years plus, many buyers understandably had stayed on the sidelines. On the front lines in Ann Arbor in the past 8 weeks or so, it feels as if this log-jam has broken, and buyers have taken the plunge. Many local brokers and agents are reporting a huge spike in sales, with multiple offers on many properties, and homes selling within days of coming on the market. Within the past few weeks, we sold one of our listings the first day it was on the market, worked with one buyer who made an offer on another home the first day it was on the market, and worked with another buyer who missed out on a house that sold the first day it was on the market.

We know that this time of year is always the peak of the annual market, but we are certainly happy to see it here, and see that buyers have plunged in and have heeded the message that now is a great time to buy, and that they will never be able to actually time the bottom of the market.

Ann Arbor Real Estate Sales Report: March 2009

2009-04-09T20:51:00.005-05:00

Ann Arbor Single Family Home average sales prices in March 2009 dropped by 25.9% from March 2008, and have dropped by 28.4% year to date.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in March 2008: 815
SFH Listings in March 2009: 707
Decrease: 13.4%

SFH Sales March 2008: 219
SFH Sales March 2009: 209
Decrease: 4.6%

SFH Sales Year to Date 2009: 505
SFH Sales Year to Date 2008: 534

SFH Avg. Sales Price March 2009: $150,263
SFH Avg. Sales Price March 2008: $202,569
Decrease: 25.9%

SFH Avg. Sales Price Y.T.D. 2008: $214,911
SFH Avg. Sales Price Y.T.D. 2009: $154,015
Decrease: 28.4%

6 Questions Foreclosure Buyers Should Ask

2009-04-09T12:37:00.002-05:00

Purchasing a Foreclosure or Short Sale is a completely different animal from a traditional home sale. RealtyTrac and Realtor Magazine have published a list of six great questions you should ask if you are contemplating the purchase of a forecloure property.

1) Is now a good time to buy a foreclosure?

This is a very common question from both real estate professionals and prospective buyers. Obviously, because local market conditions vary, the answer is different from market to market. But there are questions that buyers in any market should be asking before they make an offer on a property in foreclosure.

2) What’s the first step buyers need to take?

Require buyers you work with to be preapproved for a loan before you help them shop for a foreclosure. If they’re thinking of buying a foreclosure as an investment or second home, they need to understand that financing the home will be more difficult and more expensive than financing a primary residence. Lenders typically charge higher interest rates and require a larger down payment for investment or second homes.

3) How can you tell a bad foreclosure from a good one?

Certainly there are great deals in many markets for both investors and buyers looking for a primary residence. But making a sound deal can be tricky. Buyers need to be wary of unpaid liens, including mortgage debt, taxes, construction loans, home equity lines of credit, and possibly a second or third mortgage. Any or all of these financial obligations could become your clients’ responsibility when they purchase a property in foreclosure. Unless the property goes through a foreclosure auction and becomes a bank-owned REO, the outstanding foreclosure liens and fees could be simply transferred to the new owner—your clients. Don’t let them fall into the same financial trap as the previous owner.

4) If I’m a qualifying borrower, can I appeal to banks for better loan terms?

Lenders are drowning in defaults—particularly in hard-hit real estate markets such as Arizona, California, Florida, Michigan, Nevada, and Ohio—so they may be motivated to cut a deal. If your clients have a good credit score, many banks will offer them a below-market-rate loan on a bank-owned home. Unlike paying down with points, this doesn’t cost anything in fees, and it gives them the ability to spend more for the home.

5) What are the costs of buying a foreclosure?

It takes money to make money. The best opportunities are for buyers with cash. If your clients are planning to rent out the property or even resell it for a quick profit, make sure they consider the carrying costs, including sales commissions, marketing costs, vacancies, taxes, insurance, and maintenance costs. Once you’ve calculated all the expenses, add on another 10 percent to 15 percent. If they don’t build in a "surprise fund," your clients might be the next foreclosure statistic.

6) How does choice of neighborhood affect foreclosure investments?

Clients looking for a good investment should generally avoid neighborhoods overrun with foreclosures, particularly newer subdivisions in overbuilt exurban areas. Investors will be tempted to buy foreclosures in these areas because they offer the steepest discounts—but they also carry the most risk of further depreciation. Look in well established neighborhoods with good schools and transportation. If you’re in a market where prices are still falling, encourage your clients to factor falling prices into any offer they submit on a foreclosed property.

Source: James J. Saccacio is chief executive officer of RealtyTrac, a Web site that tracks properties in foreclosure.

Potential Legal Issues in Short Sales

2009-04-03T06:08:00.003-05:00

Short Sales are a quagmire of potential problems that do not exist in a traditional real estate transaction. If you are in the unfortunate situation of being involved in a Short Sale, you and your agent must be aware of the legal risks that exist. These include.

1. Misrepresenting tax consequences
2. Misrepresenting how secondary debt is treated
3. Acting on inappropriate lender requests for seller contributions
4. Breaching fiduciary duty
5. Providing poor oversight of a loss mitigation company
6. Lacing the required license to undertake loss mitigation
7. Facilitating transactions not listed on the HUD-1 form

Please get the advice and counseling of professionals should you get involved with a Short Sale.

What Will Make the Real Estate Market Turn?

2009-04-02T04:42:00.003-05:00

The most common questions we are asked are: "When will the Ann Arbor Real Estate market turn?" or "What will it take for the market to turn?"

I have come across a great explanation of what it will take, recently published in a real estate industry newsletter called Keeping Current Matters

In order for the real estate market to come back in a powerful way, five conditions must be met. Those are:

1. Increased buyer confidence in their jobs and income levels
2. Ease of housing price declines to market stability
3. Affordable housing in relation to household income
4. Access to mortgage financing with low interest rates
5. Ability to sell one's own home in order to move into a new one

Two of these conditions are in effect right now-- affordable housing in relation to household income and access to mortgage financing with low interest rates. The other three have not yet been accomplished. The market will turn around when all five forces combined can drive the rebound.

Ann Arbor Residential Home Sales Report: Feb. 2009

2009-03-11T14:19:00.004-05:00

Ann Arbor Single Family Home average sales prices in February 2009 dropped by 27.1% from February 2008, and have dropped by 29.5% year to date.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in February 2008: 730
SFH Listings in February 2009: 514
Decrease: 29.6%

SFH Sales February 2008: 173
SFH Sales February 2009: 135
Decrease: 22%

SFH Sales Year to Date 2009: 288
SFH Sales Year to Date 2008: 315

SFH Avg. Sales Price Feb. 2008: $224,864
SFH Avg. Sales Price Jan. 2009: $164,106
Decrease: 27.1%

SFH Avg. Sales Price Y.T.D. 2008: $223,491
SFH Avg. Sales Price Y.T.D. 2009: $157,673
Decrease: 29.5%

FREE First Time Homebuyer Seminar This Tuesday

2009-02-28T17:42:00.002-05:00

The market has dramatically changed in recent months, and all indications are that there will be more dramatic changes in the next 90 days. Come to this FREE, No obligation 45 minute Seminar to learn:

--Current market conditions in Washtenaw County, Michigan.
--Short Sales, Foreclosures, and private party sales. Similarities and KEY differences
--Explore financing options.
--Learn the 5 Key thinks that professional home inspectors look for.
--Much, much more

The Bundesen Team at Real Estate One has been teaching First-Time Home Buyer Seminars for more than three (3) years, and we are launching our all new series for 2009.

Our Seminars are fast-paced, fact-filled, and give you a look at what goes on 'in the trenches' of today's Ann Arbor area real estate market.

This is an hour well spent. You will definitely learn something you didn't know before.

FREE! FREE FREE! No Cost, No Obligation, and you don't need to be pre-qualified by a Lender to attend.

Seminar will be Tuesday, March 3 at 7:00PM to 8:00PM
Real Estate One
555 Briarwood Circle #333

CLICK HERE for additional details

January 2009 SFH Sales Report Ann Arbor, Michgan

2009-02-12T19:27:00.003-05:00

Ann Arbor Single Family Home average sales prices in January 2009 dropped by 31.8% from January 2008, and have dropped by 21.5% from December 2008.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in January 2008: 818
SFH Listings in January 2009: 615
Decrease: 24.9%

SFH Sales January 2008: 142
SFH Sales January 2009: 152
Increase: 0.07%

SFH Avg. Sales Price Jan. 2008: $224,831
SFH Avg. Sales Price Jan. 2009: $153,486
Decrease: 31.8%

SFH Avg. Sales Price Dec. 2008: $173,343
Dec - Jan Decrease: 21.5%

Appealing Property Taxes: What an Oxymoron!

2009-02-09T13:38:00.003-05:00

There's nothing appealing about your property tax bill, which is in the mail very shortly. To most of us, it is a mystery how they are calculated. In today's Ann Arbor Real Estate market, one of the most common questions centers on the idea that if the market value of a home goes down, doesn't it naturally follow that your property tax bill will also automatically go down? Not so fast Kemosabe. Once that high water mark of your tax bill is achieved, it is quite a quagmire to sort through the bureaucratic noise and learn exactly how you would go about getting your property tax bill lowered.

The Bundesen Team at Real Estate One and The Washtenaw Real Estate Investors Group is proud to be sponsoring a brief 30 minute overview about the process of appealing your property taxes. Michigan Tax Tribunal Judge Victoria Enyart will cover the market and taxable values in Michigan as well as the appeal process up to and through the Michigan Tax Tribunal.

What: Appealing Your Ann Arbor Property Taxes
When: Tuesday, Feb. 10, 2009 at 6:30 - 7:00PM
Where: Real Estate One: 555 Briarwood Circle #333
Who is Presenting: Judge Victoria Enyart, of the Michigan Tax Tribunal
Cost: FREE

You're Invited to a Very Special Presentation from the MML.

2009-01-25T12:24:00.002-05:00

If you refuse to participate in this recession, and have made the commitment to keep and grow your business in Michigan, this presentation is for you.

Rob Ferrari of the Michigan Municipal League will join us for a Special Hour of Power, where he will outline what is being done on a local level to grow Michigans economy.

The MML is VERY interested in the efforts that Local Entrepreneurs (like us) make to help the local and state economies.

The Michigan Municipal League is the one clear voice for Michigan communities. Through advocacy at the state and federal level, they proactively represent municipalities to help them sustain highly livable, desirable, and unique places within the state. We create and offer our members services and events that range from traditional to cutting edge, in order to help educate and inspire them to remain focused on their passion for the area they represent. They are a non-profit. They act with the fervor of entrepreneurs. Their people are dynamic, energetic and highly approachable, passionately and aggressively pushing change for better communities.

PLEASE RSVP if you would like to attend. Seating is limited. We look forward to seeing you on the 5th.

Michigan Municipal League Presentation
Thursday, Feb. 5, 2009 6PM
Huron Valley Financial
2395 Oak Valley Dr. #200
Ann Arbor, MI

This event is Sponsored by:
Huron Valley Financial
The Bundesen Team at Real Estate One
A2 Biz Insights Professional Development
Ann Arbor Power Network
Washtenaw Real Estate Investors

. . .and another thing about your homes value

2009-01-15T12:37:00.005-05:00

If you're contemplating placing your home on the market this year, and think that remodeling projects will increase it's value, please study carefully the table.

A scant two to three years ago, it was well worth the expense at completing rehab projects, but as house values have shrunk, so have the returns on remodeling jobs when it comes time to sell. This table outlines which projects bring the best return.

Project	Percent of Cost Recouped	Percentage Drop Since 2005
Replace Siding	80.7%	-15%
Minor Kitchen Remodel	79.5%	-19%
Window Replacement	77.7%	-12%
Major Kitchen Remodel	76.0%	-9%
Bathroom Remodel	74.6%	-28%
Deck Addition	73.7%	-17%

5,000 New Jobs in the next 2 Years Predicted in Washtenaw County

2009-01-12T18:07:00.002-05:00

In its annual economic report, the Institute of Labor and Industrial Relations of the University of Michigan, reported that the positive momentum from Washtenaw’s knowledge-based and health-related sectors dominate, providing for a gain of 2,000 jobs in 2009 and 3,000 in 2010.

Economically, the community has held on to jobs because of its diversity.Two quotes from the report:

“It is a tribute to the underlying resiliency of the Washtenaw County [where Ann Arbor lies] economy that the job hit overall was not much harder. One sector that has come to the rescue in these times is health care, both private and public."

"Ann Arbor's promise is rooted in its endowments of a world-class research university and a well-educated populace. The region does have to weather its immediate problems, but it does not have to change its essence to thrive in the economy of the future. Washtenaw County is already out front on this."

December 2008 Ann Arbor Home Sales Report

2009-01-10T11:03:00.004-05:00

It's not a pretty picture. Ann Arbor Single Family Home average sales prices are down by almost 30% from November 2007, and the Year To Date comparison shows 15.6% average sales price decline, or 1.3% per month.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in December 2007: 442
SFH Listings in December 2008: 409
Decrease: 7.5%

SFH Listings Y.T.D. 2007: 11,131
SFH Listings Y.T.D. 2008: 8,529
Decrease: 23.4%

SFH Sales December 2007: 224
SFH Sales November 2008: 216
Decrease: 3.6%

SFH Sales Y.T.D. 2007: 3,062
SFH Sales Y.T.D. 2008: 3,082
Increase: 0.006%

SFH Avg. Days on Market Dec. 2007: 81
SFH Avg. Days on Market Dec. 2008: 73

SFH Avg. Days on Market Y.T.D. 2007: 77
SFH Avg. Days on Market Y.T.D. 2008: 80

SFH Avg. Sales Price Dec. 2007: $244,897
SFH Avg. Sales Price Nov. 2008: $173,343
Decrease: 29.3%

SFH Avg. Sales Price Y.T.D. 2007: $250,286
SFH Avg. Sales Price Y.T.D. 2008: $211,342
Decrease: 15.6%

Christmas Holiday Eating Tips

2008-12-19T09:56:00.002-05:00

1. Avoid carrot sticks. Anyone who puts carrots on a holiday buffet table knows nothing of the Christmas spirit. In fact, if you see carrots, leave immediately. Go next door, where they're serving rum balls.

2. Drink as much eggnog as you can. And quickly. It's rare..You cannot find it any other time of year but now. So drink up! Who cares that it has 10,000 calories in every sip? It's not as if you're going to turn into an eggnog-alcoholic or something. It's a treat. Enjoy it. Have one for me. Have two. It's later than you think. It's Christmas!

3. If something comes with gravy, use it. That's the whole point of gravy. Gravy does not stand alone. Pour it on. Make a volcano out of your mashed potatoes. Fill it with gravy. Eat the volcano. Repeat.

4. As for mashed potatoes, always ask if they're made with skim milk or whole milk. If it's skim, pass. Why bother? It's like buying a sports car with an automatic transmission.

5. Do not have a snack before going to a party in an effort to control your eating. The whole point of going to a Christmas party is to eat other people's food for free. Lots of it. Hello?

6. Under no circumstances should you exercise between now and New Year's. You can do that in January when you have nothing else to do. This is the time for long naps, which you'll need after circling the buffet table while carrying a 10-pound plat e of food and that vat of eggnog.

7. If you come across something really good at a buffet table, like frosted Christmas cookies in the shape and size of Santa, position yourself near them and don't budge. Have as many as you can before becoming the center of attention. They're like a beautiful pair of shoes. If you leave them behind, you're never going to see them again.

8. Same for pies. Apple, Pumpkin, Mincemeat. Have a slice of each. Or if you don't like mincemeat, have two apples and one pumpkin. Always have three. When else do you get to have more than one dessert? Labor DAY?

9. Did someone mention fruitcake? Granted, it's loaded with the mandatory celebratory calories, but avoid it at all cost. I mean, have some standards.

10. One final tip: If you don't feel terrible when you leave the party or get up from the table, you haven't been paying attention. Re-read tips; start over, but hurry, January is just around the corner. Remember this motto to live by:

"Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, chocolate in one hand, body thoroughly used up, totally worn out and screaming "WOO HOO what a ride!"

Have a great CHRISTMAS season

November 2008 Ann Arbor Condo Sales Report

2008-12-14T17:54:00.003-05:00

After a spike in unit sales of +31% for October 2008 over October 2007, there was more than a 60% swing to the negative in Condo unit sales with only 25 units sold in November 2008.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Condominiums. Please see earlier post for Single Family Home sales statistics.

Condo Listings in November 2007: 111
Condo Listings in November 2008: 93
Decrease: 17%

Condo Listings Y.T.D. 2007: 2,531
Condo Listings Y.T.D. 2008: 1,843
Decrease: 17.2%

Condo Sales Nov. 2007: 41
Condo Sales Nov. 2008: 25
Decrease: 39.1%

Condo Sales Y.T.D. 2007: 615
Condo Sales Y.T.D. 2008: 558
Decrease: 9.3%

Condo Avg. Days on Market Nov. 2007: 89
Condo Avg. Days on Market Nov. 2008: 74

Condo Avg. Days on Market Y.T.D. 2007: 87
Condo Avg. Days on Market Y.T.D. 2008: 95

Condo Median Sales Price Nov. 2007: $152,288
Condo Median Sales Price Nov. 2008: $140,000
Decrease: 8.1%

Condo Median Sales Price Y.T.D. 2007: $158,000
Condo Median Sales Price Y.T.D. 2008: $144,250
Decrease: 8.8%

November 2008 Ann Arbor Home Sales Report

2008-12-10T16:24:00.003-05:00

Single Family Home sales, in units, were down by 4.3% over a year ago, and are up by a scant 1.2% year to date.

Average sales price is down by 25.2% from November 2007, and YTD comparison shows 14.6% average sales price decline.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in November 2007: 623
SFH Listings in November 2008: 428
Decrease: 30.2%

SFH Listings Y.T.D. 2007: 10,691
SFH Listings Y.T.D. 2008: 8,120
Decrease: 24.9%

SFH Sales November 2007: 211
SFH Sales November 2008: 202
Decrease: 4.3%

SFH Sales Y.T.D. 2007: 2,826
SFH Sales Y.T.D. 2008: 2,860
Increase: 1.2%

SFH Avg. Days on Market Nov. 2007: 73
SFH Avg. Days on Market Nov. 2008: 73

SFH Avg. Days on Market Y.T.D. 2007: 77
SFH Avg. Days on Market Y.T.D. 2008: 80

SFH Avg. Sales Price Nov. 2007: $245,359
SFH Avg. Sales Price Nov. 2008: $183,738
Decrease: 25.2%

SFH Avg. Sales Price Y.T.D. 2007: $250,643
SFH Avg. Sales Price Y.T.D. 2008: $214,456
Decrease: 14.6%

"The Best Way to Predict the Future is to Create it" --Peter Drucker

2008-12-09T20:34:00.005-05:00

I invite you to join me in creating your own successful future by writing your own success book. Here are a few suggestions to get you started:

Step I. Write Your Personal Mission Statement. Eternity is a long time. If we're lucky, we're on this earth for 100 years, which is the blink of an eye. We'd better figure out how our earthly life fits into the big picture. If you need ideas, I suggest the teachings of Rick Warren and The Purpose Driven Life

Step II. Write Your 10 Year Big Hairy Audacious Goals. If you're going to have goals, you might as well have big goals. It does not cost you any more to create big goals than it does to create small goals. Be inspired by those who create BHAG's based on: This Definition and This Strategy

Step III. Break Down Your BHAG's into One Year SMART Goals. SMART stands for: Specific, Measurable, Achievable, Realistic, and Time-Phased. Use This Worksheet:

Step IV. Each Month, Create Your 30 Day; 80:20 Vilfredo Pareto Goal to Action Worksheet The Pareto Principle states that 80% of our results come from 20% of our efforts. You must focus on that 20% of your actions that deliver the 80% of your results.

Step V. Implement 52 Week Networking Success Strategies, one per week for the next year based on The Book: The 29% Solution by Ivan Misner. This is one of the best Networking Books written. If you implement these strategies, you simply cannot fail.

Step VI. Meet a Personal Trainer and Create Your Personal Workout Plan (including 2 Yoga classes per week). 3 Cardios; 2 Strength; 2 Yoga = You're rockin'

Step VII. Get a Grip on Your Personal Financial Picture, based on the Worksheets Found Here

Step VIII. Find, Write, and Speak Loudly and Often Several Positive Daily Affirmations based on the teachings of The Pitbull of Personal Development, and my hero, Larry Winget

Good Food Served With Good News on Turkey Day

2008-11-19T05:07:00.002-05:00

Attitude is not everything, because the most positive attitude alone will not help us pull out of our current economic crisis. A positive attitude accounts for a lot. A positive attitude is the starting point for success, but more importantly, a positive attitude, teamed with a focused strategic plan AND action can become an unstoppable force.

Let's get busy.

Each Tuesday morning, at Real Estate One in Ann Arbor, MI, we hold an office business meeting of probably 50 to 75 full-time agents who are in the marketplace every day. A good chunk of these meetings focus on a market 'pulse' of what we experience, what other people tell us, and more importantly, how we respond, and what our approach is to the marketplace. It is somewhat natural, and very easy to go with the flow of our endless bombardment of bad news, and perpetuate a "woe is me" mentality. Or, we can go out into our individual worlds, and 'be the change' that we want to see. We can achieve that by maintaining focus on the fundamental elements of the real estate market here and now: If you want to buy, it is a great time, and there are lots of financing options available. If you need to sell, you will take a hit. However, if you are selling a house in Ann Arbor, you will take less of a hit than you would if your house were in many other markets, and chances are you will get a better deal in your new location.

Stepping back for a bit wider view, several of us agents see the mountain in front of us, and are choosing to climb the mountain rather than lay down and die at the foot of the mountain or whine about how big the mountain is. When we are bellying up to the Thanksgiving table, filling our plates with a Michael Phelpsian sized meal, you will not hear us say that the market sucks even though the market does suck. You WILL hear us talk about climbing the mountain with a focused plan. You will hear us talk about the proactive plan being advanced by the National Association of Realtors to stabilize and stimulate the real estate market on a national level.

The NAR® has recommended to Congress a four-point plan to stimulate home sales and stabilize housing valuations. The four-point plan’s principles are consumer-driven to help foster a housing recovery to support an economic rebound. Here are the 4 Points:

1) Eliminate the repayment piece of the first-time home buyer tax credit that was passed in the February stimulus bill, and to expand the tax credit to include all home buyers.

2) Making the increased FHA and conventional loan limits permanent to stimulate home sales and stabilize prices.

3) Urge that the Troubled Asset Relief Program be put back on track by targeting the funds for mortgage relief through a mortgage interest rate buy-down.

4) Finalize legislation to prohibit banks from entering into the business of real estate brokerage and property management.

I'm very pleased that the NAR leadership has decided to be proactive, unlike some other business leaders that come to mind.

Positive attitude is step 1. A solid, focused Plan of Action is step 2. Implementation of the plan is step 3. I hope you will join me in taking these 3 steps, which will lead you to a great 2009!

Tell Us Something We Didn't Know

2008-11-12T05:57:00.003-05:00

It's definitely always nice to receive third party validation of something you know in your heart. For the third time this year, Ann Arbor has been named by a notable publication, as one of the best places to live in the United States. This article, on MSNBC.com gives all the highlights of the Businessweek.com ranking.

While we have our share of difficulties, being both in Michigan, and somewhat in the shadow of Detroit, Ann Arbor is a spirit filled, vibrant, enthusiastic, optimistic, and energetic town. I'm very proud to call Ann Arbor home. While I have had multiple opportunities to move elsewhere, I cannot think of anyplace I would rather live and raise my kids.

October 2008 Ann Arbor Condo Sales Report

2008-11-11T13:42:00.003-05:00

Good News: Unit sales up 31% over last year. Bad News: Median sales price down almost 16% over October 2007, and down an average 1.06% per month for 2008 YTD.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Condominiums. Please see earlier post for Single Family Home sales statistics.

Condo Listings in October 2007: 169
Condo Listings in October 2008: 146
Decrease: 13.7%

Condo Listings Y.T.D. 2007: 2,421
Condo Listings Y.T.D. 2008: 1,753
Decrease: 17.6%

Condo Sales Oct. 2007: 42
Condo Sales Oct. 2008: 55
Increase: 31%

Condo Sales Y.T.D. 2007: 574
Condo Sales Y.T.D. 2008: 532
Decrease: 7.4%

Condo Avg. Days on Market Oct. 2007: 90
Condo Avg. Days on Market Oct.. 2008: 115

Condo Avg. Days on Market Y.T.D. 2007: 86
Condo Avg. Days on Market Y.T.D. 2008: 165

Condo Median Sales Price Oct. 2007: $160,500
Condo Median Sales Price Oct. 2008: $135,000
Decrease: 15.9%

Condo Median Sales Price Y.T.D. 2007: $159,000
Condo Median Sales Price Y.T.D. 2008: $142,250
Decrease: 10.6%

October 2008 Ann Arbor Home Sales Report

2008-11-10T17:14:00.002-05:00

Good News: Sales, in units, are up over a year ago, and are flat year to date. Bad News: Average sales price is down over 20% from October 2007, and YTD comparison shows 13.7% average sales price decline.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in October 2007: 776
SFH Listings in October 2008: 655
Decrease: 16.6%

SFH Listings Y.T.D. 2007: 10,069
SFH Listings Y.T.D. 2008: 7,677
Decrease: 25.8%

SFH Sales October 2007: 232
SFH Sales October 2008: 249
Increase: 7.3%

SFH Sales Y.T.D. 2007: 2,610
SFH Sales Y.T.D. 2008: 2,648
Increase: 0.014%

SFH Avg. Days on Market Oct. 2007: 80
SFH Avg. Days on Market Oct. 2008: 70

SFH Avg. Days on Market Y.T.D. 2007: 77
SFH Avg. Days on Market Y.T.D. 2008: 81

SFH Avg. Sales Price Oct. 2007: $233,858
SFH Avg. Sales Price Oct. 2008: $186,324
Decrease: 20.4%

SFH Avg. Sales Price Y.T.D. 2007: $251,128
SFH Avg. Sales Price Y.T.D. 2008: $216,833
Decrease: 13.7%

Why I Don't Post More Frequently

2008-11-02T19:26:00.003-05:00

Here's the deal: My original vision for this blog was for it to be a valuable source for news and information primarily about real estate, but also including information about business growth in the Ann Arbor area.

Well, little did I know when I created the blog that the housing market would take the turn that it has. The internet and news is saturated with the negative news out of the real estate industry. I saw, and still see no point in perpetuating the bad news. There is plenty of it elsewhere.

Likewise on the business growth front. There was a time when there was significant 'buzz' in the area about job growth, or about new businesses coming to town. I felt it possible for me to add information that would not readily have been published elsewhere. Now, while I would not call these job growth as 'back door deals', whatever 'buzz' there may have been in the past has simply turned into downright speculation, and anyone who claims to know the inside track is either lying or delusional.

The attraction of companies and jobs now often require the involvement of politicians and local business leaders, because these deals almost always involved tax or other incentives. All the principals keep these deals very close to the vest, and they are never published until after the fact.

These two changes in the landscape have caused me to rethink my goals for the blog. I am involved in several other exciting projects and ventures, but somehow don't think that this subject matter would be a good fit. I am seriously considering a few 'Spin-off' Blogs that are more closely focused on individual topics.

In the meantime, I know I have a growing following, and for that, I am deeply appreciative. Bottom line, I don't want to Blog to see myself writing. I think that writing exclusively about Ann Arbor area real estate is duller than dishwater.

Still searching for a comfortable Blog 'voice', I wish, hope, and pray that all your dreams come true!

What if Socrates Sold Real Estate in Ann Arbor?

2008-10-25T10:01:00.004-05:00

One of the most common buyer questions I get as a real estate agent, especially from folks moving in from out of the area is: "What is this town, neighborhood, subdivision like?" And: "What is this neighborhoods school like?" Both simple, obvious, and good questions. Now, there are certain real estate laws and rules that preclude an agent from discussing certain aspects of these questions, and we are relegated to directing buyers to such places as the U.S. Census website, school websites, crime statistic websites, etc. So as agents, we are faced with the choice of spitting out a robotic mantra, therefore not being much help, or by tempering comments based on our perceived "read" of our client. But, I digress.

Each time I am asked about what a particular area is "like" I am reminded of the classic story of the Philosopher Socrates. This story is about attitude, but is perfectly applicable to real estate. The bottom line is that the market is what it is. The economy is what it is, but people still need a great place to live their lives and raise their families.

Anyway, the story goes that Socrates was often found just on the outskirts of Athens just greeting total strangers. One day, a stranger came up to him and asked: "I would like to live in your city. What kind of people does it have?"

Socrates replied, "What kind of people are in the city you've come from?"

To which, the man replied, "Oh, they're not very nice. They lie, cheat and steal. That is why I'm moving out."

Socrates, in his wisdom, replied: "It's the same way here. If I were you, I'd keep looking."

A short time later another man came up and asked about the people of Athens. Socrates again asked the man about his own city. The second man replied: "They're wonderful. They always help each other. They're truthful and industrious. I just thought I'd like to see other parts of the world."

Socrates, in his wisdom, replied this time, "It's the same way here. Why don't you go into the city? You'll find it just as you imagine it will be."

When we move to a new place, we bring our attitudes, ideas, and images wherever we go. Your neighborhood, city, job, career, and life will be what you choose to make it to be. Choose to make it all great!

Ann Arbor Condo Sales Report - September 2008

2008-10-17T11:27:00.002-05:00

Ann Arbor Condominium sales in September 2008 were down by 27% compared to September 2007. Year to date, Condo sales, in units are down by 12.6%, and median sales price, Year to Date, is down by 9.7%, or 1.08% per month.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Condominiums. Please see earlier post for Single Family Home sales statistics.

Condo Listings in September 2007: 168
Condo Listings in September 2008: 137
Decrease: 18.5%

Condo Listings Y.T.D. 2007: 2,252
Condo Listings Y.T.D. 2008: 1,607
Decrease: 28.7%

Condo Sales Sep. 2007: 52
Condo Sales Sep. 2008: 38
Decrease: 27%

Condo Sales Y.T.D. 2007: 537
Condo Sales Y.T.D. 2008: 475
Decrease: 12.6%

Condo Avg. Days on Market Sep. 2007: 107
Condo Avg. Days on Market Sep. 2008: 89

Condo Avg. Days on Market Y.T.D. 2007: 86
Condo Avg. Days on Market Y.T.D. 2008: 89

Condo Median Sales Price Sep 2007: $155,000
Condo Median Sales Price Sep 2008: $123,750
Decrease: 20.2%

Condo Median Sales Price Y.T.D. 2007: $159,400
Condo Median Sales Price Y.T.D. 2008: $144,000
Decrease: 9.7%

From My Friends at The Red Cross

2008-10-13T12:40:00.001-05:00

I’d like to remind everyone that October is “Fire Safety Month”. Home fires often don’t make headlines, but they are truly devastating to those who experience them. Here are a few quick and simple things you can do to make your home and to keep your family safe:

Test your smoke alarms once a month and replace the batteries every six months.

Replace your smoke alarms every 10 years; they become less sensitive over time

Consider having at least one fire extinguisher in your home

Plan at least two escape routes and practice them twice a year.

If a fire does occur, once you’re out, stay out!

If you have to exit through smoke, crawl low under the smoke.

If you need to open a door, feel the door first and try a different route out if the door is warm.

If your exits are blocked use a bright colored cloth in the window to signal for help. If there’s a phone in the room, use it to call the fire department and tell them where you are.

You're Invited: Ann Arbor Home Buyer Market Update

2008-10-10T12:46:00.002-05:00

Please join us for a fast-paced, fact-filled 45 Minute Seminar on the Ann Arbor and Washtenaw County Real Estate Market, updated with new financing options, which have just become available within the past few weeks. We will cover what you need to know to buy a home in today's market. We'll discuss the following topics:

1) What is a Buyers Agent and why you need one.
2) How to assemble your home buying 'team'
3) Current Ann Arbor market conditions
4) Regular sales, Short Sales, and purchasing a Foreclosure
5) Financing programs, options, and Q & A
6) Negotiating Tips
7) What Home Inspectors Look for
8) Much more
Presentation will be made by Brian Bundesen of Real Estate One and Amaechi Udoji of Huron Valley Financial.

Please feel free to invite friends, neighbors, and business associates.

This Seminar is FREE of charge, with no obligation. We know it will be a valuable use of your time, and we hope you can join us.

Where: Ann Arbor District Library - Mallets Creek Branch - Conference Room "A"
3090 E. Eisenhower
Ann Arbor, MI 48108

When: Tuesday, October 28, 2008: 6:30PM - 7:30PM

See the full event details at http://homebuyer.meetup.com/218/calendar/8934265/.

September 2008 Ann Arbor Home Sales Report

2008-10-09T19:48:00.004-05:00

Usually, when the Ann Arbor Board of Realtors releases their monthly sales report, it is accompanied by a cover letter which attempts to find some kind of silver lining in what has been some consistently poor news. Well, anyway, today the report was released without a cover letter. I'm not quite sure how to interpret this. Needless to say, the same trend is continuing for September, as it has been for quite some time. Listings are down, sales (in units) are flat, and the average sales price continues to drop at just below 1.5% per month.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in September 2007: 762
SFH Listings in September 2008: 633
Decrease: 17%

SFH Listings Y.T.D. 2007: 9,298
SFH Listings Y.T.D. 2008: 7,021
Decrease: 24.5%

SFH Sales September 2007: 258
SFH Sales September 2008: 244
Decrease: 5.5%

SFH Sales Y.T.D. 2007: 2,388
SFH Sales Y.T.D. 2008: 2,398
Increase: 0.006%

SFH Avg. Days on Market Sep. 2007: 74
SFH Avg. Days on Market Sep. 2008: 80

SFH Avg. Days on Market Y.T.D. 2007: 77
SFH Avg. Days on Market Y.T.D. 2008: 76

SFH Avg. Sales Price Sep. 2007: $234,233
SFH Avg. Sales Price Sep. 2008: $188,744
Decrease: 19.5%

SFH Avg. Sales Price Y.T.D. 2007: $252,724
SFH Avg. Sales Price Y.T.D. 2008: $220,099
Decrease: 13%

Ann Arbor Real Estate: Here and Now

2008-10-08T10:21:00.002-05:00

One of the advantages to working at the most successful office at the largest real estate company in Michigan is the opportunity to get a very real representation of the pulse of the market at our weekly agent office meetings. Frankly, sometimes these meetings can be dull, but more often than not, encouraging indicators and valuable information comes out of these meetings. Yesterday's was one of the latter.

Real estate agents, are, by nature, loners, and often keep their own business and techniques close to the vest. Where our office differs is that most of our offices' top producing agents are willing to share information, strategies, and tactics to help others grow their own businesses in both good times and bad.

The subject of yesterday's meeting was: Ann Arbor Real Estate: Here and Now. It was not a 'woe is us' meeting, but was a factual analysis of the current market in the area, and a call for us to go into the marketplace and do what we do best: Bring buyers and sellers together.

The factual analysis is that the number of residential home sales in Washtenaw County (demand), in units, year over year (Year to date) for the past four years has remained pretty constant:

2008: 2,141 Units
2007: 2,130 Units
2006: 2,396 Units
2005: 2,617 Units

By contrast, over the same four year period, the number of listings on the market has dropped fairly dramatically (supply):

2008: 6,389 Listings
2007: 8,536 Listings
2006: 8,815 Listings
2005: 8,052 Listings

This scenario has played out in my own neighborhood of Briar Hill, in Pittsfield Township, which currently has 5 homes on the market, where last year there were 12 homes on the market at this time.

Long story short, the conclusion is that this narrowing of supply and demand, as indicated in the graph above, is a good market indicator, at least for Washtenaw County.

From a Buyers viewpoint, this indicates a very strong stability of the market in the Ann Arbor area. From a Sellers viewpoint, the lowering of supply means less competition when your home is on the market. From the Realtors viewpoint, while the market is challenging due to the overall economic situation, Washtenaw County has been, is, and will continue to be better than other areas of the state.