Real Estate Outlook: Good News/ Bad News

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

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

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

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

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

Realty Times - Avoid Common First-Time Buyer Mistakes

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

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

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