Real Estate Information Archive

For those of us who have spent any time hanging around Ann Arbor in the summertime, we surely remember the hustle, bustle and excitement surrounding the Ann Arbor Art Fair.  The Art Fair, originally established in 1960, is a combination of four award winning, independently juried art fairs, held simultaneously throughout Ann Arbor.  This year, the annual Art Fair runs between July 20-23, 2011.  The hours on Wednesday, Thursday, and Friday are from 10am – 9pm and Saturday, from 10am – 6pm.  Visitors in town searching for homes will definitly wish to attend this event.  We suggest you go early at 10am (preferably on Wens) thereby avoiding much of the larger crowds and this will help you see most of the display areas.  The cost for attending this renowned event is free!
            Together, the four fairs attract over 600,000 visitors from across America, and create an amazing outdoor gallery featuring over 1,200 artists.  There are an abundance of things to see and do while spending an afternoon outdoors at the Art Fair.  Activities include learning about and Buying art from the nation’s best artists, lively entertainment, artists’ demonstrations, 4 Imaginations Stations for art activities, more than 150 restaurants, and special sidewalk sales from downtown Ann Arbor to the University of Michigan campus.  You can also check out a complete list of exhibiting artists  and artist applications are available here.  This spectacular event attracts the finest artists producing top quality art work in every price range and is considered to be the largest art fair in the country.
            Transportation to and from the Ann Arbor Art Fair is extremely convenient.  There are several parking structures around campus, including the Maynard Parking Structure which has recently been renovated.  It is generally $10 per day for the parking structures and $5 after 5pm.  There is parking in and around nearby neighborhoods for low cost as well.  If you wish to avoid parking downtown near the Art Fair altogether, there are also shuttle buses that run throughout Ann Arbor.  Parking to catch the shuttle bus is available at Briarwood Mall or Pioneer High School.  The AATA Art Fair Shuttles will run every 10-15 minutes from 9am to 10pm, Wednesday through Friday, and on Saturday from 9am to 7pm.  The fares will be $1.50 each way, and children 7 years old and younger ride free.   Click here for a complete list of maps, parking and bus schedule.  You can visit the Visitors and Conference Bureau for infrmation on lodging, restaurants and more. Don't miss this nationally renowned art exhibit here in town! 

Visitors can check ann arbor real estate prices by clicking on the "All MLS Listings" link above for property listings for sale or Rent.

Ten Ways to Protect Your Child from Cyberbullies

Cyberbullying has quickly turned into a pandemic on the web, causing severe emotional and psychological pain to children. According to the National Crime Prevention Council, over 40% of all teenagers with Internet access have reported being bullied online. 

Cyberbullies seek to terrorize or humiliate perceived enemies and rivals under the cloak of anonymity, and with the proliferation of social media tools and multiple points of connection to the Web, they have an ever-expanding array of opportunities to achieve their goals. This activity presents a daunting challenge to parents who want to ensure their children's safety in today's technology-driven communications environment. Simple tips that worked in the past are fast-becoming ineffective: it's no longer sufficient to block access to specific websites, messaging programs, social networks, or computer use altogether. 

Parents can gain important insights into their children's digital lives by communicating with them about this important topic, and better monitoring their web, email and mobile phone activity. Here are 10 tips for parents to help protect their children from cyberbullies and other online dangers:

1. Start by talking with your children about their online activities and the dangers of cyberbullying - set their expectations by discussing your views on monitoring their Internet and smartphone use

2. Set up Google Alerts to monitor mentions of your children's names on the Web

3. Friend your children on Facebook and monitor their privacy settings so you are able to view their profile and activity

4. In addition to Facebook, cyberbullies use other social networking sites like Twitter to post hateful messages. Familiarize yourself with these sites and set up an account to enable you to routinely search what others are saying about your kids

5. Inform teachers if you suspect your child is being cyberbullied.  Teachers are among the first to notice important changes in children's behavior, and it's possible the bully may be a classmate

6. Consider implementing parental monitoring software on your Home computers and children's smartphones

7. Many school districts also now use computer monitoring software on all classroom computers. Check with your school principal, PTA or school board to ensure these tools are in use at your child's school

8. Prohibit your children from having multiple e-mail addresses, screennames and social networking accounts

9. Prohibit your children from using geolocation tools and apps on Facebook and smartphones

10. Always be observant as your children use electronic communications tools. Changes in habits, such as frequency and timing of use, mood swings and other indicators, could be a sign that your child is being bullied or a target of other online mischief

If you are looking for new real estate listings, try www.shelterquest1.com

In a state suffering from the decline of the auto industry and the loss of manufacturing jobs, Ann Arbor remains an economic and cultural oasis. The city has grown up around the university, which moved to Ann Arbor from Detroit in 1837, shortly after Ann Arbor was founded. A focus on research, technology, arts, and tourism has spared the local economy many of the hardships felt elsewhere in Michigan.

If you live here, it helps to be a Wolverines fan. The roar from Michigan Stadium—which seats more than 100,000 and is known as the Carnegie Hall of sports—resounds through town on football Saturdays in the fall. The games always sell out, drawing fans from around the country. If sports aren't your thing, there are still plenty of other activities, many associated with the university: several museums and galleries, an arboretum, an annual arts fair, an orchestra, and local opera and ballet companies.

The university employs about 16,000 people from all over the Detroit area, plus another 12,000 at the University of Michigan Medical Center. Private-sector employers add to a vibrant white-collar economy largely based on research and technology. Automakers like General Motors and Toyota account for some research jobs; the National Oceanic and Atmospheric Administration and companies like General Dynamics and Google provide others. Longtime local companies include Domino's Pizza and Borders.

Ann Arbor has cold, snowy winters, and moisture from nearby Lake Huron and Lake Erie contributes to a high proportion of cloudy days. But summers tend to be warm and comfortable, with highs in the low 70s and nighttime temps in the 50s or 60s. And Ann Arbor—known as "Tree Town"—is one of the greenest, most densely forested residential areas in America.

If you can tolerate cold winters and can afford the slightly above average cost of living, Ann Arbor is a dynamic retirement spot with year-round enticements. Detroit's metropolitan airport is about 40 miles away, with nonstop or one-stop jet service to most big cities, so grandkids can visit—or you can easily flee to the south in the winter.

In addition to the University of Michigan, there are several smaller colleges nearby, including Cleary, Concordia, and Eastern Michigan. Big Ten rival Michigan State is about 65 miles away, in East Lansing.

The University of Michigan Medical Center is one of the top hospitals in the country. There's also a VA hospital in Ann Arbor, and St. Joseph Mercy Hospital is just a few miles away (with some facilities in Ann Arbor itself).

After the University of Michigan, the biggest employers are auto supplier Visteon, General Motors, St. Joseph Mercy Hospital, Eastern Michigan University, and Borders. Drug aker Pfizer has employed several thousand in the area but is closing its operation.

The median Home price in 2008 was about $206,000, higher than in many surrounding areas. But consider that a sign of a relatively healthy economy: Prices in 2008 fell by a modest 6 percent, a small decline compared with other areas. Much cheaper homes are available in surrounding communities, where builders binged during the housing boom. In 2009 and 2010 both nearby Saline and Ann Arbor realty prices have gone up an average of 3% per year.  

To get real time foreclosure, short sale and other realty listings click here.

LOOKING FOR LANDSCAPING SERVICES?

Well, beware....I would not recommend Brian Stimach or Meadowbrook Acres Sod Farm located in Brighton, Michigan.  I tried this service last year requesting some simple services like putting in black corrugated landscape pipe in the ground with drains to extend away from the building the downspout water running off from the roof.  Simple stuff right?

Their crew was more interested in getting the job done quick instead of the right way.  Trenches were dug too shallow, no care or concern to fill in and compact the soil so it didn't settle and leave indentations a week later after the first rain fall, drains installed to high, poor seeding techniques, etc.

Worse yet, when I called the foreman Brian Stimach, he resisted fixing these issues and finally kept saying how he would have someone get in touch with me in a few days.  Never happened even after a few follow up calls.  He actually spent more time telling how busy he was, that his family was living in Florida and he had more important things on his mind with the business down there and the commute coming up on the weekend.  Guess I was suppose to be sorry to have an expectation that they cared about the quality of their work and a satisfied customer.

What happened to the success business plain of putting the customer first and quality of service??  But I have to admit, this type of approach to customer satisfaction is too common in the landscape business.  Beware of contractors who want to get a deposit for your job with promise to come back next week to get started.  While deposits are not that unusual, I would never recommend you pay one until their first day on the job.  Landscaping contractors are notorious for running around booking jobs in the spring and taking deposits so they have work to carry them through the 4 months of prime landscaping season.  Everybody wants their work done in the Spring, but guess what....that's not possible regardless of their promises, so beware.  

A good larger company to consider might be Continuum Services. Their contact number is 248-286-5200.  They do a lot of commercial work involving design, and grounds maintenance.  If you ever have any problems with them, let me know as I know person in charge and unlike MeadowBrooke and their foreman mentioned above, he IS concerned about customer service and satisfaction.  He even volunteered to ask MeadowBrook Sod to go back out to fix my problem as he subcontracts some work out to them and other smaller or specialty firms.  Of course, having grown tired of making numerous phone calls and receiving false promises, we decided it was easy to get someone else to correct the previous inferior work.

Take care and good luck.  Remember you can get the latest new MLS property listings by clicking on this link.

There is a new Good Faith Estimate and HUD coming January 1st.  The same Good Faith Estimate (GFE) will be used by all companies.  The government stepped in and "helped" with the Good Faith...and made it 3 pages long. 

 

Something that will help buyers is whatever is disclosed on the GFE, is what has to be on the HUD.  Some costs will have a 10% tolerance, but most will not.  One item that we still are a little unclear on how buyers can receive a GFE before a Home is found.  The reason this may be a problem is what is disclosed, must be charged.  The buyers sale price obviously may change from their pre approval, and if their costs go up (for example...title insurance) because their sale price increases, the mortgage company must eat that cost.  Not being able to give a buyer a GFE at the pre approval stage concerns loan officers presently.  I'm sure they want buyers to feel comfortable about the purchase and be able to confidently make offers.  One idea is to put together a Homeowners Worksheet that will be given at the pre approval stage rather than a GFE.  This will help buyers know what their costs are and what you need to ask for in concessions.  The GFE, of course, will be given at the time of the application.  You could ask for an unsigned GFE I suppose too?

 

Another step that is being required is for the mortgage company to send the GFE to the title company at the time of closing.  The title company will be required to compare the GFE to the HUD and make sure it is in compliance and exactly the same.  Mortgage companies and title companies will be working closely together on this part. 

 

There have been a lot of changes throughout this past year.  Most recently, new disclosures laws (MDIA), HVCC and Short Sale changes.  I will continue to keep you updated throughout the rest of this year and next.  Some upcoming changes will be the finalization of the condo underwriting changes, FHA appraisals being good for 4 months rather than 6 months (est. to be January 2010) and some more changes for sure.  Lets hope for a strong year next year for all of us!  For listing information please click here.  Have a great holiday!

 

President Barack Obama rolled out a bold $75 billion, three-part plan Wednesday to halt the soaring rate of mortgage foreclosures nationwide, one that seeks to encourage refinancing of homes now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners.

The Homeowner Stability Initiative, which Obama unveiled in Phoenix, seeks to address one of the triggers of the global financial crisis: the 2.3 million U.S. foreclosures last year that are protracting the housing crisis and helping to drive down Home prices across the nation.

“When the housing market collapsed, so did the availability of credit on which our economy depends. As that credit dried up, it has been harder for families to find affordable loans,” Obama said. “In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen _ a crisis which is unraveling homeownership, the middle class, and the American Dream itself.”

Specifically, the Obama plan seeks to provide low-cost refinancing for as many as 5 million Americans. It seeks to help delinquent or at-risk borrowers get their mortgages modified so that no more than 31 percent of their income is tied up in their mortgages. And it provides financial incentives to lenders and even a new insurance program to promote more mortgage modifications.

Like the failed efforts under the Bush administration, however, the Obama plan doesn’t compel banks and other lenders to modify troubled mortgages. Instead, it provides a menu of incentives that may or may not prove sufficient.

“This is not just the treasury secretary going into the room and asking people to do the right thing,” said a senior Treasury official, speaking on the condition of anonymity to speak more freely. “This is the first time there has really been a systemic incentive strategy for them (lenders).”

Banks joined two prior voluntary efforts during the Bush administration _ Hope for Homeowners and the Federal Housing Administration’s FHA Secure _ but these efforts have resulted in relatively few mortgage modifications.
Now they’ll have a stick waved at them if they don’t comply with the subsidy plan. It will come in the form of Obama’s support for legislation pending in Congress that would allow bankruptcy court judges to modify the terms of a mortgage.

That’s forbidden right now, and banks and other lending institutions fiercely oppose what they call “cram down” legislation, warning that it’ll bring uncertainty for lenders, who will respond by restricting mortgage lending.
Banks may soon have to choose between the lesser of two evils. They could either modify loans - with a subsidy - to provide lower lending rates, and lose what they might have made from the higher lending rate over the life of the loan. Or they can do nothing and run the risk that a homeowner could file for bankruptcy and then have a judge order new loan terms that allow the borrower to stay in the home - and pay the lender less money.

The president’s plan also offers payments to mortgage servicers, who collect mortgage payments on behalf of investors who own the mortgages originally issued by banks but were sold into a secondary market. Servicers apparently would be offered a payment for modification on par with what they would collect in the case of foreclosure.

Help for Homeowners Q&A: Will the President’s Plan Help Your Clients?

The White house website posted a Q&A on its blog yesterday for homeowners in distress to learn how the President’s plan will help them specifically. Here are a few excerpts:

Borrowers Who Are Current on Their Mortgage Are Asking:

• What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

• I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

Borrowers Who Are at Risk of Foreclosure Are Asking:

• What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?

The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.

• Do I need to be behind on my mortgage payments to be eligible for a modification?

No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.

Click Here to view the current MLS home inventory online.

In our current Buyer’s market, the type of Home that is selling has shifted from the traditional profile of the past 20 years. It is therefore important to understand where your home fits into the overall market activity. Although traditional owner occupied homes make up a majority of the current homes available for sale, the majority of the homes being sold are bank owned or financial hardship related sales. This puts downward pressure on values and causes pricing to take a more significant roll in marketing. As a traditional seller, in order to stand out in a crowded field, (made even smaller by the Buyer’s focus on bank owned) flexibility on pricing, terms, Lease vs. sale, or lease to own becomes imperative.

Click here for an interesting graphic showing these changes.

 ECONOMIC RECOVERY ACT OF 2008

FEATURE	H.R. 3221 Housing and Economic Recovery Act of 2008
Amount of Credit	Ten percent of cost of Home, not to exceed $7500  Click Here for more info
Eligible Property	Any single-family residence (including condos, co-ops) that will be used as a principal residence.
Refundable	Yes.  Reduces income tax liability for the year of purchase.  Claimed on tax return for that tax year.
Income Limit	Yes.   Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).  Phases out above those caps ($95,000 and $170,000, respectively).
First-time Homebuyer Only	Yes.   Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture	Yes.  Portion (6.67 % of credit) to be repaid each year for 15 years.  If home sold before 15 years, then remainder of credit recaptured on sale.
Impact on District of Columbia Homebuyer Credit	DC credit not available if purchaser uses this credit.
Effective Date	Purchases on or after April 9, 2008
Termination	July 1, 2009
Interaction with Alternative Minimum Tax	Can be used against AMT, so credit will not throw individual into AMT.

This credit is in effect now.  Get started looking at home.  Click here for direct MLS access for the Ann Arbor and surrounding areas.