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Fall Market Update

by Tom Stachler,ABR,CDPE - Group One Realty Team

The best way to describe the current market seems to be "just enough". Both the economy and market values are rising "just enough" to bring "just enough" sellers into the market to satisfy "just enough" of the buyer demand to keep the market moving and prices rising.

There is a significant shortage of available homes for sale. We are at a low point for listing inventories as we come off a high point for sales, creating a depleted inventory going into the fall and winter. This is good news for Sellers with upward pricing pressure through the winter months (which is a rarity). For many Sellers, the spread between what is owed and current values is still wider than they would like. This means there is a chance the sales rate could slow through the winter simply because there are not enough homes to sell. We could see a strange phenomenon of the sales rate falling (compared to last winter, but still a good pace) while prices rise.

As the market recovers, it is interesting to note that most of the issues holding back a real explosion in real estate have been artificially created, as are many of the key factors fueling the recovery. 

On the stimulus side:

  • The Federal Reserve Buying Bonds (quantitative easing) helps keep mortgage rates at record lows
  • Government entities, Fannie Mae, Freddie Mac and Ginnie Mae (FHA) are the funding source for nearly 90% of all mortgages
  • Government refinance and short sale programs are helping reduce the foreclosure overhang

On the holding-back-demand side:

  • The concern over the potential lender restrictions under the Dodd-Frank act has banks holding back on lending
  • Government law suits against banks to buy back old loans have caused many to stop mortgage lending all together, restricting available credit
  • Uncertainty about what will be the underwriting standards imposed on lenders going forward causes lenders to be more cautious
  • Congressional inaction on extending the Rural Lending programs have reduced access to credit for many rural markets 

Combined, they seem to cancel each other out, allowing for a steady real estate recovery. Both Presidential candidates are unclear as to how they will address any of these artificial issues, so we will have to wait until next year to get a clear direction. In the mean time, Buyers keep pushing to buy and Sellers are gaining more confidence, regardless of which way the political winds blow. 

If you'd like more information on the market, like to list your property, or want information on any property with any broker, you may call or email at anytime.  Please review the resources and Links available on this website and we appreciate your consideration and comments.

Thank you,

 

Fannie Mae Expands Investor Financing Options

by Tom Stachler,ABR,CDPE - Group One Realty Team

Great Option for Investors

Fannie Mae recently announced an expansion of it's Homepath Mortgage product that provides Home buyers and investors financing for the purchase of any Fannie Mae-owned property.

The new product will soon allow eligible individual and LLC borrowers the option to finance up to 20 properties using the Homepath Mortgage. Our Realtor association, NAR has long called for the expansion of financing opportunities for investors as a way to increase the absorption of REO properties. 

Fannie Mae will offer flexible lending terms and will not require appraisals of the properties.   Contact us today for assistance in the acquisition of Residential or Commercial Income properties.  I have field work sheets to help you determine the bottom line returns.  (NOI or Net Operating Income) and 35 years of experience in the income property business. 

Click the link above for Investor Income property Inventory Results under "All MLS Listings"

Home Prices now at 2003 Levels with Modest Annual Gains

by Tom Stachler,ABR,CDPE - Group One Realty Team

Home prices are back to 2003 levels in the latest sign of an improved housing market.

 In another sign of a turnaround in the long-battered real estate market, average home prices rebounded in July to the same level as they were nine years ago.  Ann Arbor and Saline are now in their fourth year showing modest annual appreciation gains.  

According to the closely watched S&P/Case-Shiller national Home Price index, which covers more than 80% of the housing market in the United States, the typical property price in July rose 1.6% compared to the previous month.

 

It marked the third straight month that prices in all 20 major markets followed by this index improved, and it would have been the fourth straight month of improvement across the full spectrum if not for the slight decline in Detroit in April.

The index was up 1.2% compared to a year earlier, an improvement from the year-over-year change reported for June. While home prices have been showing a sequential change in recent months, it wasn't until June that prices were higher than a year earlier.

The July reading matched levels last seen in summer 2003, when the market was marching toward its peak in 2006. The collapse of the market after that led to the financial crisis of 2008.

"The news on home prices in this report confirm recent good news about housing," said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "Single-family housing starts are well ahead of last year's pace, existing home sales are up, and the inventory of homes for sale is down and foreclosure activity is slowing."

Record low mortgage rates and a tighter supply of homes available for sale have helped to lift home prices which starts in the stronger markets and then will follow to their surrounding communities as time progresses. Lower unemployment also has helped with home prices, although job growth in recent months has been slower than hoped.

Earlier this month, the Federal Reserve announced it would buy $40 billion in mortgage bonds a month for the foreseeable future. This third round of asset purchases by the central bank, popularly known as QE3, is its effort to jump start the economy through even lower home loan rates.

Related: Best home deals in Best Places

Mike Larson, real estate analyst with Weiss Research, has stated that part of the improvement in the housing market is due to investors using the low mortgage rates to buy up homes that are in foreclosure and renting them in a strong rental market.

But he said that he doesn't think there's much chance of housing prices forming any kind of new bubble in the foreseeable future.

"Clearly the worst is behind us for this market., but this is not a market that is going to take off again," he said. "While you have a firming up, you still have tight lending standards and people who have been burned are reluctant or unable to get back in the market." He predicts it will take several more years before housing prices can gain more than 1% to 2% a year.

Related: Buy or rent? 10 major cities

But that is good news for a housing market that was plagued by plunging home values and high foreclosure rates for much of the last six years. And the good news has the potential to build on itself, said Joseph LaVorgna, chief U.S. economist for Deutsche Bank.

"Housing remains a rare bright spot in an economy that is otherwise muddling through," he wrote in a note to clients Tuesday. "The price trend for housing is significant, because it provides economic stimulus via stronger household balance sheets."

1st to Know New Listing Update System

by Tom Stachler,ABR,CDPE - Group One Realty Team

Get the Latest Listing Updates Automatically

 

I would recommend that you click the registration link below to try this service out.  You can always unsubscribe by clicking the bottom or any of its new listing update emails.  This is one of the best tools I have been able to provide to clients looking for the best in updates.  What I like about this upgraded program is that is covers multiple MLS areas and Counties which is invaluable when you are looking at properties that might be close to a county line.

Great smart phone and text options for mobile access to GET Quick Listing Information for when you are on the road, perhaps sitting in a driveway and want to know a price, status or size of a property.

Check out this Video for more information

Smart Phone Options

For example you can Text "MyInfo" to 55955 when on the road.  ​This is invaluable when on the road and with slow data service, or when you want quick answer provided by a smart auto text response server. 

Get more information on this Great New Listing Service by clicking here

Go straight to this link to Register for this Value added Service by clicking here

Please let us know what you think about this resource.  We would truly appreciate your feedback.

 

Tom Stachler provides new features every month for the best in Home buyer services.  Ann Arbor Real Estate homes for sale update services for Wayne, Livingston, Lenawee, Washtenaw, Oakland, Macomb and Monroe counties.  

Michigan Property Tax Homestead Exemption Information

by Tom Stachler,ABR,CDPE - Group One Realty Team

New Changes in the State of Michigan Homestead Exemption Filing Dates

Good News.  The Michigan Association of Realtors was instrumental in helping get this signed yesterday. The former deadline date of May 1st for your homestead exemption and discount on property taxes for Michigan property has been changed.  

See the information below regarding your Michigan Property tax homestead exemption and tax discount.

Legislation Signed by the Governor
5/2/2012

Today, Governor Snyder signed legislation providing homebuyers a fair process when it comes to their property taxes.

Senate Bill 349, sponsored by Senator Dave Hildenbrand (R-Lowell) creates two Principal Residence Exemption (PRE) filing dates; one on June 1st, and the other on November 1st. Additionally, this legislation allows bank-owned properties to retain their PRE so that buyers can qualify at the lower rate of taxation. This is particularly important since foreclosures have flooded the market in recent years.

Below are a few FAQ's regarding the new law:

1) Does the legislation take effect this year?
A) Yes. The new law moves current May 1st PRE filing deadline to June 1st of this year.

2) How does it work?
A) If a homebuyer purchases a Principal Residence and closes on or before June 1st, they can take advantage of a significant tax break by filing for a Principal Residence Exemption.

3) When is the additional filing date? A) November 1st. This allows for tax relief in those communities that still collect a portion, if not all of their non-homestead mills, on the December tax bill.

4) If my client buys after June 1st this year, what can they expect?
A) If a homebuyer purchases a Home after the June 1st filing deadline, and their local tax authority collects all non-homestead mills on the spring tax bill, their property taxes may not reflect the exemption until the next tax bill. If however that local tax authority collects a portion of the non-homestead mills on the winter tax billing cycle, the homebuyer can file for a PRE before the November 1st and exempt themselves from any non-homestead mills collected on the December bill.

5) What about the foreclosure provisions?
A) Banks have the option of maintaining the home's Principal Residence status by filing a Conditional Rescission. By maintaining this exemption status, it's the expectation that borrowers will be able to qualify for financing on these foreclosed properties at the PRE rate and begin paying the lower rate of taxation as soon as they move into the home. To make up for the lost school revenue, banks will be assessed a newly defined tax that will keep the 18 mills (which they presently pay on any foreclosed property) when a property can no longer qualify as a principle residence. It is important for those REALTORS® working with bank clients to let lenders know about the change and communicate the benefit of filing a Conditional Rescission.

Source: Michigan Association of REALTORS®

Michigan Property Tax Homestead Exemption Information

Is This the Future of Education for Ann Arbor School District

by Tom Stachler,ABR,CDPE - Group One Realty Team

This is a pretty interesting Video on What is Perhaps the Future of Education

Do you think Ann Arbor School District Should Consider Such a Program?  

Please comment below.  

 

If you are new to the area you can click here to Get Ann Arbor Real Estate Listings and other surrounding communities.  Note there is information on the Ann Arbor School District test scores under the School Reports link in our Links section under Resources top Right Corner of this Page.  

Tom Stachler is the Counties Leading Real Estate Buyer Representative and welcomes you to check out his references above or Contact for consultation and assistance.

Ann Arbor Tops List of ‘10 Best Cities for Single People’

by Tom Stachler,ABR,CDPE - Group One Realty Team

 

It's true. Ann Arbor beat out big cities such as New York, Baltimore, Los Angeles and Philidelphia to take the top spot on Kiplinger's list for the 'Best Cities for Single People.' The article sites the ' unusual combination of ultra-high wages, reasonable living costs, and a well-educated dating pool' as some of the factors for the ranking. Apparently, one in four people is between the ages 20 and 34, and one in two is married. There you have it! If you're looking for love, the odds are pretty good that you'd find it in Ann Arbor.
 

CLICK HERE TO READ THE ARTICLE.

Looking for properties in Ann Arbor?  

Get Started by Clicking here to View Properties Close to Downtown Ann Arbor

Happy Holiday Yodeling Cat Video

by Tom Stachler,ABR,CDPE - Group One Realty Team

Check out this Cool Cat Video

Happy HOlidays Everyone!

 

Best of luck in the coming New Year!

Please keep us in mind if we can help you or an associate with their real estate pursuits in 2012!

Ann Arbor Area Community Information Click here

 

Ypsilanti Public Library in Michigan

by Tom Stachler,ABR,CDPE - Group One Realty Team

LOOKING FOR INFORMATION ABOUT YPSILANTI TOWNSHIP ?

Check out the Ypsilanti Public Library

Watch this Video 

 

Click here to View properties and get more Area Information

Michigan Pond Hockey Classic

by Tom Stachler,ABR,CDPE - Group One Realty Team

The 2012 Michigan Pond Hockey Classic will take place January 13th through the 15th, on Whitmore Lake. This annual event is one of the fastest growing hockey tournaments of its kind in Michigan. The three days of the tournament will consist of back-to-back 4-on-4 matches, taking place on the frozen lake, just as hockey was played in the good old days.

While the event is certainly about the love of hockey in its most traditional form, The Michigan Pond Hockey Classic is also a fundraising event for the Michigan Pond Hockey Sports Charities (MPHSC), a 501 (c)(3) non-profit. All proceeds from the Michigan Pond Hockey Classic will go directly into the MPHSC fund, which will then be distributed to local schools and hockey associations. These funds will be used to provide financial assistance to families in need, so their children can participate in youth athletic programs. Unfortunately, budget cuts have forced many schools to cut nearly all funding from athletic programs, meaning students who want to play sports must pay a participation fee. Families experiencing financial stress are hit hardest by the “pay to play” model, and it is the mission of MPHSC to make participation in athletic programs a reality for every child who desires it.

MPHSC Vice President, Ed Gentile, echoed this sentiment, stating, “Our hope is that the support from the Michigan Pond Hockey Sports Charities will encourage and promote the health and wellbeing of children through youth athletics. We want children to be encouraged to play sports and stay active and not be discouraged by a price.”

So, whether you are a hockey fan, a hockey player, a parent, or a community member recognizing your vested interest in the health and wellbeing of our youth, come show your support at the Michigan Pond Hockey Classic!

Attention players! There are a limited number of available spots, so if you want to get in on this one-of-a-kind event for a good cause, make sure to register as soon as possible. Registration closes on December 11th.

Displaying blog entries 251-260 of 279

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