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Displaying blog entries 11-20 of 26

Real Estate One First Quarter Real Estate Market Update 2013 including Ann Arbor Michigan

Friday, April 12, 2013
by Tom Stachler,ABR,CDPE - Group One Realty Team

Check out this market update on the Michigan Market, foreclosures, appreciation and new construction updates.   Let us know if you have any questions.  

Click the "All MLS Listings" up top to see inventory in your area.  Click the chat link below or send us an email if you have any questions.  Thanks for stopping by!

 

 

ann arbor area real estate and market updates for south east michigan including new construction and expectation on Home values and appreciation

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Fall Market Update

Wednesday, October 24, 2012
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,

 
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Fannie Mae Expands Investor Financing Options

Friday, October 5, 2012
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"

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10708 Saline Milan Rd., Milan, MI

Thursday, August 23, 2012
by Tom Stachler,ABR,CDPE - Group One Realty Team

2 Acre Home Close to the Village of Saline

New Listing: Cute home located in Award Winning Saline School District that has been completely updated.  The home has a newer, larger garage and updated electrical, plumbing and High Efficient Furnace and Water Heater. This home sits on two partly wooded acres and is a must see for those wanting to located within this school district at an affordable price.  Check out the virtual walk through below.

Please call for a showing appointment today.  View additional information and photos on this listings located at 10708 Saline Milan Rd., Milan, MI here.

View other Saline Homes for Sale by clicking here.

 

 

​10708 Saline Milan Rd. 10708 Milan Saline Rd., Milan, MI 48160.  Tom Stachler homes for sale in Saline Michigan. Properties for Sale, Saline MI.  Saline School District. real estate for sale

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Michigan Property Tax Homestead Exemption Information

Thursday, May 3, 2012
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

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968 Penniman, Plymouth Michigan

Sunday, February 19, 2012
by Tom Stachler,ABR,CDPE - Group One Realty Team

Looking for a Property that is Just a 60 Second Walk to Downtown Plymouth Michigan ?

You can't miss with this one.  Check out the property Video Below.

More Details on this property can be found here.

http://www.therealtytour.com/Property/968-Penniman-Plymouth-Michigan

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MORTGAGE RATES DROP

Friday, August 19, 2011
by Tom Stachler,ABR,CDPE - Group One Realty Team

MORTGAGE RATES CONTINUE THEIR THREE WEEK DROP to hit record low's.  Rates on loans tracked by Freddie Mac are now nearly a full percentage pointe below their 2011 highs seen in February.

Of course this means its a good time to purchase real estate or even re-finance as rates seem to be in the low's 4% range.  That's a new all-time low for 30 yr fixed rate loans according to Freddie Mac records dating to 1971, surpassing the previous record of 4.17 percent set during the week ending Nov. 11, 2010.  

Please Click Here to access the properties for sale inventory within the Board of REALTORS database MLS system. 

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Use a Short Sale or Foreclosure Expert with a CDPE Designation

Monday, January 17, 2011
by Tom Stachler,ABR,CDPE - Group One Realty Team - Re

Buying distressed Ann Arbor Area real estate listings is not for the faint of heart or those wanting responses in 24 hours. Navigating through the minefield of a short sale or foreclosure takes time and dedication to find the right deals.
RealtyTrac recently reported that approximately 25 percent of all US transactions in 2010 involved distressed properties.  Bank-owned (REO) and short-sale transactions will continue to be a major part of the real estate experience this year with short sales on the rise at the expense of foreclosures.  Our present distressed property inventory is about 20% of the total inventory in the Ann Arbor Area. Check back or drop me a message for updates.

1. Is your agent trained to handle this business?
How many closed bank owned or short sales has the agent closed; ask for referrals. Do they have a CDPE (Certified Distressed Property Expert) designation?  selling distressed properties needs skill and dedication. This means the difference between getting a house or not. This means saving thousands of dollars in negotiating or not.

2. Have an attorney review all bank addendums
Many lenders have incorporated language in their contracts that calls for a “blanket indemnification of the lender.” You forfeit your rights, so it is critical that an attorney review all bank documents and indemnification language.

3.  Knowing How to Winterize, and De-Winterize and Access Utilities
If the utilities are on, make sure in the contract that they will remain on for inspections and the house is De-winterized for the whole house inspector. Likewise, with some REO's the buyer may have to pay DTE a turn on charge to get utitilies on.

4.  Know How to Save Money and Protect Yourself 
Make sure contract language states that all contingencies will start when upon receiving signed bank acceptance letter or documents.

Protect yourself by choosing experienced an experienced agent.  I have the CDPE designation and years of experiences and references.  Click here to Find the best foreclosures in Ann Arbor and the rest of Washtenaw, Wayne & Livingston Counties with using this Great Site.

Thinking about listing you Home using the Short Sale Process.  Get started by clicking here

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Good trends Coming into the New Year

Monday, January 17, 2011
by Tom Stachler - Group One Realty Team - Real Estate

SALES UP: Retail sales rose 0.6 percent in December, the sixth consecutive monthly increase.

YEARLY SALES: For all of 2010, retail sales rose 6.7 percent, the best performance since 1999, although it followed two straight years of falling sales as the country was hit by a severe recession.

2011 OUTLOOK: Economists believe that sales will continue to strengthen in 2011 as consumers start to spend the extra money they will see in their paychecks from the tax cut.

Google has a new beta online application called fusion which allows one to organize data into tables etc online.  Check out this example table providing average Home values for different parts of the country.  Good way of tracking cost of living if moving perhaps?  Click here to see the data.

Dont forget to check out our new real estate search system.  It provides Google aerials, walkscores, zestimates, demographics, school info, distances to popular retailers and more!

Best of luck to you in 2011 !

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Mortgage Rates Drop

Sunday, January 16, 2011
by Tom Stachler - Group One Realty Team - Real Estate

Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). The survey results showed lower mortgage rates for both long- and short-term rates, with the 30-year reaching a four-week low.

30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.8 point for the week ending January 13, 2011, down from last week when it averaged 4.77 percent. Last year at this time, the 30-year FRM averaged 5.06 percent.

15-year FRM this week averaged 4.08 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.45 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.7 point, down from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.32 percent.

1-year Treasury-indexed ARM averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.24 percent. At this time last year, the 1-year ARM averaged 4.39 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, reports, “Bond yields drifted lower following the release of the December employment report , which was weaker than the market consensus forecast and implied that the labor market is still in a sluggish recovery. Fixed mortgage rates followed bond yields lower for a second consecutive week, bringing them to a four-week low.”

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Displaying blog entries 11-20 of 26

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