Real Estate Information Archive

The Holiday Season is upon and there are lots of fun traditions to take in this time of year! Embrace the holiday spirit by checking out some of these festive events in and around the city of Ann Arbor:

Midnight Madness

Come join in the party on Main Street in downtown Ann Arbor! On Friday, Dec. 6th, a number of the stores along Main Street will stay open late for you to take advantage of myriad holiday sales. Also, enjoy special entertainment and hopefully run into both Santa Claus and Miss Washtenaw County, who will both roam the sidewalks between 7 p.m. - 9 p.m. For more information, visit the Main Street Area Association's website.

Chelsea Annual Light Parade

Enjoy the city of Chelsea's 9th annual Light Parade! In addition to the dozens of lighted floats and vehicles, this sparkling event features a number of marching bands and Jolly Old Saint Nicholas himself! The parade begins at 6 p.m. on Wednesday, Dec. 7th at Chelsea State Bank’s south parking lot and winds up at the Chelsea Teddy Bear Company, where you can revel in the free community afterglow party with refreshments.

To participate, fill out this application.

Holiday Hustle 5K Run

Burn some of those holiday calories off by participating in the Holiday Hustle Run charity event at 4:15 p.m. on Saturday, Dec. 7th, in downtown Dexter. Participants receive one raffle ticket for each canned or other non-perishable food items donated. The first 500 participants to register receive a choice of some jingling or flashing flare to wear during the run.

For more information, visit the website.

Saline Christmas Parade

The 38th Annual Saline Christmas Parade takes place on Saturday, Dec. 7th, from 5:30 p.m. to 7 p.m. in downtown Saline. The parade features Santa Claus with his chief elf riding on his sleigh, Mrs. Claus, baton twirlers, a hot-air balloon, myriad floats, bands, horses, goats and donkeys.

For more information, visit the website.

Interesting To Do Projects for Ann Arbor Real Estate

Retro Bowling Alley in your recreation room?  Or how about a Sweet Kids Playhouse.  Check out these two ideas for some project inspiration.  

Have fun with you next project and let us know if you need contractor recommendations or get homes for Sale in Ann Arbor by click here.

For decades, Home ownership in the United States has been partially subsidized by the tax savings associated with owning a home. Many homeowners qualify for certain tax deductions and tax credits that make home ownership more affordable.  In order to utilize certain deductions, a homeowner must itemize their tax deductions. But almost everyone is eligible to benefit from one or more of the tax benefits of home ownership. Here are a few to consider as of the date of this article:

1. Property Taxes Deduction: In many areas, property taxes can be one of the most significant costs of homeownership. Therefore, the ability to deduct residential property taxes from taxable income is an incredible savings. A property tax deduction is essentially a tax-deductible tax, so that the homeowner does not pay income tax on money that was used to pay property taxes. This particular deduction may only be used for the period of time the homeowner actually owns the home. Back taxes paid as part of the purchase arrangement may not be deducted. But anything going to the Seller on the settlement statement for property taxes the seller paid in advance can be deducted. Homeowners can only deduct the amount of property tax actually paid to their local municipality for the tax year. However, if the property taxes are held in escrow for paying taxes at a later time, the deduction cannot be taken until such time as the money is paid out of the escrow account to the taxing authority. Many local assessments for improvements or other city/county fees that one may find on their property tax bill are not deductible. Also, if any (typically partial) refund of the property tax occurs, the amount of the deduction is generally reduced by the amount of the refund.


2. Mortgage Interest Deduction: For many homeowners, the mortgage interest tax deduction is the most valuable tax deduction, and can be used to deduct interest paid on a mortgage of up to one million ($1,000,000.00). When a homeowner receives their first Form 1098 from their lender, they should know that its potential value is vast and to consult with a tax professional as to how best to take advantage of this benefit. This deduction is especially useful for most new homeowners, as the initial mortgage payments for new homeowners are primarily comprised of interest for the first several years, making for a larger deduction (until more of the payment is comprised of principal when there is less interest paid and less interest to deduct). Prepaid mortgage interest paid at closing may also add to the amount of this deduction.


3. Mortgage Insurance Premiums Deduction: Many home buyers whose initial down payment is less than 20% of the purchase price are required to pay private mortgage insurance or "PMI." This insurance can be a significant expense. Homeowners may generally deduct the premiums paid for such mortgage insurance for the current tax year on a primary residence and a non-rental second or vacation home. However, eligibility for this deduction is phased out based on income levels (check with your tax professional).


4. Points Deduction: If an owner paid discount points or "points" (or sometimes "loan discounts") to reduce the interest rate on borrowed funds as part of the purchase or refinance of a home, the cost of these points can be deductible in the year they were paid or over the life of the mortgage, depending on the type of loan and the unique qualities of the taxpayer.


5. Energy Credits: Some homeowners can receive a tax credit (either federal, state or local) for a portion of the cost of materials used for energy efficient upgrades to their residence (including doors, windows, furnaces and air conditioners, roofing materials, insulation, solar panels, water heaters, geo thermal heat pumps, fuel cells, wind turbines, and other energy efficient upgrades).


6. Home Office Deduction: Many home owners, who use a portion of their home for office purposes, may be able to claim a tax deduction for the pro-rata portion of costs related to the office space (e.g. repairs, mortgage, insurance, utilities, and depreciation). To utilize this deduction, the home office must be used exclusively and regularly as a place of business, a place to meet clients/patients for business purposes, a place of storage (e.g. for inventory or records used in the business), or a place where a majority of business work is done.


7. Gain on Sale Exclusion: Individuals can exclude up to $250,000 of gain from a primary residence from taxable income, and married couples can exclude up to $500,000 of gain. To qualify, the seller(s) must have lived in the home as a primary residence for two of the prior five years before the sale.


8. selling Costs Deduction: If the seller’s gain from the sale of a home does not qualify for the exclusion in #7 above, or the gain exceeds the maximum amount of the exclusion in #7, the costs associated with selling the home may also be available to reduce the tax burden of the seller. For example, the following costs may be deductible: title insurance, advertising and marketing expenses, broker fees, or repairs (if made within 90 days of the sale and with the intent to facilitate a sale).


9. Home Improvement Loan Interest Deduction: Interest on loans for home improvements may be deductible, provided the loan was used for a "capital improvement," such as building a deck, installing a new water heater system, or building a garage or otherwise expanding the size of the home. Many s1maller items, such as wallpaper, paint, carpet, etc. are not considered "capital improvements."


10. Construction Loan Interest Deduction: Interest on a loan used to construct a new principal residence or vacation home for personal use may be deductible for the first 24 months of the loan.


11. Loan Forgiveness Exclusion: As of the date of this article, the Mortgage Debt Forgiveness Relief Act of 2007 was extended to allow debt that is forgiven by lenders in short sale situations to be excluded from taxable income, rather than being taxed as debt forgiveness income.


12.  IRA Penalty Exemption: The ten (10) percent penalty for the early withdrawal of IRA funds can be avoided if the withdrawal of such funds is used toward the purchase of a home within 120 days of the withdrawal. This benefit is limited to a withdrawal of up to $10,000 in IRA funds for each spouse, and only if each spouse did not own a home within the two years prior to the new home purchase.

These tax benefits represent some of the biggest tax benefits of homeownership. Other tax benefits also exist. And the above analysis is an informational summary only and is not to be used, and is not intended to be used, as tax advice. When it comes to tax matters, a tax professional, Certified Public Accountant, or tax attorney should be consulted for the particular circumstances of each taxpayer, to ensure that no tax benefit opportunities are missed and to ensure compliance with law. 

HOMESTEAD TAX CREDITS - The state of Michigan has a homestead tax credit for owner occupied residences.  This amounts to approximately a 33% discount on your annual local and state property taxes.  There are deadlines for filing this paperwork however in order to get your tax savings.  There is also options to get more than one homestead credit though in most cases it is limited to just one per person/household.  CALL us to discuss your situation as they there are complex rules and regulations which vary by individual case.  

Interested in new listing updates?  Just click on the link above "Get Listing Updates" to receive new listings the day they come out automatically.  You can also contact us by using one of the options found after clicking on our home button above or call our office direct line at 734-996-0000 and ask for Tom Stachler.

Tips Using Google Mapping and Street View

Technology is great and mapping has come a long way with 3D and street view images.  I am now able to see the Home I am going to using street views on my GPS that uses Google Maps for instance.  (though I generally already have it on my listing sheet)

Anyway, sometimes folks don't want their house shown, or maybe their car was in the driveway showing their license plate etc.  Want your house, face or license plate blurred on Google Maps Street View? Google makes it easy to request blurring. Here’s how to make a request:

Let’s pretend you want to blur the white building above. You’d focus the street view on the appropriate image and then click ‘Report a problem’ in the lower right.

Upon clicking ‘Report a problem’, you’ll see the screen above. If you want the white building blurred, click ‘Privacy Concerns’ and you’ll advance to the next screen.

Now complete the form, fill out the CAPTCHA at the bottom of the page, and hit ‘Submit.’ According to its official documents, Google will review the request promptly.

Click here to view Real Estate for Sale in Saline Michigan and the surrounding areas.  Let us know if we can help with any or your realty needs or check out the handy Links found on this website.  

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Michigan Monthly Market Report – April 2013

For the first quarter of 2013, Michigan is still a leader in the housing recovery but a number of states have caught up, extending the housing recovery across the nation. Throughout the state we are seeing inventory shortages and rising values. Southeast Michigan remains the most active with the lowest inventory and strongest buyer demand. A new term is being used in the industry: the Shadow Demand. Like the Shadow Inventory which represented the potential bank-owned homes that could go on the market, the Shadow Demand represents the pent-up Buyers who have been holding back for the past 5 years. While the release of the shadow bank inventory has been slow and steady, the Shadow Demand seems to be jumping in all at once. 

We expect a shortage of homes for sale throughout 2013 and 2014 with inventories rising and demand slowing down a bit in 2015 as interest rates increase and the Shadow Demand is dissipated. How quickly Home inventories will raise depends on two factors: the pace of appreciation, and more importantly, how quickly Sellers realize that home values are improving. For many Sellers, values have risen enough that it makes sense to sell now, particularly if you are also Buying. 

For anyone who has purchased a home in the past four years, particularly investors, it is a great time to test the market. You should be pleasantly surprised on the potential return on your investment. The same holds for those who leased their homes, waiting for the values to rise.

Historically, with low For Sale inventories, home builders fill the gap. So far, local home builders, which traditionally make up the majority of new construction, have had difficulty obtaining financing so they have not been able to supply any inventory relief.  

Following the market trends over the past three years, you can see values have been moving off the bottom since the spring of 2011 and gaining speed these last three quarters.

Charts: Average Cost per Square Feet

The next two charts show both the decline in the number of new home listings entering the market as well as the increase in the number of homes being placed under contract. It is interesting to note the declining bank-owned share of the market. 

Charts: Home Listings Entering the Market & Home Listings Placed Under Contract

The result is a big increase in Sales Absorption, which is the percent of the available homes being sold each quarter. Considering that about a third of homes for sale are not really saleable because of condition, motivation or price, a 44% rate this past quarter represents a true absorption of closer to 70%, which is the driving force behind the double digit appreciation rates.

Chart: Sales Absorption

As a company we continue to gain a bigger piece of the pie, and most importantly, we are gaining market share in the number of new listings taken. We are working hard to reach out to you, our clients, and show you the opportunities in this market. 

It is important to note in this improving market that a decline in the number of sales reflects the shortage of inventory, not a market slowdown.

If you would 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. Click here to View Ann Arbor homes for Sale including the surrounding areas of Saline and Dexter.  

Thank You for your time and consideration.  

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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

Staging Tips for Sellers

Looking to get your Home ready to sell?  Check out these Tips for preparing your home including 10 Hardcore Staging Tactics used by professionals.  

Call us with any questions or to provide you with a FREE full service market report including comparable pricing for similar recently sold properties.  You can get started by clicking here after reviewing the link below.  

Click here for 10 Great Staging Tips for Sellers preparing their homes

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,

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."

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