Ann Arbor Real Estate Talk

The Ann Arbor Civic Chorus in raising money to travel to Europe next summer to perform at the Mozart International Chorus Festival in Salzburg, Austria and the 2012 American Celebration of Music in Tubingen, Germany (Ann Arbor’s sister city).

The Ann Arbor Civic Chorus’s “Dance the Night Away“, adult only prom will be held at Weber’s Inn, Friday, November 18th at 7:00 p.m.

Your prom night can be even better the second time around and, this time, chaperones are not required!

Entertainment and Dining for “Dance the Night Away”

The “Dining the Night Away” prom and fundraiser includes a buffet-style dinner. Music will be provided by a local DJ and will include a variety of musical and dancing styles, including the Electric Slide, the Cupid Shuffle, Big Band music, the Beatles, 80′s hair bands, and much more.

The Attire for “Dancing the night prom” can be dressy, formal or campy, whichever fits your mood.

You can even nominate your special someone for Prom King or Queen.

Tickets for the Ann Arbor Civic Chorus “Dance the Night Away”

Tickets for the adult only “Dance the Night Away” fundraiser event are $60 per person and can be purchased through any member of the Ann Arbor Civic Chorus.

Tickets may also be purchased online at: AACC.Tickerleap.com. (processing fees will be included).

Choir Director for Ann Arbor Civic Chorus

Linda Jones has a Master’s degree in Choral Conducting from the University of Michigan and a Bachelors degree in Music Education from the University of Texas. Linda brings a wealth of experience working with a variety of choirs in the Ann Arbor Area. She has also taught music in area schools for 16 years.

Get ready to “Dance the Night Away” at an adults only prom and lets all help our civic choir go to Europe, taking a little bit of Ann Arbor flavor.

Linda says, “We hope to see you November 18, ready to “Dance the Night Away”!

FHA loan limits are changing in Washtenaw County  beginning October 1st.

The Federal Housing Association sets the FHA loan limits throughout the nation and they can vary depending on socio-economic status of each county.

The FHA loan limits have been $345,000.00 in Washtenaw County.

On October 1st, FHA is lowering the FHA loan limit in Washtenaw County to $271,050.00.

What does lowering the FHA loan limit mean for you?

Well for one it means that the most popular way of financing a home the last 5 years is going to change, for the worst in my opinion. The main reason for the FHA loan popularity was the amount of down payment  you need to buy a home in is 3.5%.

According the recent rep0rt of the Ann Arbor Board of Realtors the average home price in the Ann Arbor Area for August was $203,061.00. This is a 4% increase over August 2010.

Homeowners wanting to use an FHA loan will need to pursue other avenues to obtain financing if they want to purchase a home and finance over the new FHA loan limit of $271,050.00.

FHA loan limits not the only way to finance a home

Fannie Mae and Freddie Mac loan limits for Washtenaw County are still capped at $417,000.00

Homeowners that have 20% to put down can also go with a conventional loan.

Before you start looking to purchase a home in Washtenaw County know your options, work with a LOCAL lender, who knows the Ann Arbor, Washtenaw County area.

Call us today and we can help you talk to many good lenders in the Ann Arbor Area. 734-926-9797

From the high of a University Michigan victory of the U of M football team over Notre Dame last night to the sadness of today, remembering the victims and tragedy of 9-11.

Remembering 9-11 Tragedy

When John Kennedy was shot I was in Choir Practice, in 5th grade at St. Thomas More in Paducah, Ky. when we immediately went to the alter and prayed for our President. I went home to find my mother crying, I will never forget that day.

On Sept. 11, 2001, I was in a business meeting at RE/MAX Community Associates when my Broker kept getting calls from his son in Washington, D.C. Another co-worker kept getting calls from his son who worked in the Pentagon. Neither answered right away. Finally my co-worker got up and left the meeting and he returned with a radio. He said nothing.

Putting the radio down on the table, we listened.

One by one we got up and left in silence.

By the time I got to my home in Saline, a few minutes later, the 2nd tower was hit by the second plane.

Never the same after the tragedy of 9-11

The world or at least our world changed on 9-11.  Today I remember all the victims who lost their lives, their families and their loved ones on 9-11.

I will always remember the tragedy of 9-11, and the day President Kennedy was shot.

Michigan football, is all about the team, the team, the team.

Bo’s speech is inspiring to me, because it is spoken from the heart, in the passion only he can do.

GO BLUE!

Saline, Michigan Real Estate Market Reports

When I talk to buyers about the real estate market in Saline, I like to show a comparison of where the Saline Real Estate Market is now vs where we were the Saline Market was a year ago.

You can see from the chart below that the inventory in Saline, MI is DOWN. That is a good thing, unless you are a buyer looking in a certain price point or neighborhood.

Price of homes in Saline, Real Estate Market?

When working with buyers looking to purchase a home in Saline, Michigan it is important to know if the Saline Real Estate Market is consistent, down or increasing in value.

You can see from this graph that we hit a low ($192,000.) in March 2011 but now the price point is up to almost $220,000. This brings me back to the first point, inventory in Saline…Suppy vs Demand equals higher sale prices.

Saline Real Estate Market Report

The next chart is done monthly by Affinity Valuations, a local appraiser that I have known for years and trust completely.

I like this market report chart because Pete graphs out for the Saline, Michigan Real Estate Market data over a three year period. In this graph which Pete gleans from the Ann Arbor Area Board of Realtors, You can see the trend in price per square feet, number of sales each month.

The trend is price per square foot in Saline, Michigan has been consistent for the last three years.

Saline Real Estate Market Reports by email

On my Ann Arbor Real Estate Talk blog you can get monthly updates on the real estate market in Saline, either by checking back monthly or signing up for Executive Saline Real Estate Market Reports to be emailed to you.

Ann Arbor home sellers, did you know there is a tax of 3.8% tax increase included in the Obama Health Care bill when you sell your home after January 1, 2013?

How the 3.8% Tax Works on the  Sale of your Ann Arbor Home

Here is how the 3.8% tax increase will work, if you have a gain of less than $250,000.00 for single payers and $500,000 for joint payers you will not be taxed. It does NOT override the Federal Income Tax Law.

However, if you have owned your home for many years, and make $600,000.00, then your taxes would be increased 3.8% on the gain from the sale of your home starting January 1, 2013 . In this scenario you would pay 3.8% or  $3,800.00 on the gain over $500,000. For a single filer it would be anything over the $250,000.00 level.

If you purchased your home for $200,000. and are single, and sell it for $300,000. then your additional 3.8% tax liability could potentially be $3800.00 used to fund Medicare.

I know the tax increase doesn’t apply to that many people, less than 2% nationwide,  but for Ann Arbor home sellers, it is still a tax increase written into the Health Care Bill that many Ann Arbor home sellers may not know about. We live in a fairly wealthy community in Ann Arbor so this 3.8% tax increase will potentially apply to more.

 The 3.8% tax increase is for Medicare

The revenues generated from this 3.8% tax increase will be allocated to the Medicare Trust Fund that is part of the Social Security System. That fund is currently on shaky financial footing.

The Medicare tax hike would for the first time incorporate filing status into each person’s Medicare tax liability, and also for the first time, the Medicare tax will not apply just to wages but also to investment income such as income from capital gains, dividends, interest and rental property. In its first year of application, 2013, the new Medicare tax will hit approximately the top-earning two percent of families.

According to the National Association of Realtors, “The new 3.8% Medicare tax includes in the Health Care bill is assessed only when Adjusted Gross Income (AGI) is more than $200,000/$250,000. AGI includes net income from interest, dividends, rents and capital gains, as well as earned compensation and several additional forms of income presented on a Form 1040 Income Tax Return.

The tax is NOT imposed on the total AGI, nor is it imposed solely on the investment income. Rather, the taxable amount will depend on the operation of a formula. The taxpayer will determine the LESSER of (1) net investment income OR (2) the excess of AGI over the $200,000/$250,000 AGI thresholds. Thus, if net investment income is the smaller amount, then the 3.8% tax is applied only to the net investment income amount. If the excess over the thresholds is the smaller amount, then the 3.8% tax would apply only to the excess amount.

If you would like me to I would be glad to send you a pdf file published by the National Association of Realtor where you can read about different scenerio’s for investment properties, vacation homes etc..

Just send me an email or leave it in the comments below. There have been a lot of rumors circulating about this 3.8% tax increase on the sale of your home, let me know if you need the document.