Jun 09
Categories: Ann Arbor, Buyers, MI, Marketing Reports
Apr 26
If you are a Realtor like myself, or in any profession, you are aware that gas prices are over the top of the roof. I mean really ? Where is the outrage ?
Here is a link to find the lowest price gas prices in Washtenaw County. There is not a lot of difference but some and every 10 cents can help.
If you are driving around, looking at houses for sale in the Ann Arbor Area, start your home search here and save that gas money. You can save homes to your favorites, with Google Maps, Google Satellite Images and Multiple Photos.
Yesterday, my daughter and I went and video taped a home for an out of town buyer. We blogged on it on my other blog, BlogAnnArbor. If you want care to see it.
Ask yourself, is my Realtor doing that for me ?
Are you stuck looking at the 8-10 photos on a web site?
*** We would love to be able to serve your realty needs in Ann Arbor and the surrounding areas of Saline, Dexter, Chelsea, Milan, Ypsilanti.***
Apr 25
Well, the Spring market is FINALLY here in the Ann Arbor Area market. It has been a while since we have had this flurry of activity in Ann Arbor, Saline, Dexter, Chelsea, Ypsilanti.
This past week, from April 18 to April 25th, we have had 71 homes go under contract in one week. Prices of homes under contract range in price from 49,000 to 499,000.
The condo market is a bit slower with only 10 condos going under contract. Those condo’s have been priced from 69,000 to 373,000.
If you are a seller, and not seeing activity on your home it is time to make a price adjustment, spruce up the yard, get new photos of the outside.
There is nothing more frustrating to potential buyers than to see, photos of your home in the snow.
First impressions matter, many times when I am out showing homes to a buyer if they don’t like the look of the outside, they say, ” no, let’s skip this one”. I hate that because I know the seller has spent time getting ready for a showing. But, when the buyers are on a mission to find a house, they don’t want to waste time going in one that doesn’t have look good from the outside.
My buyer agents have been writing competing offers these past two weeks. The homes selling the best are priced “below” market value. If you are a buyer, we know you are looking for a “bargain” and there are many homes listed and priced to sell. Don’t miss out. At the rate homes were moving this week the Spring Market is here.
You can begin your home search here at Search Ann Arbor Houses. All the homes in the MLS are available not only for Ann Arbor but the entire area of Washtenaw County.
Apr 23
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As a follow up to last week’s e-news alert regarding the Passage of Public Act 96 (see article) which enables home sellers to retain 2 principal resident exemptions for property still on the market after the seller has moved elsewhere in the state, the “Conditional Rescission of Principal Residence Exemption Form #4640″ form from the Department of Treasury is now available. |
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Public Act 96 enables a person who has established a new principal residence to retain a Principal Residence Exemption (PRE) on property previously exempt as the owner’s principal residence that is not occupied and for sale by submitting a Conditional Rescission of Principal Residence Exemption Form #4640. The conditional rescission allows an owner to receive a PRE on his or her new property and on previously exempted property simultaneously if certain criteria are met: · the property is not occupied *The opportunity to apply and qualify for a conditional rescission begins for the 2008 tax year and is not retroactive to previous tax years. To qualify for the conditional rescission in 2008, Form #4640 must be submitted to the assessor of the local unit of government where the property is located on or before May 1, 2008. The Board of Review has no authority with regard to a conditional rescission and cannot institute a conditional rescission on behalf of an owner if a deadline is missed or for previous tax years. An owner must annually submit Form #4640 on or before December 31 to verify to the assessor that the property for which the PRE is retained is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose. The Department of Treasury is in the process of developing a Frequently Asked Questions sheet to address various issues related to the new conditional rescission. They hope to have those questions posted on the Web some time next week. Form #4640, which includes an instruction page, can also be found at www.michigan.gov/taxes. If you have any questions regarding conditional rescissions, please feel free to contact the PRE Unit at (517) 373-1950 or email Patrick Huber, Manager of the Property Tax Exemption Section, at huberp@michigan.gov. |
Apr 20
Paul Bunton is the Chief of Police in Saline, Mi. He became Chief of Police when he arrived in Saline from the Ann Arbor Police Department. I have known Paul and been involved with him through the Saline Chamber of Commerce and Saline Schools.
Last Saturday, during the Michigan Spring football game held at Saline High School, I shot, (no pun intended) a video of him speaking about the safety of Saline, Mi.
Apr 17
Lately, it has been all over the news about the amount of foreclosure’s throughout the United State’s. According to reports,foreclosed homes are up 57%. That figure is staggering. Keep in mind, it is not 57% of all homes being foreclosed on, it is 57% up from the normal amount of 3%.
Not good, but not as bad as the media would make it out to be. If you are in trouble with your mortgage, Call your lender ASAP. Don’t wait for the letters to start arriving at your door. Many times, once a home is foreclosed on when the Realtor goes in to see the home and get it on the market, in the kitchen drawer sits all the letters from the bank.
Open those letters.
Call your bank.
They don’t want your home. Many times they are able to adjust your interest rate or hold off the forclosure. But, you must open the letter, read it and call them.
The HUD website is a good resource to find out more tips to avoid foreclosure.
One other caution, BEWARE of ANYONE who offers to pay your back payments and PAY off your debt. You have probably seen signs driving around Ann Arbor, “we buy your home for cash.” Sounds good, huh?
Due to the amount of homeowners in trouble, the scam artists are out in full force.
They may call you up, knock on your door with a pile of papers and have you sign documents that will give THEM the deed to your home. They look professional, act professional and seem like the “answers to your prayers”. They are not. They are wolves in sheeps clothing.
I had a lady call me a few weeks ago, because this had happened to her. She signed papers she did not understand, looking for relief, she gave her home away. They didn’t make the mortgage payments like they had promised.
Call your lender, should this happen to you. There is also a hotline number to call 1–800–4FRAUD8.
Here is a video to show you what to be aware of:
***The past two weeks, several of my buyer agents have been writing offers on foreclosed homes throughout Washtenaw County, they are competing with other offers in most every situation. The foreclosed homes are going quickly. If you need a list of foreclosed homes in Ann Arbor or Washtenaw County contact the Missy Caulk Team at 734–821–0757. ***
Next post… What is a “short sale” and how can this help me avoid foreclosure.
Apr 07
Attorney General Mike Cox issued an important opinion this week clarifying the proper application of an obscure exemption contained in the Michigan Transfer Tax Act. The opinion, arising out of a request from Representative Martin Griffin (D-Jackson), should afford certain home sellers immediate financial relief as Michigan’s real estate market continues its road to recovery.
Exemption “t”, as designated in the Michigan Transfer Tax Act, sets forth that a seller may seek an exemption from paying the state transfer tax if the following criteria are met:
- The property must have been occupied as a principle residence, classified as homestead property;
- The property’s State Equalized Value (“SEV”) for the calendar year in which the transfer is made must be less than or equal to the property’s SEV for the calendar year in which the transferor acquired the property; and
- The property cannot be transferred for consideration exceeding its true cash value for the year of the transfer.
With property values and corresponding SEV declining due to the struggling economy, home owners and real estate agents first took notice of the exemptions possible applicability under the State Transfer Tax. However, absent an official interpretation, there was little awareness of its proper application.
The opinion from the Attorney General uses examples to show how the application would apply. One example illustrating application provides:
If the SEV of the principle residence when acquired in 2006 is $74,000.00 and the SEV when transferred in 2008 is $72,000.00 then criteria one and two above are satisfied. You can establish the true cash value by doubling the SEV at the time of transfer. In this case the true cash value is $144,000. If the sale price in 2008 is $140,000.00 then the sale does not exceed its true cash value. All three criteria are satisfied and the exemption would apply.
The Attorney General’s opinion provides immediate relief to home sellers already faced with the reality of declining value on their single greatest asset.
Sellers should be cautioned that a request for the exemption that fails to meet all three criteria could bring a penalty equal to 20% of the tax assessed in addition to the tax due.
Additionally, no similar exemption exists in the County Real Estate Transfer Tax Act.
This is good information for Michigan homeowners that are in the process of selling and afford them some relief.
Mar 31
The Michigan Senate passed legislation to hopefully stimulate the housing industry in Michigan. A similar stimulus package was passed by the Michigan House last year which would give homeowners a 18 month moratorium on the “pop-up” tax.
What’s the “pop-up” tax?
It is tax in Michigan that effect homeowners when they sell their home and want to move up to purchase a new one. For example, you buy a home in Michigan and the new home buyer gets a notice of an increase in their taxes. Since Proposal A was introduced, it gives the Townships and Municipalities the ability to increase taxes when the home owner sells to the new buyer and the deed is transferred.
Under the Headly amendment, taxes could only be increased up to the rate of inflation or 5% whichever is less. However, when the deed in transferred to the new home owners, taxes go up to the current assessed values.
Here is an example: We were thinking about down-sizing a few years ago. Didn’t need the big house most of the children were gone. We have been in our home for 15 years and our taxes have only gone up incrementally. When we started to look around, to see what we could find in a small home, the taxes were so high, they we decided to stay put and keep the big house with lower taxes.
The Senate Plan would create a 33 month window. It would work by the homeowner getting a tax credit to reimburse new homeowners for any “pop-up” tax.
The thought behind this new bill, in both the House and the Senate is that it would encourage folks in Michigan to move up or down into new homes, without the increased tax liability for 18 to 33 months, whichever compromise is reached. Either way the home buyers would be paying more in taxes eventually, so it is a MORATORIUM, not a tax cut.
Senator Jud Gilbert from Algonac, and Senator Roger Kahn, from Saginaw Township, both Republicans feel this moratorium is necessary to stimulate the Michigan’s housing market and spur the economy.
Here are the bills for further reading: SB 1065, HB 4215
Details can be found at 791, 790 and 4215.
I’m still not sure if this is the solution…
The better answer would be for Michigan to attract more jobs into our state.
As I Realtor who has been selling and marketing home in the Ann Arbor, Saline, Washtenaw County Area for 13 years, I rarely have a client not decide on a home based on the taxes. When it does come up, it is in Saline City, which has much higher taxes than the Townships surrounding it like Lodi, Saline Township, York Township, Pittsfield Township.
Any thoughts on these bills appreciated.
Begin your home search here.
Mar 19
To those of us who live in
Most of foreclosed homes in
In the 90’s many homeowners were quick to refinance their homes, assuming the market would continue to rise at the historical 8% in
As a Realtor when I visited homes and the homeowner told me they had an appraisal that was higher than what I determined the market value for selling to be, the homeowners were dismayed. Traditionally refinance appraisals are always high, as the banks would anticipate the homeowner was staying in their home and not selling. There is a difference in a refinance appraisal and a 90 sale appraisal.
So many, many homeowners refinance, pulled money out to buy a car, take vacations and pay off credit cards. Then the bubble burst and not only did homes stop appreciating but they declined in value. I am currently seeing home prices down to the 1998 prices in many of the areas in
If you area buyer this is a good time to take advantage of the market conditions in Ann Arbor and Washtenaw County.
Here is a cute video, I found on YouTube by Dave Girtsman that was linked to on Twitter.
Help is on the way……….
Legislation that allows the Michigan State Housing Development Authority (MSHDA) to create a loan program to assist homeowners facing adjustments in their interest rate passed both chambers and is awaiting the Governor’s signature.
The legislation would allow MSHDA to implement the “Save the Dream” refinancing program, which would be available through lenders and remain an option for individuals. The new program would aid those in danger of losing their homes by refinancing for more affordable payments. Every home spared from foreclosure not only helps the individual, but has a positive economic “domino effect” on communities, cities and the entire state.
If you need to contact a lender to find out about refinancing under the MSHDA program, give me call at 734–824–0757 or email me missy at missycaulk.com
Mar 14
Plans have been in the works to bring a trolley system to Ann Arbor since 2006. Routes would include the downtown area, Briarwood Mall, Plymouth Rd , all the Medical Complexes and central University of Michigan Campus.
Although plans are in the early stages, there does seem to be a lot of interest in trolleys. According to Mayor John Hieftje, about 70,000 people commute into Ann Arbor daily over 26 miles each way. The Mayor has said it would reduce traffic and pollution in the city and every metropolitan city has mass transit. City officials for the Ann Arbor Down Town Development Authority think this could be accomplished by 2015.
The trolley car system would make the driving distance shorter between points, by making fewer stops like the current bus system. Although the bus system would not be totally eliminated it would be cut back.
Money is always an issue, when new services are added to a city. There are federal programs to help out with this, if Ann Arbor can prove the need for one. At that point the City of Ann Arbor would only need to pick up about 80% of the bill. Regardless, it will lost millions.
So what do you think?
1) Would you use the trolley system?
2) How much of the time ?
3) Daily?
4) Weekly?
5) Just for fun?
Besides it being a really cool idea to be like San Franciso, how many people in Ann Arbor would use this? It sure would be nice to get on at Briarwood Mall and scoot downtown Ann Arbor to finish shopping.
Comments are welcome and appreciated.
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