Posts Tagged ‘Add new tag’

Monday, February 14th, 2011

ANN ARBOR AREA REAL ESTATE-Home Ownership Offers Plenty of Tax Benefits

Keys and New Ann Arbor House

ANN ARBOR REAL ESTATE-Home Ownership Offers Plenty of Tax Benefits

While renting offers zero tax breaks, buying a home offers several tax benefits that can make homeownership more affordable. While Real estate professionals, are not tax professionals they can ensure clients have the information they need to understand  all of the tax benefits of home ownership.

The following is a few of the tax benefits to home ownership, according to Stephen Fishman, an author and lawyer who specializes in small business, tax and intellectual property law.

▪ Home mortgage interest deduction: Home owners can take an itemized deduction on interest paid on a mortgage or mortgages of up to $1 million for a principal residence and/or second home. This deduction could potentially reduce the cost of borrowing by one-third or more.

▪ Property tax deduction: Home owners can deduct from their federal income taxes the state and local property taxes that you pay on the home.

▪ Deductible home buying expenses: Several closing costs in a home purchase are also deductible, such as loan origination fees (points), prorated interest on a new loan, and prorated property taxes paid at settlement.

▪ $250,000/$500,000 home-sale exclusion: Home owners who have lived in their home for two of the prior five years prior to its sale do not have to pay income tax on the majority of their profit – $250,000 for single home owners and $500,000 for married homeowners who file jointly.

▪ 14 days of free rental income: Home owners can rent the home up to 14 days during the year and pay no tax at all on the rental income.

Source: “The Tax Benefits of Homeownership,” Inman News (Feb. 4, 2011)

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, February 10th, 2011

ANN ARBOR REAL ESTATE SERIES – Welcome Jeffrey Post!

ANN ARBOR REAL ESTATE SERIES – Welcome Jeffrey Post!

Prudential Snyder & Company Realtors is pleased to announce that Jeffrey Post has joined the company!

Jeffrey Post Sells Ann Arbor HomesWith over 25 years as a business professional and entrepreneur, Jeffrey has established a tradition of knowledge, dedication, energy, integrity and creativity.  His experience covers a diverse field of industries including entertainment, automotive design, sustainable business and product development, brand marketing, and real estate development and representation.

Jeffrey started his professional real estate career as a member of a successful family run business of central Ann Arbor campus housing.  Additionally, his broad work experience has included projects involving many Fortune 100 companies.

As a new member of the Prudential Snyder & Company real estate group and a Fine Homes Specialist, Jeffrey is excited to bring his love of people, real estate, architecture and creative solutions to buyers and sellers in the Ann Arbor area.

With a passion for the outdoors, Jeffrey and the Post Family have shared this passion through the creation and continuous support of a number of local walking/hiking trails and park areas with Nichols Arboretum, Matthaei Botanical Gardens, and the Washtenaw County Parks and Recreation.   Jeffrey’s biggest love is his family, wife Joanna, and two beautiful girls, Olivia and Julie.

Please join us in welcoming Jeffrey to the team!  You can contact him via email at jpost@prusnyder.com or call him at 734-476-8326. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, February 3rd, 2011

Ann Arbor Area Real Estate-WHAT IS AN ENERGY EFFICIENT HOME?

Ann Arbor Real Estate-WHAT IS AN ENERGY EFFICIENT HOME?

An energy efficient home is one that uses substantially less energy than the average American Home. These “high-performance” homes are more comfortable and healthy, a great added benefit for the owner. A truly efficient home starts off using 30% less energy than the average home, and can increase in some cases to being a home that creates more energy than it uses.

Atom and Man Cartoon Energy EfficiencyThe Home Energy Rating System, or HERS scale, is a convenient measure of the efficiency of a home. The scale goes from zero to a theoretical maximum of 500. Like a golf score, lower is better, with a zero being a zero-energy home (one that averages zero net energy use over the course of a year), and a score of 100 being the average new home built to energy code minimum. Each point added represents a 1% increase in energy efficiency. Older, leakier homes with minimal insulation can score well over 200 on the HERS scale, and these homes can benefit the most from a basic home retrofit.

A well-insulated home with geothermal heating and cooling and efficient mechanical and electrical systems can score in the low 40′s, while the addition of solar panels can bring this down into the 20′s. These are homes that cost very little to operate, sometimes as low as $40 or $50 per month. Generous federal and utility company incentives for renewable energy can make these “deep green” upgrades have a payoff period of less than 12 years, while a more basic retrofit package can have a payoff period of 7 years or less.

The real benefit of an energy efficient home lies in its comfort and healthy air quality. This is something that has to be experienced to understand the difference. Our customers tell us they can feel the better air quality, and could not go back to living in a home that was not upgraded. With up-front low-interest financing programs and generous incentives, there has never been a better time to realize the benefits of an energy efficient home!

Information courtesy of Meadowlark Energy.

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Wednesday, November 24th, 2010

Ann Arbor Real Estate Series-6 Rules for Holiday Decorating

Ann Arbor Real Estate Series-6 Rules for Holiday DecoratingAnn Arbor Home Decor Champaign Glasses

 

If your home is listed for sale during the Holidays, it is important to remember that the same staging principles apply as during other times of the year.  While nobody wants to be “Scrooge” during the holidays, you want potential buyers to be able to easily see the great features of the home and not have to fight their way past the giant wreath on the front door.  Since it is important to keep holiday decorating under control, listed below are some suggestions from REALTOR Magazine on how to decorate for the holidays while keeping your house ready for a buyer.

Do not overdo it.

Wait to decorate for the Holidays until after Thanksgiving.  Be selective in what you decorate with.  Avoid “cute”.  It is always subject to personal taste.  Don’t allow your decorations to create clutter or dominate a space.  Covering up major selling features of the home with a Christmas tree or other decorations prevents a buyer from seeing them.  Keep it simple, warm and welcoming.

Use Holiday colors.

Using the traditional Holiday colors red and green will create a Holiday atmosphere and can be simple to accomplish.  Poinsettias as a centerpiece on a table, red ribbon tied around candle sticks or used as bows on wreaths add splashes of color through out your home.  Studies have shown that those viewing warm colors, such as red, have an increase in their energy and excitement.  Try to keep the same colors in each room of the house you decorate by using the same ribbons, ornaments and decorative accessories.  This will keep your Holiday decorating consistent through out your home.  One thing to keep in mind:  don’t use colors that clash with your homes basic décor.

Remember to use scent and sound.

Research reported in the Journal of Business (Vol.58, Issue 11) 2005, shows that holiday music and  the smell of Christmas boost peoples’ attitudes while shopping and made them more likely to buy.  When preparing the house for a showing, put on some soft holiday background music, buy some potpourri, scented candles or simmer some mulling spices on the stove.

Keep the Christmas tree simple

The Christmas tree makes the biggest statement but is also your biggest challenge.  Lights are always important.  Consider using a string of 100 lights for each foot of tree height.  If your tree is taller than 6 feet, you may need to remove some furniture from the room so that the room doesn’t feel too small.  Most of the filler ornaments should be one basic color.  Use approximately 20 for every 2 feet of tree.  Mix in elegant, stylish ornaments to make a decorating statement.  You should use 10 of the elegant ornament for every 2 feet of tree.  Ornaments can be in different sizes.  Hang them on the tips of the branches and inside the tree to create depth and visual interest.  Lastly, personal decorations like “Christmas in Cancun” or “Baby’s first Christmas” should not be used or at least not placed in a prominent location on the tree.

Holiday curb appeal.

Use clear white lights if you decorate the exterior of your home.  Place candle lamps in each window.  Hang a wreath on the front door.  If you have a deck, put some lights on the railing or add a weather proof Christmas tree.  Stay away from the 10 foot inflatable Santa, reindeer on the roof and using so many lights you cause a brown out in the neighborhood.  Remember you are trying to ensure that your home shows well during the day and night.

When the Holidays are over, take it down.

All Holiday trim should be taken down right after New Year’s.  You are trying to sell your house, not extend the Holiday season.

For additional Holiday ideas go to World of Christmas.net or About.com.

We here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

From all of us at Prudential Snyder & Company, Realtors:  Have a Joyous and Peaceful Holiday Season!

 
Wednesday, November 10th, 2010

Ann Arbor Area Real Estate Series-Low Cost Remodeling Projects That Have Big Results.

silhouette of man with wrench remodeling his ann arbor home

Ann Arbor Area Real Estate Series-Low Cost Remodeling Projects That Have Big Results.

All those shows on TV, that appear to have unlimited construction budgets and construction crews, produce wonderful makeovers for  homes featured (in 30 minutes no less!).

But what do you do if you’re working with a small budget and the construction crew consists of you and your spouse?  Here are some improvements you can make that won’t break the budget but will definitely enhance your home.

  • Organize kitchen cabinets by adding roll-out organizing trays.  Not only are your cabinets organized but if you ever decide to sell, buyers will see that there is ample room for their things.
  • Use inexpensive tile to freshen up a kitchen or bath.  Most of the “big box” home improvement stores offer classes on tile installations.  Many of them have inexpensive tile for sale as do their independent competitors.
  • Granite has been the hot demand item for counter tops.  Rather than use a slab of granite, which can be a $5000 upgrade, use 12 inch granite tiles which can cost as little as $300.
  • Bathrooms can be updated with fresh paint, new vanity, hard ware, faucet and light fixtures.  Old tile can be re-grouted and made to look like new.
  • Update light fixtures in foyers, bathrooms and the kitchen.  Replacing original light fixtures in a 40 year old house produces a big change for very little money.  If you are not comfortable working with electricity, hire an electrician.
  • If your basement has unfinished cement blocks or poured concrete walls, consider repainting them.  Fill in any cracks with hydraulic cement and then paint with a waterproof paint.  Once dry, you can put on a top coat of paint in the color of your choice.  You may also want to paint the floor.  Even though the basement is not finished, it is no longer dark and uninviting.

These are just a few cost effective and relatively simple improvements you can make that will give your home a new look.

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Monday, October 25th, 2010

Ann Arbor Real Estate Series-Water Conservation at Home pt.2

Ann Arbor Home Water Conservation Globe

Ann Arbor Real Estate Series-Water Conservation at Home pt.2

Last week we talked about daily steps a homeowner could take to reduce their water usage and in turn their municipal water bill. This week we’re going to touch on a few things a homeowner can change or install in their home to aid their conversation efforts.

Low-flow toilets are specifically designed to use less water during each flush. This is an important feature in an increasing number of areas throughout the country where water is limited. In all parts of the country, low-flow toilets make simple sense by conserving a natural resource used for routine and mundane tasks.

Water is still an under-valued resource but general understanding of its importance is growing. A state-of-the-art low-flow toilet may consume less than two gallons of water per flush compared to five or more gallons with “old” technology toilets. The new toilets can cut your expenditure for flushing in half, or more. Yet flushing is only part of your annual water budget and you should pay some attention to the performance of your clothes washer and dishwasher as well.

For new homes, getting a low-flow toilet may not be an option – it may be required by local building codes. Like most consumer items, retrofit models can vary in their design and effectiveness. Toilet options may depend on local building codes and sources of supply.

Showers account for 16-25% of the total water use in a typical home.  One easy way to reduce this number and minimize your home’s total water usage is to install a low-flow showerhead on each of your showers.  The current standard for low-flow models is 2.5 gpm (compared to the 5.5 gpm of standard models, especially those manufactured before 1992).  Some models are available with flow-rates as low as 1.6 gpm, using about 1/4 the amount of water of standard models.  This means that low-flow showerheads can save you 20 to 30 gallons of water for every ten minute shower you take. Low-flow models are inexpensive, easy to install and can have substantial ramifications for your home’s annual water use.

Typically, low-flow showerheads cost between $10 and $20 and can be purchased from your local hardware store.  Despite this initial expense, low-flow models can reduce the amount of water used in the shower by 25-50%, saving families hundreds of dollars every year.  EPA’s WaterSense program reports installing a low-flow showerhead can save families more than 2300 gallons of water a year.

Many consumers are concerned with their showers becoming “weak” after installing a low-flow showerhead.  However, there are many different models available with various settings that can allow control over the strength of the water flow, whether it is strong and pulsing or soft and misty.  If you prefer stronger water flow, opt for a laminar-flow showerhead as it creates individual streams instead the mist that aerating models produce.

Low-flow showerheads can easily be replaced yourself or with the a little help from your local plumber.  When purchasing a new showerhead, make sure its specifications (threaded or non-threaded, size, etc.) match your current one. Consider removing the old one and taking it with you to your local hardware store to ensure you get a proper match.  Look for models that have earned the EPA’s Water Sense label to ensure the highest quality and greatest efficiency.  Once you purchase the showerhead, simply take it back home and follow the manufacturer’s instructions for install.  Usually this just requires removing the old head and screwing in the new one.  Make sure there is a tight seal to prevent leakage.

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Tuesday, October 12th, 2010

Ann Arbor Real Estate Series-Water Conservation in Your Home

Ann Arbor Real Estate Series-Water Conservation in Your HomePiggy Bank Saving Money on Ann Arbor Home Water Conservation

 

In the U.S. alone, over 410 billion gallons of water is used every day.  The average household uses about 350 gallons daily, adding up to over 120,000 gallons a year.  Not only does this high water usage deplete our global water supply, it costs money in heating and utility bills.  By switching to water saving technologies and implementing simple conservation measures, households can reduce their daily water use by up to 35%, saving billions of gallons per day nationally.

There are numerous measures you can take to help reduce the amount of water used in your home.  One of the easiest ways to save water is to turn off faucets when you aren’t using them.

  • This includes while you are shaving, shampooing your hair, washing dishes, or soaping up. Just turning off the water while brushing your teeth can save you over 25 gallons of water every month.
  • Instead of running the water while doing dishes, consider filling up the sinks with soap on one side and rinse water on the other. This will save you gallons of water every time you clean. If you have to use the dishwasher, be sure and run full loads.
  • The same applies to your clothes washer and dryer. By doing so, you can save thousands of gallons of water every month and minimize the amount of soaps and detergents you use. Don’t do laundry unless you have to.
  • Reuse towels multiple times before washing them to prevent unnecessary water usage. When preparing meals, defrost food in the fridge or microwave instead of running hot water over them. This will prevent you from literally watching water go down the drain without truly serving a purpose.
  • Finally, dispose of spiders and tissues in the trash can instead of flushing them down the toilet. Since toilets (even low-flow models) use between 1.5 and 6 gallons per flush, unnecessary flushing is a direct drain off your water supply.

In addition to implementing water conservation methods inside your home, there are some things you can do outside to help minimize water use as well.

  • Consider using a commercial carwash that uses recycled water instead of washing your car yourself.
  • Cover pools, spas, and hot tubs to prevent evaporation, especially in off-seasons when you rarely use them.
  • Use a broom instead of a hose to clean porch, driveway, etc. Both serve the same purpose, but using a broom can help save gallons of water every time.
  • One of the biggest uses of water in and around homes is outside in the garden and lawn.

Some areas have strict water use codes, especially areas prone to droughts.  Check with your city administration to find out what the water codes are in your area and be sure to follow them.  Regional codes typically provide water saving techniques that can help save you money, so it is a good idea to always keep them in mind, even if droughts end and codes relax.

Making daily choices to help conserve water can help reduce your water use and heating bills by up to 35%.  Many of the choices you can make are either free or very inexpensive, yet can save you hundreds of dollars every year. In addition to financial benefits, saving water helps conserve the world’s natural resources, making it friendly to both your wallet and the environment.

Next week, Ann Arbor Real Estate Series will talk about additional steps a homeowner can take to reduce water consumption and save on their water utility expense.

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, September 16th, 2010

Buyers: Fall is a Great Time to Buy A Home!

Leaves on ground in front of an Ann Arbor House

Ann Arbor Real Estate Buyers:  Fall is a Great Time to Buy A Home!

Why is fall a great time to buy a home?  The peak selling season has ended resulting in fewer buyers in the market competing for the home you may become interested in.  Many of them have purchased a home or, if renters, had to renew their lease thereby postponing their search until next year.  Sellers who have been trying to sell their home since last spring often become more flexible on price and terms when considering a Buyer’s offer.

There continues to be a large number of properties to choose from.  The Ann Arbor Area Board of Realtors reports that, as of August 31, 2010, there are 4,744  residential properties and 1196 condominiums available for sale, while the number of condominiums available for sale has increased over last year, the number of single family homes currently listed has declined from last year by 9.4%.  Generally speaking, when the number of homes available for sale starts to go down, price begins to rise and we are beginning to see stabilization of the average sale price of residential properties.  The average residential sales price this year:  $185,532.  Last year:  $185,028.  Although stabilizing, sale prices are still down substantially from the historic highs of a few years ago. If you are interested in a property, don’t be tempted to wait.  It may be more expensive next year.

Finally, the financial advantages of buying a home now must be considered.  Interest rates continue to be at 30 year lows hovering around 4.5%.  Interest rates this low will not be around forever.  Who knows where they will be next year?  Purchasing a home now provides Buyers with beneficial tax deductions when filing this year’s tax returns.  If a buyer didn’t take advantage of the first time home buyer’s tax credit earlier in the year then a buyer should not postpone their purchase in hopes that the Federal Government will reinstate it.  So far, all the news coming out of Washington indicates that credit will not be coming back.

Fall:  A great time to buy a home.  There’s a lot to choose from, interest rates are at all time lows, prices continue to be down substantially from the historic peaks and you can improve your tax position.  Besides, look at it this way:  If you buy a home now, you won’t have to cut the grass until next spring!

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Wednesday, September 8th, 2010

Ann Arbor Real Estate Series – Part 3: Who are Fannie Mae & Freddie Mac?

Ann Arbor House MiniatureWho are “Fannie Mae” and “Freddie Mac” and what do they have to do with buying Ann Arbor Real Estate?

 

 

It’s not so much who they are but what they are.

The Federal National Mortgage Association (FNMA), or more commonly known as Fannie Mae, was chartered by the Federal Housing Administration (FHA) on February 10, 1938.

The primary purpose is to ensure a reliable supply of mortgage credit throughout the United States by purchasing, holding and selling mortgage loans insured by FHA. After World War II, its authority was expanded to cover loans guaranteed by the Veterans Administration. When banks sold their mortgages to Fannie Mae, they received cash that they could then use to write new mortgages thereby making it easier to purchase a home. This on-going cycle of cash to banks for the purchase of their mortgages stabilized the availability of mortgage funds for consumers

In 1968, Congress converted Fannie from being a government agency to a for profit private corporation. The new Fannie is stockholder owned and independently managed however its original mission has not changed and it continues to provide a substantial amount of cash used by lenders for residential mortgages.

While Fannie Mae purchased first, second and adjustable mortgages, the Federal Home Loan Mortgage Corporation (FHLMC) or “Freddie Mac” primarily deals in conventional mortgages.

It was created by Congress in 1970 and originally served as a secondary market for savings and loan institutions. It would buy mortgages, hold them and pool them together then issue securities backed by those mortgage pools. In 1988 the savings and loan institutions who held Freddie Mac’s stock sold the stock to the general public. Like Fannie, its original goal of increasing the availability of financing for residential mortgages has not changed.

When the housing and mortgage industries went into a free fall and millions of properties were in foreclosure, Fannie and Freddie found that they were now holding mortgages that had little or no value.

In 2008, Congress stepped in to stabilize the mortgage markets by passing the “Housing and Economic Recovery Act”. This returned both organizations to strict government oversight and reemphasized that their primary mission was to meet the needs of the mortgage market by making home ownership more affordable.

 

If you’re interested in learning more about Fannie & Freddie or anything else real estate related, give us a call.  As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, July 22nd, 2010

Household Burglary Prevention Tips

Ann Arbor Real Estate Tip: Burglary Prevention

The folks at Broadway Security put out a great flyer filled with tips on how to keep your home safe while you’re on vacation.

Ann Arbor Home Safety InspectionHere are a few of the highlights that may help:

  • Do not leave messages on your door or answering machine indicating you’re not home.
  • Don’t post Facebook or Twitter notices talking about the fact that you’re away.
  • Never hide keys under doormats, flower pots, etc.
  • Have someone mow your lawn while you’re away.
  • Leave a car in the driveway.
  • Use timers for interior lights.
  • Have Post Office hold your mail, or make arrangements for someone to pick up mail and newspapers while you’re gone.
  • Keep your garage door closed and locked at all times.
  • Don’t leave valuables or jewelry lying around – especially not within view from the windows.
  • Trim bushes & trees around home to prevent hiding places for intruders.
  • Video or photograph the contents of your home with serial and ID numbers.

Of course one of the greatest defenses is to get to know your neighbors – they’ll help you watch out for suspicious people or vehicles at your home and you can help keep an eye one theirs as well.

If you have any other helpful tips or suggestions, we’d be happy to hear from you!

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends.  We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!