Posts Tagged ‘HOME SALES’

Wednesday, March 16th, 2011

ANN ARBOR AREA REAL ESTATE SERIES-KNOW THE NUMBERS

ANN ARBOR AREA REAL ESTATE SERIES-KNOW THE NUMBERS

2010 Home Buyers and Sellers: First Time vs. Repeat Buyers

• 50% first-time buyers

• 50% repeat buyers

• 30 median age of first-time buyers

• 49 median age of repeat buyers

Actions taken as result of an Internet home search:

• 45% walked through a home viewed online

• 29% found an agent used to search/buy home

• 21% drove by/viewed a home

In 2010, For Sale By Owners (FSBO) accounted for 9% of home sales. The typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales.

According to the 2010 National Association of REALTORS® Profile of home buyers and sellers.

Happy Saint Patrick's Day Ann ArborLUCKY IRISH STATS

34.5 million: Number of U.S. residents who claim Irish ancestry. This number is almost nine times the population of Ireland itself (4.1 million).

9: Number of places in the U.S. that share the name of Ireland’s capital, Dublin.

128,000: Number of U.S. residents born in Ireland. (excluding people living in group quarters.)

Source: American FactFinder

Have a Safe & Happy Saint Patrick’s Day from all of your friends at Prudential Snyder & Company 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!

 
Wednesday, September 22nd, 2010

Ann Arbor Real Estate Series

Fannie May Sign in Ann Arbor Michigan

Ann Arbor Real Estate Series

Last week we wrote about housing prices in the greater Ann Arbor market showing signs of stabilizing and we urged our readers to be confident about buying a home during the fall season before prices started to rise.

But what do we know about consumer confidence in the rest of the country?

Between June 12 and July 14, 2010 Fannie Mae conducted 3,399 telephone interviews with Americans 18 years and older.  The purpose was to assess their confidence in homeownership as an investment, the current state of their household finances, the housing finance system and overall confidence in the economy.  The survey included 870 homeowners, 1020 mortgage borrowers, 900 renters and 289 underwater borrowers, who are defined as owing at least 5% more on their mortgage than their house is worth.

Here’s what they had to say:

78% of the respondents believe that home prices will remain flat or go up over the next year.

39% believe residential rental rates will go up over the next 12 months.

Consumers continue to believe it is a buyer’s market.  70% said this is a good time to buy a house.  Underscoring the belief that it is a buyer’s market, 83% of those surveyed   believe it is a bad time to try to sell.

69% of renters believe it makes more sense to buy a home rather than rent.

Our experience in the greater Ann Arbor real estate market reflects the trends seen nationally.  People across the country know this is a good time to buy.  There’s an ample supply of homes for sale and interest rates are tantalizingly low.  Like the rest of the country, be confident and buy the home you have always wanted.

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!

 
Thursday, April 1st, 2010

Short Sales 101

Miniature Ann Arbor House in Hands

Ann Arbor Real Estate Information: Short Sales 101

We keep hearing about them in the news, so what are they? Wikipedia defines a Short Sale as follows: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.

Once upon a time, being involved in a Short Sale held a stigma. It usually indicated that you were unable to make your payments. Today, that is not the case. Homeowners who are relocating due to job changes or other circumstances may qualify for Short Sale programs and it doesn’t have to destroy your credit rating.

Why is this so important to work with a specially trained Agent?

1. The process can be both lengthy and frustrating.

2. Not all Homeowners qualify for Short Sale programs.

3. IRS could determine forgiveness is income.

4. Your credit is at stake.

5. Release of lien is not the same as release of obligation.

6. Current government programs are changing rapidly.

7. Short Sale homes are sometimes stigmatized.

No one can guarantee the outcome of your Short Sale, but here at Prudential Snyder & Company, we have trained Realtors who are ready to answer your questions and guide you through the Short Sale process. We know the paperwork, the expectations, and the pitfalls of working with the banks. We will work diligently to make sure that the process is as low stress as we can make it.

As always, we are here in the Greater Ann Arbor Area to assist you with any of your home buying, home selling, rental or other real estate needs. Plus, we have a great network of Agents across the US who can assist with properties in other areas. 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, March 25th, 2010

Free Home Seller Consultation!

Ann Arbor Real Estate Free Home Seller Consultation!

We are offering a FREE Seller Consultation to anyone interested in learning about the selling process, area market values, how to select a qualified Realtor, how to prepare your home for market and more.

Ann Arbor House For Sale SignIf you are located in the Greater Ann Arbor Area and want to sell ANYWHERE in the United States, we have a wonderful network of Prudential agents to help! Whether it is your primary residence, vacant vacation home, rental property, vacant land, or commercial property, we can assist you with finding the right agent to get your property sold in the shortest amount of time for the highest value.

Our consultations can take place in the office or in your home and there is no cost or obligation. If you’re interested in doing further research on your own, please feel free to reference our website at www.prusnyder.com. There is a section heading titled “Sell a Home” that will offer you a plethora of information and ideas. While on our site, check out our Online Seller Advantage technology, our dynamic mapping search engines, and our other services.

We look forward to answering your questions! Please feel free to contact us for any of your 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, March 11th, 2010

New IRS Homebuyer Credit Form

Ann Arbor Real Estate Office computer desk

Ann Arbor Real Estate Information: New IRS HomeBuyer Credit Form

As of January 15th, the IRS released the new form 5045 which taxpayers will use to claim the homebuyer credit. It is available at http://www.irs.gov/newsroom/article/0,,id=218336,00.html. There are full instructions available on the website explaining what documentation must be returned with the form.

The IRS is advising individuals that because of the additional documentation required, the forms cannot be submitted electronically so it will take several weeks for refunds to be processed.

The IRS also has released a Fact Sheet on the eligibility criteria for the credit. See FS-2010-6 (January 4, 2010). http://www.irs.gov/newsroom/article/0,,id=217784,00.html

These HomeBuyer Tax Credits continue to remain available for home sales which are under contract by April 30th, 2010 and closing by June 30th, 2010!

If you have questions about eligibility for the HomeBuyer Tax Credit or any other Ann Arbor real estate needs, please 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!  Please peruse our site at your leisure.  We welcome your comments and the opportunity to answer your questions about Ann Arbor and the Greater Washtenaw County, MI area.

 
Thursday, January 7th, 2010

More 2010 Tax Credits…

Ann Arbor Real Estate Tip: Max Tax CreditsPiggy Bank for Ann Arbor Realtors at Prudential Snyder Can Save You Money

We all know about the Federal tax credits being offered for home purchases to both first time buyers and repeat buyers, but did you know about the other incentives that you could take advantage of when you’re outfitting your new (or existing) home?

Check out the Department of Energy site for information on how you can receive tax credits on certain appliances, vehicles, and more. Separate tax credits may also be available through State programs, so if you’re looking to upgrade your home or your vehicle, make sure you do a bit of research – it could mean additional money in your pocket down the road!

The Dept of Energy site is: http://www.energy.gov/taxbreaks.htm

For more information on The State of Michigan credits: http://tinyurl.com/ye2xzwn

As always, Prudential Snyder & Company Realtors are here to assist you with any of your 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 18th, 2009

THE ART OF NEGOTIATION

 

Negotiate Button for Ann Arbor Realtors with Prudential Snyder Can Help You Negotiate

Ann Arbor Real Estate Tip: Dealing with Bank Negotiators

We all know that there are no emotional ties between the bank negotiator and the homes they sell. They are looking at bottom line net prices only. So if you walk through a home and hate the carpet or it smells like animal urine, the walls are filled with nail holes, and there’s ½ inch of water in the basement, take that into account when you determine your offer price and/or ask for concessions in the original contract. Asset Managers understand that there are issues that may come up in inspections that were not known ahead of time, but if you write an offer and have it accepted, then go back to the bank and ask for items that should have been noticed and considered in your inital offer, they tend to get annoyed.

In order to make your transaction go as smoothly as possible, make sure you adhere to the following guidelines:

  • Do your due diligence. Your Buyers Agent will assist you with confirming taxes, school boundaries, outstanding leins, square footage, etc.
  • Make sure you have all facts gathered & inspections completed prior to requesting seller repairs or concessions.
  • Include repair bids to expedite the negotiation process.
  • Choose realistic closing dates. Underwriters are swamped and new guidelines that are bogging the process, so be sure to allow proper time.
  • Listen to your Realtor. They are here to work in your best interest, they know the market, and they can usually get a feel for when you’re hitting the nerves of the negotiator. If your Realtor tells you to stand down on an issue, it’s probably in your best interest to do so. Remember, you’re not fully under contract until negotiations are completed and contingency removals are signed off on, so the bank can refuse to negotiate if you become difficult to work with, and move on to the next prospective buyer.

For many Foreclosure Asset Managers, the only issues that they will address are health and safety concerns. With short sales, often the bank will allow NO repairs or additional concessions. When a purchase is an “as is” sale, inspections done are for informational purposes only – the buyer will have the opportunity to walk away from the sale if the inspection issues are great, but it doesn’t mean that they will re-negotiate price.

As always, Prudential Snyder & Company Realtors are here to assist you with any of your 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!