Mortgage Rate Updates

30yr fxd – 4.125% APR – 4.198%
20yr fxd – 3.875% APR - 4.008%
15yr fxd – 3.375% APR – 3.475%
10yr fxd – 3.250% APR – 3..356%
30 yr fxd FHA – 4.000%% APR – 4.194%



Rates are based on a mortgage of $200,000, 80% LTV, no points and a credit score of 740 or higher.

Charles E. Chapell
Vice President Mortgage
United Bank and Trust
2723 South State Street, Suite 210
Ann Arbor, MI 48104
Office: 734-214-2728
Email: cchapell@ubat.com

Retired in Ann Arbor: SHOP LOCALLY ON BLACK FRIDAY!

If you are interested in doing your holiday shopping at local stores, Ann Arbor is the perfect place to live. As a recent retiree and the author of the blog RetiredinAnnArbor.com, I am often discovering interesting things to do and buy in this eclectic town we call home.

In the last couple of months, I have blogged about doing, eating, shopping and living in Ann Arbor. The vast selection of things to do and see here is still amazing to me — and many worthy things are free!

So why did I start blogging about being retired in Ann Arbor? One evening I was sitting at my computer, and I Googled “retired in Ann Arbor.” What came up? The top items returned from the search were about assisted living places. BLECH!! Now we all know that we will need this assistance some day, along with our excellent hospitals and medical assist items, hospice, and even cemetery plots, (I recently read an article that reassured us that there were plenty of plots left for us Boomers … whew).

But if we don’t need these things now, we do not want to think about them now. Instead, we would rather focus on the great restaurants, activities, shops and quality of life that Ann Arbor provides.

So back to shopping. A couple of weeks ago, I wondered if it was possible to write a daily blog, starting on Thanksgiving, and ending 30 days later, on Christmas Eve, while featuring a different local shop each day. I was hoping that this would be an interesting resource for holiday shoppers looking for an alternative to mall and big box stores, or those just hoping to have a small effect on our trade deficit.

After listing my favorite shops, I realized that I could feature 2 shops a day, and still will not cover all the options.

Where else, in a town approximately 5 miles by 5 miles can you find more than 50 independent, interesting and quirky shops where you have a selection of many locally-made items? And that doesn’t even count all of the restaurants, fitness and massage studios, and beauty salons that offer gift certificates.

I divided the town into neighborhoods to better organize my search. The main areas that I will cover are Kerrytown, Main Street downtown, State Street downtown, Plymouth Road and West Stadium. My research consisted of SHOPPING! What could possibly go wrong with that?

I asked the person in charge of each venue if they minded that I photographed their most interesting items — and no one has objected. They also assisted me in finding Michigan-made items, as well as their favorite things.

I will start on (Black) Friday, with a couple of delectably obscure shops, where you can shop to your heart’s content without coupons or crowds. (And they don’t open at 4 a.m. either.) Then I will continue with 1 or 2 shops a day, until we have completed the holiday season, and we can go back to our normal pace, which, if you are retired in Ann Arbor, provides plenty of things to do on a daily basis.

You can find me at http://www.retiredinannarbor.com/. Please feel free to comment or ‘like.’

After enjoying a successful career in software, Wendy retired to one of the most highly rated communities in the country: Ann Arbor, Michigan. She loves traveling with her husband, cooking and going to all the activities and attractions around Ann Arbor.



Wendy Mead, Realtor
Edward Surovell Realtors
Visit my website
(734) 649-9060

Follow my blog: Retired in Ann Arbor

3 Signs that it's Time to Buy a Home in Ann Arbor

1) Interest Rates: 30 year fixed-rate averages are at or below 4 percent for the 3rd consecutive week. "Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term. Retail sales rose for the fifth straight month in October and beat the market consensus forecast. Meanwhile, consumer confidence rose for the third consecutive month in early November to the highest reading since June, according to the University of Michigan's sentiment index. Lastly, homebuilder confidence exhibited a back-to-back monthly increase in November to the strongest level since May 2010, based on the NAHB/Wells Fargo Housing Market Index." Frank Nothaft, vice president and chief economist, Freddie Mac

2) Ann Arbor shows great promise for growth and property appreciation: Realtor.com named Ann Arbor in its list of “Top Turnaround Towns.” According to Realtor.com “With prices up and inventory down, the No. 10-ranked Ann Arbor fills the last spot on the turnaround report. According to Realtor.com’s October data, median list prices increased more than 8 percent year-over-year, while total inventory is down almost 25 percent. Home sale prices are also steadily increasing, and rose 4.4 percent for the year. The supply of homes is now considered balanced, with a months’ supply at 6.8 percent, a decrease of 11 percent.”

3) Home Affordability: If you are currently shopping for a home, then you are the envy of many of your home-owning friends. You have probably heard this many times “I wish I was purchasing a home right now, do you know how much I paid for my house in 2004?” According to well known consumer economist Clark Howard “Home prices are very low, creating a unique opportunity for people in a position to buy a home. The affordability index for homes is at its best level in the 41 year history of the home affordability index. That means that home buyers are getting more house for their money, and better interest rates.”

This is a wonderful time to take advantage of local market conditions and historically low interest rates!

REMINDER: U-M projected in March that Washtenaw County would add 8,000 jobs in 2011, 2012 and 2013.

Mortgage Rate Update

30yr fxd – 4.125% APR – 4.198%
20yr fxd – 3.875% APR - 4.008%
15yr fxd – 3.375% APR – 3.475%
10yr fxd – 3.250% APR – 3..356%
30 yr fxd FHA – 4.000%% APR – 4.194%



Rates are based on a mortgage of $200,000, 80% LTV, no points and a credit score of 740 or higher.

Charles E. Chapell
Vice President Mortgage
United Bank and Trust
2723 South State Street, Suite 210
Ann Arbor, MI 48104
Office: 734-214-2728
Email: cchapell@ubat.com

When I buy a new house will my property taxes go up?

If the current State Equalized Value or SEV (approximately 50% of the home's market value) and the Taxable Value (the current owners' tax basis) are the same, your taxes will probably not change much.

If there is a gap between the two, however, your taxes will adjust upward, and be based on the SEV.

Another factor is whether the property is your primary residence. A home purchased as a second residence or rental will have "non-homestead" taxes. In Ann Arbor, the non-homestead factor is currently .0592, so on a $240,000 property the taxes would be $120,000 x .0592, or $7,104. For an owner-occupied property, the taxes would be $5,640, based on a factor of .047 (Remember, these are approximations only).


To calculate the approximate taxes on a home you're considering purchasing in Michigan, you can use the Michigan Property Tax Estimator here.

What is a Buyer's Agent?

What is a Buyer's Agent?
A Buyer's Agent is an individual who represents you throughout the home buying process and always has your best interests in mind.

Why don't I just call the agent who has the property listed?
In most cases, the agent who has the property listed represents the seller, and has the seller's best interests in mind. If you want someone who will represent you during the transaction, it is best to get a Buyer's Agent.

What can a Buyer's Agent do for me?

A Buyer's Agent can:
• Help you determine your specific needs and educate you about the home buying process
• Search for properties that suit your needs and show you those properties, even if they are listed by another company
• Point out strengths and weaknesses of properties
• Help you find qualified inspectors, mortgage lenders and other resources
• Provide a market analysis that will help you determine fair market value
• Assist you through the negotiation process
• Help you write a sales agreement when you are ready to make an offer
• Schedule appointments to provide access to the property for appraisers and inspectors
• Monitor the post-contract, pre-closing process, to assure that all necessary documentation is completed and available for closing
• Attend the closing and help with any issues that may arise

Find a Buyer's Agent
Any Edward Surovell Realtor may act as a Buyer's Agent for you. Click here to see all Surovell Realtors and offices and click through to their personal Web sites. Or call us at 1-877-833-3600 and ask for a recommendation. We can also find you a qualified Buyer's Agent anywhere in the U.S. and many destinations abroad.

Top 5 Advantages to Home Ownership

1) Tax Deductions: Did you know that home mortgage interest is deductible on your income taxes if you itemize? You can deduct the interest on up to one million dollars of home mortgage ownership whether it is used to purchase a first or a second home. You can also deduct the interest on up to $100,000 of home equity debt, even if you don't use the money for home improvements. Real estate taxes are deductible as well.

2) Home Equity: When you pay rent, you are throwing money away. While buying a home may come with some moderate initial costs (downpayment, closing costs, etc.), you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates.

3) Add “Mortgage Free” to Your Retirement Plan: Let’s face it; many people are struggling to retire right now. Carrying a mortgage can be a significant burden to the average retiree. At the same time, with the cost of living going up, paying rent is just as much of a financial burden. Paying your home off before you hit retirement age is a good financial plan for just about anyone. Imagine saving $1500 + each month just by eliminating your mortgage debt.

4) Take Pride in Ownership: Say good bye to the landlord! Homeownership means you "own" your home. You can take control over all renovations without getting the permission of a landlord! Update, paint, plant some trees and decorate to your heart's desire. This is your home and you can personalize it to your taste. Many renters are stuck with the decisions of their landlord, which often means outdated décor and strict rules on even minor renovations.

5) Home Affordability is at an All-Time High: According to well known consumer economist Clark Howard “Home prices are very low, creating a unique opportunity for people in a position to buy a home. The affordability index for homes is at its best level in the 41 year history of the home affordability index. That means that home buyers are getting more house for their money, and better interest rates.” This is a wonderful time to take advantage of local market conditions and historically low interest rates!