Ann Arbor Real Estate: Home Sales Rise Again

We recently made national news, as Ann Arbor ranked third on Kiplinger’s list of cities with the highest rising home prices. This has been wonderful news for Ann Arbor and Washtenaw County. Even our neighbors to the north in Livingston County have seen strong signs of market stabilization. Is this a trend for southeast Michigan, or are we seeing a national shift in a significant market recovery?

According to Lawrence Yun, NAR chief economist, these are early signs of what may be a nationally sustained recovery. "The pattern of home sales in recent months demonstrates a market in recovery," he said. "Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market."

We are already seeing regional increases across the board, but have had the largest increase in the Northeast by 10.7 percent for the month of December. In the Midwest we are rising by 8.3 percent. The South and west continue to rise 2.9 and 2.6 percent respectively.

NAR President Moe Viessi, said more home buyers are expected to take advantage of favorable market conditions this year. "The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves," he said. "More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services."

This is prime time to contact your Realtor and begin your home search.

Ann Arbor Area - Mortgage Rate Update

30yr fxd – 4.000% APR – 4.098%
20yr fxd – 3.750% APR - 3.791%
15yr fxd – 3.275% APR – 3.315%
10yr fxd – 3.125% APR – 3.176%
30 yr fxd FHA – 3.750% APR – 3.889%



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

Ann Arbor ranks 3rd on Kiplinger's list of cities with the highest rising home prices

Ann Arbor kicks off 2012 hitting the top of yet another national list. This time, Ann Arbor ranks third on Kiplinger's list of cities with the highest rising home prices. This is yet another indication that we around the corner for a stronger seller's market. If you are considering making a home purchase, then this may be the best year for you to contact a Realtor!

Ann Arbor leads the way on "top lists" for 2011

3 signs that it is time to purchase a home in Ann Arbor:

1) Interest Rates: 30 year fixed-rate averages remain BELOW 4 percent. With historically low interest rates, it’s a prime time to take advantage of this buyers market, while it lasts! Making a purchase now, instead of next year when we may see interest rates climb, may literally save you tens of thousands of dollars over the life of your 30 year fixed-rate loan.

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.”

Is a Career in Real Estate Right for You?

Ann Arbor Restaurant Week: January 15 - 20, 2012

Ann Arbor Restaurant Week

The ever popular Ann Arbor Restaurant Week kicks off this Sunday, January 15 - 20, 2010. As dining continues to be a local pastime for both townies and those visiting Ann Arbor, we celebrate the exceptional menus that local restaurants offer.


PARTICIPATING RESTAURANTS

Here's how it works:

$12 Lunch
Lunch is a $12 menu of special restaurant week items. It is an open format offering restaurants the opportunity to create one, two or three courses designed to please your palette and your pocketbook. Many offering two for one pricing.

$25 Dinner
Dinner is a fixed price three course menu for $25, most restaurants offering a choice of menu items for each course. A limited number of restaurants will be offering two for one pricing.

Source: annarborrestaurantweek.com

Seller's Critical Mistake - Failing to dress your property for sale

Buyers look for HOMES, not houses. They buy homes which they FEEL they would like to live in. One of the major factors in getting your home to sell quickly is very simple: MAKE IT FEEL LIKE “HOME.”

Most buyers select their home based on EMOTIONS. Once their decision is made to buy, they justify their purchase with LOGICAL reasons: facts and features. So, it’s most important to make your home appeal to all senses. Your property is NOT the only home the buyers will see. You are competing with other homes in the market, and some of them have been professionally decorated.

The Way You Live In A Home, And The Way Your SELL A Home

Are TWO Very Different Things


When you’re showcasing your home for sale, it’s going to look very different from the way it looks when you’re living there. Here are a few tips for showcasing your home for sale:

1. First impressions set the tone for a buyer visit, and they’re LASTING! Approach your home in your car like any buyer would. Examine the outside as you’re approaching. How does it look? Are shrubs away from the home? Oil in the driveway? How does the grass and landscaping look? Cluttered looks detract from the architecture of the home. A clean, polished landscape says your home is valuable and well maintained!


2. Take a look at your actual home. Is the paint fading or chipping? Is the color outdated or impersonal? How does the roof look? As you drive up to or away from your home, what do you see first?


3. Now go inside just like a buyer would. You want to be aware of 4 senses: smell, touch, sight, and hearing. Go through room by room and test all 4 senses. Check flooring and carpet for stains and odors.


4. Most importantly: Pack away all appliances, get rid of excess furniture, put away useless dishes – and make your home neat and orderly. If you’ve ever visited a model home, you’ll notice it’s clean and uncluttered. You have to move anyway, so you might as well pack early, and make your home more saleable. Go to the garage and make sure it’s neat.



Check out my FREE monthly newsletter. It’s packed with great consumer tips, health and wealth information, humor, real estate information, and you could win movie tickets! If you like it and would like to subscribe, send me an email at: drukkila@surovell.com


SEARCH FOR HOMES HERE



Dave Rukkila

Edward Surovell Realtors

Cell (734) 646-6513

http://www.daverukkila.com/

drukkila@surovell.com

2011 President’s Club Member

Ann Arbor Real Estate - Mortgage Rate Update

30yr fxd – 4.000% APR – 4.098%
20yr fxd – 3.750% APR - 3.791%
15yr fxd – 3.375% APR – 3.475%
10yr fxd – 3.125% APR – 3..176%
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

Top 5 Advantages to Working with a Local Lender

Buying a home is one of the biggest investments that you will ever make. Working with a local lender can bring you a much higher level of service and a smoother closing.










Top 5 Advantages to Working with a Local Lender


1) Local lenders have a local expertise: Out-of-area lenders have little or NO knowledge of your market. A local lender will know more about special down-payment assistance programs offered through local government agencies and will also have a unique understanding of our local real estate market.


2) Local lenders have local connections: Let’s face it, that out-of-area lender is not going to have the inside scoop on the Who’s Who of the local real estate market. Your local lender will be a wealth of information in regard to appraisals, local laws and regulations and will probably know the agent on the other side of the transaction. Local lenders will also have the advantage of knowing the local title companies that you will be working with.


3) Local lenders have a local reputation: If you are dealing with a lender 1500 miles away, odds are they are not going to be concerned with a local reputation. Local lenders build their business on referrals, so they are going to be more attentive to details and will maintain a relationship with you long after you close on your home.


4) Local lenders can make it to your closing: Having your lender at the closing is imperative. When you see an endless heap of paper work, you will have a lot of questions for both your Realtor AND your lender. Out-of-area lenders will not have the ability to sit next to you at closing and offer you the support that you need and deserve.


5) Local lenders provide a higher level of service: The bottom line is this – when you are working with a local lender, you can walk right into their office and receive face-to-face customer service. There will be far less miscommunication and misunderstandings in regard to your mortgage application and the life of your loan.