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Washtenaw Housing Market Update 2019

by Tom Stachler,ABR,CDPE - Group One Realty Team

Watch an update of the 2019 1st Quarter Michigan housing market in Washtenaw County by Real Estate One Family of Companies’ President of Brokerage Services, Dan Elsea. He recaps the market and gives thoughts on the next quarter and upcoming year for the real estate market in Ann Arbor, Dexter, Ypsilanti and all of Washtenaw County. 

 

 

Tom Stachler is a licensed Broker and Builder marketing homes and properties in the Ann Arbor Michigan area.  Also search for properties, houses, and condos for sale in Saline, Dexter, Chelsea, Milan and the Ypsilanti real estate markets.  Check out the handy Links for realty related information and and MLS inventory access above. 

How to Take Title - Different Forms of Real Estate Ownership

by Tom Stachler,ABR,CDPE - Group One Realty Team

5 Types of Property Ownership – Which Is Best for You?

 

A lot of focus is placed on acquiring assets and security by advancing your career and making wise financial investments. However, what is often overlooked is how these assets are titled and the effect on your financial situation.

Unforeseen complications can arise when you have properties and assets titled in ways that create conflict within a family (who gets what or how much) or supersede provisions you make in your will. Also, significant tax benefits can be gained – or lost – depending on the characterization of your property.

In order to avoid complication, it’s prudent to be familiar with the different classifications of ownership.

Forms of Property Ownership

1. Sole Ownership

Sole ownership occurs when a single person owns a complete interest in a property or asset. Ownership is conveyed from one person to another through transfer documents, or by the laws of intestate succession. If the owner passes away, his or her interest in the property or the asset is included in the estate. Estate taxes and probate fees could diminish the value of that property if no other planning has taken place.

One positive is that the beneficiary of the property receives a full step-up in basis value. This means there will be no capital gain to worry about if the heir sells the asset because the heir receives the property at current market value.

For example, if a child inherits his or her parents’ Home when the current market value is $500,000, that child’s tax basis in the property will be $500,000, even if the parents’ basis was only $250,000 (meaning that the house was bought for $250,000). In this way, the child avoids capital gains of $250,000 if he or she sells. That said, the current market value of the home is included in the value of the deceased’s estate.

2. Joint Tenancy

Joint tenancy is when two or more persons share equal, undivided interests in property. Joint tenancy is not limited to spouses – anyone can share joint interests, but there is a tax benefit when this arrangement is shared only between husband and wife (qualified joint tenancy). When an asset is owned by spouses, the value of the deceased spouse’s property passes to the surviving spouse with no probate and no tax consequences. This is similar to the process of joint tenancy with rights of survivorship (JTWROS).

A joint property interest cannot be passed through traditional documents, such as a trust or a will. If one owner dies, then the ownership interest passes directly to the surviving owner.

However, when the owners are not married, the entire value of the property is included in the deceased’s estate. In addition, the property must go through the probate process. This can catch people off guard, and underscores why you need to learn about the different forms of ownership.

It is intuitive to think that only the deceased’s share of the assets would be included in the estate, but this is not the case if the asset is held in joint tenancy. As a result, other ownership forms must be utilized to minimize taxes and avoid probate. If you are not married to the person with whom you are planning to share joint ownership of an asset, then joint tenancy is likely not the best type of ownership for the assets.

3. Joint Tenancy With Rights of Survivorship (JTWROS)

Another form of co-ownership of property is joint tenancy with rights of survivorship. Joint tenants also have an undivided right to the enjoyment of the property. When a joint tenant dies, that person’s interest passes on to the remaining joint owners. However, while a joint tenant is alive, he or she can transfer interest to another person.

For example, a father leaves a vacation home to his three children, Tom, Sara, and David, with the house under a JTWROS ownership status between them. Tom dies first, and the home is now owned by Sara and David completely and equally. Tom’s interest does not pass to any heirs. When Sara dies, David owns the vacation home completely. The ownership interest passes without going through probate.

There a few different tax scenarios in JTWROS. Using the above example, as each person passes, other owners receive a step-up in value only on the deceased’s portion of the property. So if the owners sell the property, they will still have capital gains on their portion of the asset. This can have serious consequences in situations where the surviving owners decide to sell the asset.

4. Tenancy in Common

Tenants in common own an undivided interest in property between two or more people. However, unlike other forms of joint ownership, these interests can be owned in different percentages.

A tenant in common can pass his or her interest to others with traditional documents. However, the interest does not pass on to the other owners by law – meaning, if three people own a vacation home as tenants in common and one owner dies, that person’s ownership interest does not automatically pass on to the other owners. In addition, the deceased’s interests do go through probate, unlike JTWROS. This can cause problems if the other owners wish to put the property up for sale, as they will not be able to do so until the probate process is complete.

Once probate is finished, taxes are handled in the following manner: The deceased’s interest in the property goes to his or her heirs, and the heirs receive that interest at a stepped-up basis, or current market value. The value of the deceased’s interest is included in his or her estate. If the property is sold, then taxes will be based on the entire value of the property, which means that even though the owners can apportion their percentage of profit/loss on their tax returns, the IRS can come after everyone if just one owner does not pay his or her portion of taxes on the gain.

 

5. Community Property

Currently, 10 states have community property laws: Alaska, Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington, and Wisconsin.

In a community property state, any assets or income obtained during a marriage are not owned solely by either spouse. It is considered part of the “community” of the marriage, and thus each spouse owns an equal share. Each spouse can choose to leave his or her share of the assets to one or more designated heirs upon death. There are no restrictions on how each spouse can give away his or her half of the community property (upon death), and there is no law requiring one person to leave his or her half to the surviving spouse.

For example, in his will, a remarried man could leave his part of the community property to his ex-wife, and there is nothing his current wife can do about it. However, if he wanted to convey ownership interest to his ex-wife or anyone else while he is still alive, he would need the consent of his current wife.

Or, if a man remarries in California, while he is alive he cannot transfer interest in his house or investments held jointly with his new spouse to his children mothered by his first wife. However, he can declare in his will to have his share transfer to his children when he dies. If his new wife does not want that to happen, she has little to no recourse to prevent it.

Moving to a new state that is not a community property state does not nullify the community property status, nor does separation. Legally, you are still married, and so the estranged spouse still has community property on any assets acquired. Divorce is the only thing that can sever any new assets from being included as community property.

Exceptions to the community property rules are property acquired prior to a new marriage (if in a community property state – this is separate property), property acquired as an individual prior to moving to a community property state, and property obtained via gift or inheritance during the marriage.

For estate purposes, the deceased’s share of community property is included in probate. If a stock portfolio is valued at $500,000, then $250,000 will be included in probate for the deceased spouse, though some states (such as California) have different rules.

The beneficiary of the property interest receives a stepped-up basis on that portion of the property. It is important to remember that the beneficiary can be chosen by the deceased – this is in contrast to joint tenancy (and JTWROS) under which the surviving joint tenant (or tenants) automatically inherit the interest of the deceased. As spouses, it is not necessary to write in a rights of survivorship clause.

Final Word

All too often, people do not understand the differences and ramifications of the various forms of ownership until it is too late to change them. For example, in an age where divorce rates are high and remarriage common, knowing that you are in a community property state is key. It’s also prudent to know which forms of property go through probate and which do not to avoid the complications and expense of probate. As you move down the road of life and build your assets, consult a professional to create a detailed, personalized plan that addresses your needs and eases the process of inheritance for your loved ones.

Do you own property? What type of ownership is it under?

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Tom Stachler is a licensed Michigan Real Estate Broker selling property in the Saline, Ann Arbor, Ypsilanti, Dexter and surrounding communities.  Please reach out to us today for additional real estate resources or properties both Residential, Income, Vacant or commercial realty types.  

COMING SOON - UPDATED RANCH IN HOWELL

by Tom Stachler,ABR,CDPE - Group One Realty Team

COMING SOON - UPDATED END UNIT RANCH CONDO

Nice Ranch Style Condo with Finished Basement with Egress window and prepped for full 3rd bathroom and bedroom.  This Home has fresh paint and new wood and carpet flooring.  You will love sitting on your peaceful back deck while shaded by your powered roll out awning.  Or curl up in front of your fireplace under your cathedral ceiling.  

This is an End unit with a 2 car attached  garage that is insulated and finished as well in the popular Woodbury Park community providing easy access to I 96 and downtown Howell.  

Stop by for updated photos and HD walk through Video.  Owner putting the finishing touches on this desirable unit.  Contact us to arrange for an early showing.  

  • New Hardwood Flooring
  • New Carpet
  • Fresh Paint
  • Two Car Attached and Finished Garage
  • Finished Basement prepped for third bath & Bedroom
  • Basement Egress Window
  • End Unit 
  • Deck with Sunsetter Powered Roll Out Awning
  • Fireplace
  • All Appliances Included

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Coming Soon Home in York Township

by Tom Stachler,ABR,CDPE - Group One Realty Team

10210 Timber Ridge, York Township

JUST 5 MINUTES FROM THE US-23 & I-94 EXCHANGE

COMING SOON: A Commuters Dream Location that avoids Ann Arbor related traffic.  Easy commute to the east, hospitals or even Toledo just 20 minutes away.  Timber Ridge is a hidden gem and quiet subdivision of 60 homes.  Spacious lots, low York Township Taxes and just 150/yr HOA fee.  Ask agent about the events and family gatherings and whether this might be a good fit for you.  

Well Cared For Home with gardens, Cedar pergola, new roof and updated mechanicals, whole house generator and plenty of hard wood flooring and granite counters.  This home is located in the Award Winning Saline School District and will be available in the spring so let us know if that fits your schedule using the contact us link on this page.  Have a house to sell, ask us how we can help make the transition smooth and stress free.

  • Beautiful Hardwood Flooring
  • New Granite Counters, Sinks & Faucets
  • Saline School District
  • Whole House Back-up Generator
  • Cedar Deck and Pergola
  • Gas Fireplace and Mantel
  • Comcast Fiber High Speed Cable
  • Nicely Landscaped
  • New Roof
  • Updated Mechanicals
  • Bonus and Crafts Room
  • Vegetable and Fruit Gardens
  • 3 Car Attached Garage

Additional Photos and HD Video coming as we approach the marketing date, so call us for more information.  To see full description and more photos click here

Coming Soon! Updated Condo on South Side of Ann Arbor

by Tom Stachler,ABR,CDPE - Group One Realty Team

Wow - Stainless, Beautiful Wood floors and Stairs, Crown Molding and More !

 

Located on Ann Arbors South side near Ellsworth Road.  Watch the HD Video for better view of this spectacular condo with updates galore !  See the feature list below that includes African Magnolia Wood Flooring, Hardwood Stairs, ceramic floors in foyer, kitchen and baths, built in Big Screen Projector with screen that drops automatically from the ceiling.  This unit has a room on the third floor that could serve as a guest room, media or study space.  

 
  • African Magnolia Flooring
  • Crown molding throughout
  • Sconce lights
  • Big Screen projector with remote control Screen and built in speakers
  • Hardwood Stairs
  • Ceramic Kitchen, Foyer and Bath floors
  • Stainless appliances
  • Detached Garage
  • Close to Shopping and easy access to US-23 - I-94 commutes
  • Washer and Dryer, Stove and Refrigerator Included
 
 

​Watch this HD Video for a virtual walk through (Hit the 4 arrows bottom right corner for larger image)

 

 

 

 

condos, for Rent, apartments, rental, Lease, ann arbor, landlord, listing, broker, saline, tenant, for, realtor, leases

 

 

 

 

 

 

Coming Soon Charming Home on Double Lot in Westland

by Tom Stachler,ABR,CDPE - Group One Realty Team

Coming Soon  

Updated Kitchen and Bath with Granite counters and hardwood flooring.  You will appreciate the two Large Bay Windows for plants and southern light.   Downstairs you will enjoy the extra living space, relaxing in the finished basement where you will also find updated mechanicals and newer carpet.  

Huge Double Deep Heated garage with room for 4 cars that is surrounded by a large Fenced back yard for kids and pets to play. Up in the Front yard, you will gaze upon the low-maintenance perennials- yellow roses and evergreen bushes to add color throughout the seasons of the year. 

Email or call 734.996.0000 to get on First To View. Please visit the listing page for more photos. 

**PRICE DROP** Wonderful Home on 1.2 Acres in Cul Du Sac

by Tom Stachler,ABR,CDPE - Group One Realty Team

Great Family Home on Cul du Sac

This wonderful home is just what you have been waiting for.  It has a large 1.2 acre fenced in yard with an out building.  Close to Ann Arbor and easy access near Michigan Ave and US-23 this home has been completely updated per the bullet list below. 

Mature landscaping and a sprawling deck offering plenty of privacy.  Inside you will enjoy the updated kitchen with Corian counters freshly painted livings space with updated carpeting. 

See for Yourself and Check out the HD Video Below

The Private fenced back yard has fruit trees, raised garden planters, blooming vines and perennials a plenty.  

  • Solid Surface Corian Counters
  • New Carpeting
  • Freshly Painted
  • Water Softener with RO system
  • Updated Windows with 35 Year Warranty
  • Insulated Garage with Update Main door
  • Storage Shed 12 x 20'
  • Split Rail fencing
  • Perimeter Split Rail plus Invisible fencing for Pet
  • New Roof 2004
  • Fruit Trees
  • Updated Concrete Driveway
  • Private no maintenance deck
  • Finished Basement
  • Updated High Efficient Mechanicals

​​Price now is $267,400 

​​ Hit the Four Arrows bottom Right Corner for larger Image 

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Setup a Showing with Us - Call 734-996-0000 

 

 

Beautiful Lake and Tree Lined Vacant Lot in Pine Creek Ridge, Brighton

by Tom Stachler,ABR,CDPE - Group One Realty Team

Wonderful Building Lot Resides in the Beautiful Community Pine Creek Ridge with LAKE VIEWS and Backing to Ore Creek that connects to Brighton Lake. Get the feel of being nestled up north in nature while still being located close to Downtown Brighton. Walkout Site Surrounded by Mature Pines and Hardwood Trees. Take Advantage of the Pine Creek Ridge Community. The community of Pine Creek Ridge Amenities Include: Log Cabin, Clubhouse, Beach, Boats, Tennis Courts, and a Pool/Spa.

 


CALL 734-996-0000 TO ARRANGE FOR A SHOWING TODAY !

Tom Stachler is a licensed Real Estate Agent in Ann Arbor, Michigan. This Brighton vacant land is currently available in Genoa Township.  Call us to view or for more information.  We have residential, commercial, and more lot listings for sale in the Brighton, Saline, Dexter, Chelsea, Ann Arbor and Ypsilanti Realty markets.

3 Reasons to List During the Holidays

by Tom Stachler,ABR,CDPE - Group One Realty Team
 

Before the internet, Buying a Home involved long hours of flipping through MLS books and driving prospects around neighborhoods; something many agents just didn’t have time to do during the busy holiday season. Now that buyers are able to search, filter, and scan through potential listings without leaving their couch; home buying during the holidays has never been easier. Here are three reasons why you should list during the holiday season.

  1. Capitalize on less competition.
    During the holiday season, sellers can feel like they don’t have enough time to maintain their home for showings or negotiate potential offers. Because of this, they wait and re-list their homes at the beginning of the coming year. While this may make sense for some, it can also mean major missed opportunity for you.  Also, if you sell in the winter you will minimize your tax, mortgage and utility payments that you would have spent waiting for spring.  

The smaller number of listed properties can work out in your favor since more potential buyers can potentially see your client’s home. Make sure you take advantage of this opportunity by keeping your home show-ready at all times and having the best listing price possible. If your home has been on the market for a while, this may be an opportune time to consider a price adjustment or contacting us to discuss our full service marketing plans.

  1. Enhance the emotional experience.
    Buying a home is an emotional experience for both the buyer and the seller. Often, the buyer’s emotional connection to the home is what really solidifies the sale. The holidays are an especially sentimental time for many, as they bring back warm memories and allow buyers to imagine future celebrations.

selling a home over the holiday season enhances the emotional connection that a potential buyer can make with your client’s home. Foster this opportunity by staging your home accordingly. Since different types of potential buyers will be coming to visit, avoid including overly religious decor.  Instead, opt for simple and classic, such as a wreath on the door, a simple tree devoid of children’s popsicle-stick decorations in the main room, and subtle garland in the kitchen. Also, consider burning a pine or cranberry-scented candle for those buyers who come over for a tour.

  1. Work with motivated buyers.
    If someone ventures out to look for a home during the holiday season, it’s clear that they’re a motivated buyer. They maybe a relo executive or have to move for a new job or just getting the jump on the spring market early.  Take advantage of this opportunity by making sure the property is marketed in the best way possible. This could be a great time to update listing pictures,  make sure you have a competitive listing price, or re-post the listing on both agent and seller's social pages or blog.  In addition to this, sellers should be flexible around this time, in case a potential buyer wants to schedule a last-minute showing. This is also a reason why the listing should be in peak-showing condition.

Tom Stachler is a Michigan licensed real estate Broker and Builder working in the Ann Arbor, Saline and Dexter Real Estate markets.  Please refer to the helpful Links above for more information about Buying or selling real estate, homes and condos when searching for one of the area's best real estate brokers. 

Luxury Homes: How to Tell if You’re Getting a Fair Price

by Tom Stachler,ABR,CDPE - Group One Realty Team

Luxury Homes: How to Tell if You’re Getting a Fair Price

 

Expensive Real Estate, How to Tell if You are Getting a Fair Price on a Luxury Home

By Anica Oaks

Buying a luxury Home isn’t as straightforward a process as one might think. This market has a lot more variables when it comes to each property, making it difficult to establish an exact market value on a home. That being the case, buyers may wonder if they’re getting a fair price on a luxury piece of property. If you’re in the expensive real estate market, here are some steps to take to ensure that the price for your home is fair.

Compare

It should be said that comparing two luxury homes isn’t the same as comparing other types of real estate. When you buy a “normal” home, your REALTOR® will look at similar homes in the area, keeping in mind the number of bedrooms, bathrooms, etc. However, luxury homes aren’t built with that in mind. When you compare these types of homes, you may want to look at features like great views (if it’s a penthouse), privacy, sports features, etc. This gives you an idea of what’s on the market.

Know What You’re Looking For

Once you’ve looked at a couple of properties and have had a chance to compare them, you should be able to develop a “must-have” list. Think about your financing options as well. All of these will become a factor once you’re ready to buy.

Hire an Expert

Like any other profession, the real estate market has professionals that specialize in high-end homes in certain areas. These REALTORS® know what properties in the area are going for and how to find good deals.

Additionally, quality real estate professionals can tell you what types of transportation amenities are in the area. This is especially important if you’re moving into an area that’s very different from your current location. Hiring someone who knows how the flow of a geographic area works will be better able to steer you toward a good location.

Timing and Motivation

Once you’ve done the first three steps, you’ll finally want to start narrowing down the properties you’re looking at. It’s at this time that you’ll be able to make an offer on a home and more importantly, hopefully, get it at a fair price. 

Luxury homebuyers should consider the timing of their purchase. They may be able to get a better deal on a home in the winter than in the summer. The same can be said for homes that go up for sale at the end of the year. These homeowners may want to get rid of the property by year’s end for tax purposes.

Additionally, you may also be able to secure their luxury home at a reasonable price if the seller is motivated to sell. But be warned. Homes priced to sell go fast, in sometimes as little as two weeks. If you find a luxury home at an excellent price, be sure to ask your real estate professional to make an offer on it.

Buying luxury real estate at a good and fair price is a process. You should start by doing some research and by hiring a real estate professional who specializes in the luxury market. From there, compare the different homes on the market. Finally, once it comes time to buy the home, look for a motivated seller. This factor, combined with all of the previous work you’ve done, will help ensure that you’ve gotten the best price for your new place.

Tom Stachler is a Michigan Licensed Builder and Broker serving the Ann Arbor, Saline and surrounding real estate communities.  Please check out the ALL MLS listings for a list of Active status homes and condos for sale.  

Displaying blog entries 1-10 of 58

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