2 Story with Open floor plan - This neighborhood is minutes from Lincoln schools and close to shopping, restaurants and highway access for an easy commute. This home has over 2200* sq ft of living space with fresh paint and new carpeting throughout. Just minutes from Ann Arbor, this location is ideal for split commute couples (one working to the east and one going west) and gives you more house for your money than generally found in Ann Arbor itself.
Community with Walking Trails, Ponds and Play Areas
Watch Video - Click the 4 arrows in bottom right corner for Larger Image
See Attached LBP & Seller Disclosure
* Including Basement Finished Living Area
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March finished with a nice flourish of activity with pending sales (new contracts written in March) up across all price points compared to last March. The pace of new listings entering the market was still slower than last year for properties under $250,000, putting continued pressure on already scarce For Sale inventories. Clean, well-priced homes are going fast, with 25% of homes selling in 10 days or less and 55% in 30 days or less.
The $250,000-$500,000 markets saw a slight 4.5% rise in inventory but a huge 31% rise in activity. Although sales activity in the over $500,000 luxury Home market increased by 4% over the first quarter of last year, the 11% rise in listing inventory made the market feel slower to many high-end sellers.
Local supply and demand drives value changes as the statistics in the above chart reflect. Supply and demand can vary dramatically within the different price ranges and markets, affecting appreciation accordingly. First Quarter 2016 value per square foot jumped the most (9% over 1st Quarter 2015) in the Under $150,000 price range, where the inventories are the tightest (15% lower than 2015). For $150,000-$250,000, again with low inventories, values jumped almost 3%. In the $250,000-$500,000 markets, with inventories rising, values rose just under 2%, and for the over $500,000 markets, with inventories rising over 11%, values were flat.
Buyers
In all price segments, there is a shortage of nicely detailed and updated homes. Again, the great ones go fast and often with multiple offers. Buyers need to be diligent in monitoring new homes as they hit the market, patient in waiting until the right home appears, and ready to jump when it does. The best homes often sell in hours instead of days. To win the race to the deal, buyers need to monitor new listings constantly, and be prepared to write with earnest money deposits and approval letters.
We are often asked how far values have come back from the peak point of 2005/6 in Southeast Michigan. Using Case-Shiller data we can estimate about how far we have moved over the past 10 years. Case-Shiller shows we are back to early 2001 values, but since they tend to run 6-8 months behind in their date, we are really closer to late 2001-early 2002, which puts us back to about 85% of peak values. There are many markets that are back to peak and some lagging behind, but on average, 85% is a good number to use. It is also interesting to note that we are now back in line with the long-term value trends (the orange dotted line) if values had followed their long-term trend, instead of the roller-coaster ride we all took.
Demand for Detailed Homes
Prior to the recession, buyers freely used home equity loans to update kitchens, baths and do other home improvement projects. The recession pulled the plug on the availability of home equity loans for most homeowners. Buyers have fewer freshly updated and decorated homes to choose from. Since most buyers aren’t in a position to qualify for an equity loan when they first buy, the easiest way to finance updated kitchens and baths is to buy a home that already has them. Buyers want it easy and are willing to pay a premium to get that detailed home.
Last year Southeast Michigan broke records for both sold units and sold dollar volume. We are off to an even better start in 2016 with both units and volume. That kind of activity combined with low inventory is a perfect recipe for value growth.
Please contact me with any of your real estate needs. I am happy to assist you.
Tom Stachler is a local Ann Arbor area real estate agent, realtor and Broker providing home or house pricing for the markets located in Saline, Dexter, Chelsea, Milan, Ypsilanti MIchigan. Contact him to get price, realty information and new listing updates.
Many homes have ventilation fans in bathrooms and other locations. It's not uncommon for a Home inspector to discover exhaust fan ducts and dryer vents not terminating where they should be. Many times the issue is not obvious to homeowners without some investigation.
This week's tip will help you to determine if your home's laundry and bathroom ventilation fans and ducts are properly installed.
What is the problem?
The purpose of bathroom vent fans are to move humid air out of the bathroom to assist drying the room after baths or showers and to prevent mold and mildew from accumulating.
Sometimes fans and ducts terminate in attic or crawl spaces. This is a problem because these areas should stay dry to prevent mold and other moisture issues.
Similarly, gas dryer vents should never terminate indoors as they are also venting gas combustion by-products, such as carbon monoxide.
Lint build-up can be a fire hazard and is a significant cause of home fires. The photo to the left was a gas dryer in a 2nd floor laundry room venting to the attic. The proper vent was never installed through the roof.
Electric dryers can be vented indoors, but will add additional heat and humidity to your home (which may be desirable in the winter). Be sure to cover the end of the exhaust duct with something (like a knee-high stocking) to collect the lint and clean it periodically to prevent it from clogging if you are venting an electric dryer indoors. There are also ventless dryer models available if venting from your laundry location is problematic.
What can you do?
The best way to ensure your bathroom vent fan or dryer exhaust vent is terminating properly is to follow the entire vent.
You may need to access your attic or crawl space for this.
The photo to the left is a bathroom fan with no venting duct installed. Bathroom fan vents should always terminate outside of the home. Vent ducts should be as short as possible with as few bends as possible to work as intended.
See our prior tip on Dryer Venting for more information on best practices for dryer duct routing.
We hope these tips have been helpful. Feel free to share it with anyone you think may benefit from it. If you need help finding property or other realty related matters, please do not hesitate to contact us. View property by clicking on the All MLS Listings link above or get your Home Price at www.MyPrice.guru
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THINKING OF INSTALLING SOLAR PANELS ON YOUR PROPERTY ?
Solar energy installations have increased six fold since 2010.
They say a picture’s worth a thousand words.
So today I’m going to show you three charts that prove the solar energy revolution is coming. Remember, the key to so many emerging technologies is the fact that they’re getting smaller, faster and cheaper. Those are the results of exponential growth. They’re the driving forces behind everything from quantum computing to the next iPhone. The same forces are driving the solar industry. Solar energy is getting cheaper. It is becoming more efficient. These trends are accelerating. And that’s leading to rapidly growing numbers of new installations.
:
Source: Bloomberg
The price of solar energy has collapsed. That’s led to an explosion of new solar installations.
The reason those trends appear so dramatic is because the numbers go back 40 years. But narrow your focus to the last few years and the trend is the same. Look:
The price per watt of electricity generated by solar has more than halved in the last decade. Installations have increased six fold since 2010.
The chart tells the story. Falling prices allow increasing numbers of people to use solar energy as a viable energy source.
And that’s exactly what they’ve been doing:
These figures are from 2014 (the latest data set available through the Solar Energy Industry Association). What the above chart shows is the percentage of new energy installations coming on stream broken down by sector. Solar energy outstripped every other new supply.
All three charts tell the same story. The trends at work in the solar industry right now are driving it towards a moment of critical mass. In fact, some would say we’ve already hit that point. Consider:
Since 2010, Italy has increased its solar capacity by over 410%.
In 2014, Germany acquired 6.9% of its entire energy needs from solar.
But that’s nothing compared to the USA. Between 2004 and 2014, American capacity increased 40 times over as the chart below proves:
Source: US Energy Information Administration’s Monthly Energy Review table 7.2a.
And the trend is accelerating. By the end of this year, US capacity is expected to double again.
That’s an increase of 7,900% in just 12 years.
We’re at a critical point. Rapidly improving technology and funding from governments and tech firms worldwide are combining to create the kind of opportunity you have to consider.
How best to take it?
That’s the question that was put to Eoin Treacy, investment director for Exponential Investor (and all our tech related products), earlier in the year.
And he didn’t disappoint. He came up with a series of high potential ways to profit from this story. You’ll find everything you need in this new presentation – just click here to take a look.
It’s well worth your time.
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