Real Estate Information Archive

In a meticulous, often confusing process like Home Buying, it's vital for you to understand at least the basic terms. Sometimes real estate professionals and loan officers will use terms like pre-approved and pre-qualified interchangeably when talking about a home loan. They are not, however, the same thing.

Pre-qualification is an estimate of how much money a lender would be willing to loan you, based on a general assessment of your relevant financial information, such as employment status, overall income and estimated value of assets.

The pre-approval process requires the lender to perform a more in-depth investigation and evaluation of your creditworthiness, culminating in a tentative commitment for mortgage funding up to a specific amount.

Here are some more details on each of these to further distinguish these similar but not synonymous terms.

Pre-Qualification

This process begins with you either meeting face-to-face with a loan officer or talking with one over the phone. You'll provide basic information about your personal credit and finances, including any outstanding debts, total income and a potential down payment amount. This data is then used by the lender to provide you with a written estimate of how much you could comfortably afford per month for a mortgage.

There is neither a commitment nor cost associated for either party in a pre-qualification procedure. Its primary purpose is to give you a realistic perspective on how buying a home will impact your month-to-month household budget.

Most real estate professionals will tell you that it's best to make pre-qualification one of the very first steps in your home-buying journey, even prior to looking at houses.

Pre-approval

In order to get a pre-approval, and the tentative commitment that comes with it, you must provide your desired home loan lender with the actual documentation (usually in paper form) of your financial details (assets, debts, income, etc).

You can expect to pay a fee for this part of the process, mainly to cover the lender's expenses incurred by running a credit check, as well as verifying your employment data and financial records.

Your pre-approval is then officially acknowledged via a commitment letter containing the amount the lender is willing to extend to you for your new home purchase.

A pre-approval is neither a guarantee of future mortgage loan approval, nor is it a legally binding contract, meaning you still have the option of choosing another lender.

Ann Arbor, Home to more than 116,000 residents, has a wonderful selection of both condos and single-family homes. The city (ranked among the top 100 places to live in America in 2012 by CNN Money magazine) is noted for both its many job opportunities, and as the home of the University of Michigan, with all the sports, health care and education associated at this institution.

Should you buy an Ann Arbor house or a condo? Deciding whether to buy a house or a condo in Ann Arbor can be a tricky decision. There are advantages - and disadvantages - to both.

Advantages to Buying a condo
There are several advantages to buying a condo over a single-family home, and just a few of these are:

• Little Exterior Maintenance:  With a condo most of the exterior and lawn maintenance, as well as the landscaping, is taken care by the homeowner's association. You don't have to worry about the grass getting mowed if you're out of town for a week or two, and in the winter the snow will get shoveled without having to break your back or risk frost bite.
• Extra Amenities:  Condos frequently have amenities in their complexes that single family homes often don't have, such as fitness facilities, swimming pools and party rooms.
• Security:  Depending on the type of condo you purchase, some will offer round the clock security against break-ins and vandalism. For instance, many high-rise buildings have door attendants and/or guards in the parking garage.

Advantages to buying a home
While owning a condo has some distinct advantages, there are also several advantages to buying a single-family home, such as:

• No Common Walls:  With a single-family home, you don't have to worry about disturbing the people in the unit next to yours or below yours. Equally, you won't be awakened in the middle of the night if you neighbor decides to vacuum or practice their dance steps.
• No Association Fee:  With a condo, the homeowner's association fee can be almost as much as your mortgage payment. Granted, this covers amenities like the swimming pool, maintenance on the exterior of the condo and sometimes even utilities. However, with a house, you only have to make one payment each month.
• You Can Make Your Own Remodeling Decisions:  With a home, you can paint the exterior of your any color that suits your fancy, You can add shutters, plant a cactus and generally modify whatever you like. With a condo, you usually need to get permission to make any changes that affect the outside look of the building.

How to decide which type of property is best for you
Should you buy an Ann Arbor house or a condo? In addition to the advantages and disadvantages inherent in the type of property, there are other factors to consider when deciding between an Ann Arbor home or condo. One of these is location - some areas of Ann Arbor, such as the revitalized downtown area have more condos than other parts of the city. Conversely, some of the newer developments, such as Fleming Lake Estates and Woodland Ridge, consist mostly of single family homes.

This 3 minute Video Might help with your Realty selling Decision

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Check out this brief Video to learn about why Real Estate One is #1 in Michigan (#10 in United States) and perhaps contact us thereafter if you have any questions.  We are always here to help and enjoy hearing from you.  

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Michigan Monthly Market Report – April 2013

For the first quarter of 2013, Michigan is still a leader in the housing recovery but a number of states have caught up, extending the housing recovery across the nation. Throughout the state we are seeing inventory shortages and rising values. Southeast Michigan remains the most active with the lowest inventory and strongest buyer demand. A new term is being used in the industry: the Shadow Demand. Like the Shadow Inventory which represented the potential bank-owned homes that could go on the market, the Shadow Demand represents the pent-up Buyers who have been holding back for the past 5 years. While the release of the shadow bank inventory has been slow and steady, the Shadow Demand seems to be jumping in all at once. 

We expect a shortage of homes for sale throughout 2013 and 2014 with inventories rising and demand slowing down a bit in 2015 as interest rates increase and the Shadow Demand is dissipated. How quickly Home inventories will raise depends on two factors: the pace of appreciation, and more importantly, how quickly Sellers realize that home values are improving. For many Sellers, values have risen enough that it makes sense to sell now, particularly if you are also Buying. 

For anyone who has purchased a home in the past four years, particularly investors, it is a great time to test the market. You should be pleasantly surprised on the potential return on your investment. The same holds for those who leased their homes, waiting for the values to rise.

Historically, with low For Sale inventories, home builders fill the gap. So far, local home builders, which traditionally make up the majority of new construction, have had difficulty obtaining financing so they have not been able to supply any inventory relief.  

Following the market trends over the past three years, you can see values have been moving off the bottom since the spring of 2011 and gaining speed these last three quarters.

Charts: Average Cost per Square Feet

The next two charts show both the decline in the number of new home listings entering the market as well as the increase in the number of homes being placed under contract. It is interesting to note the declining bank-owned share of the market. 

Charts: Home Listings Entering the Market & Home Listings Placed Under Contract

The result is a big increase in Sales Absorption, which is the percent of the available homes being sold each quarter. Considering that about a third of homes for sale are not really saleable because of condition, motivation or price, a 44% rate this past quarter represents a true absorption of closer to 70%, which is the driving force behind the double digit appreciation rates.

Chart: Sales Absorption

As a company we continue to gain a bigger piece of the pie, and most importantly, we are gaining market share in the number of new listings taken. We are working hard to reach out to you, our clients, and show you the opportunities in this market. 

It is important to note in this improving market that a decline in the number of sales reflects the shortage of inventory, not a market slowdown.

If you would like more information on the market, like to list your property, or want information on any property with any broker, you may call or email at anytime. Click here to View Ann Arbor homes for Sale including the surrounding areas of Saline and Dexter.  

Thank You for your time and consideration.  

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The positive news about America's real estate market bouncing back from the infamous bubble bursting has reached the Ann Arbor real estate market, and reflections of this optimistic outlook have actually taken on a physical manifestation, at least in statistics form.

According to the “Monthly Housing Statistics” - a publication produced by the Ann Arbor Area Board of REALTORS®, which reports on the housing activity in Washtenaw County and is based on data from the Multiple Listing Service - the overall state of the residential real estate market in the county is strong so far in 2013.

Listed below are some of the numbers published by the Ann Arbor Area Board of REALTORS® that back up the positive rhetoric:

• Residential sales up 6 percent - 183 units sold versus 173 in January 2012
• Condo sales increased 32 percent over January 2012, with 41 units sold
• Amount of residential listings fell by 20 percent compared to January 2012
• Average sale price in January 2013: $232,751, 34 percent more than $173,865 in January 2012

Some of the factors involved in creating this real estate enthusiasm, according to the National Association of Realtors, include a pent-up or repressed housing demand, a general increase in employment opportunities, and the near-record low mortgage interest rates.

One nagging cloud in Ann Arbor real estate's otherwise clear blue sky is inventory. As the stats above show, the listings of residential real estate dropped by 20 percent in the last year. So, the fact that more and more people are wanting to buy a Home (demand), coupled with the fact that the number of homes being listed for sale is not keeping pace (supply), has caused the average price for a home to rise accordingly.

According to the latest (February) Multiple Listing Service information and figures from Realtor.com, homes in the U.S. continue to sell at a quick pace as demand from potential buyers increases, resulting in an extremely low inventory of homes for sale. The website goes on to report that homes sold faster last month than any other February since 2007, averaging a median of only 98 days on the market. This is 123 days less than February 2011.

If you are thinking about buying or selling a home, give us a call at (561) 880-2626 or send us an email to explore your options and to find out when is the best time for you to make a move.

Check out this market update on the Michigan Market, foreclosures, appreciation and new construction updates.   Let us know if you have any questions.  

Click the "All MLS Listings" up top to see inventory in your area.  Click the chat link below or send us an email if you have any questions.  Thanks for stopping by!

ann arbor area real estate and market updates for south east michigan including new construction and expectation on Home values and appreciation

The number of Home sales in Washtenaw County has increased as of September, 2012 compared to the same period in 2011, according to the Ann Arbor Area Board of Realtors. Virtually all segments of the real estate market are growing, with residential properties leading at 7.23 percent. Residential properties had an average sales price of $214,059 for September, 2012, an increase of 12.5 percent over the same period last year.

Washtenaw County Real Estate Numbers

In addition to residential properties, condo sales are up 6.1 percent, compared to this time last year, with an average sales price of $127,500. The average number of days that properties sit on the market has also improved, dropping from 76 in 2011 to 59 in 2012.

A Seller's Advantage

What do these number mean to you, an Ann Arbor area homeowner? If you've been waiting to sell your home until the economy improves, this may well be the right time to list your home. Although home sales prices have increased, the average number of listings is still lagging behind. In fact, there are 20 percent fewer properties on the market this year than in 2011. This means there are more people willing to buy property, but not more homes on the market. That's a recipe for selling your home quickly and for the top dollar possible.

Buyers are ready

Real estate sales figures aren't the only good news in the Washtenaw County and Ann Arbor area. Unemployment in our area is down to five percent, a decided improvement compared to previous years. In addition, mortgage interest rates are still at historic lows. According to the Ann Arbor Board of Realtors, many potential home buyers are already approved by their bank for a home loan and are just waiting to find the right property. Who knows? Maybe your house or condo is the new home they've been looking for.

Real Estate Market Statistics for Ann Arbor and Washtenaw County

Well the 2011 third quarter statistics are out for Home and condo sales in Washtenaw County.  Click here to view Ann Arbor Real Estate Market Statistics for information on current inventory levels and recent sales.  

Market is keeping active, homes for sales are down and still considered a buyers market.  Contact us if you need help finding a place using the chat or contact features provided below.  

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