This month’s Washtenaw County Homes Report is out!  Directly from the Big House Data Executive Summary:

For the three years of data reflected on these charts, September 2007 is the lowest average sales price for the combined home and condo market in Washtenaw County.  The good news, and there are silver linings here, is that properties are selling, and that the twelve month moving average trend line for sales is flattening!  This indicates a momentum shift in the positive direction for closings compared to the prior twenty four months.

If you are a buyer in this market, you have never, and likely will never, see this kind of market again!  High inventory, prices readjusting to normalcy, a historically low cost of money and hungry Realtors®.  Buy NOW!

Ouch, lowest average sales price in 36 months!  Team366 stared at the numbers and realized that so far this year, 20.6% of the listings on the market have sold.  Compared to last year, when 30.1% sold across the same time frame, that represents a nearly 32% drop in the likelihood a listed home will sell.  So right now, an active home has a one in five chance of selling!

Now, of course, this assumes an average home, at an average price, with average marketing!  Team366, with the help of these stats, and our professional marketing system, is selling 65% of our listings this year.  Give us a call at 734.330.2392 to learn more.

For now, let’s see some charts!

Average List Price – Washtenaw County Housing

The average list price for housing listed in September was $237,517. For the three quarters of 2007, the average list price is down 3.5% compared to the first three quarters of 2006.

As you can see, the average list price has been diving (according to the 12 month moving average trendline) since March of 2007.  This is an encouraging trend to see as the market adjusted and continues to adjust, to the Pfizer withdrawal combined with the general readjustment of real estate values.  This means that sellers have learned that price is a factor in selling homes.

Average Sales Price – Washtenaw County Housing

Now there is a price drop!  Wow!  The average sales price for September 2007 was $194,938. Year to date, the average sales price is down nearly 6.25%.  Year to date, the average sales price is $224,566.

While this is an amazing number compared to the prior 36 months, when the average monthly volume is down only 8% and the number of closing are down only 2.5%, the market is not presenting itself as dead, by any stretch of the imagination.

Number of Listings v Number of Closings – Washtenaw County Housing

This chart shows that 2007 has been a banner year for listing homes, while the sales have remained relatively steady throughout the year so far.

This chart shows, beyond a shadow of a doubt, when most folks list their property.  If you need to sell your place, and are afraid of listing during the winter, look at this chart again and examine where your home will be able to gain the greatest exposure on the market with the least amount of listing competition.

There are some great reasons to list during the winter time, and fewer new listings hitting the market is one of them!

Technorati tags: Buyer Insights, Seller Insights, Market Statistics, Big House Data, Team366, Ann Arbor, Homes, For Sale, Marketing

Big House Data, LLC has gone into Beta for their new delivery of stats packages…and boy does Team366 like the look and the new data set.  From BHD’s intro to Beta email:

Aside from the announcement that there is now one location to get your housing statistics, BigHouseData.com|BETA is pleased to announce that our stats focus solely on properties within Washtenaw County.  No more out of county sales included in your housing stats!  Any property listed and/or sold in Washtenaw County by a licensed agent is now a part of our  data set and, therefore, your housing statistics.  Big House Data, LLC is  providing you with the truest picture of the area housing market!

Thank you Big House Data! Now for the charts and analysis!

From the Big House Data Executive Summary:

On average, single family residences and condominiums sell within 2.12% of their list price. This is a good indicator for the overall market. This means that buyers and sellers are beginning to agree, rapidly, on what price constitutes market value. Due to Pfizer’s withdrawal from Washtenaw County, it is BHD’s opinion that the area housing market learned what it takes to sell a home in this market a lot quicker than the rest of SE Michigan. It was a very short, steep learning curve, but Washtenaw County sellers now know that price sells.

Average List Price – Washtenaw County

The average list price on both condos and homes in Washtenaw county has fallen nearly 6.5%, compared to the same eight months of 2006.

The Pfizer withdrawal is in effect!

Average Sales Price – Washtenaw County

The Average sales price of property in Washtenaw county has fallen as well.  Given all the bad news and media hype, one would think the bottom had fallen out.  Fortunately, this is not the case.  Compared to the first eight months of 2006, the average sales price for the same time period in 2007 is down only over 4.5% to $228,270.

August 2007′s average sales price was $223,637, down 4%, compared to August 2006′s average of $233,148.

Number of closings v number of sales

As you can see, the sales trend continues gradually down as the listings continue to pile onto the market.

Compared to the first eight months of 2006 where 30.1% of listed properties sold, the same time frame in 2007 has seen only 19.9% of listed properties selling!  That’s a 10.2% drop in one year.

Compared to the county average of 19.9% of the listings selling, Team366 is proud to announce that we sell 73% of those properties we list….and that’s just this year!

As ever, contact us if you would like information on the Team366 professional marketing system, our housing stats or any further information regarding real estate in Washtenaw county.

It’s the weekend, so that must mean it is time for some Team366 Real Estate Chats!  Not to be disappointing, we are holding four chats this weekend! 

Also on tap this weekend, we are pleased to announce that Mr. Harry Kroth has joined Team366!  So, without further ado, let’s introduce Mr. Kroth and his first Real Estate Chat.

20300 North Territorial, Chelsea, MI – Sunday, 2 to 4 pm

This four bedroom, three bath ranch in Chelsea simply must be seen to be believed!  The finished walkout lower level adds an additional 1300 square feet of livable space.  Surrounded by towering trees, you’ll feel as though you are in the middle of the country. 

Stop by on Sunday and say Hi! to Harry.

1216 Grant, Ypsilanti, MI – Sunday, 2 – 4 pm

Featured last week as new to the market, this weekend is the first open house for 1216 Grant Street.

This gorgeous Normal Park center-entry colonial just waiting for you to call it home!  Stop by this Sunday and say Hi! to Jim Tillman.  This is a must experience home for any Sunday Open House regular.  In fact, check out the video walk-through by clicking on the picture.

2827 Bellwood, Ann Arbor, MI – Sunday, 2 – 4 Pm

Todd Waller will be holding his real estate chat at 2827 Bellwood, Ann Arbor.  This real estate chat will be live-blogged, so if you stop by as a result of reading this post, let Todd know so he can post a photo of your visit!

1560 Kuehnle, Ann Arbor, MI – Sunday, 2 – 4 pm

Eric Pointer will be holding his real estate chat at the “Best of the West(side) Colonials”.”  1560 Kuehnle has got location for anyone needing to be close to bus lines and within the city of Ann Arbor, without the hustle and bustle.

1:45 PM – Sign Planting

Planted signs at the two most direct paths to 2827 Bellwood.  By 1:50 pm, had pulled into the drive and planted two signs on either side of the drive.  Already had two guests following me to the Chat!

2:05 pm – Cookies sure look good!

First two guests have left and the plate of cookies kindly left by the owners sure look good!  Guests were interested in the property and were originally on their way to check out a development wide open house in The Village.

2:30 – more guests

Half hour into the 2 hour real estate chat and we’ve had two guests tour the home!  Pretty good.  It is a beautiful day outside, so I can understand why folks wouldn’t have housing on their mind.  However, given the last week or so of rainy weather, I can’t blame folks for wanting to get out and about.

Real estate chats, or their more mundane counterparts open houses, have been getting a bad rap of late.  Team366 has been fortunate enough to hit upon the idea of Chats and invite any- and every-one interested in talking about real estate and viewing wonderful properties.

2:38 – How long?

Second set of guests have left and there is a third sitting in their car right our front.  I can only surmise what would keep folks on their phone, in their car on a beautiful day like this.  Especially since there is such a wonderful home to experience and an agent willing to talk about the current market conditions.

2:48 – the Cookies are really good!

Third guest is off the phone and coming in!

3:00 – Three by 3

Not a bad chat so far!  Third visitor has left and is continuing their tour of open houses.  Everyone so far has commented on how well cared for and decorated 2827 Bellwood is. 

Recently featured in RealView’s weekly newsletter, Bellwood is getting excellent exposure.  The owners have been very pleased.  Since listing their home in early July, this property has received far above the average number of showings, hits to the virtual tour and hits to the video walkthrough.

Only a matter of time for this home…only a matter of time.

3:30 – Man, what a beautiful day

So what does an agent typically do at a Real Estate Chat/open house? 

When there are no guests to host, an agent is typically on their phone setting up appointments for the rest of the week.  This could mean scheduling showings for current buyers or following up on leads they may have for listing appointments.

[or they could be napping!]

Having exhausted my list of calls, I turned to the local blogosphere and found this nifty article by Murph about “City Place,” a mid-range housing proposal for South Fifth Avenue.

The thought of conditional zoning being used for the first time in Ann Arbor means that it will be interesting all by itself.  The fact that someone is proposing to build something similar to Boston brownstones in Ann Arbor is very intriguing. 

Ed V has some maps of interest and online commentary on this proposal at his blogsite.

3:40 – The guests keep on coming!

Fourth set of guests arrived and they are sellers coming on the market soon.  So that means they are comparing this home against theirs.  Unfortunately for this agent, they are also already represented and tied to a relocation firm.  I darn near needed to wipe the drool off the laptop as they were impressed by the array of marketing that Team366 brings to bear on a client’s home.

Again, commented that Bellwood is gorgeous and they can’t believe that anyone lives here.  Their comment was that they thought the home was staged!

4:00 – Off to the next appointment

Well, four guests in two hours.  Not too bad for a housing market that is supposedly horrendous.  This tells me that there are still ready, willing and able buyers in this market.  It also showed me that there are still folks that need to sell in this market.

As dire as the news has been, homes still sell at the convergence of price and quality.  Always have and always will; it is ever a value driven market.

If you would like market information, email us at info@team366.com to be added to our monthly housing stats mailer.  Use that same email address to talk with us about our fabulous marketing system for sellers and our unique “Search and Save” feature for buyers.

404040;">World Vision Experience:  AIDS – Nov 13-19, 2008

***UPDATE: The newest schedule for the world vision display of a “child living in an AIDS-affected community ” is:

Nov 13 – Nov 19, 2008
Bethpage, NY
5163495559
Reserve Free Tickets       Volunteer for this event       Church Event Page

Also, we have found a great resource that you can use to keep up with AIDS related events & news. The blog is really good. Its awesome to see that they are embracing new social media avenues to reach their target audience. Check it out at: http://blog.aids.gov/2008/07/were-6-months-o.html ***

This September, experience the journey of a child living in an AIDS-affected community in Africa.  There will be two exhibits in Ann Arbor this year.  Both events are free to experience.

The first is a mini-exhibit will be at the University of Michigan Alumni Center (200 Fletcher St) and runs from September 11 -17.  Click here for more information.

The full exhibit will be at Huron Hills Baptist (3150 Glazier Way) from September 13 – 17.  Click here for more information and ticket reservations.

For more information and to view the trailers of the four orphans, check out www.worldvisionexperience.org.  If you attend any of Team366′s Real Estate Chats, be sure to ask the host about this life-altering event.

The monthly report on the Ann Arbor Housing Market

It’s the second week of August so that means it’s housing stats time!

From the Big House Data Executive Summary:

Overall, the thin silver lining is that the pace of listings coming onto the market has slowed down. Sales prices, number of closings and monthly volumes continue to decline, giving the impression that no properties are selling at all. There is brisk movement among properties that appear to be priced at their 2001 price points.

Average List Price

List price continues its downward trend.  This is a direct correlation to the amount of properties currently on the market.  Econ 101 taught us about the law of supply and demand.  Falling list prices mean that sellers have taken the second class of Econ 101 and learned that the market drives toward equilibrium by forcing price downward as inventory increases.

Average Sales price

Average sales price, however, shows that its rate of decline has slowed, and even crossed the average list price threshold!  This could be an indication that the market is beginning to stabilize itself.  When properties sell for more than the average list price, it indicates a level of activity we’ve not seen in this market for quite some time!

Number of closings v number of listings

This chart shows the continued gap between the number of listings and the number of closings per month for the last 36 months.  It is dramatic to see the gap widen recently.  While listings per month have increased, sales per month have remained relatively stable, to declining slightly.

As ever, should you like a copy of the full report, Team366 will be happy to add you to our monthly stats email list.  Drop us a note at info-at-team366[dot]com.

Team366 is pleased to announce the completion of uploading all of its current video walk throughs to Realtor.com!  This revolution in real estate allows buyers to experience a home from the comfort of their favorite coffee house, chair at home or office. 

For sellers, this means your homes’ exposure is being maximized even further!  Not only can a mess of photos be attached to your property through Realtor.com and a virtual tour, now your home can have a narrated walk through video.

Check out the links below to see how your listing could appear if it was listed with Team366!  Call us at 734.476.1343 to learn how Team366 causes homes to be sold.

Realtor.com – Team366 Listings

2130 Pauline #202, Ann Arbor, MI

4619 Inverness, Dexter, MI

2731 Aurora, Ann Arbor, MI

624 Riverstone, Chelsea, MI

2725 Barclay Way, Ann Arbor, MI

2827 Bellwood, Ann Arbor, MI

1144 Kay Parkway, Ann Arbor, MI

1560 Kuehnle, Ann Arbor, MI

19996 Weyher, Livonia, MI

Controversial financial advisor, Jim Cramer, suggests that if your home has depreciated to the point you no longer have an equity position, that you should walk away from the home and its payments.  Don’t believe me, here’s the clip!

[youtube=http://www.youtube.com/watch?v=FJYcxqjXlkc]

While this may make sense from a purely “see a home as a commodity” point of view, I feel this fails to take into account the utility and lifestyle. that a home provides to the owners.  But hey, I’ve a vested interest buying and selling homes.

What are you thoughts on today’s real estate market and what Cramer is advocating?

[Hat tip to Al Acitelli for ferreting out this video]

Technorati tags: Michigan, Ann Arbor, Real Estate, Buyer Insights, Seller Insights, Homes, Condos, Foreclosure, Team366

Best home fixes to reduce water bill

By Paul Bianchina

If you’re looking for a way to reduce your utility bills and do something good for the environment at the same time, it’s worth taking a good look at your home’s plumbing fixtures. Older fixtures can waste a lot more water than you may realize, and a few simple changes can often make a significant difference.

TOILETS
The toilet can be one of the largest water users in your home. While toilets manufactured after 1994 are mandated by law to use 1.6 gallons of water per flush, most toilets manufactured between about 1980 and 1993 use 3.5 gallons, and pre-1980 models can use as much as 7 gallons of water every time you press that handle down.

One of the most obvious ways to save on water usage is to replace your older toilets with a new one. After some initial problems with the low-flow toilets of the mid-90s, when the reduced-water flush got a bad rap from not handling its waste disposal chores very well, manufacturers made significant design changes that greatly improved the operation of most toilets sold today.

In Europe, most new toilets feature a dual-flush technology that is really quite efficient. The toilet has two flushing buttons on the top of the tank: one button activates a 0.8-gallon flush for the removal of liquid waste, and the other activates a 1.6 gallon flush for solid waste. At least one manufacturer, Caroma USA (www.caromausa.com), offers these well-designed toilets for sale in the United States.

If you have an older toilet that’s in good working order but is wasting water with every flush, consider retrofitting it to use less water. One way to do that is with the Controllable Flush (www.controllableflush.com), which fits most toilet tanks and mimics the action of the dual-flushing European toilet. The no-tool installation is quite simple, and involves the removal of the old flush handle and lever arm and replacing it with the new components contained in the Controllable Flush kit. Pressing down on the handle and holding it for a few seconds allows a reduced flush of about 1.5 gallons, suitable for the disposal of liquid waste, while pressing the handle up raises the flapper valve up in the conventional manner, allowing for a full flush.

Toilet dams, available from many plumbing supply retailers, reduce the interior dimensions of the toilet tank so it holds — and therefore uses — less water with each flush. The typical toilet dam can save a gallon or more of water with each flush. The low-tech method of inserting a brick in the toilet tank, which causes the tank to displace less water, is not recommended — the brick can deteriorate and damage both the toilet and the plumbing lines.
You also want to be sure and check your toilet for leaks. If you hear your toilet running when not in use, you can check for leaks by simply putting a few drops of food coloring in the tank. Check it after about 10 minutes, without flushing, and if any of the food coloring has appeared in the bowl, you have a leak that should be fixed as soon as possible.

FAUCETS AND SHOWERS
Retrofitting your kitchen and bathroom faucets with an aerator is a great way to save water. Aerators introduce air into the water stream, which allows for good pressure with reduced water usage. Aerators are available for just about any type of faucet with internal or external threads, and simply requires screwing the aerator in place.

Aerators are marked with their water flow in gallons per minute (GPM). An aerator with a flow rating of 2.75 GPM or lower is typically considered low-flow, which will save both water and the energy required to heat it. It is estimated that a low-flow kitchen faucet aerator can save about 3 gallons of water per day in the average household, and a bathroom faucet aerator can save 2 gallons or more.

Replacing your old showerhead can be a real water saver as well. Here again, low-flow showerheads utilize air mixed with the water to improve pressure while reducing water usage, and still results in a shower spray that is invigoratingly strong. Look for a showerhead that uses 2.5 GPM or less, which are available in a wide variety of styles, including ones with pulsating massage action.

And finally, fix that that drip! In addition to being noisy and incredibly annoying, a small faucet drip that totals only two tablespoons a minute wastes about 15 gallons of water a day.

Copyright © 2007 Inman News – Paul Bianchina

Rethinking your home search

By Dian Hymer

Most home buyers claim they’re picky. And why shouldn’t they be? The real estate they buy will be home. It needs to provide more than just a roof over their head. It needs to satisfy emotional needs that aren’t easily quantifiable. The home is a reflection of the self, which makes the quest for the right place to buy complicated.

Since the home-buying experience is intermeshed with the psyche of the person in pursuit, there’s a psychological component to consider. For example, let’s say you have been searching for the right home for years. You haven’t seen too many properties that fit the bill, and have only made an offer or two during that timeframe. The property you really loved turned out to be entirely too expensive. You lost out in a multiple-offer competition on a property that was listed too low.

You’ve come close to making an offer several times, but have backed away after reconsidering. Each property had defects in terms of your ideal wish list. You weren’t willing to compromise.

HOUSE HUNTING TIP: Buyers who find they’ve been looking for the right house for more than six months should pause to consider whether their expectations are in line with reality. For instance, if you want a bay view and a level lot, you may find that you’ll wait forever. Bay views tend to be available only in homes that are built on hills. Home buying involves making compromises if you’re serious about buying.

In order to decide how you will compromise, you need to research the local housing stock to discover what is realistically possible. In other words, you need to do your homework. The perfect house won’t just magically appear. To save time, use the Internet to whittle down the list of homes for sale until you find the ones that suit your needs. Then make a point of visiting these in person, either with a real estate agent or at an open house.

Buyers with pressing needs usually have less of a problem finding the right home to buy. For example, if you live in an area with a school district you don’t like and you have children who are about to enter school, you need to move if you can’t afford private-school tuition. You have an urgent reason to move that preempts the desire for a perfect house. You’ll settle for the right number of bedrooms and baths, a yard and a good school district. You may be willing to give up on the Old World charm or character that you were hoping to find.
You may be getting out and seeing the listings that might work for you and still aren’t having success. In this case, you could be suffering from approach-avoidance. This syndrome can keep you from making a decision, even when you see the right house to buy. You come close to making an offer but never carry through.

Buying a home can be frightening, particularly if you are doing it on your own. It’s a big commitment, perhaps to a lifestyle that you’re not used to. It’s helpful to consult with advisors when you find that you’re getting nowhere. Talk to a trusted financial advisor to see if you’re looking in the right price range. If you’re over your head financially, scale back to a level that feels comfortable.
THE CLOSING: It can be useful to reconsider your wish list in terms of what you’ve learned about your local market and what to expect. By realigning your expectations and readjusting to a comfortable price range, you may feel more comfortable moving ahead.

Copyright © 2007 Inman News – Dian Hymer