Oakland County Homes

Race for Third T-Shirts

2006-09-04T10:13:00.000-04:00

We've Got a New Home

2006-09-12T22:11:00.000-04:00

We are updating our look and moving our blog. Please bookmark MiOaklandCounty.com, and visit us there often!

For Sale by Owner

2005-03-24T19:41:00.000-05:00

Did you know? . . . the typical FSBO home sold for $145,000, compared to $175,000 for agent-assisted home sales. FSBO Methods Used to Market Home

Yard sign 72%
Friends/neighbors 27%
Newspaper ad 61%
Open House 41%
Internet 20%

Most Difficult Tasks for FSBO Sellers Getting the right price 19%

Understanding paperwork 30% Preparing / fixing up home for sale 26% Attracting potential buyers 7% Having enough time to devote to all aspects of the sale14%

Source: 2003 National Association of REALTORS® Profile of Homebuyers and Sellers.

Troy, Michigan Real Estate Market 2005 Summary

2006-01-02T15:19:00.000-05:00

On Market For the 487 listings: Avg List Price $349,008.00 The Median Price $299,900.00 The Highest Price $1,650,000.00 The Lowest Price $99,900.00 The Average Market Time 107 Sold 2005 For the 692 listings: Avg List Price $291,156.00 The Median Price $268,425.00 The Highest Price $1,100,000.00 The Lowest Price $1.00 The Average Market Time 65 Sold 2004 For the 793 listings: Avg List Price $277,377.00 The Median Price $258,000.00 The Highest Price $989,000.00 The Lowest Price $1.00 The Average Market Time 55

The Federal Reserve and Mortgage Rates

2006-01-02T12:51:00.000-05:00

Understanding What Causes Interest Rate Movement Consumers are often misled when it comes to the subject of the Federal Reserve and how it affects mortgage interest rates. Often the media is the culprit causing the confusion. In the last few years, the Fed has taken action that caused mortgage interest rates to move in a direction other than what consumers expected, because the media provided weak reporting on the subject. The Federal Reserve affects short-term interest rate maturities, the Fed Funds rate, and the Overnight Lending rate. These factors have a direct impact on the Prime rate. If you took only this into consideration, you may mistakenly conclude that changes made by the Fed will cause a similar movement in mortgage interest rates. However, mortgage interest rates are dictated by the trading of mortgage-backed securities, which trade on a daily basis. The real dynamic at the heart of interest rate movement is the relationship between stocks and bonds. Stocks and bonds compete for the same investment dollar on a daily basis. There is literally only so much money to be invested. When the Federal Reserve feels that interest rates need to be decreased in an effort to stimulate the economy, this reduction in rates can often cause a stock market rally. When the market becomes bullish, the money to invest in stocks comes from the selling of mortgage-backed securities. Unfortunately, selling mortgage-backed securities to fuel stock market rallies causes interest rates to go up, not down. Historically, there have been many times when the Federal Reserve has increased interest rates. Stocks then sell off in fear that the increase will affect corporate profit margins, and the liquidated stock assets need a place to park until the next rally comes along. The safe haven is found in mortgage-backed securities which cause mortgage rates to drop. The daily ebb and flow of money is what matters most when it comes to the movement of mortgage interest rates. Reprinted with permission from Julie Plotnik at Victory Home Loans.

Clean out Your Linen Closet and Help out the Women of the Detroit Rescue Mission.

2005-11-07T11:35:00.000-05:00

We just got this letter from a friend. In order to make donating easier for you, you can drop off any towels and bed linens at SKBK at 348 E. Maple, Birmingham, 48009. Ask for Erin, Dmitry or Maureen and we will make sure your towels are put to good use. I have recently learned of a situation that touched my heart. I want to help. I learned that the Detroit Rescue Mission is in need of many items. They feed thousands daily and house around 800 women each night. (I didn't get the stats on how many men per night). But my plight is for the women who stay nightly in the DRMM. I found out that they are so low on towels (and funds) that they have been cutting their towels into quarters so each woman has a piece of towel to dry with after their showers. This was a VERY short term solution they found out because each time they go through the wash cycles, the towels are fraying. Thus, less than they had. Speaking with a DRMM employee, we talked about a TOWEL AND BEDDING DRIVE. Please go through your linen closet... all of the towels that you don't use, no longer match your bathroom or whatever.. please stick them into a bag and get them to me. I will be collecting the towels through the entire month of November and plan on taking the towels December 10th up to the Mission. The towels don't have to be new, they will wash and use them! They can be ANY color, ANY size. The women need them, and will be thankful for them. I'd like the women of the DRMM to be able to each have their own towel.. that's 800!!! HUGE GOAL! Thank you for your kindness and generousity during this holiday season... to the women of DRMM who are in need. Below is more about the Mission and a link to their website if you are interested in learning more. The Detroit Rescue Mission http://www.drmm.org/)

Butternut Squash

2005-11-19T11:58:00.000-05:00

I just read that google searches for butternut squash are up 279%. People are trying to figure out how to cook the darn things for Thanksgiving. Personally, I was just on Epicurious.com, looking for some interesting hors d'oeuvre recipes for Thanksgiving. They won't include butternut squash though. I found an interesting polenta tart recipe and some other thing with caramelized onions... The point of this, however, is not really to talk about squash or Thanksgiving menus, but to wish you a happy Thanksgiving. Here is a little laugh for the holiday. Either click on the link above or copy/paste in your browser. Turn up the volume......enjoy.....and Happy Thanksgiving. Dmitry, Maureen & Katya

Looking for a high return on Investment? Consider Landscaping.

2005-11-09T14:18:00.000-05:00

Found this in an email from a friend. Landscaping: --return on investment of 100-200% if done well, the highest of any type of home improvement --enhances sales appeal, increasing the actual speed of the sale --homes with excellent landscaping can expect a sales price about 6 to 7 percent higher than equivalent houses with "good" landscaping --a mature tree can have an appraised value of between $1,000 and $10,000 --landscaping can add between 7 and 15 percent to a home's value --poor landscape design can decrease property values by up to 10% Here more from this article. Shrubbery planted too close to a house can reduce the appraisal value. The most common mistakes made by do-it-yourself landscapers were planting trees and shrubbery too close to each other and too close to houses, fences and other structures.

Habitat Helps Take DOWN Houses too!

2005-11-10T21:10:00.000-05:00

My childhood home will only exist for a few more days. Next year a glorious home will be built on the site where my parents lived for more than 35 years. We were the only family to ever live in that home. My mom found a spec home while still being built, they bought it, and she watched as the builders finished. Two years ago my parents sold the home to another builder, who saw great potential in their lot on Quarton Lake in Birmingham. There's lots of tearing down and renovation that goes on in our afflluent communities like Birmingham and Bloomfield Hills. There is also a place that wants to take fixtures, doors, appliances and other things out of the house before the wrecking ball arrives. We told my mom about Habitat for Humanity's Restore, and she asked the builder to donate the windows that had only been in the house for a few years. Today we saw that Habitat was going to need a bigger truck to haul away the bounty they salvaged from Lakeside. Everyone benefits from this wonderful program. The builder pays less for the amount of refuse he sends to a landfill, and he gets a nice write-off. He didn't even have to do the work; Habitat came, uninstalled, and hauled away the items they could use. The ReStore gets great building materials that it re-sells at prices significantly below retail. Then Habitat has more money to put into its projects around Detroit. And my mom, she just feels good knowing that her windows are helping someone else.

Vote November 8th.

2005-11-06T18:46:00.000-05:00

Tuesday is election day in Berkley, Birmingham, Royal Oak and other Oakland County cities. Your vote matters!

Guess Who Drives This Car?

2005-11-04T21:36:00.000-05:00

Wireless Internet Coming to 7 Oakland County Cities in 2005!

2005-11-03T20:41:00.000-05:00

Troy, Birmingham, Royal Oak, Madison Heights, Pontiac, Oak Park and Wixom won out among 31 communities that applied to be the pilot cities for the county's Wireless Oakland Project. By the end of the year, visitors and residents in portions of those seven will be able to connect to the Internet without being hooked to a land line. The Free Press outlines the pilot program and the roll out for the rest of Oakland County.

Bloomfield Hills and Bloomfield Township Real Estate Market Statistics for October, 2005

2005-11-03T13:45:00.000-05:00

There are currently 625 single family homes on the market in Bloomfield Hills and Bloomfield Township. For the 625 listings: Avg List Price $1,074,940.00 The Median Price $695,000.00 The Highest Price $14,750,000.00 The Lowest Price $13,500.00 The Average Market Time 118 There are currently 55 single family homes pending sale in Bloomfield Hills and Bloomfield Township. For the 55 listings: Avg List Price $748,976.00 The Median Price $545,900.00 The Highest Price $2,695,000.00 The Lowest Price $119,900.00 The Average Market Time 103 430 homes have sold in Bloomfield Hills and Bloomfield Township since January 1, 2005. For the 430 listings: Avg List Price $359,578.00 The Median Price $315,000.00 The Highest Price $2,500,000.00 The Lowest Price $1.00 The Average Market Time 75 Statistics for sold homes are artificially low because many transactions are not recorded at their actual selling price, but at $1.00.

Changes Under Consideration to Mortgage Interest Deduction

2005-11-03T20:18:00.000-05:00

President Bush's Advisory Panel on Tax Reform is considering severly reducing the mortgage interest income tax deduction in an effort find funds to balance the budget and pay off the rising deficit. This has the potential to significantly increase federal income taxes for most tax payers. Take a look at Blanche Evans article in RealtyTimes.

Royal Oak Michigan Real Estate Market Statistics for October, 2005

2005-11-03T13:46:00.000-05:00

There are currently 543 homes on the market in Royal Oak. For the 543 listings: Avg List Price $240,371.00 The Median Price $204,900.00 The Highest Price $1,489,000.00 The Lowest Price $104,900.00 The Average Market Time 80 There are currently 79 single family homes pending sale in Royal Oak. For the 79 listings: Avg List Price $210,149.00 The Median Price $183,000.00 The Highest Price $499,900.00 The Lowest Price $93,900.00 The Average Market Time 73 Since January 1, 2005, 793 single family homes have sold in Royal Oak. For the 793 listings: Avg List Price $203,475.00 The Median Price $187,000.00 The Highest Price $1,250,000.00 The Lowest Price $1.00 The Average Market Time 53

Troy Michigan Real Estate Market Statistics for October, 2005

2005-11-03T13:24:00.000-05:00

There are currently 558 single family homes on the market in Troy, Michigan. For the 558 listings: Avg List Price $348,393.00 The Median Price $299,900.00 The Highest Price $1,199,000.00 The Lowest Price $104,900.00 The Average Market Time 89 71 homes are pending sale in Troy. For the 71 listings: Avg List Price $344,753.00 The Median Price $299,900.00 The Highest Price $1,150,000.00 The Lowest Price $145,900.00 The Average Market Time 80 Since January 1, 2005, 584 homes have sold in Troy. For the 584 listings: Avg List Price $288,576.00 The Median Price $268,500.00 The Highest Price $878,000.00 The Lowest Price $1.00 The Average Market Time 58 Statistics for sold homes are artificially low because many transactions are not recorded at their actual selling price, but at $1.00.

Beverly Hills Michigan Real Estate Market Statistics for October, 2005

2005-11-03T12:45:00.000-05:00

There are currently 121 single family homes on the market in Beverly Hills. For the 121 listings: Avg List Price $390,963.00 The Median Price $328,000.00 The Highest Price $1,175,900.00 The Lowest Price $168,500.00 The Average Market Time 88 There are currently 11 homes pending sale in Beverly Hills. For the 11 listings: Avg List Price $422,555.00 The Median Price $337,500.00 The Highest Price $699,000.00 The Lowest Price $259,900.00 The Average Market Time 68 130 single family homes have sold in Beverly Hills since January 1, 2005. For the 130 listings: Avg List Price $256,771.00 The Median Price $279,500.00 The Highest Price $715,000.00 The Lowest Price $1.00 Statistics for sold homes are artificially low because many transactions are not recorded at their actual selling price, but at $1.00.

Birmingham Michigan Real Estate Market Statistics October, 2005

2005-11-03T12:13:00.000-05:00

There are currently 391 single family homes on the market in Birmingham For the 391 listings: Avg List Price $912,299.00 The Median Price $679,000.00 The Highest Price $8,499,000.00 The Lowest Price $155,000.00 The Average Market Time 119 27 single family homes are pending sale For the 27 listings: Avg List Price $511,871.00 The Median Price $475,000.00 The Highest Price $1,295,000.00 The Lowest Price $249,900.00 The Average Market Time 113 Since January 1, 2005, 350 single family homes have sold in Birmingham. For the 350 listings: Avg List Price $261,073.00 The Median Price $209,500.00 The Highest Price $2,400,000.00 The Lowest Price $1.00 Statistics for sold homes are artificially low because many transactions are not recorded at their actual selling price, but at $1.00. The average home sale in Birmingham is in excess of $450,000.

City of Pontiac Experiencing Housing Boom

2005-10-24T09:30:00.000-04:00

Today's Oakland Press features an article on a housing boom in Pontiac. Though the city has a high percentage of rental homes, a shift to ownership has begun. From the Oakland Press, "One of the main forces shifting the housing balance toward homeownership in Pontiac in the past eight to 10 years has been the reappearance of the long-absent development community, which suddenly is putting up hundreds of homes each year in the city. Builders such as Bloomfield Hills-based Pulte Homes and Neumann Homes, an Illinois company that acquired Troy's Tadian Homes, have shown an interest in Pontiac. "We've been very successful in initiating and encouraging large-scale housing development here in our city," said Mayor Willie Payne. "We are providing housing like never before." This is great news for Pontiac and for Oakland County!

Consider Buying a New Air Conditioner Now

2005-10-12T12:16:00.000-04:00

We just received a notice from First American, a company that provides home warranties, notifying us that rates are going up in January because of new federally regulations that mandate higher energy efficiency standards for air conditioners. They say that the retail cost for the new systems will be going up by 30 to 60%! If you have an older system now might be the time to look at upgrading, especially if you don't have your a/c on much in the summer. In our climate, the additional cost of the new units has a very long payback period because we don't use our a/c as much as hotter climates. Its predicted that over time the cost of these new systems will fall as technology improves and economies of scale develop.

Reduce Your Income Taxes with Real Estate

2005-10-20T21:09:00.000-04:00

Unfortunately, its not too early to be thinking about your 2005 income taxes. We recently came across this article which contains 10 ways to save taxes. The full article is very good, but here are the highlights: "As always, before using these tax saving techniques, please consult your personal tax adviser for details. 1. BUY A PRINCIPAL RESIDENCE BY YEAR-END. 2. SELL YOUR PRINCIPAL RESIDENCE BY YEAR-END. 3. USE A HOME EQUITY LOAN TO CONVERT NON-DEDUCTIBLE LOANS INTO TAX-DEDUCTIBLE INTEREST. 4. REFINANCE YOUR HOME LOAN; DEDUCT ANY UNDEDUCTED LOAN FEE. 5. PREPAY YOUR 2006 PROPERTY TAXES IN 2005. 6. PREPAY YOUR JANUARY 2006 MORTGAGE PAYMENT IN 2005. 7. DEDUCT ANY UNINSURED CASUALTY OR THEFT LOSS. 8. DELAY TAXABLE HOME SALES UNTIL 2006. 9. IF YOU CHANGED JOB LOCATION IN 2005, DON'T FORGET YOUR MOVING-COST TAX SAVINGS. 10. A TAX-DEFERRED EXCHANGE AVOIDS TAX ON A BUSINESS OR INVESTMENT PROPERTY SALE." MiOaklandCounty.com homepage Oakland-County-Homes.com Search for Homes

Cable Rates

2005-10-20T19:52:00.000-04:00

Not long ago, I complained about high cable rates and the lack of choice that we have in service. In Beverly Hills, where we live, Comcast has a monopoly on cable and broadband internet service. I find it frustrating that other local communities have WOW, which is more affordably priced than Comcast. Today I came across a link on the Birmingham Area Cable Board's site for form letters for writing to our congressional representatives and senators about the issue. Consider joining me in writing a letter to your legislators.

Tax Considerations for Mortgages and Home Equity Lines of Credit

2005-10-17T15:18:00.000-04:00

Yahoo News featured an article that covers tax deductions for home equity lines and luxury homes. Its worth a few minutes of your time if you have a large home equity line, vacation home or a luxury home. Here is the full article. Here are a few of the highlights... "Home equity loans are a thorny area. Consider the taxpayer who's got oodles of equity in her home. She's probably already using a home equity line of credit for various purposes -- but if she tries to deduct the interest from more than $100,000 of this debt, the IRS may not approve. Any home equity debt over $100,000 may or may not be deductible, depending on how the funds are used. Suppose you already have $100,000 in home equity debt on your home. If you pull out another $70,000 to put down on a rental property, that interest will be deductible -- as rental interest expense, not home mortgage equity interest. But if you pull out that same $70,000 to buy that cute little Mercedes Benz you've had your eye on, no deduction for you. The news gets worse. To assure the IRS that you're properly allocating your home equity interest in the proper classifications, you must follow the 'interest tracing rules.' The IRS usually categorizes interest depending on how a taxpayer uses the loan or debt proceeds, regardless of what got used as collateral. For example, interest on a loan used to pay for a personal vacation isn't considered deductible, even if the loan is secured by investment property or property used in the taxpayer's trade or business. The interest tracing rules are complicated. Very complicated. But in effect, in order to deduct interest on more than $100,000 of a home equity loan, you have to prove that the funds you borrowed can be directly tied to how you used them. That means keeping the borrowed funds separate from the rest of your money. If you commingle borrowed funds in your personal account, or even between multiple personal accounts, they tend to lose their identity" Search for homes on www.Oakland-County-Homes.com

Compare Salary Needs in Different US Cities

2005-10-09T20:12:00.000-04:00

Moving to Birmingham or Rochester Hills or anywhere else in Oakland County? I just found a cool salary comparison tool on Realtor.com that allows you to compare your salary needs in different cities. Its free! Visit www.oakland-county-homes.com for more info for homeowners.

Royal Oak Real Estate Market Update, September 2005

2005-10-03T18:51:00.000-04:00

There are currently 560 single family homes on the market in Royal Oak. For the 560 listings: Avg List Price $238,179.00 The Median Price $203,450.00 The Highest Price $1,489,000.00 The Lowest Price $109,900.00 The Average Market Time 75 days 79 Homes are under contract For the 79 homes under contract: Avg List Price $213,662.00 The Median Price $189,900.00 The Highest Price $749,900.00 The Lowest Price $93,900.00 The Average Market Time 73 days 656 homes have sold in Royal Oak since January 1, 2005 For the 656 listings: Avg List Price $204,407.00 The Median Price $185,000.00 The Highest Price $1,250,000.00 The Lowest Price $95,000.00 The Average Market Time 51 days Search for homes on www.Oakland-County-Homes.com