Post courtesy of PJ Moffett, Real Estate One, City of Ypsilanti City Wide Open House Coordinator.
Based upon counts turned in from the real estate agents hosting open houses; we had an average attendance of 5.8 buyers through each open house last Saturday. This did not include the 30 people on the WHEP class bus tour. Our guesstimate for individuals touring homes is 100 people plus the 30 people in the WHEP class.
The WHEP homebuyers class was held at Spark East in conjunction with the open house event. the 30 class participants were taken on a bus tour , stopping at 6 homes for a quick tour. These WHEP buyers are at the beginning of the process and should be qualified buyers in the next 6 to 12 months. Here is the link to the WHEP program http://www.ewashtenaw.org/government/departments/extension/CommDevelopment/WHEP%20Pre-purchase. Sam Brown of Community Housing Alternatives joined us for the WHEP bus tour to explain the financing side of the program http://www.communityalliance.com/content/how-pieces-fit
Our host agents turned in a survey. Here are a few of the comments:
· Very well organized. · Appreciated meeting and talking with a city police officer about community policing in Ypsilanti. · Good turnout despite the weather · One buyer gave me their agent’s card and told me to expect an offer. · Order better weather!
Thank you to our sponsors:
And thanks to the City Wide Open House committee:
RPR is a national property database from NAR designed to provide REALTORS® with advanced tools and features you can utilize to provide your clients and customers with dynamic reports and analytics, helping them to make better informed decisions when buying or selling property. With access to detailed information on over 147 million properties nationwide, RPR provides you with valuable tools and features all in one source, made especially for NAR REALTOR® members.
As a reminder, RPR is:
On November 1, 2012, RPR will become available to all REALTORS® across the country. What REALTORS® will see displayed inside the application varies based upon whether or not their MLS data is integrated with the application. Ann Arbor Area Board of REALTORS® has made sure that all possible data-sets are available to your entire Association membership. In fact, your fully integrated site is available to you now!
Not sure what is included in RPR? Here are some of the features that you already have at your fingertips today:
With more features to be added in the future, RPR will enable to you access complete property information in one location! With the national launch quickly approaching, now is the time to take advantage of this amazing REALTOR® technology benefit.
To register for an account, visit www.narrpr.com. For more information on RPR value and Training classes visit blog.narrpr.com/agent. You can reach the RPR Customer Care Center 24/7 at 877.977.7576.
Source: RPR Industry Relations Team
The AAABoR September 13, 2012 General Membership Meeting was a great success with 170 members attending. The meeting was held at the Sheraton Ann Arbor where response to the venue, time, and agenda where all positive.
The meeting included an informative presentation by Brian Young of Rapattoni about our new MLS scheduled to go live this December. Members were noticeably excited about the improvements over our current MLS.
Two members were elected to the Board of Directors during the meeting. Congratulations go out to Ed Ridha of the Charles Reinhart Company and Doug Selby of Bob White Realty.
Congratulations also to the AAABoR 2012 REALTOR of the Year, Alex Milshteyn of Edward Surovell Realtors, and 2012 Affiliate of the Year Kitty Rose of Liberty Title.
Thanks to our giveaway and table sponsors: Chase Bank, Commission Express of Michigan, DFCU Financial, Don Randazzo Inspection Services, Fletcher Inspections, WIN Home InspectionAnn Arborand Katherine Larson. We are grateful for their support.
View the September 2012 GMM YouTube video.
If you missed the ReTechnology iPad webinar, you can watch it at your convenience at:
Here are links to all the apps that will be discussed for the iPad.
Would you like to impress clients, maintain and organize data, and increase sales? RE Technology is offering a free iPad webinar September 4th, 1:00 p.m. EST.
Marilyn shared basic tips and tricks for being successful with the iPad. She also demonstrated some shortcut commands to help you become more efficient and look like a pro:
Stephen shared some tips from his REALTOR.com app.
Try it yourself! Download the REALTOR.com app at http://itunes.apple.com/us/app/real-estate-search/id336698281?mt=8
Register for RE Technology September 4th iPad webinar at https://attendee.gotowebinar.com/register/1485658256585651968
Local appraisers were recently asked what factors are holding back higher appraised values. The predominant response was regulations - USPAP, FNMA, Freddie Mac, UAD and other Federal laws, i.e. FIRREA, Dodd-Frank, etc.
USPAP (Uniform Standards of Professional Appraisal Practice) can be considered the quality control standards applicable for real estate property appraisal analysis. USPAP requires that appraisers be familiar with and correctly utilize those methods which would be acceptable to other appraisers familiar with the assignment at hand and acceptable to the intended users of the appraisal. Any violation of USPAP is a violation of state law for which an appraisers’ license can be revoked.
The multitude of requirements from mortgage underwriters was cited as another issue. Fannie Mae, Freddie Mac, FHA, VA and RD guidelines (as well as investor overlays) pose another hurdle as underwriters request data or clarification on appraisal issues and values. The high incidence of investors requiring buybacks of loans have made the underwriting process tougher not only on appraised values but have made the entire underwriting process more cumbersome (as we are all well aware).
When completing an appraisal, several different market valuations are used. There is the general market (i.e. the entire area including several miles out (most times) and all properties encompassed in that area), there is neighborhood specific (located within the immediate marketing neighborhood that can range from several miles down to a few blocks and encompasses all properties within that defined area) and finally, property specific neighborhood trends (these are located within the immediate marketing area but are only determined to be “comparable” to the subject). In many instances these trends are conflicting. There may be an overall increase in the general market but a decrease in values for the specific comparable market trend.
Appraised values generally tend to be derived from historic data and appraisers are only able to arrive at market value based upon a set of rules and not “market driven criteria”. The definition of market value has changed from “highest most probable value” to the current “most probable”.
As a REALTOR®, you can be proactive and assist the appraiser by following a few of the simple steps bellow.
By taking these actions, you can improve the appraisal process and help move the sale forward to close!
Thanks to Bill Holmes of Ann Arbor Mortgage and Laurie Buys of The Charles Reinhart Company for contributing their time and insight for this article.
On August 21st the Board e-mailed a completed application and DTE responded via e-mail on August 23rd indicating the requested grant to assist the Board in replacing it’s ‘low efficiency’ lighting has been assigned a project ID and further informed that DTE will be sending out a team to conduct a site inspection as part of their review of the ‘facility’s eligibility’.
I recommend you check the following for more information about how these cost savings could be used to benefit your office.
But hurry, DTE is only accepting applications for this funding through August 31st.
Please feel free to share this information with others.
Douglas R. Swartz, CPA
Director of Finance and Administration
Ann Arbor Area Board of REALTORS®
The busy spring market has continued through the summer, with July sales of all property types up 14 percent, compared to last year. Sales of residential properties are up 6.6 percent over last year with 353 units sold. 98 condos were sold in July, an increase of 46 percent over July 2011. Year-to-date sales of all property types are up almost 7 percent compared to last year, posting 2,535 sales, compared to 2,374 last year.
The average residential sales price is $237,769 for July, an increase of 12 percent over the average sales price of $212,663 in July 2011. The average year-to-date residential sales price is $208,785, an increase of 9.1 percent over last year at this time.
Inventory for all property types declined by 10 percent; from 664 in July 2011 to 596 in July 2012. Lawrence Yun, National Association of Realtors chief economist, noted that inventory nationwide continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets,” he said. “The price improvement also results from fewer distressed homes in the sales mix.”