Ann Arbor named one of the 20 best vacation spots in America

Ann Arbor does it again!  This time, our lovely city has been named one of the 20 best vacation spots in America.  This comes as no surprise as Ann Arbor hosts numerous cultural attractions and events. This Sunday, we celebrate the annual Taste of Ann Arbor, and in just a few weeks we welcome the world famous Ann Arbor Art Fair, which continues to attract more than 500,000 people from across the nation. Another lively outdoor gala is the Ann Arbor Summer Festival which includes a townie favorite; Top of The Park!

Ann Arbor is also home to the University of Michigan, who proudly sponsors performing arts groups and facilities right on campus.  They offer exceptional museums dedicated to art, archeology, science and natural history.  Ann Arbor also features regional and local performing art groups which include The Ann Arbor Symphony Orchestra, The Ann Arbor Civic Theater, The Ann Arbor Ballet Theater, The Ann Arbor Civic Ballet and The Performance Network which is located in Downtown Ann Arbor. The University of Michigan is also recognized nationally for it's successful athletic programs.  Ann Arbor is also home to over 100 wonderful parks which include but are not limited to city of Ann Arbor pools, Fuller Park, Gallup Canoe Livery, Matthaei Botanical Gardens and Nichols Arboretum and much more!  Local residents take advantage of such nationally renowned facilities and attractions that make Ann Arbor such a wonderful place to call home and visit!

Ann Arbor tops other national lists:

1)      Ann Arbor ranks 3rd on Kiplinger’s list of cities with the highest rising home prices

      2)      While housing recovery remains weak, Reuters names Ann Arbor one of eight markets with a grade A in recovery

      3)      Ann Arbor No. 5 happiest city in nation

      4)      Ann Arbor tops Kiplinger’s list of 10 best cities for Singles

      5)      Ann Arbor named one of top 10 metros for rising real estate values

      6)      Ann Arbor No. 8 on list of best places for recent college graduates

      7)      Ann Arbor’s Main Street makes greatest streets in national list

      8)      Ann Arbor the fourth “Most Well-Read” city in America

Taste of Ann Arbor: Participating Restaurant Information

Celebrate Taste of Ann Arbor!

It's that time of the year where local restaurants open their doors and offer patrons a taste of their finest dishes and drinks! Many of these restaurants are in downtown Ann Arbor.  Travel & Leisure Magazine recently ranked Ann Arbor's Main Street among the top 15 in the nation.  Our downtown is considered on of the “most vibrant, distinctive downtowns” in America.  Join Taste of Ann Arbor this Sunday, and find out why.

This annual event features live music and wonderful activities for children.  Tickets for food tastes are available at the event. 

2012 Restaurant participants include:

• Arbor Brewing Company
• Blue Tractor
• Busch’s
• Cafe Habana
• Conor O’Neill’s Traditional Irish Pub
• Gratzi
• Real Seafood Company
• La Dolce Vita
• Carson’s American Bistro
• Sabor Latino
• Miki Japanese Restaurant
• Black Pearl
• Blue Nile
• Cupcake Station
• Shalimar
• The Melting Pot
• Rocky Mountain Chocolate Factory
• More

When: Sunday June 03, 2012 11 a.m. to 5 p.m.
Cost: This is a free event.
Address: Main Street, Ann Arbor between William and Washington     

Home Buyers: The Key to an Efficient Closing

The Key to an Efficient Closing

Preparing for a smooth closing can be a piece of cake, as long as you follow a few suggestions. Every closing is unique, so stay in close contact with your Realtor in order to get the best advice. Here are a few tips to keep in mind before you close on your home.

The Mortgage Commitment: Prior to the closing, you will receive a letter from the lending institution approving your loan and stating the terms of the loan. There will be directions in the letter regarding the commitment fee, if any. Certain lenders ask that you return the signed letter with the fee; others collect the fee at the closing. If you are not given instructions to the return the letter, it’s important that you contact the lender and accept or decline the commitment.

Power of Attorney: If one or both of the purchasers is/are unable to attend the closing, please notify your agent at least ten days before the closing. If there is a “Power of Attorney” document needed it is essential to bring the original document.

Closing Documents: We recommend that you have an attorney review the closing documents. Please provide your attorney’s contact information to your Realtor ten days prior to the closing. Your attorney will receive the closing documents as soon as they are available from your lender and the title insurance company.

Insurance: If you purchase a house, it is necessary for you to bring a homeowner’s insurance policy (fire and hazard) to the closing. The policy must be paid in full for one year. You must bring the policy itself and a paid receipt (most lending institutions do not accept a binder). They contain the names of everyone having an interest in the property. If you purchase a condominium the condo association will provide the master insurance policy. You should check with your lender to determine whether you need further coverage.

Utilities: Prior to closing, contact the appropriate companies to have all utilities transferred to your name as of the date of possession. Do not have them turned off, especially in the winter.

Final Closing Costs: Closing costs are obtained from the title insurance company before closing. Your agents will call you with the figures as soon as they are available and will tell you the amount of money to bring.

Funds to Close: Important! If you are transferring funds from one account to another, you must allow at least ten days for the checks to clear before being able to use those funds. Only cashier’s checks, certified checks and money orders are accepted at closing.

These are the important items to bring to closing:

1) Funds to Close

2) Proof of Insurance

3) Checkbook (just in case)

4) Driver’s License/I.D.

Purchasing a home is one of the largest investments that you will ever make. Be sure to prepare for the closing far in advance so that you can enjoy this exciting transaction!

For over two decades, Edward Surovell Realtors has excelled in meeting and exceeding customer expectations. Satisfied returning customers and referrals have made us one of the largest real estate companies in southeast Michigan. Founded in 1982, Surovell quickly became a leader in Ann Arbor Real Estate. Since then, we’ve expanded and now have offices in Adrian, Ann Arbor, Carleton, Chelsea, Jackson, Manchester, Manitou Beach, Monroe, Northville and Tecumseh. We've worked hard at building a reputation for fairness, sound business ethics and first-rate service for buyers and sellers. If you are thinking of buying or selling, give us a call. We have 175 agents waiting to serve you.

Mortgage Rate Update

30yr fxd – 3.750%  APR – 3.802%

20yr fxd – 3.500%  APR  - 3.592%

15yr fxd – 3.000%  APR – 3.090%

10yr fxd – 2.875%  APR – 2.902%

30 yr fxd FHA – 3.750%  APR – 3.889%

Rates are based on a mortgage of $200,000, 80% LTV, no points and a credit score of 740 or higher.

 

Charles E. Chapell
Vice President Mortgage
United Bank and Trust
2723 South State Street, Suite 210
Ann Arbor, MI 48104
Office: 734-214-2728
Email: cchapell@ubat.com

Top 5 Reasons Many Experts Say NOW is the Best Time to Buy

5 signs that it is a favorable time to buy a home in Ann Arbor, Michigan

1) Interest Rates: 30 year fixed-rate averages remain BELOW 4 percent. With historically low interest rates, it’s a prime time to take advantage of this buyers market, while it lasts! Making a purchase now, instead of next year when we may see interest rates climb, may literally save you tens of thousands of dollars over the life of your 30 year fixed-rate loan.

2) Multiple Offers: If you are currently working with a Realtor, then you know first hand how competitive the seller's market has become.  With inventory dropping, more and more homes are receiving multiple offers.  This is a sign that the real estate market is beginning to shift within Ann Arbor.  Last month, we made national headlines as Ann Arbor ranks as one of the top cities with rising real estate values in the nation! Rising real estate values are a result of more and more buyers hitting the market.  Don't miss out on this opportunity!
3) Ann Arbor shows great promise for growth and property appreciation: In late 2011, Realtor.com named Ann Arbor in its list of “Top Turnaround Towns.” According to Realtor.com “With prices up and inventory down, the No. 10-ranked Ann Arbor fills the last spot on the turnaround report. According to Realtor.com’s October data, median list prices increased more than 8 percent year-over-year, while total inventory is down almost 25 percent. Home sale prices are also steadily increasing, and rose 4.4 percent for the year. The supply of homes is now considered balanced, with a months’ supply at 6.8 percent, a decrease of 11 percent.”

4) Home Affordability: If you are currently shopping for a home, then you are the envy of many of your home-owning friends. You have probably heard this many times “I wish I was purchasing a home right now, do you know how much I paid for my house in 2004?” According to well known consumer economist Clark Howard “Home prices are very low, creating a unique opportunity for people in a position to buy a home. The affordability index for homes is at its best level in the 41 year history of the home affordability index. That means that home buyers are getting more house for their money, and better interest rates.”

5) Cost of buying is less than renting: In many areas of Ann Arbor, the cost to buy a home is less than renting a comparable property.  Why are you throwing your money away?  Build equity and take advantage of historically low interest rates, while they last.  Decorate, renovate and look forward to tax benefits exclusive to homeowners.

What are you waiting for?  Edward Surovell Realtors has 175 Realtors ready to serve you!

Searching for homes in the Greater Ann Arbor Area? There's a phone app for that!

Are you looking for a new home? Would you like more information on homes that have sold in your neighborhood? There’s an app for that! By utilizing any smartphone, the Edward Surovell Realtors app allows you to get detailed information on the available homes within the areas of your search.


Just text SUR to 87778.














Utilizing the latest GPS technologies you have 24/7 access to:


· Up-to-date feeds from local real estate boards
· Interactive maps
· Photos and complete property descriptions
· Rental information
· Recent sales


You may also scan this QR code to download the best Real Estate App in the Greater Ann Arbor Area!

Tips for Sellers + Virtual Market Analysis

If you're thinking of selling, you can find out what comparable homes are listing for in your neighborhood. Get a real-time snapshot of buyer activity within your zip code.

CLICK HERE for your instant Market Analysis

 Download the FREE Surovell Real Estate App to learn more about local sales.



Tips for Sellers: Preparing Your Home for Sale



EXTERIOR

Front Entrance: The first impression starts at your front door. Clean or paint, fix broken glass or clean glass, make sure the locks work easily and the exterior is well lighted. Put a new welcome mat at the front door. Consider some seasonal potted plants for the front porch.

Lawn: Remove clutter, edge walks, trim hedges and weed gardens. Make sure lawn is mowed. If you have vacated the home, make arrangements to have the lawn maintained. In the winter, it is essential that the sidewalk, driveway, and porch are free of ice and snow.

Gutters & Spouts: The majority of basement problems are caused by the inadequate extension of downspouts and poor grading. Make sure downspouts are extended and gutters are clean.
Windows: Wash your windows! They make your home sparkle. Replace any missing storms or screens.

Garage: Garage doors should work without effort. Remove debris and organize.

INTERIOR

Foyer: The entryway should be welcoming. A floor mat helps keep your home clean and makes the prospect feel that you are concerned about your home. Don't expect the buyers to imagine how the house would look "if only" Do it!

Clean and Spacious: The general cleanliness of your home reflects its overall maintenance. This is important! Remove clutter. Clean, vacuum and dust. Clean carpets. Place fresh throw rugs over worn carpet near thresholds. Ask your agent if your furniture arrangement is optimum for showing. The feeling of spaciousness is crucial. Remove unneeded items to make the room look bigger. You may even need to put some items in storage off premises.

Personal Property: Store any items that you intend to remove (or if they're essential to your daily living, clearly mark as "not included in sale"). Remember, a Purchaser will not include any items in a sales agreement that he or she hasn't seen. However, please consider the fact that items you exclude (curtains, appliances, etc.) may not be appropriate or necessary in your new home. The offer price may reflect the omission of these items.

Firearms: For safety and to create a friendly atmosphere, lock and store all firearms out of sight.
Closets: Over-crowded or poorly arranged closets imply a lack of adequate storage space. This applies to front hall closets and bedroom closets.

Halls and Stairways: Clear away clutter for an open appearance.

Kitchen: Remove all clutter from workspaces, including unnecessary appliances and decoration. Stove should be cleaned, as well as sink, refrigerator, and dishwasher. Empty garbage. Remove clutter. Clear items such as artwork and lists off front of refrigerator. Kitchen cabinets should be organized to emphasize adequate storage. Consider replacing outdated kitchen faucets.

Baths: Your bathroom should be spotless. Clean tub and tile. Re-grout or caulk if necessary. Remove rust stains. Clean sinks and toilets. Repair leaking faucets and toilets.

Hardware: Repair loose doorknobs, sticking drawers, warped cabinet doors. Oil hinges.

Lighting: Replace light bulbs and faulty switches. Remove unnecessary extension cords.

Shower/Tub: Replacing old shower curtains with new ones is an inexpensive way to give the bath a "new home" smell.

Basement: Clean exterior of furnace unit. Remove cobwebs, replace light bulbs, and organize storage. Make furnace, water heater, and electric box accessible. Use a dehumidifier to remove musty odors.

Odors: Purchasers are especially sensitive to odors. You may not even be aware of them. Pet odors are the most common and problematic. Make sure litter boxes are clean, carpets are clean, and the home is well ventilated. It may be necessary to replace carpeting if odors persist. Other odors that are sometimes objectionable are smoking odors, cooking odors (highly seasoned food), and must or mildew. Please discuss these problems with your agent.

Your agent will have other suggestions specific to your home. Be sure to take full advantage of the knowledge and experience your Edward Surovell Realtor offers to present your home in the best possible light.

Mortgage Rate Update

30yr fxd – 3.875%  APR – 3.902%

20yr fxd – 3.625%  APR  - 3.692%

15yr fxd – 3.125%  APR – 3.190%

10yr fxd – 3.000%  APR – 3.040%

30 yr fxd FHA – 3.750%  APR – 3.889%

Rates are based on a mortgage of $200,000, 80% LTV, no points and a credit score of 740 or higher.

Charles E. Chapell
Vice President Mortgage
United Bank and Trust
2723 South State Street, Suite 210
Ann Arbor, MI 48104
Office: 734-214-2728
Email: cchapell@ubat.com

What is PRE and Why is it Important to YOU?

Are you a homeowner?

Are you thinking of or trying to become a homeowner?

Did you purchase a bank-owned home or other vacant home that was listed as 0% Homestead?

Are you trying to qualify to purchase a vacant home that is otherwise a great deal, but the property tax rate is pricing you out of qualifying for a mortgage?

Then I’ve got good news for you!

The Homestead Act has evolved over the years, but it was always intended to benefit the homeowner by allowing them to pay their taxes at a lower level. This encourages home ownership. The investor who owns a home for the purposes of renting it out and making money, and other vacant properties (such as foreclosures) are considered non-PRE and are taxed at a higher rate. This most recent evolution to the Homestead Act, called PRE Enhancement Legislation, was signed into law on May 1, 2012 by Governor Snyder. It came about as the result of the multitude vacant homes that have flooded the market and exist as foreclosures, or rental properties that an owner is now trying to sell.

This wonderful new law provides homeowners an opportunity to claim Principal Residence Exemption (PRE) two times a year – Prior to June 1st and prior to November 1st of each year; and the new law takes effect immediately – it even moves this year’s current May 1, 2012 deadline to June 1, 2012.

Why is this important to you? Money! Money, money, money, money, money! Properties that are taxed at the non-PRE rate pay an extra 18 mills in taxes. If you are trying to qualify for a mortgage, this extra tax cost can prevent you from qualifying to purchase an otherwise well-priced home.
Prior to this new legislation, you had only one opportunity per year to change your PRE status –May 1st. Now you have an opportunity to reclaim your PRE (and lower tax rate) twice a year. So, if you purchase between June 1 and November 1, you can now reclaim your PRE without having to wait until the following May 1st.

AND, for foreclosures, banks now have the option of maintaining the homes PRE status by filing a Conditional Recession. This means that you –the buyer – will be able to qualify for financing on these foreclosed properties at the PRE rate (even though they are vacant) and begin paying at the lower rate of taxation as soon as you move into the home.

Good news! Good for you! Good for the State! Good for the economy!