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Tag Archives: Washtenaw County

The Bouma Group Welcomes Stephen Hollowell to their Real Estate Team!

Stephen Hollowell, Buyer's Agent for The Bouma Group RealtorsWelcome Stephen Hollowell!

Stephen grew up in the Ann Arbor Area, attending Burns Park, Lincoln, St. Francis, and Greenhills schools. He graduated from Eastern Michigan University in 2005 with a BA in Journalism, and went on to pursue careers in hospitality, writing, and sales. New to real estate, Stephen is excited to work with the skilled and experienced team at the Bouma Group. He brings a keen eye for detail, passion for customer service, and commitment to excellence in helping clients find the home of their dreams. In addition to working hard, Stephen enjoys the great outdoors, biking, swimming, cooking, reading, music, art, and travel.

Martin Bouma and The Bouma Group have been servicing the real estate needs of Washtenaw County for more than 32 years and bring a unique, personal touch to each transaction. Thorough market knowledge, exceptional follow-through, and cutting edge marketing are the hallmarks of the Bouma Group’s continued success and have consistently made them the #1 real estate team in Ann Arbor. To find out more about home and condo buying opportunities in Washtenaw County, contact The Bouma Group at 734-761-3060 or visit their website at www.bouma.com

Understanding Property Taxes in Washtenaw County

Property Tax CalculationUnderstanding Property Taxes

“In this world nothing can be said to be certain, except death and taxes.” Even back in 1789, Benjamin Franklin understood that taxes are here to stay. Before purchasing a property, educate yourself on how property taxes are assessed your area, how they might change after your purchase, and how you or your bank might be paying them. Here are a few tips for buyers in Washtenaw County:

  1. Property taxes are based on the taxable value of the property and the current millage rate for the area, all of which is public information. You can find taxable values for properties in Washtenaw County here, and 2016 millage rates for the state of Michigan here. The state of Michigan also has an online calculator for property taxes.
  2. Keep in mind that both taxable values and millage rates are subject to change, but taxable value increases are limited to the percent change in the inflation rate or 5%, whichever is less.
  3. The exception to this rule is during the year after you purchase a property. For properties sold during the past year, the cap is removed and the current year’s taxable value becomes the State Equalized Value (SEV) of the property. The SEV is based on 50% of a property’s market value.
  4. In Washtenaw County, Summer tax statements are sent by July 1 and are due on September 14. Winter tax statements are sent by December 1 and due on February 14. Penalties apply for late payments. On March 1 of each year, any past due tax balances are sent to the County as delinquent.
  5. Be sure to look for any special assessments that may apply to the property you are considering for purchase, and include who will be responsible for them in the sales contract. Will the current seller pay them off, or will the buyer be responsible for payments going forward? One example of this is the 10-year Scio Road Assessment that was implemented in 2013 and is payable in $85 installments each year.
  6. If you own and occupy a property (it’s your principal residence), you may qualify for a principal residence (homestead) exemption from a portion of local education taxes. Check with your city or township for additional information.
  7. If you obtain a mortgage to purchase a property, your bank will likely collect your property taxes from you in your monthly PITI payment (principal, interest, taxes, and insurance). You will pay 1/12 of your annual property tax due each month. The taxes and insurance will be held in an escrow account, and then the bank will pay your property taxes when they come due.

If you are thinking about buying a home and need help navigating property taxes in our area, call Ann Arbor’s Real Estate Specialists at The Bouma Group at 734-761-3060. You can also email us at info@bouma.com. Start your new home search here!

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Saline Real Estate Market Update – July 2013

Saline Real Estate Market Needs Inventory!

Saline Real Estate Statistics for July 2013

With Saline Real Estate sales at a steady average of 339 homes sold in the past 12 months, and inventory starting to decline – the market needs inventory! As with the entire Washtenaw County market, there are plenty of qualified buyers out there and a lack of homes for sale. Homes in the under $200k price range continue to be in a seller’s market, with the $200k-$300k market balanced.

Although the hot summer market is starting to wind down, it is still a great time to get your Saline home listed for sale! Buyer sales have not slowed down for the past year and homes in great condition are selling quickly. If you’re considering listing your home, contact us for a free market analysis – it may be worth a lot more than you think! To find out more about real estate values in Saline, give The Bouma Group a call today at 734-761-3060 or info@bouma.com.

Existing Home Sales Show Significant Gains Year-Over-Year

National homes for saleThe National Association of Realtors recently released some data that is sure to be encouraging for anyone thinking about selling a home.

Evidently, existing home sales increased for the second month in a row in May to a level that is significantly higher than last year.

What’s more, median home sales prices saw double-digit year-over-year increases.

All of this suggests that the national housing market is indeed rebounding.

Overview of the Recent Report from the National Association of Realtors

Here are some more highlights from the recent report:

  • Sales of existing homes (which include single-family, town homes, condos and co-ops) increased 4.2 percent to a seasonally adjusted rate of 5.18 million.
  • In April, that figure was 4.97 million.
  • What’s more, sales of existing homes were 12.9 percent higher than the 4.59 million-unit pace that the nation saw in May 2012.
  • Sales of existing homes have reached their highest levels since November 2009.
  • In November 2009,  a lot of buyers were taking advantage of the tax stimulus program. Thus, the market jumped to 5.44 million
  • Existing home sales have shown year-over-year increases for the last 23 months.
  • Meanwhile, the national median price has seen year-over-year increases for the last 15 months.
  • The total housing inventory at the end of May jumped 3.3 percent to 2.22 million existing homes for sale, which represents a 5.1-month supply.
  • A year ago, the total supply of existing homes for sale was 6.5 months.
  • In May, the median home sales price for existing homes was $208,000, up 15.4 percent from May 2012.
  • For the last six months, the median existing home price has seen double-digit increases.
  • Meanwhile, the total number of distressed homes hasn’t changed since April, representing about 18 percent of May sales.
  •  Still, that’s the lowest supply of distressed homes on the market since October 2008.

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Diuble Meadows, Ann Arbor Real Estate Report

Ann Arbor & Saline Real Estate Update – February 2012Diuble Meadows Subdivision, Ann Arbor & Saline Real Estate

Diuble Meadows is a lovely country subdivision with Saline schools and an Ann Arbor mailing address. Homes were constructed in the past decade and feature many upgrades and a peaceful setting. There is currently 1 home listed for sale and in the past 12 months, 2 homes have sold.

Home Listed for Sale:

  • $344,900. 2250 square feet with 4 bedrooms and 2.1 baths. New Construction

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Turnberry Subdivision, Ann Arbor Real Estate Report

Ann Arbor Real Estate Update – December 2011Turnberry Subdivision, Ann Arbor MI Neighborhood

Turnberry Subdivision, Ann Arbor is a popular neighborhood located on the south east side of town. The community features a park, walking trails, and is within walking distance of all modern conveniences. There is currently 1 home listed for sale, 2 for rent, and so far this year 7 homes have sold and 5 have been rented.

Home Listed:

  • $169,900. 1953 square feet with 4 bedrooms and 2.1 baths. Foreclosure

Homes for Rent:

  • $1800/month. 1953 sq. ft. +400 in finished lower level, 4 bedrooms and 2.2 baths.
  • $2000/month. 2000 square feet with 4 bedrooms and 2.1 baths.

Sold Homes:

  • $117,575. 1463 square feet with 3 bedrooms and 1.1 baths. Foreclosure
  • $134,000. 1232 sq. ft. +150 in finished lower level, 2 bedrooms and 2.1 baths. Foreclosure
  • $139,900. 1923 square feet with 4 bedrooms and 2.1 baths. Foreclosure
  • $145,000. 1953 square feet with 4 bedrooms and 2.1 baths. Foreclosure
  • $148,000. 1953 sq. ft. +400 in the finished lower level, 4 bedrooms and 2.2 baths.
  • $165,000. 1923 sq. ft. +740 in the finished lower level, 5 bedrooms and 2.1 baths. Listed by The Bouma Group

Last year at Turnberry subdivision, 7 homes sold with an average sale price of $172,357 and average price per square foot of $98.52. Turnberry was hit hard by foreclosures this year, which all sold for under $150k, and that really brought down the ASP. To find out more about home prices and rentals at Turnberry, or the nearby Ann Arbor neighborhoods: Forestbrooke, Darlington, or Woods of Ann Arbor, contact the Ann Arbor Real Estate specialists at The Bouma Group at 734-761-3060 or info@bouma.com. To view instant listing and sold data, along with photos, by-laws and amenities, visit the Ann Arbor Subdivision Hotline – Washtenaw County’s #1 source for information!

 

Brentwood Square Condos, Ann Arbor Market Update

Market Update April 2011Brentwood Square Condos Ann Arbor MI 48104

Brentwood Square Condos have a great Ann Arbor location, just off of Washtenaw Avenue and within walking distance of shops, restaurants, grocery stores, and more. There are currently 7 units listed for sale with 2 under contract. 1 condo is for rent and 3 have sold so far this year.

Condos for Sale:

  • $139,900. 926 square feet with 2 bedrooms and 1.1 baths. This is a foreclosure.
  • $144,900. 1016 square feet with 2 bedrooms and 1.1 baths.
  • $164,500. 1018 square feet with 2 bedrooms and 1.1 baths.
  • $165,000. 1402 square feet with 2 bedrooms and 1.1 baths.
  • $175,000. 1523 square feet with 2 bedrooms and 2 baths.

Condo for Rent:

  • $1650/mo. 1563 square feet with 2 bedrooms and 2 full baths.

Sold Condos:

  • $150,000. 1563 sf with 2 bedrooms and 2 baths.
  • $163,000. 1563 sf with 2 bedrooms and 2 baths.
  • $163,500. 1563 sf with 2 bedrooms and 2 baths.

Last year at Brentwood Square, 6 condos sold with an average sale price of $163,475 and average price per square foot of $123.09. To find out more about Brentwood Square, or any Ann Arbor Condominium complex, contact us today at info@bouma.com or 734-761-3060. The spring market is here and condo inventory is down from last year making this the perfect time to sell! For instant information on active and sold condo listings, visit the Ann Arbor Condo Hotline – Washtenaw County’s #1 resource for info.

Ann Arbor – A Great Place to Shoot a Movie

Filmed in Ann ArborAnn Arbor Film & Movie Industry

Ann Arbor has quickly become one of Hollywood’s favorite movie locations. This past weekend, the star studded Scream 4 opened across the country. Much of the film was shot right here in Ann Arbor and there were star sightings all over town. In 2008, a 40-42% tax credit was created and began drawing filmmakers to Michigan, specifically Ann Arbor, and continues to bring in revenue and give many local businesses an economic boost. There are currently 43 applications for films to be shot in Michigan, with many choosing Ann Arbor as a backdrop.

Just approved and set in Ann Arbor are 2 feature films, Awol and Five Year Engagement. Awol is the story of a real life soldier during the Vietnam era, the cast has not yet been revealed. Five Year Engagement stars Emily Blunt and Jason Segal and had a few scenes shot in February, with more scheduled for June.

Movies filmed in Ann Arbor and opening soon:

  • Meet Monica Velour – Starring Kim Cattrell and Dustin Ingram.
  • Ides of March – Directed by and starring George Clooney.

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Chelsea Antique Mall is a New, Thriving Venture

Chelsea, located in Washtenaw County, offers Ann Arbor residents a location with small town charm and easy commuting to all of southeast Michigan’s major areas. Chelsea is home to the Daimler Chrysler Proving Ground and Chelsea Milling Company’s “Jiffy Mix.” The latest addition to the area’s unique business offerings is the Chelsea Antique Mall, home to 27 antique and collectible vendors, located at 1178 S. Main Street.

Owners Ed and Kathy Greenleaf purchased the space in the Chelsea Lanes building, which had stood vacant for two years, and opened 3,000 square feet at the front of the building to vendors. When that space quickly filled, Greenleaf expanded to the back of the building, hosting 10 more booths. This has created a total of 4,100 square feet of vendor space with booth sizes ranging from 5 by 8 feet to 9 by 12 feet.  Continue reading

Ann Arbor Street Art Fair – The Original – Coming July 21-24

Official poster for 2010 Street Art FairWith a theme of “51 Years of Originality in 2010,”  the 51st Annual Ann Arbor Street Art Fair will take our city by storm from Wednesday, July 21 through Saturday, July 24. Established in 1960, “The Original Fair” was created “to increase public knowledge and appreciation for contemporary fine arts and crafts by creating opportunities that connect artists and the Ann Arbor community to their mutual benefit.”
 
The Festival is set on North University Avenue and on the University of Michigan’s Central Campus, amidst elegant Ann Arbor architecture and beautifully landscaped pedestrian walkways. If you’re lucky enough to live near the university campus, you’ll be within walking distance of the fun, which promotes art and puts the spotlight on the city!