Great News – Washtenaw County Sheriff’s Deeds Lowest Since 2004.

Posted by Toth Team Worldwide on November 3, 2014

Press Release

According to Lawrence Kestenbaum, Washtenaw County’s Clerk and Register of Deeds, only 25 Sheriff’s Deeds were recorded by Washtenaw County’s Register of Deeds office this October. “October’s year-to-date total, 302 records, is down almost 38% from last year, and is the lowest year-to-date total since October, 2004.”

We are looking at another low total for 2014 and homes are continuing to sell quickly when priced right. The Ann Arbor Area Board of REALTOR’s reports that the total number of residential sales year-to-date through September are the same as last year with Zero change, but the price increase for residential overall sales year-to-date was up 5.57% from $251,106 to $265,092 overall.

The good news just keeps getting better. With interest rates still hovering around the 4% mark, this makes for the perfect time to buy. Fall is a great time to put your home on the market. Click to find out what your home is worth and have the report sent directly to your inbox.

An updated table of the number of Recorded Sheriff’s Deeds showing monthly recordings for January, 2002 through October, 2014 is presented below. To view a larger image of the chart just click the image below.

Contact Us Today for a Free Consultation

Whether you’re just exploring your options or you’re ready to dive in to the Ann Arbor real estate market and start viewing available homes, we’re happy to consult with you to determine your needs and share how we can help. Contact The Toth Team today at (734) 669-0337 or by email on our contact page.

Search for homes at HomeSearchAnnArbor.com

Buying a Home? Understanding the Importance of Working with a Buyer’s Agent

Posted by Toth Team Worldwide on September 30, 2014

Have you decided to buy a home here in Ann Arbor or in one of our other local communities? The home purchase process is an exciting time – and one that can be made both easier and less stressful by working with a professional real estate agent. In today’s blog post we’ll share a few reasons why you may want to consider working with one of our agents when buying your next piece of Ann Arbor real estate.

Buying a Home is a Major Transaction

It likely goes without saying but it’s important to remember that buying a house is a major financial transaction – perhaps the largest one you’ll make in your entire life. As such, it’s vital that you have the support of an experienced home buyer who has worked with dozens of clients in the past. Your agent has seen it all and they can share helpful advice at various points in the buying process. When you’re dealing with a transaction totaling a few hundred thousand dollars, even a small mistake can end up costing you significantly.

An Agent Represents You in the Offer and Negotiation

When you find that perfect dream home you’ll need to table an offer to the seller so that they can either accept or counteroffer you with different terms or pricing. The negotiation period can be very intense, especially if the seller is working with a real estate agent who is helping to guide them along with the goal of extracting a higher bid from you. Your agent can help you understand the terms of the counteroffer, craft a reply and put together a purchase agreement that works for both you and the seller.

Once your offer is accepted, you’ll also need to deal with having the home inspected. If something was to show up on the inspection report, your agent will advise you on whether you want to use this as leverage to adjust your bid or if you should consider walking away and finding another suitable home.

Browse our Ann Arbor Property Listings

Your Agent Takes Care of the Paperwork

If you’re a first-time homebuyer then you are blissfully unaware of the amount of paperwork that is required to complete the average real estate transaction. From the initial offer you make on the home to the inspection, the appraisal, any back-and-forth dealings with the seller, the title transfer, insurance and finally the closing documents, delegating the paperwork to your real estate agent will save you both time and the frustration of dealing with it all.

Contact Us Today for a Free Consultation

New to Our Website? How to Use It to Narrow Down Your Home Search

Posted by Toth Team Worldwide on September 16, 2014

Are you searching for that perfect new home in the Ann Arbor area? Or are you thinking about making an upgrade and are starting the process of selling your current home? Whatever the case, you’ll find that this website can be a powerful tool that will greatly assist you with your real estate needs. Below we’ll share a few ways that you can take advantage of our advanced search technology to make your Ann Arbor home search much easier.

Homebuyers: Save Time by Focusing Your Search

With more than 40,000 active listings in the Ann Arbor real estate market it’s simply not possible to view them all to see which houses or condos suit your family’s needs. Here’s how our website can help with hunting through all of these property listings in order to quickly find that perfect home.

Leverage the Power of Our Advanced Search – It all begins with our advanced search bar, which you can find at the top of every page on our website including this one. You can enter any keyword, location, address, local school or home feature in to this box and our website will return a list of the available homes that match your search.

Keep a Running List of Your Favorite Listings – Browsing through property listings is a bit like window shopping in that you’re unlikely to stop when you find a home that looks suitable. Our website allows you to save a running list of your favorite homes which you can return to later or share with our team so we can schedule viewings of these homes.

View Our Real Estate Guides for Local Ann Arbor Communities

Home Sellers: How Our Website Speeds Up Your Sale

As you’re likely aware, the vast majority of homebuyers will conduct at least some of their home search on websites like ours for the reasons we’ve listed above. Here are a few ways that our team and website can help to ensure that you capture the attention of these potential buyers.

Beautiful Listings Combined with Professional Photos – As the saying goes, you only get one chance to make a first impression and this impression will be made when a buyer first views your listing. Our team will create a beautiful property listing to market your home, complete with professional photos and an incredible amount of detail to ensure that it can be found with any relevant search.

A Custom-tailored Real Estate Marketing Approach – Although creating your listing is enough to attract some buyer attention, with so much competition in the local market a solid real estate marketing plan is a vital component of any home sale. Our team will advise you on how we can best market your listing and capture any interested buyers.

Ready to Get Moving? Contact Our Team

Whether you’re buying or selling, The Toth Team is here to assist you with your Ann Arbor real estate needs. Contact us at your convenience at (734) 669-0337 and let us know how we can best serve you.

How to Bridge the Buying and Selling Gap

Posted by Toth Team Worldwide on August 14, 2014

Are you a homeowner in the Ann Arbor area who is thinking of making an upgrade? If so, one of the questions you’ve likely pondered is what you’re going to do if you current home doesn’t sell before it’s time to move in to your new one. In this post we’ll share a couple of tips on how to shorten the gap between buying a new Ann Arbor home and selling your old one.

Learn More About Buying and Selling in Ann Arbor

Check the Market’s Temperature

The chief mistake made by homeowners that suffer a lengthy buying and selling gap is trying to list and sell their old home during a cooler period in the market. Ann Arbor real estate tends to move a bit faster in the spring and summer months, so if you are looking for an expedient sale you may want to reconsider trying to sell in the winter. You’ll also want to determine what kind of pricing buyers are willing to bite at – click here to browse through our property listings and be sure to check out similar homes in your community.

Line Up Any Necessary Bridge Financing

It’s a good idea to take a look at your financial picture and how it might be impacted by a delay in selling your current home. Are you going to be managing two mortgages – one on your old home and one on your new one? You’ll need to ensure that you can juggle two mortgage payments so that you don’t miss one. One option is to set aside a ‘transition fund’ which you can rely on to cover any financial items that pop up while you’re waiting for your old home to sell. You can also talk to your bank about bridge financing to see if they would be willing to help you cover any financial shortfall that arises during your transition into a new home. Whatever the case, be sure that your financial situation looks good so that you can avoid any undue stress when you’re trying to close your sale.

Use Your Transition Period Wisely

If you have moved into your new home but are still sitting on your old one waiting for it to sell, use this time wisely. Work on your home’s curb appeal by sprucing up the landscaping, throwing on a fresh coat of paint and touching up the windows and door fixtures. If you want to tackle some interior upgrades, look for high-impact renovations like new bathroom fixtures or new appliances and countertops in the kitchen. Putting a bit of elbow grease in to your old home can increase its appeal to buyers, and thus is may sell a bit quicker.

When you sell your Ann Arbor home, you’ll want to work with a real estate team that understands the local market and how to attract buyer interest quickly. Call the sales specialists at Kathy Toth & Team at (734) 669-0337 or reach out with a quick email by clicking here. We’re happy to share how our marketing approach will have your home sold quickly. Thanks for visiting!

How to Buy the Lifestyle

Posted by Toth Team Worldwide on July 21, 2014

When you buy a house or condo it might seem like there are zillions of items to consider, from the size of the lawn to whether or not the carpets will need to be replaced. However, when it comes to your lifestyle the amenities in the community surrounding the home can make a huge difference to how much you enjoy life. Let’s take a quick look at a few factors you’ll need to consider outside of the home in order to ensure you buy the right lifestyle – and not just the right house.

Location, Location, Location

It likely comes as no surprise that one of the most important aspects of any real estate purchase is the location of the property. Whether you’re a single young professional or you’re moving a large family to Ann Arbor, you will have expectations and needs in regards to shops, services and other local community amenities. Take some time to drive around the communities you might be considering and see what’s available. Do you need regular access to some form of medical services? Are they nearby? If you like to work out regularly, are there athletic facilities around? Tick off the various boxes on your mental checklist before you start viewing properties to ensure you’re moving in to the right neighborhood.

Are Children in the Picture?

If you have children – or you’re planning to in the future – you’ll have additional concerns to manage. Being within walking distance to quality schools is incredibly important and can save a lot of time spent driving back and forth each day. If your children are the active type, you might want to determine if there are sports fields and leagues set up nearby. Look around at the other houses in the area – are there children playing? Seeing other kids around is a good indicator that a community is family-friendly.

Think About Your Career Path

If you’re moving in to the Ann Arbor area from elsewhere in Michigan or from out of the state and you’re coming here for work, you’ll want to give some thought to your commute. While life in a smaller community like Saline is certainly more relaxed, if you have to make the 15 mile trip into the city and back twice per day you might end up wishing you lived closer to work. Conversely, if you’re getting close to retirement and are downsizing your home as the children have all moved out, you may decide that it’s time to head into a nearby community like Dexter, which has all of the amenities you will need without the bustle that comes with city life.

When in Doubt: Ask!

If you still have questions about how to buy the lifestyle in Ann Arbor or the surrounding area – no problem! The friendly team of real estate agents here at Keller Williams Ann Arbor Market Center is happy to share our knowledge and to help you find a home that suits your needs without breaking your budget. Give us a call at your convenience at (734) 669-0337 or visit our contact us page to get in touch by email. We look forward to welcoming you to the area.

Match Day FAQs: Why Buy During Residency?

Posted by Toth Team Worldwide on February 25, 2014

Match Day is quickly sneaking up on us and with the anticipation of being “matched” also comes the endless decisions in order to prepare for residency. One such decision is where to live, and in turn whether you should rent or buy during your residency. In the current market buying is a viable option due to dependability of demand in the downtown area among many other reasons. Ann Arbor is often rated as one of the best places to live in the country and as a result, owning property here, especially in the heart of the city, is a fantastic investment. Check out our reasoning below in order to properly consider your option to buy after Match Day on March 21st.

Build Equity Early

If you have the funds for a healthy down payment, then buying should definitely be on your radar. Over the four to five years you spend in residency you can begin to build equity with your investment. Instead of paying monthly rent, your money could be going towards a profitable condo in downtown Ann Arbor. A good tool to use in order to get a basic understanding of the money you would save can be found here.

Rental Income

If you do intend to buy, consider a two bedroom. This way if you want to sublet during potential time away or rent to a roommate this is an excellent way to contribute to a monthly mortgage payment. In most cases your monthly costs are drastically lowered through living with a roommate and this only puts you ahead in terms of building equity towards your property.

Current Market

With interest rates still low and prices only beginning to rise, buying now, whether in med school or not, is a wise decision. Since this is an in-demand area due to the college and popular downtown area, a well-maintained condo or home is a viable option for investment. There is also a tax benefit for mortgage deductions which is another plus to this option. Whether the market is up or down at the end of your time in Ann Arbor, properties appealing to medical students will remain this way since there is a constant demand for housing near the school and hospital.

Constant Demand

The years you spend in residency paying money towards the mortgage will pay off when you can continue to either rent or sell your property at the end of your time in Ann Arbor. When your residency comes to an end or you decide to leave Ann Arbor the demand for property close to the college and hospital will still be in demand. Properties such as one to two bedroom condos in close proximity to the medical facilities in particular are popular.

Since you will be spending the majority of your time in class or at the hospital, making the most of your money is extremely important. Why put a large chunk of money towards a rental every month with no return when you can invest your money? Through buying a property during residency you get a return on the money spent throughout your time in school through re-sale or rental income after the fact. For more information or tips to buying in a short amount of time, contact us for more information.

Check Out Ann Arbor Condo Listings Here!

Closing Cost Basics | Ann Arbor Real Estate

Posted by Toth Team Worldwide on January 23, 2014

Closing costs can sneak up on an unsuspecting home buyer in a hurry. In order to avoid any unexpected obstacles, prepare for the total purchase cost from the beginning through understanding what closing costs are and what they include.

Ann Arbor Real Estate — Photo by Chris Potter

About Closing Costs

Closing costs are typically associated with fees due on, or before, the date a buyer closes on a new home. Real estate agents and brokers, the mortgage lender, insurance companies, and state and local governmental agencies are the most likely sources of these fees. Some items that tend to get lumped in with closing costs are actually paid prior to closing or separate from the closing itself. Examples include title search fees, title insurance, taxes, property insurance and association fees.

Upfront costs can vary widely from market to market. There can be as many as a couple dozen items that need to be handled by a home buyer before signing on the dotted line at closing. They range from the loan origination fee, typically 1 percent of the purchase price, to costs for required inspections, an appraisal, and for recording fees. The title search and title insurance fees protect the lender from secondary and silent liens on the property. In some cases, an escrow deposit to cover the cost of private mortgage insurance and the first few months of property taxes will be required.

Estimated Price of Closing Costs

As a rule, home buyers will pay anywhere from two percent to five percent of the total purchase price in upfront costs. A recent nationwide survey of closing costs showed that Michigan’s were among the lowest in the U. S. The survey used a $200,000 home value as the benchmark. In Michigan, these costs amounted to an average of $2,203, of which $1591 went to the lender, and $611 went to third parties. A buyer seeking to “buy down” the interest rate upfront will add one percentage point of the total purchase price for each discount point purchased. Prepaid fees were also excluded from the survey.

Minimizing Their Impact

It’s not possible to avoid upfront costs entirely, but there are ways to minimize them. If the lender allows for it, a no-closing-cost mortgage is one possibility. The lender will typically charge a higher interest rate or include these costs in the mortgage, but for a cash squeezed buyer already struggling to come up with the down payment, it can be a good option. Finally, closing costs in a traditional transaction are born by the home buyer. But, as always, many aspects of a real estate purchase can be negotiated. Closing costs are no exception. A seller who agrees to pay for closing costs, however, may be less willing to negotiate in other areas.

Do your homework early to avoid last minute surprises. Then, sit down with your Ann Arbor area real estate agent with the confidence you are ready to write the purchase offer that best suits your needs.

What to Consider Before Purchasing a Home

Posted by Toth Team Worldwide on January 22, 2014

We at Kathy Toth & Team are fortunate to have a great working relationship with several trusted lenders in the Ann Arbor area, one of which is Steve Stork. Steve comes to us today to share some knowledge about things that you should consider before purchasing a home.

Purchasing a home is likely to be the largest financial transaction in one’s life. Before beginning the home search, it’s important to first step back and take a look at the big picture. A few questions below can help add perspective to the main question, “Am I ready to own a home?”

How much can I afford to purchase?

It’s important to create a monthly budget to have an idea how much is available to allocate towards your mortgage payment. This will also confirm what remaining cash flow is available to add to savings once all monthly bills are paid. Mortgage calculators are a great way to identify what your monthly housing payment would be, which will also help to identify what price range and area you should be looking in.

Have I saved up enough money?

Lending institutions will review assets up front to confirm you have the required amount to qualify/purchase a home. A required down payment can range between 3.5% to 20%+. The higher the down payment means less risk to the bank, and ultimately better loan terms and interest rates. Beyond the down payment, it’s important to plan for life’s unexpected events, such as a required home repair, injury, or job loss. Having additional savings above and beyond the required amount needed to purchase a home will help to offset unforeseen risks.

Is my credit score high enough to qualify?

The purpose of a credit score is to show ones ability to meet their monthly obligations in a timely matter. The minimum credit score requirement will be determined by the type of loan you’re applying for. The highest possible credit score available is an 850, however any score above 740 is considered excellent, and is eligible for the best interest rate offered. Most individuals in this credit score range are applying for a conventional loan. Many times an individual is just starting to establish their credit or in the process of repairing their score and may not qualify for conventional financing. Because of this, there are government loans, such as FHA and VA. These loans offer lenient financing terms, which in turn help broaden what financing terms can be offered to a home buyer.

How long do I plan to live here?

There is no crystal ball when it comes to life’s plan and ones future. Even so, it is still important to assess if you see yourself in a particular home and area for 5, 7, and even 10 years. Important questions to ask yourself would be – Do I have enough space to start a family here? Do I have any potential of being relocated for work? Is this a neighborhood where I want to raise children? On average, it takes roughly 5 years before one begins to build equity in a home. If you’re uncertain if you can see yourself in a home for at least 5 years, it may be best to rent. Everyone’s situation is different. If you’re still unsure of renting or owning, it may be helpful to reach out to a Specialist on with Kathy Toth and Team, who can help assess your options so that you can make the best decision possible.

Why is it important to work with a Real Estate Expert?

Before beginning the home search, it’s important to sit down with a Real Estate Agent so that you can identify what is most important to you in a home/area. What are some of the, “Must haves” and what would be nice, but not necessarily a requirement. Your Real Estate Expert has access to the multi-list, and can send you a tailored home search criteria based off your expectations and price range. Having a Real Estate Agent represent your interest on a purchase is at no additional costs to you as the buyer. It’s important to work with an expert, such as Kathy Toth and Team, as they have the ability to negotiate the best possible home price for you.

If you’re on the fence about purchasing a home or not sure if you’re quite ready, call an expert with Kathy Toth and Team today for a free consultation.

Click Here to Explore Ann Arbor Homes for Sale

Steve Stork is a Senior Loan Officer with Summit Funding, Inc. He can be reached at [email protected].

How Much Home Can You Afford in Ann Arbor, MI

Posted by Toth Team Worldwide on January 21, 2014

The American dream of home ownership took a hit during the recent housing crisis. Now that the bubble has burst, and the housing market has regained much of its previous shape and form, many Americans are once again attracted to what has always been the intrinsic benefit of home ownership. That is, having a place to call their own. Determining how much home you can afford, however, continues to be the question that most often causes potential home buyers to fret. Here are some things to consider before buying a home in Ann Arbor:

Old Ratios still Apply

The first things you’ll want to take a look at involves a couple of easy calculations. The housing ratio rule says you’ll be qualified to take on a mortgage for a new home if your monthly house payment, including taxes and insurance, does not exceed 28 percent of your pre-tax monthly earnings. Income often does not tell the full story, however. You’ll also want to take your ongoing debt into account. Car loans, student loans, credit card bills and the like can affect your ability to make regular and timely payments on your new mortgage. The rule here is that your debt to loan ratio should not exceed 36 percent of gross monthly income.

Bigger Down Payments Help Ease Mortgage Rates

While you can sometimes qualify with less, a good down payment should be roughly 20 percent of your total loan. Hitting this mark will allow you, in most cases, to avoid having to purchase private mortgage insurance. Besides, lenders love cash up front. If your credit score is below 680, home loans can get very pricey in a hurry. Higher risk for the lender equals higher cost for you. Even if you qualify for a so called “conventional” mortgage, most lenders will charge a “less than perfect” credit borrower more to insure the loan against default.

Think about Tomorrow

Even after having worked your way through the aforementioned calculations, it’s probably time for a little soul searching. Even if a lender qualifies you for a nice mortgage, it’s important to think about your own comfort zone. The old term “house rich but money poor” applies to those who have stretched themselves so far financially to get the house of their dreams that they have significantly hampered their ability to live the lifestyle of their dreams. Only you know how much you can afford to spend on a home. Also don’t forget to do a little future prognosticating. If you plan on getting married, having children, putting existing children through college or even just buying a new car, the last thing you’ll want to be is money poor.

Get Good Help

Depending on where you are in the process, there are any number of good sources of information. A real estate professional with knowledge and experience navigating the vagaries of the market area your exploring can be invaluable, as can a good mortgage loan officer. Don’t be afraid to ask for help. Purchasing a home is, for most, the largest and most significant investment decision they’ll ever make.

House Hunting Tips for Finding the Right Home in Ann Arbor

Posted by Toth Team Worldwide on January 16, 2014

In the hunt for the dream home, it’s easy fall for charming details and staged homes around Ann Arbor, MI. Some of them will even downplay flaws and distract you from what you should be looking at. When looking for a new home, consider these house hunting tips, so you don’t end up kicking yourself in the butt later on:

1. Establish Priorities

Talk with the family to establish the must-have features of your next home. It’s so easy to go off the rails if you see something that charms you, but if the home doesn’t meet the priorities on your list, you may regret the decision in the future. As you search for the home, it’s a good idea to take pictures of the landscaping or window treatments that sway you, and replicate them in the home that you choose at the end of your search.

2. Organize the Information

If you find a home you like, jot down the information. A spreadsheet or table in a word processing program makes it easy for you to organize it and sort it later, based on your priorities. You can even assign values and make financial calculations that will be useful when comparing the benefits of one property versus another.

3. Bring a Tape Measure

Oftentimes, home sellers will place smaller furniture in their home to showcase the “ample amount of space” you can have. However, measure the rooms that are critical for you, so you’ll know if your furniture will fit comfortably. The last thing you want is additional costs for new furniture.

4. Take Pictures and Videos

After a while, all homes seem to blend together, and by photo documenting your tours through homes, you’ll have a good reference to help you differentiate one from another. Be sure to ask the Realtor’s or homeowner’s permission first to lessen any misunderstandings. Plan beforehand how you plan to organize these visual tools, so that you can easily access a specific home later on.

Don’t skip looking in the kitchen and bathroom cabinets throughout the home. Once you move in, storage will be one of the most important issues you face. Wide open spaces in a home are visually appealing, but only if you have enough space to store items you don’t want to see.

5. Take Energy Efficiency into Account

It’s likely that the energy bills for a home are going to be one of your highest ongoing expenses. Inspect the attic for adequate insulation. Ask to see the utility bills for the last year and write down the brand and model numbers for the heating and cooling system if the seller or Realtor doesn’t know their ratings. You can research them online later to find their efficiency rating. The U.S. Department of Energy estimates that heating and cooling consume about half of what you spend annually on your energy bills. Given the cold winters in Ann Arbor, heating costs may rival your house payments.

Buying a Home in Ann Arbor, MI

Although organizing and documenting do add some work to the home buying process, home buyers who follow pre-established guidelines usually have greater satisfaction with the decisions they make.

Category: Buyer Tools

Press Release

Contact Us Today for a Free Consultation

Buying a Home is a Major Transaction

An Agent Represents You in the Offer and Negotiation

Your Agent Takes Care of the Paperwork

Contact Us Today for a Free Consultation