Kathy Toth & Team Home Sales Report

Posted by Toth Team Worldwide on October 21, 2013

The Ann Arbor Area Board of REALTORS has published the Multiple Listing Service (MLS) Sales Report for September 2013. The market continues to gain strength. This is an excellent time for Sellers to consider placing their homes on the market. Click Here to view the MLS Sales Report as a larger image. We also have pre-approved buyers ready to purchase!

The Toth Team has enjoyed moving 120 families so far this year. Here is what some of our Raving Fans had to say about the Toth Team. Video Testimonials. Do you need to know how much your home is worth? Let us help you out by having your Home Valuation Report emailed directly to your inbox. And have you really wanted to know exactly what to do to sell your home? Read the FREE Definitive Guide to Selling Your Home.

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Kathy Toth and Team are Washtenaw County, Michigan real estate experts who will guide home buyers and sellers through the entire real estate process. Our extensive knowledge of Washtenaw County areas, combined with decades of expertise in the local real estate market is extremely valuable to helping you achieve your goals. For quality service and personal attention during your real estate transaction, contact Kathy Toth and Team for all your home buying and selling needs.

We want to be your real estate agents!

Kathy Toth and Team

Your Ann Arbor Real Estate Experts

Keller Williams Realty

Myths & Facts About Ann Arbor Home Appraisals

Posted by Toth Team Worldwide on October 21, 2013

When it comes to selling your home in the Ann Arbor area, you’ll be faced with tons of paperwork, home inspections, and a home appraisal. Often you won’t fully understand the process, which is why the home appraisal is one of the most hotly disputed parts of the process. Homeowners can feel that the bank or lender is trying to help the buyer rather than them — since their home is being judged on quality and value. To help separate fact from fiction, here are some common home appraisal myths debunked:

Myth 1: The Appraisal is Designed to Help the Buyer

One myth is that the main purpose of an appraisal is to ensure the buyer does not pay more for the house than what it is worth. In fact, the appraisal is meant to protect the lender. Lenders do not want to own an overvalued house any more than they want to give money for one. They want the best value like all other consumers.

Myth 2: Appraisers Use Formulas to Decide Home Values

Another myth is that appraisers use specific formulas like price per square foot to determine property value. In actuality,appraisers take several factors into consideration to judge a property. These factors include the property’s size, lot area, and the proximity of desirable community facilities such as good schools.

Myth 3: Clean Homes Get Better Appraisals

Realtors who want to sell might put in a lot of time “staging” the property. Staging means putting up new curtains, ensuring the house is swept and dusted, and using furniture to enhance the appearance of the property. The fact is, this does little to improve the appraisal of the house. Appraisers are trained to look for structural details, such as paint cracks, secure sink and lighting fixtures, and the condition of floor boards or carpeting.

Myth 4: Anyone with a Clipboard and Business Cards can be an Appraiser

If you think anyone can be an appraiser, consider this. Each state has minimum requirements to become a property appraiser. In Ann Arbor, each appraiser must pass an exam and pay a licensing fee in order to become an appraiser. Some trainees have to complete 2,000 hours of supervised experience before they can be their own appraiser.

The Home Appraisal & Selling Your Home

If you’d like more information about the home appraisal or selling process in Ann Arbor, contact us or read our free home seller’s eBook:

Eric Reou Joins Kathy Toth Team of Keller Williams Realty

Posted by Toth Team Worldwide on October 18, 2013

Kathy Toth and Team REALTORS® welcome Eric Reou to the Ann Arbor Area Real Estate Experts team as our Client Care Manager, Listing Coordinator. “Eric’s customer service skills make him a great addition to our team,” Toth said. Eric previously held a position with Goldstar Mortgage, and this knowledge will be very beneficial as well.

Toth is confident that her team will continue to provide outstanding service to Ann Arbor area home buyers and home sellers.

Kathy Toth & Team REALTORS® have several open positions for those considering a career in Real Estate or a career move to Keller Williams Realty. Details are continually updated at http://www.KathyToth.com/job_opportunities

Kathy Toth and Team have been serving Washtenaw County real estate including Dexter, Ann Arbor, Chelsea and Saline clients for over 24 years. They are among the top one percent of REALTORS® nationally and have been featured twice on House Hunters HGTV. Kathy works directly with listing and buyer representative partners towards exceeding her client’s expectations while meeting their real estate purchase or sale objectives.

Kathy is an Associate Broker, Accredited Seller Representative, Certified Distressed Property Expert, and Certified Commercial Investment Member Candidate.

Kathy Toth and Team

Your Ann Arbor Real Estate Experts

Keller Williams Realty

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Guide to Short Sales in Ann Arbor

Posted by Toth Team Worldwide on October 18, 2013

Definition and Process

The term “short sale” in real estate, is defined as a house which is up for sale, but at a lower price than the amount remaining on the mortgage. Short sale homeowner’s are usually in a financial strait situation, such as a major illness, job loss, or a divorce. Short sale homeowners, now must sell their homes, for far less than their mortgage amounts. A short sale is the better option than filing or going into foreclosure. Owners continue to own a house that is being sold as a short sale, unlike a foreclosure, where the lender or the bank becomes the owner.

Short Sales in Ann Arbor

Yes, a short sale is a negative for a homeowner’s credit, because it can appear on your Michigan credit report, as a pre-foreclosure transaction. If there is an advantage to a short sale vs. a foreclosure, it is that the homeowner is still in control of a sale and not a lender, but the sale proceeds go to the bank or lender. The laws in Ann Arbor, Michigan, supports the homeowner’s short sale process. The state of Michigan also encourages lenders and banks to work with indebted homeowner’s rather than go into foreclosure, which is not good for the real estate market in Ann Arbor.

Short Sale Support

The average Ann Arbor short sale closing time frame, is between 60 and 120 days, especially, when homeowners sign up for the federal Home Affordable Foreclosure Alternatives (“HAFA”) program. Under the HAFA program, short sale homeowners receive immediate feedback from bank lenders, even before they place their home on the market. When seller’s apply for a short sale, it is up to an Ann Arbor lender to approve their borrowers application. The Michigan HAFA rules, encourage lenders to free borrowers from repaying the monetary difference between the short sales price and the remaining loan amount, with no financial judgments against them.

Short Sale Closing

A benefit of the Ann Arbor HAFA program is in the closing transactions, where short sale homeowner’s can possibly receive $3,000 in moving assistance, because seller’s can not remain in the house. An Ann Arbor real estate short sale closings, includes the buyer, the seller, and the seller’s bank or lender representative. At the closing, the difference between a short sale and a standard realty closing, is that a lender pays the seller’s closing costs and not necessarily the buyer’s. However, short sale buyers can negotiate for some partial payment of their closing costs.

Want to Sell Your Home? Clear the Clutter

Posted by Toth Team Worldwide on October 16, 2013

One of the greatest challenges to getting a home sold quickly and for top dollar is clutter. Many homeowners don’t realize the impact clutter has on a home sale and in buyers’ minds. From a single first impression, the clutter stacked around your home could drive away buyers and leave your home sitting on the market. In order to get the best offers, here are some tips to help you get rid of the clutter and sell for top value:

Ann Arbor Cluttered Home — by Nicole Lanteri, On My Agenda LLC

Clean Out the Clutter

When a person is looking at houses they want to be able to see how their belongings will look in the new house and that can be a bit difficult if there is not a single space clear anywhere. Even a little bit of clutter can make home buyers lose interest in your home, so it is best to eliminate anything that you do not absolutely need before showing your home.

Depending on the season, since it does snow quite a bit in Ann Arbor, you may have shovels and salt on the front porch. these should be moved when showing your home to show exactly how much room is on your porch. It is very important to do a once over of the walkways before you put them away so that there is no ice for anyone to slip on. Even if you normally keep your coats and boots near the front door, they should be put away when showing you home because with them there, the first thing someone sees in your house is clutter.

Don’t Over Decorate

While it can be a great idea to place decorations around your home, more than a few vases of flowers and a few pictures would be over doing it. Tons of pictures on the wall and a vase of flowers everywhere possible may look great to you, but it may seem like you are trying just a little too hard to prospective buyers. And if it does not fit their taste there is a chance that they may not like it. It is best to let the house speak for itself.

Don’t Forget About the Garage

The inside of your home may be perfect, but do not forget that most prospective home buyers will want to see the inside of your garage to see how much room is in there. Many people just cram everything into the garage and don’t really worry about it. If you have too much stuff in there and you have nowhere else to store it, it may be a good idea to get a storage unit.

De-Cluttering Your Ann Arbor Home & Selling

If you follow these tips for de-cluttering your home you should have no problem getting your home to stand out from the massive amount of homes on the market. This will hopefully get your home sold quick for the price that you want. To learn more information about selling your home in the Ann Arbor area, contact us or read our free home seller’s eBook:

How to Set a Listing Price for Your Ann Arbor Home

Posted by Toth Team Worldwide on October 14, 2013

Setting the right listing price for your home is essential as this predominantly dictates how fast you can sell the house. House prices that are set too high may repel prospects and may induce a rather lengthy waiting period. This could lead to gradual devaluation of your house as average market prices fluctuate. On the other hand, setting it too low will not allow you to maximize the potential value for your property. This is something to consider especially for those nearing retirement or is already retired and looking to pool in all their savings.

Understand the Buyer’s Perspective

Look at it from the other side of the coin. Put your shoes in the situation of the potential buyers that come to view the property. Will you be pleased with what you see? Will you be convinced to pay that much money for it? If you have doubts on it or feel a hint of difficulty in putting a final price on the house, there’s a good chance that you are overvaluing the property and not really looking at it in the most sensible way possible. If you can’t even convince yourself to buy the property you are selling, how will you convince others to shell out loads of money for it?

Get a Home Valuation

Hire an appraiser. Home appraisers are often hired by the seller to determine the most accurate price possible. Home appraisers have extensive knowledge in the real estate market. They know current market conditions, average prices for different housing types, and so forth. They are usually inexpensive and the information you get from them is more than enough to compensate for this additional expenditure.

Talking to your real estate agent would also help, since they can provide you with a comparative market analysis (CMA). These documents provide an in-depth analysis for what other properties have sold for and the potential of what you could sell for. Real estate agents are also great experts at pricing homes competitively to get the most value and offers available.

Do the Necessary Legwork

Do your own research. You cannot blame anyone if you sell your property too cheap hence it becomes practical to do the research yourself. Look online for prices of houses that are similar to yours. This will give you a clear view of what price range to begin with. Another option you might have to get the listing price you want for your home is to add incentive. You can negotiate the contract between you and the buyer, or you can add in the furniture (so the buyers don’t need to get new ones).

Set the Price & Sell Your Ann Arbor Home

Determine how much time you have to sell the house. In some cases, patience is important to secure the best prices. If you immediately require the money, you may not have the time to wait for the best offers. To learn more information about selling your home in the Ann Arbor area, contact us or read our free home seller’s eBook:

Halloween Decoration Ideas for Your Ann Arbor Home

Posted by Toth Team Worldwide on October 11, 2013

Decorating for Halloween can involve the entire family. To begin, select a large orange pumpkin together for the front door area. Carving a spooky face and adding lights inside will set the mood. Now comes the fun part — how to create a one of a kind Halloween experience for the little trick or treaters that will ring your doorbell. Ask each family member what they like best and incorporate their ideas into the decorations.

Ann Arbor Halloween Home — by Between Naps on the Porch

Halloween Decoration Ideas for Your Home

There are the typical plastic spiders to hang up dangling from fake cobwebs and the stuffed black cats placed in windows. But you can also try unusual things this Halloween. Some people have displays of Autumn items such as a scarecrow or pumpkin patch in the yard. A friend decided to pretend to be the scare crow and as the children walked up he moved slightly. It took a few minutes for them to realize that the stuffed scare crow was moving and they would get the candy and run screaming down the steps.

There are eerie sounds like creaking doors and spooky noises to greet the children as they ring the doorbell. Or you might add chuckling or boo sounds to the pumpkin by the door. It will amuse children when the pumpkin talks.

Also, add some of the deep purple lights on windows or front gates. Not only do they look beautiful but they cast a glow on the pumpkins by the door. Or you can decorate with strings of miniature lighted pumpkins. These light the entryway of your house without being to bright.

Halloween Party Ideas

If it’s a Halloween party you are throwing add dry ice to the table in a “witch’s cauldron.” The overflowing mist will provide atmosphere to the night. Sometimes, in Ann Arbor it can be cold even as early as Halloween. So when you use decorations outside its best to not use cardboard cut outs as they won’t hold up. Instead, think of plastic or natural fibers such as ghosts made of weather resistant cotton. A display of ghosts can be created in the front yard to attract trick or treaters.

Plan ahead so that you have the time to make a Halloween night to remember. You can use different sizes of pumpkins each with a scary or cute face to decorate outside. When the pumpkins are lighted their glow will be welcoming to passers by.

Halloween Home Decorations — by FOCAL POINT STYLING

Halloween in Ann Arbor

Halloween in Ann Arbor can be magical. Its a wonderful close knit community 35 miles west of Detroit. Near the Huron river it has dense forests and hills. The University of Michigan is located here as well as the Nichols Arboretum.

When holidays arrive its great when everyone gets into the decorating. Driving down the city streets look at the shops to get some new ideas. Work with your neighbors to make a whole block a Halloween spook adventure. Creating a spook house is another idea you might consider. With black cats and candy corn it is sure to be a hit.

Need a Home Perfect for Decorating? Explore Ann Arbor Real Estate

The Ann Arbor Home Buying Process: Part 3

Posted by Toth Team Worldwide on September 21, 2013

In our Home Buying series, we have looked at the process from the beginning. In part 1, we showed you how a good real estate agent is invaluable to the home buying process. In part 2, we looked at making offers on homes you like and how to negotiate the price. In this edition, we’ll be looking at setting up escrow and dealing with home inspections. As a part of the closing phases in the home buying process, you’ll learn how to successfully close a deal and know what to expect once you buy a home in the Ann Arbor area.

Ann Arbor MI Real Estate — by Whitten Architects

Step Seven: Escrow

Once the buyer and seller have signed the purchase contract, counter-offers, and addendum, it is time to “open escrow.” The title company that will handle the escrow account should be noted in the contract. That company will provide a receipt for earnest money received. It will also do a title search to establish that the seller can legally sell the particular real estate involved.

The title company will also get payoff information on any existing liens. Calculations will be made on prorated taxes, association fees, interest, and insurance policies.

After all instructions from both the seller and the buyer have been complied with, the company will prepare a closing statement. It will complete any and all legal documents required to legally convey the property to the buyer. Escrow “closes” when the county recorder provides notification that the deed has been been changed to reflect the name of the new owner of the property.

Step Eight: Home Inspections

A set period of time time is established after the purchase contract has been agreed upon and signed for the buyer to conduct a professional home inspection. A buyer should almost always exercise their right to conduct a thorough inspection. If the buyer chooses to forego the inspection, the Ann Arbor property is purchased “as is,” and any pre-existing problems that become apparent after the sale become the buyers problem.

Per the contract, the seller provides the buyer with 1) A Clue Report, and 2) the Sellers Property Disclosure Statement. The latter states what the seller knows about the property and any defects that it may have. This disclosure statement helps the home inspector to get started with his/her inspection.

Professional inspections often last about 2-5 hours. The buyer should always try to be present for at least the first half-hour or so. This gives the inspector an opportunity to personally explain what is found. Not every issue is a major one. In general, the inspector can educate the buyer about the property, citing future maintenance needs, etc. Since the inspection is being paid for anyhow, it is incumbent upon the buyer to get the most value out of the inspection that is possible.

An inspector wants to avoid liability issues himself, so he’ll typically note every little issue that is discovered. A discussion at the end of the inspection, in person or by phone, will allow the inspector to further explain his/her findings.

There are an exhaustive number of hidden defects that a home inspector looks for. Sometimes the unexpected does occur. Perhaps a basement foundation problem is noted. In many cases, the seller will end up paying for the repair to keep the sale moving forward.

It is vital for the buyer to complete any inspections by the final day of the “inspection period.” A form, the Buyer’s Inspection Notice and Seller’s Response (BINSR), attesting to the satisfactory completion of the inspection, is signed by the buyer and delivered to the seller’s agent by the deadline. If it is late, the buyer’s right to request that repairs be made by the seller is lost. At that point, you basically can take the property “as is,” or risk losing the earnest money. The BINSR is strictly used for inspection issues. It cannot be used as a tool to change anything else in the original signed contract.

Once the inspection is completed and any inspection issues are resolved, the sale of the property can conclude per step seven noted above.

Buying a Home in Ann Arbor, MI

Now that you have read and learned about the home buying process in Ann Arbor, it’s time to find a home! If you still have questions about the buying process, contact us or start exploring our available home listings:

See All Ann Arbor Homes for Sale

The Ann Arbor Home Buying Process: Part 2

Posted by Toth Team Worldwide on September 17, 2013

In this edition of our Home Buying series, we’re going to examine what happens after you find a home on the market. There are specific steps to making an offer, negotiating a deal, and capitalizing on some costs when it comes to purchasing a home in Ann Arbor, MI. If you want to make sure you get the home you’ve fallen in love with, consider these points:

Step Four: Identify A Property

Today, the internet can greatly help your search for an Ann Arbor property, especially if you don’t have a very specific idea of where you wish to live. A good online search can prove invaluable as you look at crime statistics by ZIP Code, check out the quality of the schools in the area, and check out what a particular neighborhood looks like. In many instances online information might also include 1) whether there is a homeowners association fee, 2) what the property taxes might be, and 3) information about the area’s schools.

It is important in the home buying process to not go to an Ann Arbor open house or to even see a new home builder without your real estate agent. Without your agent, whoever shows you property may end up as your agent for that piece of real estate. Again, if you’re not careful, you could end up with an agent that is actually representing the best interests of the seller and not yours.

It’s recommended that you narrow your search down to five or six properties before you attend the first showing. One reason for this is that many buyers quickly discover that they need to adjust their needs and/or wants after viewing a few homes.

Home buyers relocating from some distance away should understand that a good real estate agent is oftentimes a busy one. Always set up appointments in advance so you don’t drive a great distance only to find that your agent is booked up for the week.

Talk to an Ann Arbor Agent Today!

Step Five: Writing & Negotiating An Offer

Here is where the skills of a good real estate agent are very valuable. Always remember that in negotiating a purchase almost everything is negotiable. A purchase contract establishes the terms and conditions of the sale of residential real estate. Although there is a lot of what is called “boilerplate” language in such agreements, many of the contract terms can be modified by either the buyer or the seller. There are addendums that may be required. For instance, if a property is being sold “as is”, or if it is a short sale, or if there is a homeowners association.

If you’re not paying cash for the property then a loan status report (LSR) should be submitted along with the offer to purchase. It is imperative that you show the seller that you not only want to buy their property, but that you are in fact able to do so. An LSR is essentially a pre-qualification statement from your lender. It does not fully guarantee that the loan can be obtained, but it does demonstrate that you are a legitimate buyer. The LSR will typically note 1) the terms of the loan, 2) the amount of down payment, and 3) the qualification amount.

Step Six: Deciding on the Price

A common question arises, “How long does this whole process take?” If you are getting a loan for a standard purchase (not a short sale), you should typically figure on 30 to 45 days. If you’re paying cash, it can be done in about 21 days. Remember, a short sale purchase will usually take a fair bit longer.

When it comes to determining the price to offer for a property, it’s vital that the buyer establish that amount, and not the agent. Now, the realtor can be very helpful in providing comparable market analysis (CMA) for that neighborhood to help you with a decision. Properties in the neighborhood that have been sold in recent months often provide a good indicator of the current market value of the property.

Upgrades don’t always add to the value, but both the condition of the property and upgrades can affect the current market value. Once you know the current market value of the property, you can determine whether the seller’s asking price is realistic. Ultimately, realistic expectations from both the buyer and the seller are usually key to concluding a sale.

Additional steps in the home buying process will be discussed in part three of this series.

The Ann Arbor Home Buying Process: Part 1

Posted by Toth Team Worldwide on September 9, 2013

The most expensive purchase that most of us will ever make in our lives is a home purchase. It is imperative to make the right choices when coming to a purchase decision. Taking the steps outlined below will save you money, time, and future problems as you look at homes in the Ann Arbor area. Questions often arise about the home buying process, so we’re breaking it down step by step in this 3-part series. Whether you’re new to home buying or not, you’re sure to learn something you didn’t previously know.

Step One: Talk With A Lender

Even the most experienced home buyer will often skip over this step. However, it is important to know exactly how much home you can afford, and whether in fact you can obtain a loan at ideal interest rates. Most people know that lenders tightened their lending criteria enormously after the recession in 2008. Lending standards have now loosened a bit, but it still can be very daunting to step into a still-demanding lending environment. Therefore, speak with reputable lenders ahead of time to avoid disappointment later.

Step Two: Evaluate Needs & Wants

The second step in the process is to establish and to separate your “needs” from your “wants.” For example, the location of an Ann Arbor property may be key in determining whether it is within acceptable commuting distance to your work. However, do you really need a den or would it simply be nice to have? Is the pool a “must-have” for the family, or would you simply like to have one? Separating out wants and needs ahead of time can be crucial. It can have a decisive effect on which homes are seriously considered.

Click Here to Explore Ann Arbor Real Estate

Step Three: Choose An Agent Right Away

This third step in the home buying process is an important one. Choose a real estate professional before you start looking at homes. Do this, and the rest of the process can be much easier.

As you begin your search, it is important to realize that, just as in other professions, not all agents are the same. It’s not even close. The amount of experience and expertise that an agent brings to the home buying process can vary by a wide margin. Too often, somebody uses their next-door neighbor or a friend of their cousin just because they know of that person.

It is important again to evaluate the capabilities of different agents ahead of time. If you drive by a home and you call the agent who is listed on the sign by yourself, you may end up obligated to work with that agent. Although there is a concept called “dual agency,” where that agent can represent both the seller and the prospective buyer, is very difficult for that agent to remain fair and impartial with both parties.

Another mistake that first-time home buyers often make is looking at different homes with different agents. It is important to realize that, once you view a home with a certain agent, that agent is legally considered to be working with you on that particular property. If you find that “perfect home,” but you don’t care for that agent as much, the process can become more difficult and stressful.

Avoid these various conundrums by simply selecting a realtor ahead of time.

Check out our blog for parts two and three of this series, as we’ll examine additional key steps in the home buying process.

Tag: Ann Arbor Real Estate