Protecting Yourself When Homeownership Doesn't Come with "Love and Marriage" - 04/27/10 10:10 PM
Love and marriage, love and marriage, goes together like horse and carriage... you can't have one, you can't have none, you can't have one  without the other... Frank Sinatra
So went a popular song of the 50's, sung by Frank Sinatra.  Not even Frankie always followed through at the time, but in 2010, young people starting out their lives certainly do not always follow the order of love, marriage, family, buy a home.  Some have the baby or buy the home long before the legalities, while singles, single parents, siblings or multiple generations with a family, life partners, and roommates pursue … (3 comments)

Chill Out: Will Michigan Appliance Rebates Attract Buyers? - 04/23/10 10:58 AM
Throughout the days of the home buyer tax credit, set to expire on April 30, the question has been: Will cash back encourage a person to buy a home?  Cynics have countered:  People would have bought anyway.
The same questions are now being asked about the latest round of rebates, this time on appliances like refrigerators, clothes washers, dishwashers, and water heaters.  Michigan‘s share of the program, $9.5 million, went into effect on February 10.  As of April 17th, only 25% of the funds have been reserved on household appliances and only 1% on approved furnaces and water heaters.  Will the … (2 comments)

Bye, Bye Credit - 04/20/10 08:44 PM
With a little over a week left for Ann Arbor buyers to qualify for the Home Buyer Tax Credit, some may think "What's the rush?  It will probably be extended!"   Consumers might like that, but by all indications, the credit will not be renewed.  This time around, two of the biggest forces in pushing for the original extension, the National Association of Realtors (NAR) and the National Association of Home Builders(NAHB) are not pushing for it, as they feel market forces are taking over. 
The federal tax credit was never meant to last forever, but the timing of the end of … (5 comments)

A Little Internet Wisdom on Derivative Markets - 04/17/10 09:08 PM
In view of the recent Goldman-Sachs allegations andother Wall Street shenanigans, I thought you might enjoy this post that has been making the rounds of internet blogs and emails for the past couple years.
How Deriviatives Work An Easily Understandable Explanation of Derivative Markets Heidi is the proprietor of a bar in Detroit. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar. To solve this problem, she comes up with new marketing plan that allows her customers to drink now, but pay later. She keeps track of the drinks … (0 comments)

Time's a' tickin', Chicken Licken! - 04/17/10 03:07 PM


 
In the children's story, Chicken Licken was hit on the head with an acorn one day when he was eating his lunch. He assumed that the sky was falling and persuaded his friends to join him in going off to report the impending disaster to the king. He made the unfortunate mistake of crying "The sky is falling" to the wily Foxy Loxy who diverted the frightened animals into his den and had them for lunch.
There are people right now in Ann Arbor and all across America who are swept up in the Chicken LIcken mode.  Tantalized … (9 comments)

Moving In? Think of Your Exit Strategy - 04/15/10 08:46 AM

When you first move into your new Ann Arbor home, moving out may be the farthest thing from your mind. Strange as this sounds, you should always have an exit strategy in mind even before you commit to buy. When you are moving in, think ahead to when you will be moving out.
If you are buying your first house, you are probably buying an acceptable home that does not have all the amenities of your dream house. If you are middle aged, you may be transferred after you've been there a couple years or decide that your kids need … (4 comments)

Make Your Ann Arbor Condo a "Button Pusher" - 04/09/10 04:47 PM
In many markets, condos are harder to sell than single family homes.  Sad but true, for those of us who consider condo sales a major part of our business and who love to promote their advantages - and sad for you if you have one in Ann Arbor that isn't moving as quickly as you'd like. 
An interesting article quoting analyst Steve Hovany in a recent issue of the Chicago Tribune offered new hope to those selling homes, particularly condos.  He went on to say that the demands of this group could save housing now and for years to come, but … (0 comments)

Facing Foreclosure? Don't Abandon That Home! - 04/05/10 11:13 PM
Over Easter weekend, over 1,000  University of Michigan  students participated in Detroit Partnership Day and helped demolish hundreds of abandoned homes in the area, as well as cleaned parks and painted murals ion 20 sites in northwest and southwest Detroit.. 
The problem of abandoned homes is an interesting dimension of the housing crisis in Detroit, as well as in Ann Arbor and around the country.  With so many homes being foreclosed upon, the "orphaned" properties that remain have created difficult legal disputes as to who should care for the properties while the foreclosure process occurs. In many cases, the homeowners abandon … (5 comments)