Existing Home Sales Rebound

The Grand Rapids Association of REALTORS® reports that sales of existing homes, including single-family homes, vacation homes, and condominiums, rose to record levels in January of 2008. The Association reported 996 sales in January of 2008 – an 18.9% increase over this same period last year, and its strongest January sales report since 2002.

This comes on the heels of the Association’s report that sales of existing homes in each month of the 4th quarter of 2007 also rose to record levels when compared to 2006.  Jim Fase, President of the Grand Rapids Association of REALTORS®, said that this notable rise in home sales means we will likely see a faster and more meaningful recovery of the local housing industry, which will help to stimulate overall economic activity.

“The average price of an existing single-family home in January was $129,500, a reduction that was anticipated in light of the increased number of sales of homes in January that were at or near foreclosure. Subprime loans and other risky mortgage products have virtually disappeared from the marketplace which means that current sales are more stable and will lead to steadily higher home values later in the year,” he said.

The adjustment in the average price will also enable more first time homebuyers to purchase a home.  The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI)[http://www.nahb.org/news_details.aspx?sectionID=0&newsID=6228] reports that Grand Rapids ranks as 5th most affordable major housing market in the U.S. This is based on a measurement of the percentage of homes sold in the Grand Rapids area that are affordable to families earning this area’s median income.

The Grand Rapids Association of REALTORS® is a regional organization working toward the advancement of the West Michigan real estate community. Its members are also members of the National Association of REALTORS®, America’s largest trade association, representing over one million REALTORS® involved in all aspects of the residential and commercial real estate industries.

 

Reasons to Buy a Home

1.        Quality of Life2.        Tax Deductibility of Mortgage Interest3.        Tax Deductibility of Property Taxes4.        Appreciation Potential5.        Deferred Gain and Capital Gain Treatment6.        Once in a Lifetime Exclusion7.        Principal Accumulation8.        Pride in Your Home9.         No Landlord

10.

Things to NOT do during or leading up to your home purchase

1. Do not close any credit cards.  It is best if you pay them down to 30% of your limit or to $0 but do not close them
2. Do not go over any credit limits on any line of credit or credit cards you have
3. DO NOT reply to ANY credit card companies trying to get you another credit card
4. Do not consolidate any credit debt
5. Do not open any other lines of credit: credit card, car loan, home equity line of credit, etc.

www.DanaSellsGR.com

How is property assessed?

Real property assessments are based on market values and are assessed yearly by the assessor’s department. Assessment notices are mailed to taxpayers of record in January of each year. An important part of assessing property is the appeal process. Real property assessments can be appealed at the March board of review. Personal property assessments originate from a filing of a statement by the taxpayer. If a personal property statement is not furnished the assessor, he/she is authorized to assess such amount of personal property as deemed reasonable and just. The business property owner is required by law to report the value of property owned on a personal property statement form provided by the local assessor. Assessment notices are also mailed to business personal property owners in January of each year. Personal property assessments can also be appealed at the March board of review.

What is the difference between assessed value and taxable value?

Taxable value (TV) is the value used to compute your tax bill and applies to real property only. “TV” is determined yearly as the LESSER of assessed value (market based as determined by assessor) and capped value. Capped value is the prior year’s taxable value, less taxable value of losses, “capped” by an increase of the lesser of 5% or the rate of inflation, plus assessed value of additions. Taxable value becomes uncapped when property is sold or transferred.

Grand Rapids Population Statistics

GRAND RAPIDS STATISTICS

Grand Rapids Population:	197800
Male Population:	96761
Female Population:	101039
Households:	73217
Median Age:	30
Average Household Size:	2.57

Condo in Palmer Hills. Built in 2004. Open House March 2nd, 1-3pm.

Residential Listing

MLS: 707674               $  129,900

Current/Active

	Condominium    Ranch style Bedrooms:    2     Baths:    2 1163 ANGELS TRACE DR SW Wyoming, City of   49509 Kent County Michigan
	School District:  Comp Section: PPN:	Wyoming 46 41-17-35-256-011	Photos

Open House: 3/02/08

From: 1:00 to 3:00

Host:

Legal: LL in LO. 
Directions: Gezon Parkway to Palmer Hills Dr, to Angels Trace, W to home. 

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Year Built: Lot Size: Acreage: ANSI Sq Ft: TFLA Sq Ft: Frontage/Type Zoning:

2004 DNA .0 1,100 / Professional 1,700 0 / Street R-2

Age: Heat: Air: Water: Sewer: Assess. Taxable

4 Gas/Forced air Central air City Water City Sewer 64,100 64,100

Exterior: Garage: Basement: Pool: Fireplace: Rip Rights: Water Body: Wooded:

Vinyl Siding 1 stall/Attached Daylight No No None None No

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Rooms:

1ST: Kitchen, Dining room, Great room, Master bedroom, Master bathroom, Laundry. Basement: Family room, 2 bedrooms, Bathroom, Storage.

Features:

Deck

Appliances:

Dishwasher , Range – Gas , Refrg

Outbuildings:

None

LandScape:

Prof. landscape

Pool:

None

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Condo Name: Assoc. Fees:

PALMER HILLS 150

Building No: Unit No:

0

Entry Type:

Private

Amenities:

Laundry Other

Includes:

Trash Pickup Yard Care Water Sewer Snow Removal Insurance

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Terms: FHA VA Conv Mtg Cash MSHDA     
Possession: AC
Listing Comments: Enjoy maintenance free living in Palmer Hills. This condo offers a spacious open floor plan with beautiful oak cabinetry. With vaulted ceilings, newly finished basement, ample storage – this home is move-in ready. Pottery Barn colors and decor make this condo feel like you are already home! Conveniently located near shopping, recreation, and highways. 12×12 private deck in back has been recently stained. Beautiful!

Gorgeous Home in Watermark – Open House March 9th

Residential Listing

MLS: 705697               $  479,900

Current/Active

	Single family    Ranch style Bedrooms:    5     Baths:    3 1664 WATERMARK DR SE Cascade Twp   49546 Kent County Michigan
	School District:  Comp Section: PPN:	Forest Hills 18 41-19-06-489-003	Photos

Legal: UNIT 3 WATERMARK SITE CONDO 
Directions: CASCADE RD, E OF SPAULDING TO WATERMARK RESIDENCES, S TO HOME. 

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Year Built: Lot Size: Acreage: ANSI Sq Ft: TFLA Sq Ft: Frontage/Type Zoning:

2006 113X219X81X237 .0 2,085 / Measured 3,715 0 / Street REW

Age: Heat: Air: Water: Sewer: Assess. Taxable

2 Gas/Forced air Central air City Water City Sewer 117,000 117,000

Exterior: Garage: Basement: Pool: Fireplace: Rip Rights: Water Body: Wooded:

Wood & Stone 3 or more/Attached Full No Yes None None Yes

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Rooms:

Foyer, Kitchen, Dining area with fireplace, Living room, Master bedroom Suite, 2 Bedroom, Bathroom, LAUN; Down: 2 Bedroom, Bathroom, Kitchen, Family room with fireplace, Storage.

Features:

Deck Sidewalk

Appliances:

Fan-Ceiling , Dishwasher , Range – Electric , Disposal , Range – Gas ,  Refrg

Outbuildings:

None

LandScape:

Shade trees

Pool:

None

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Terms: Conv Mtg Cash        
Possession: AC
Listing Comments: This is a must-see home inside. Loads and loads of custom appointments, from the huge open gourmet kitchen full of Corian countertops and stainless appliances, cathedral ceilings, a sophisticated sitting area off the kitchen with a fireplace, main floor master suite and laundry, striking black cherry hardwood floors, and a lovely wooded view within the prestigious Watermark neighborhood. This home also has a large finished walkout level with two additional bedrooms, family room with fireplace,and a full sized kitchen with slate flooring and hard surface countertops! An enormous deck and covered porch off the back of home also enhances the entertaining and living quality of this home.

Michigan Foreclosure Trends

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Michigan Trends DEC 2007 2007 Total New Foreclosure Fillings 15,996 166,834 Foreclosure Sales 261 9,211 Avg Sales Price $92,670 $92,578 Total Savings 38% 36% Fair 0% – 10% Good 11% – 30% Excellent 31% +

JAN ‘08 +/- DEC ‘07 Number Of Sales 321 312 Median Assessed Value $ 69,205 $ 64,898 Median Sales Price $ 145,216 $ 146,260 Median Square Feet 2,225 1,703 Median Loan Amount $ 119,065 $ 119,065

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Cost Vs. Value – Home Improvements

Remodel Report:  National Average for 2007.  Cost vs. Value

Remodel Project       Job Cost           Resale Value       Cost Recouped

Bathroom                       $15,789               $12,366                     78.3%

Basement                      $59,435                $44,661                     75.1%

Major Kitchen                $55,503                $43,363                     78.1%

Minor Kitchen                $21,185                $17,576                      83.0%

Roof Replacement        $18,042               $12,166                      67.4%

Siding Replacement      $9,910                 $8,245                       83.2%

*Information courtesy of the National Association of Realtors