Team366.com has launched in Ann Arbor, Michigan and Beyond

Welcome to my blog, well my team blog.

I’m Eric Pointer, President & CEO of Team366, a highly focused group of tech savvy Realtors, located in Ann Arbor, Michigan serving Ann Arbor, Saline, Milan, Dexter, Chelsea, Manchester, Grass Lake,Whitmore Lake, Pinckney, Brighton, Plymouth, Canton, Novi, Northville, and Western Wayne and Livingston Counties.

We are “servant Realtors”–professional Realtors who do what highly charged client- and community-focused folks do, serve.

“But that’s not all, there’s more!” is our motto!  It’s rooted in the belief that there’s always more one can do to improve oneself and systems.

We are Hightech, Hightouch and Community minded and Kaizen is our middle name.  

Team366.com  is a newly formed Realtor team affiliated with Real Estate One, Michigan’s largest real estate brokerage and Team366 members are totally committed to providing the best real estate services available and this drive and passion is rooted in four purpose driven statements.

• We are Hightech ~ Fully  integrated using the best real estate tools available;
• We are Hightouch ~ Fully commitment to individualized personal service;
• We are Top Producers ~ Fully engaged in the business of real estate, no multiple listing lottery strategy allowed, period;
• We are Community Minded ~ We participate in and contribute to organizations such as:
  • KIVA - that focuses on micro-lending for developing world entrepreneurs;
  • Step into Africa, an interactive experience coming to Ann Arbor this September;

Team366:  High Tech

A few tools that Team366 is using to get homes sold are readily available, yet difficult to integrate and require huge capital investments.  While others are generic plug and play tools that can be personalized with minimal technical knowledge.

One cool tool is  which is one of the most innovative ways we’ve found to expose our clients’ property to as many people online as possible.

Additionally, we use  for our virtual tours.  Obeo is the Cadillac of virtual tours and a great way for buyers to experience a home and for sellers’ properties to be exposed. 

Still another is for video walkthroughs.  

has been a tremendous way for us to reach thousands in the area instantaneously.  Then there is blogging and eblasting, drip campaigns, traditional networking, etc.  But that’s not all, there’s more!

Interconnectivity and extraordinarily easy-to-use platforms exist and Team366 is totally committed to using all available tools to find homes for buyers and sell homes for sellers efficiently and effectively…Fast but without the fury.  

 

Technorati tags: Michigan Real Estate, Team366, Seller Insights, Buyer Insights, Seller Tools, Buyer Tools, Resources, Marketing, Ann Arbor, Chelsea, Dexter, Saline, Ypsilanti

How to Buy or Sell In Today’s Market: A Primer

Let’s face it, this market is a home buyer’s paradise.  High levels of inventory and near historic lows on mortgage rates are causing buyers to “fall off the fence.” Maybe not in record numbers, but buyers do exist in this market.  Big House Data’s recent monthly release points out there are roughly 16% active buyers in this market than last year.  This loss of buyers in the market and the inflated amount of inventory only exacerbates the perception that nothing is selling in this market.  The flip side to that 16% loss of buyers is that there are still 84% of the numbers of buyers in this market compared to last year.  So, yes, Virginia, homes are still selling!

This article from MSNBC.com points out that across the country, new home construction is in decline, yet the Midwest is up about 15.5%.  I would be shocked to learn that Michigan registered in the positive for new home construction, but it is encouraging to see that our region of the country is putting more “sticks in the air.”

With that mixed news, here are a few pointers on buying and selling in today’s market.  Of course, we’re a little biased on whom you should work with, especially in the Ann Arbor market.

Buyers steps to purchasing a home in this market:

1. Call Team366 for a quick assessment of your housing needs;
2. Get pre-approved;
3. Review list of properties provided by Team366;
4. Schedule showings;
5. Buy that special home for you!

Seller’s steps to selling a home in this market:

1. Call Team366 for a Highest Price Analysis of your property;
2. Review our Direct Path Professional Marketing System;
3. Sit back and let our Market System cause your home to be sold;
4. Close on your home!

 

Technorati tags: Michigan Real Estate, Buyer Insight, Seller Insight, Ann Arbor, Team366, Marketing

OOOO…Neat Tool From Trulia

Here at the Team366 Blog, we are kind of hung up on numbers and stats.  While they don’t provide a fool proof way to prognosticate on the future, stats certainly do give us a very clear picture of what happened.

Trulia recently threw out a nifty tool on their site called hindsight.  And while hindsight is usually 20/20, this tool is only as good as the public records information that Trulia can get their hands on.  Here’s the link to the hindsight timelapse of “Urban Decline in Detroit.”

When will they get the Ann Arbor area’s housing datab ase up and running?  It will be intriguing to see the pattern of growth around the universities and the manufaturing plants outside of Ypsilanti. 

This kind of “mashup” of data and web 2.0 visualization, while seemingly mundane, could give city planners an insight into the growth patterns of their cities.  Match the growth with the major events in the region and a pattern could begin to present itself.

Neato stuff, regardless.

Technorati tags: Michigan Real Estate, Team366, Trulia, Hindsight, web 2.0, housing data

May 2007 Housing Stats

What appears to be a regular feature on this blog, is the monthly rolling out of Big House Data’s housing stats.  Well, let June be no exception!

From the BHD Executive Summary:

The mantra in this market is: price moves homes.  Location, price and condition are the traditional three keys to selling real estate.  Sellers have ultimate control over two of the three.  When condition and price converge in the mind of the buyer, the property sells.  And the stats show that compared to last year’s market, 84% of the buyers are still there. [emphasis added by editor]

84%?  That means that the number of closings this year, compared to last, are down 16%!  Phew.  And that’s just from the first five months of 2006 compared to the first five months of 2007.

For the folks looking for some graphs:

Average List Price

 

 

 

 

 

 

 

 

The average list price for a home in Washtenaw County in May 2007 was $207,559.  For the year-to-date, the average list price is down nearly 5% to $223,657, compared to the same five months in 2006.

 

Average Sale Price

 

 

 

 

 

 

 

 

With an average sales price of $212,623, May 2007 saw the year-to-date average sales price drop to $210,730.  That represents a 7.19% drop in the sales price, compared to the same five months last year.

Average List Price v Average Sales Price

 

 

 

 

 

 

 

 

This chart is done purely to show how the list price and sales prices are moving from month to month.  What is interesting about this chart is the ‘inversion’ of the list price and the sale price for the month of May.  Watch for sales prices to continue to drop.

Technorati tags: Michigan Real Estate, Big House Data, Housing Market, Market statistics, Washtenaw County, Ann Arbor

Sunday Open Houses: 2-4 pm

This Sunday, come on by and visit with myself and Jim Tillman, as we hold a couple of beautiful homes open.

First up is Jim’s open house at 2453 Bunker Hill.  From the description:

This home is lovely in every way. Cared for meticulously for over 30 years by the same family, this 3 bedroom, 2.5 bath beauty is one you’ll write home about: Walking distance to Thurston Elementary and Clague Middle School on picturesque Bunker Hill; backs to woods, has a sunroom where you’ll wish you could spend your entire day; completely remodeled kitchen with perennial gardens galore, new roof & windows and a whole lot more.

After you visit Jim, come around the corner and visit yours truly at 2731 Aurora.  From the description:

Beautiful Northeast Ann Arbor ranch home located nearly all the cool stuff: Walk the library, Thurston Elementary, Clague Middle school and both AATA and UM’s bus stops. Hardwood floors, 3 bedrooms, 2 baths, a full finished basement that’ll make your jaw drop. Lovely covered patio overlooking beautifully landscaped yard with perennials galore and  private access to Bromley Park. Southern exposure adds lots of light and saves on heating in winter.

In fact, we would like to see you so much so, that I have provided a Google Map to help you find us!

Open Houses Presented by: 

 

April Ann Arbor Area Housing Statistics

Big House Data pulls through again!  April 2007 Ann Arbor area housing statistics are available.  Before discussing the stats, if you would like a full copy of the stats package, please drop me an email at todd-at-toddwaller-dot-com. 

average list price 

 

 

 

 

 

 

 

 

The overall average list price was $235,573, down nearly 2% compared to April 2006.  Year to date, the list price is down nearly 3% compared to the first four months of 2006.

average sales price

 

 

 

 

 

 

 

 

 

April saw an average sales price of $210,732, down over 7% from April 2006.  County wide, the average sales price, year to date, is down 6.5%, compared to the same four months in 2006.

Average List Price v Average Sales Price

 

 

 

 

 

 

 

 

 

Last month’s dip in average list and sales price saw the trend line gap close.  This month, the gap appears to be on the way to increasing again.

From the Big House Data executive summary:

Housing is on everyone’s mind these days. How much is the market going to fall before it stabilizes? How much less did my neighbor get than they thought they should get? Why is it taking so long to sell homes? What caused this current market?
While Big House Data does its best to describe what happened, there are times we wish we could pull out the crystal ball and see when the market will turn. With that in mind, there is a silver lining in April’s numbers; the rate of listings across the county has slowed down to right around 2% greater than the same time last year. Yes, it is a slim, silver lining, but it is something to keep watching. If the rate of listing begins to drop below last year’s listing pace, we could be staring at the bottom of the market. That’s not to say that the market will begin to climb again, but rather that it ceases to fall and will likely move sideways for a time until inventory comes off the market.

Anyone want to buy some property?

Technorati tags: Michigan Real Estate, Big House Data, Ann Arbor, Washtenaw County, Market Statistics

Flippers, Foreclosures and Subprime. Oh My!

Sunday’s Ann Arbor news spotlights the coming boom in foreclosures to Washtenaw County.  It was thought that Ann Arbor and the surrounding environs was a relative island amongst the pain in the housing market in SE Michigan.  However, every island, no matter how beautiful and idyllic will see some storms and this appears to be ours.

The first article in Sunday’s paper is about prospective speculators/investors snapping up properties at the courthouse steps.  If you are considering going after foreclosed properties as an investment, the article does not do enough to stress enough the need for detailed due diligence on any property that you are considering.  Truly, the purchases at the courthouse are “Buyer Beware.” 

The flip side to “Buyer Beware” on courthouse steps purchases is that those purchases are the ones that will maximize your return on investment.  When and if you find the property, and your due diligence has produced a solid return and number for purchase, when you dispose (sell) the property your returns will have been maximized much more greatly than if you had waited for the property to be listed by an agent as a foreclosure.

The other interesting anecdote popping up more frequently is hearing that the banks are purposefully under-bidding some of their defaulted properties so that they don’t buy the property back!  From the bank’s perspective, this is a great ploy.  As much as they want the balance of the loan back, they know this RE market is soggy for sellers and that if they pick up the property, they might be holding on to it for 9-18 months.  Sneaky buggers……

In the second article of the Ann Arbor New’s coverage of foreclosures in Washtenaw County, they give an account of a fix and flip gone bad.  Having successfully completed a couple of fix and flips in stronger markets, a retiree takes another swing at completing a flip.  He purchases the home in foreclosure at $60,000, leverages himself into some money to finish the property off “right,” puts the house on the market and is now stuck with the home and facing foreclosure on it.  Judge for yourself, here are the profile sheets of the property in foreclosure that he purchased and the property as it currently is on the market.

With investors leveraging themselves to finish properties and flip, many of those leverage tools were likely high-interest, no to low money down mortgages.  Well, I explained earlier this month how I had an “Aha!” moment with regards to subprime mortgages and Wall Street.

Certainly not a “good news” story to read on a Sunday morning over your coffee.  However, this is a good reminder to be wise about any RE investing that you might endeavor upon.  The first step in a solid real estate investment plan are easily definable goals or returns on your investments.  Second, make sure you can afford the monthly debt service and assorted costs for the current market for those defined goals. 

For inventory levels throughout Washtenaw County, please check out my quarterly inventory reports.  For a longer discussion on real estate investing, call Todd at 734.302.8852 or email me at todd-at-toddwaller[dot]com.

Technorati tags: Michigan Real Estate, Investing, Foreclosures, Subprime Mortgages, Inventory Reports, Ann Arbor, Washtenaw County, Michigan

March Housing Stats for Washtenaw County

Well, this could be an interesting year for real estate in Washtenaw County.  What initially looked like a split personality in the market, finally resolved itself in March.  The first quarter of 2007 is behind us and it is safe to say that the market is getting tougher on sellers.

Average List Price

 

Average Sales Price

 I don’t think much needs to be said about these two charts in conjunction with each other.  From the Big House Data Executive Summary:

The split personality has also resolved itself in the average list prices and sales prices. While list prices jumped in February, March realized a nearly 14.5% decrease in average list price and a nearly 11.5% decrease in average purchase price.

Across the market in Washtenaw County, the word is out.  Price fishing will not work.  Price the property aggressively up front and it will not sit long on the market.   Anecdotally, Big House Data has heard of homes being on the market only a few days, have multiple showings and multiple offers.  The common thread in these properties is that they were priced below their nearest competition, and not just a few thousand.  In some cases, seventy-five thousand below the nearest competing home!

As first debuted last month, I have a custom chart being generated by Big House Data that showsw the monthly gap between the Average Sales Price and the Average List Price.  Here it is again, and after one month, I kinda like this chart!

Average List Price v Average Sales Price

While initially hard to discern, the moving trend line for average list price has dropped more quickly than the average sales price in Washtenaw County for the month of March. 

Why the excitement?  Look back to the 2005 data and you will see that the average trend lines were tracking closer together than now.  With the trend lines working towards each other, we can see that stability is creeping into the market.  Right?

For a complete copy of the March 2007 statistics, please drop me a note at todd-at-toddwaller[dot]com.

Technorati tags: Michigan Real Estate, Big House Data, Market Statistics, Housing Market

Subprime Mortgages. An Aha! Moment.

A sad, yet interesting phenomenon has been happening with greater frequency in the realm of real estate.  That’s the talk of and acceptance of short sales as a way to sell a home.

Short sales, in the “Cliff Notes” version, are the way for sellers to negotiate directly with a bank or note holder the difference in sales price and amount owed on the loan. In other words, a short sale is when a seller realizes that they cannot continue to make payments, cannot get out of the house what they owe in the current market, yet negotiate with the holder of their mortgage note to “forgive” the difference between the loan balance and the sale price of the property.  It is the final option, in many cases, prior to outright foreclosure.

Many of the foreclosures that Michigan is seeing is a result of a higher unemployment rate, coupled with a high number of subprime mortgages.  A subprime mortgage is a loan that has a higher interest rate attached to it due to the buyer’s risk level.  For example, the buyer might have had bad credit scores, didn’t have a huge down payment, or any down payment.  Those subprime notes, once executed, were then sold on the secondary market.  This means that the bank that initiated the loan recognized that they could sell that 8.5% note on the secondary market to some entity that wants an 8.5% return on their investment.

Oftentimes, banks will bundle batches of these notes for sale to the secondary market.  Some the purchasers of these notes have been Real Estate Investment Trusts (REITs), who purchase these notes by way of Wall Street and the bond market.  Those markets have some pretty stringent terms that dictate what level of performance they expect to see out of their investment.

The recent intractability of the note holders to consider short sales is likely a direct result of the bundling and sales process that happens on Wall Street.  No longer is the performance of the note directly tied to a bank, rather it is under the scrutiny of bond holders in the form of REITs and other investors.

Credit given to Paul Starner, coach and mentor, for his ability to stare at an issue and think it over a few different ways.  His recent chat enlightened his students and got the tired synapses firing again!

Let’s Make Something Happen!

The market is heating up!

When it comes to the local market, the media  is simply wrong and one-sided.  The truth of the matter is that Spring has sprung and buyers and sellers are at it again!  Homes are selling–sellers are upsizing, downsizing, and relocating, and buyers are flocking to Well-Priced homes, buying them, and moving in.  Yesterday I wrote an offer on a Well-Priced home in a golf course community and two other agents were doing the same.  Believe it or not, multiple offers are still common and Well-Priced homes are selling fast.

The truth is that active inventory/sold properties, time-on-the-market, employment forcast, and many other assumptions are used by ”experts” to define and “explain” the broader market.  Personally, I couple my markets stats with a “Boots on the Ground” approach.  This allows me to focus primarily on micro-economic indicators and activity and I’ve discoverd that in any market Well-Priced homes attract buyers, multiple offers and sell quickly.

Today’s market is not a “Buyer’s Market,” or a “Seller’s Market,” it is a Value-Driven market.   Period, end of story. 

If you are a seller, I’d love to sit with you and show you how to position your home to sell.  If you are a buyer, I’d love to help you narrow and define your search so that you can find Well-Priced homes to consider.

CLOSING:

To run the best race you can, to give everything that is in you, and win–that is glorious.  To run the race, to give your best and lose–that’s painful.  But it is not failure.  Failure is refusing to run the race at all.

John Ortberg - If You Want to Walk on Water, You’ve Got to Get Out of the Boat.

Technorati tags: Michigan Real Estate, Seller insights, Buyer Insights