Real Estate News

Homes.com, a real estate search site operated by Dominion Enterprises, this week launched a top-10 list of market areas with the largest growth in search activity at the site from January 2008 to January 2009.

Search traffic grew the most in Detroit (up 52 percent); followed by Naples, Fla. (44.7 percent); Greensboro, N.C. (41.6 percent); Tulsa, Okla. (41 percent); El Paso, Texas (38.4 percent); Oceanside, Calif. (37 percent); Fort Myers, Fla. (34.7 percent); Columbia, S.C. (33.9 percent); and Murrieta, Calif. (33.3 percent).

Realtor.com last month released search statistics from traffic to that site in December that showed top search activity for a variety of markets, as well as areas that saw the largest year-over-year and month-over-month increases in search data.
Foreclosure-related filings fell 10 percent from December to January, as foreclosure prevention efforts by lenders and the government appeared to be taking hold, according to national data aggregator RealtyTrac. Completed foreclosure sales were down 15 percent from the month before.

“The extensive foreclosure efforts on the part of lenders and government agencies appear to have impacted the January numbers,” said James J. Saccacio, chief executive officer of RealtyTrac. Saccacio said moratoriums on foreclosure sales by Fannie Mae and Freddie Mac that were extended through the end of January — and with Florida’s voluntary 45-day freeze on foreclosure actions — seemed to have had an effect.

Looking back one year, however, the 274,399 homes hit with some type of foreclosure filing during January — including a default notice, auction sale notice, or bank repossession — represented an 18 percent increase from 2008.

Nevada, California, Arizona, Florida, Oregon, Illinois, Michigan, Georgia, Idaho and Ohio are the ten states with the highest rate of foreclosure-related filings.

This is the time of the year when our clients receive annual tax assessment notices from the municipalities in which they own property. The client calls to us have already begun. We are being asked, “How can my property taxes go up when my property value is going down?”

A complete understanding of Proposal A, which was implemented in Michigan in 1994, is necessary to answer this question. Smart taxpayers would do well to educate themselves on Prop A as well as on the entire assessment and appeal process. It is a complicated process and acquiring a working knowledge of it is not easy.

To help our clients gain an understanding of how to manage their property taxes, WMR will be hosting four property tax seminars over the next few weeks. The seminars will cover Proposal A, the tax assessment process, how assessments are actually calculated, and how to appeal them at the local boards of review.

WMR is providing this information, just when they are needed, at complimentary seminars:

February 10, 2009 – Troy (no remaining seats available)
February 23, 2009 – Rochester Community House
February 24, 2009 – Birmingham Community House
February 25, 2009 – Farmington C. Robert Maxfield Training Center

The presentation will be made by Kelly Sweeney, broker/owner of Weir Manuel Realtors, who is also a former Michigan Certified Tax Assessor. Reservations should be made through WMR’s central number at 248-644-6300.

Weir Manuel Realtors has achieved the coveted status of “MD Preferred Real Estate Provider” and the privilege of displaying the MD Preferred Services Medallion. This distinction, awarded to fewer than 100 Realtors nationally by US Medical Specialties, a national healthcare consulting firm, recognizes Weir Manuel Realtors’ experience and commitment to serving the unique needs and demands of today’s busy physician, officials said.

The Metro Detroit area boasts world-class medical facilities and some of the most scenic and prestigious communities in America in which to live. “We have so much to offer physicians and their families here,” said Carolyn Bowen-Keating, Vice President of Relocation Services at Weir Manuel. “Everyone will benefit: the physician and his/her family will be able to have a highly-prized lifestyle in one of our communities, and we will benefit by having the physician practicing in our area and enjoying its lifestyle.”

U.S. Medical Specialties created the MD Preferred Real Estate Program to recognize the work that selected Realtors are doing to help attract healthcare professionals to their communities. The MD Preferred Real Estate Network is part of a national physician resource center hosted online at MDPreferredServices.com. The resource center matches professional service providers in real estate, relocation, healthcare law and mortgage services with physicians on the move.

“Physicians represent a very distinct consumer group with strong financial power, high net worth and career stability,” said Michael O’Malley, project manager for the MD Preferred Real Estate Network. “Today’s doctor is extremely busy and the legal, real estate, mortgage and relocation needs of physicians require special handling; but the reward for the preferred professionals who provide these services is a deeply loyal client base in a challenging economic environment.”

This network allows us to partner with hospitals and other medical facilities to help physicians achieve their lifestyle and career goals. Our company can offer them the finest properties in Southeast Michigan, along with concierge services from our agents and administration to make the transition to moving here a transparent one. It’s a perfect fit for us.

Weir Manuel Realtors has taken a very proactive approach to helping its clients facilitate short sales. We have a Short Sale Division, specialized training for all WMR agents and a short sale team of selected agents and managers with even more in-depth training.

Even so, short sales are not easy. Anyone who has participated in a short sale negotiation and facilitation will tell you that they require tremendously more effort than a traditional transaction – and they don’t always close. When they do close, they rarely close on time. But more help could be on the way.

Fannie Mae is currently testing a new short sale concept on sellers in Phoenix and Orlando. The concept includes about 400 properties in these areas that are currently mortgaged by Countrywide. The new twist is that the lender will pre-approve acceptable short sale pricing at the time the property is listed for sale.

Under this plan, the short sale process could be shortened considerably and more foreclosures could be avoided, thus helping to stabilize housing markets. Should this test be successful, pre-approved pricing could be expanded to other markets across the country. Michigan would most likely be included.

With short sales becoming an increasing percentage of all transactions closing in our market, pre-approved pricing could be a big help. It would not only make our jobs easier, but also reduce the time between executing a purchase agreement and actually conducting a closing. This would be welcome relief to all parties involved.