Ayre/Rhinehart Bay REALTORS

Ayre realRhinehart
Bay
estate N E W S L E T T E R
Brought to you proudly by your friends at Ayre/Rhinehart Bay Realtors
July 2012
real estate N E W S L E T T E R
Bay County Home Prices Go Up!
Prices are improving! Bay County home sales have shown an
impressive $7800 average increase in home sale prices this year
to date over the same time last year. This marks the 4th year in a
row of improving sales for the Bay County MLS and the best increase
since 2010 when prices rebounded from the bottom of the market.
To date there have been 649 residential sales which translates to a ratio of 1330 sales for the year. Last
year there were 1405 sales at lower prices. The average sale price for 2012 is $75,206 vs. $67,324 for late
June in 2011. The breakdown on types of loans has stayed relatively the same. Conventional loans make
up 31.5% of the market, FHA comprises 15.1% and Cash is "king" with 44.8% of the deals having cash
financing. Election years are usually good years for real estate and barring some unforseen occurrence,
the yearly total should top out over $100,000,000 in property sales.
v
PRICES
30 YEAR
INTEREST RATE
DOWN .93
POINTS
FROM LAST YEAR
UP 10.1%
OVER LAST YEAR
INVENTORY
% OF ALL SALES THAT ARE
DISTRESSED PROPERTIES
DOWN 20.6%
FROM LAST YEAR
DOWN 9%
FROM LAST YEAR
v
Lawrence Yun, NAR chief economist, said the housing
recovery is underway. “It is no longer just the investors
who are taking advantage of high affordability conditions.
A return of normal home buying for occupancy is helping
home sales across all price points, and now the recovery
appears to be extending to home prices,” he said.
“The general downtrend in both listed and shadow
inventory has shifted from a buyers’ market to one that is
much more balanced, but in some areas it has become a
seller’s market.”
OVER LAST YEAR
v
Total existing-home sales1, which are completed
transactions that include single-family homes,
townhomes, condominiums and co-ops, increased 3.4
percent to a seasonally adjusted annual rate of 4.62
million in April from a downwardly revised 4.47 million in
March, and are 10.0 percent higher than the 4.20
million-unit level in April 2011.
SALES
UP 10%
v
Existing-home sales rose in April and remain above a
year ago, while home prices continued to rise,
according to the National Association of Realtors®.
The improvements in sales and prices were broad
based across all regions.
HOUSING
MARKET
SHOWING
STRENGTH
v
April Existing-Home Sales
Up, Prices Rise Again
NAR’S APRIL EXISTING SALES REPORT
Total housing inventory at the end of April rose 9.5 percent to 2.54 million existing homes available for sale, a seasonal increase which represents a 6.6-month
supply at the current sales pace, up from a 6.2-month supply in March. Listed inventory is 20.6 percent below a year ago when there was a 9.1-month supply;
the record for unsold inventory was 4.04 million in July 2007.
Ayre Rhinehart
Bay
R E A L T O R S
Ayre/Rhinehart Bay REALTORS 1008 Adams Street | Bay City, MI 48708
989.892.4800 www.arhousebay.com
A Recipe that Sells...
What’s Hot in Home Improvments
Peach Cobbler with Cinnamon Cream
For the filling:
1 ½ tbsp. corn starch
1/3 cup light brown sugar
½ cup water
4 cups peeled, pitted, sliced peaches
1 tbsp. butter
1 tbsp. lemon juice
Method:
Preheat the oven to 400°
Spray an 8-inch round Pyrex baking dish with no-stick spray
and set aside.
Mix the cornstarch, sugar and water in 2-quart pan.
Add the sliced peaches to the cornstarch mixture.
Cook on medium heat until the peach filling is thickened,
about 15 minutes.
Remove the peach filling from the heat.
Add the butter and lemon juice and stir until combined.
Pour the peach filling into the prepared pan.
Place the pan in the hot oven while you make the topping.
For the batter topping:
½ cup sifted all purpose flour
½ cup granulated white sugar
½ tsp. baking powder
¼ tsp. salt
2 tbsp. butter, melted and cooled
1 egg, slightly beaten
1 tbsp. granulated white sugar for garnish
Method:
Whisk the flour, sugar, baking powder and salt in a medium
bowl. Add the melted butter and egg to the flour mixture and
beat until smooth. Remove the hot peach filling from the
oven. Drop the batter by spoonfuls onto the topping. The
batter will spread as it bakes. Sprinkle the top with the 1
tablespoon of granulated sugar. Return the pan to the oven
and bake 40-50 minutes until the top is golden.
Serve at room temperature with cinnamon cream:
1 cup whipping cream
2 tbsp. honey
½ tsp. ground cinnamon
Beat the cream in a chilled bowl with chilled beaters until
thick. Add the honey and the cinnamon and beat until the
cream holds its shape.
Ayre/Rhinehart Bay agents are up on the latest trends in home
improvements, especially kitchen and bath remodelings projects. Are you
thinking of sprucing up either of the two most important rooms in the home?
Here is a partial list of what is hot. Bigger kitchens resemble a wide open
space that flows into adjoining rooms. Trends for kitchens include smooth
cabinet fronts with sleek handles or just cut-outs for opening drawers.
Cherry wood is out and in is maple, bamboo, glossy white and even walnut.
Laminate countertops (formica) are back and come in an array of finishes
and textures. Smart built-in cooktops remember your temp settings as you
move the pan across the entire surface while double-ovens are back.
Faucets with pull-out spouts are what everyone is asking for. LED lights are
on 93% of designers' lists. What about the bathroom? Think medicine
cabinets, back in vogue for the functionality and also the television screens
that can be built into them. Bathrooms are getting larger and the dominate
colors are shades of gray as well as earthy tones. Glass tiles are big in
bathrooms for wall tile accents. Glass tiles are also in kitchens as
backsplashes. Orange is a hot accent color now as well as bright greens
and burgundy-berries. Murals and soaking tubs are back, too! If you are
contemplating a change, contact your Ayre/Rhinehart Bay agent to get the
best advice on what will bring you the best return for your money. Be sure
to enjoy it!
Happy 4th of July!!
On July 2, 1776, the
Congress secretly
voted for
independence from
Great Britain. The
Declaration of
Independence was
first published two
days later on July 4.
The first public
reading of the
Declaration of
Independence was
on July 8 and delegates began to sign the Declaration
of Independence on August 2, 1776. We all owe a debt of gratitude to the
founders of our country. The bravery in leadership and the forsesight of
establishing what our nation stands for is amazing. What they did in 1776
was a treasonable offense against England punishable by death. Honor
their memory by remembering what the 4th of July really means.
Ayre realRhinehart
Bay
estate N E W S L E T T E R
Ayre/Rhinehart Bay REALTORS 1008 Adams Street | Bay City, MI 48708
July 2012
989.892.4800 www.arhousebay.com