Rural Development Loan Program Now Available

It was announced last week that USDA Rural Development will begin funding for their very popular RD Loans. This is fantastic news for current prospective home buyers in the Traverse City region and all of Northern Michigan that RD loans are available once again! The Rural Development loans have been very popular for first time home buyers and low-middle income families for financing a home purchase in the Traverse City - Leelanau County area. It allows buyers the ability to buy a home with 100% financing as opposed to other loan programs that require a minimum of a 3.5% down payment. Please contact Oltersdorf Realty with any questions that you might have regarding this financing option!


-Jonathan Oltersdorf


Grand Traverse County 2010 Home Sales - July YTD

I have calculated the updated 2010 home sales data for Traverse City / Grand Traverse County and have posted the information below. The sales statistics compare housing sold in Grand Traverse County from January 1, 2010 through July 31, 2010 to the same time period in 2009 and 2008. This includes the townships of Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City. As you will see in the data below, the number of homes sold is up over 20% in 2010 compared to the same time in 2009. Home sales volume in Grand Traverse County is up 24% this year over 2009. Average sales price and median sales price also have increased 3.1% and 4.4% over last year.













Jonathan Oltersdorf
Oltersdorf Realty, LLC

http://www.oltersdorf.com





This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2008-2010. Undisclosed sales are not included in the data. This is for basic review purposes only.

Leelanau County 2010 Home Sales - July YTD

I have calculated the updated 2010 home sales data for Leelanau County and have posted the information below in several charts. The sales statistics compare housing sold in Leelanau County from January 1, 2010 through July 31, 2010 to the same time period in 2009 and 2008. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within Leelanau County. As you will see in the data below home sales throughout Leelanau County are up 6% in 2010 over 2009. Median sale price has decreased slightly in 2010 over 2009 due in large part to the first time home buyer credit push this spring. Sales volume remains relatively steady with a 2% decrease. Although the 2010 numbers in Leelanau County aren't as high as property owners have hoped, Grand Traverse County has been seeing a large increase in real estate sales during 2010 which will eventually carry over to Leelanau County. Sales in Leelanau typically stay strong through the end of summer and fall.





-Jonathan Oltersdorf
Oltersdorf Realty, LLC
http://www.oltersdorf.com

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2008-2010. Undisclosed sales are not included in the data.

Rural Development Funding/Loans Coming Soon

This is great news for Traverse City -Leelanau home buyers who plan on financing a home purchase through the popular RD loans that are available in our area. These types of loans provide qualified buyers a chance to own a house with little or zero downpayment. Please contact www.oltersdorf.com for additional information!

Washington, July 28, 2010

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.

The National Association of Realtors® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

“This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues,” Golder said.

“The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said.

Golder thanked Sen. Michael Bennet (D-Colo.), and Reps. Paul Kanjorski (D-Pa.) and Shelley Moore Capito (R-W.Va.) for moving the bill to passage in both houses.

The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Copyright National Association of REALTORS®. Reprinted with permission.

Jonathan Oltersdorf
/

Grand Traverse County 2010 Home Sales - June YTD

I have calculated the updated 2010 home sales data for Traverse City / Grand Traverse County and have posted the information below. The sales statistics compare housing sold in Grand Traverse County from January 1, 2010 through June 30, 2010 to the same time period in 2009 and 2008. This includes the townships of Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City. As you will see in the data below, the number of homes sold is up over 31% in 2010 compared to the same time in 2009. Home sales volume in Grand Traverse County is up 39% this year over 2009. Average sales price and median sales price also have increased 5.5% and 5.3% over last year.


-Jonathan Oltersdorf
http://www.oltersdorf.com

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2008-2010. Undisclosed sales are not included in the data.

Leelanau County 2010 Home Sales - June YTD

I have calculated the updated 2010 home sales data for Leelanau County and have posted the information below in several charts. The sales statistics compare housing sold in Leelanau County from January 1, 2010 through June 30, 2010 to the same time period in 2009 and 2008. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within Leelanau County. As you will see in the data below home sales throughout Leelanau County are up 19% in 2010 over 2009. Median sale price has increased slightly in 2010 over 2009 and sales volume remains steady with a 4% increase.


-Jonathan Oltersdorf

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2008-2010. Undisclosed sales are not included in the data.

Northern Michigan Natural Gas Leasing - Mineral Rights

Interlochen Public Radio have posted a nice article along with audio of a hot topic among farmers in the Traverse City - Leelanau area dealing with leasing of mineral rights. The full article and audio can be found on their website here: A Drilling Boom: Saving Farms, Or Contaminating? . They have interviewed several Leelanau County property owners and explain the debate over the future of natural gas in our area.

-Jonathan Oltersdorf

http://www.oltersdorf.com

Rural Development Loan Update

Many first time home buyers throughout the Traverse City area (Leelanau & Grand Traverse County) are waiting for RD Loans to become available once again so that they can puchase their first home. RD loans are a great way for home buyers to purchase a home with a 0% downpayment although the national funding for the program is currently depleted. The following is an update as of today:

National Association of Realtors Urges Congress to Restore Rural Housing Funding

"The Section 502 Rural Housing single family loan guarantee program remains unfunded. This program used all their commitment authority back in May, and despite being non-controversial, Congress has been unable to pass legislation to restore the program. Thousands of families with rural housing loans have been left in limbo, and continue to be threatened with the expiration of the tax credit on September 30. Last week, NAR sent a letter to Senate leaders urging them to bring this legislation to the floor. Language has been included in the Emergency Supplemental Appropriations Act (H.R. 4899), which has passed the House and Senate. However, that bill continues to be stalled and is currently awaiting final passage. We are hopeful Congress will act in the next two weeks on either the stand alone bill (S. 3266) or the Supplemental to restore funding for this program and help low-income rural families nationwide."

NAR Letter to Senator Harry Reid (D-NV), Senate Majority Leader
NAR Letter to Senator Mitch McConnell (R-KY), Senate Minority Leader

Copyright National Association of REALTORS®. Reprinted with permission.

For more information please visit http://www.oltersdorf.com

Leelanau County Home Sales - 2010 May YTD

I have calculated the updated 2010 home sales data for Leelanau County and have posted the information below. The sales statistics compare housing sold in Leelanau County from January 1, 2010 through May 31, 2010 to the same time period in 2009 and 2008. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City. As you will see in the data below home sales throughout Leelanau County are up 26% in 2010 over 2009. Sales volume is also up over 11%.


Please visit / for additional information on Leelanau County real estate and current homes for sale throughout the entire Traverse City region!

Traverse City - Grand Traverse 2010 May YTD Home Sales

I have calculated the updated 2010 home sales data for Traverse City / Grand Traverse County and have posted the information below. The sales statistics compare housing sold in Grand Traverse County from January 1, 2010 through May 31, 2010 to the same time period in 2009 and 2008. This includes the townships of Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City. As you will see in the data below, the number of homes sold is up over 38% in 2010 compared to the same time in 2009. Home sales volume in Grand Traverse County is up 48% this year over 2009. Average sales price and median sales price also remain at an increased level over last year.

Please visit / for more information and to view all homes for sale in the Traverse City, Grand Traverse, and Leelanau region!

Traverse City - Grand Traverse 2010 YTD Home Sales

I have calculated the updated 2010 home sales data for Traverse City and Grand Traverse County and have posted the information below. The sales statistics compare housing sold in Grand Traverse County from January 1, 2010 through April 30, 2010 to the same time period in 2009 and 2008. This includes the townships of Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City. As you can see in the charts, home sales statistics in Traverse City & Grand Traverse County are looking very promising so far this year! The number of houses sold YTD is up over 42% from this time last year (2009) and volume is up over 41%! We are even seeing greater sales and volume than in 2008! This is very good news for the local real estate market and is a huge indication that we have already seen the bottom of the market. Average sales price and median sales price have remained very steady as well!


-Jonathan Oltersdorf

Please visit /

Leelanau County Home Sales - 2010 YTD

I have calculated the updated 2010 home sales data for Leelanau County and have posted the information below. The sales statistics compare housing sold in Leelanau County from January 1, 2010 through April 30, 2010 to the same time period in 2009 and 2008. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City. As you can see in the chart, the bottom of the market has seen the most activity and sold homes as median and median sold prices have remained down in 2010. There have been 8 waterfront sales this year but the summer and fall is typically when we see the majority of the most expensive & waterfront homes sell. There have been 35% more homes sold in Leelanau County already this year in comparison to 2009 but we are still behind 2008 numbers. Sales volume in Leelanau County is also up 11.4% so far this year.

-Jonathan Oltersdorf
Please visit /

Adding Curb Appeal - 8 Tips for Sellers


For Sale - 7592 E Melissa Dr, Traverse City

www.houselogic.com has posted a nice article on 8 ways to increase curb appeal and value for homeowners. All home owners in the Leelanau County & Traverse City area can pick up a few tips from the article. First impressions are very important in the Traverse City region with so many homes still on the market!

1. Paint the house
2. Have the house washed
3. Trim the shrubs and green up the yard
4. Add a splash of color
5. Add a fancy mailbox and house numbers
6. Repair or clean the roof
7. Put up a fence
8. Perform routine maintenance and cleaning

The full article can be found by clicking here: http://www.houselogic.com/articles/8-tips-adding-curb-appeal-and-value-your-home/

Please visit our website at www.oltersdorf.com

2010 Leelanau County SEV and Taxable Values

2010 Leelanau County State Equalized Values and Taxable Values







Leelanau County

State Equalized Value

Taxable Value

2010$3,585,922,443$2,351,625,934
2009$3,830,841,650$2,366,437,799

Change

-6.39%

-0.63%

SEV x 2 = The County Assessors total estimated current market value for property in Leelanau County.


Taxable Value x 2 = The total estimated dollar value for Leelanau County that they are collecting tax on.


As you can see from the table above although SEV values dropped 6.39% in Leelanau County from 2009 to 2010 the Taxable Value for Leelanau County remained fairly steady in 2010 with a dip of -0.63%.

/

Leelanau County Home Sales 2010 YTD (March 31)

Please find below the 2010 year-to-date home sales statistics data for Leelanau County. March was a very busy month for Traverse City area real estate agents. Although the Leelanau County sales figures from January through March aren’t as staggering as the Grand Traverse County statistics, the spring looks very bright. There were 11 sales (out of 31 in total) in Leelanau County under $100,000 so far this year so those sales do skew the numbers slightly. April is setting up to be a very good month in Leelanau County real estate as there are currently 14 homes priced over $319,000 that are pending (under contract), 4 of those are Oltersdorf Realty’s listings. So far in 2010 the total number of houses sold in Leelanau County is up 35% over 2009, sales volume has stabilized at an increase of less than 1%.



/

Grand Traverse County Home Sales 2010 YTD (March 31)

Please find below the year-to-date home sales statistics data for Grand Traverse County. As you will see, there is very promising news hinting that the worst could be behind us. March was a very busy month for Traverse City area real estate agents. So far in 2010 the total number of houses sold in Grand Traverse County is up 37% over 2009, sales volume is up over 29%, and median price has stabilized at a 1.3% increase. The early spring weather will hopefully continue to add to this trend with additional increases in April, 2010. Please contact us if you have any questions on the current state of the Traverse City – Leelanau real estate market data at /.


February 2010 Home Sales Data - Traverse City Area

The Traverse City Area Association of Realtors has released the residential home sales figures for February 2010 for the entire 5 County area (Leelanau, Grand Traverse, Antrim, Kalkaska, Benzie)! Traverse City home sales have continued to see great increases due in large part to the First Time Home Buyer Credit and the large amount of sales in the lowest segment of the market. You will find the updated sales statistics below as I have put them together in several graphs for your review. The number of homes sold in the Traverse City region has increased 26% over February 2009. Sales volume has remained within 1% from what we saw in February 2009. Please contact us if you have any questions on the current state of the Traverse City – Leelanau real estate market at /.

Jonathan Oltersdorf
231-271-7777
/

Rural Development Funding - (RD) Loans Running Out?

Are you planning on financing your home purchase through a zero down RD Loan? If so, you better read on!

The Traverse City Area Rural Development Office recently sent out a notice announcing that program funding for the Single Family Housing Guaranteed Loan Program will likely run out by the end of April 2010. This announcement is very important for prospective home purchasers and especially first time home buyers in the Traverse City area. Not only will first time home buyers in Leelanau County and Grand Traverse County see the incentive for the First Time Home Buyer Credit expiring soon but now they might not be able to receive financing through a RD Loan. These RD Loans have become very popular recently due to the fact that many first time home buyers who qualify can purchase a home with zero down-payment. If RD Loans become unavailable in Michigan (even for a short time) the nearest low down payment alternative would be FHA which requires a minimum of 3.5% down payment and reduces the amount of cash back the seller can provide towards closing costs and pre-paids. The last think we would want is for one of our clients to get ¾ of the way through the home buying process just to find out there is no longer a RD loan available to them! If you are thinking about buying a home, now is probably the time to move forward if you are considering a RD Loan! RD Loans are a great zero down option in this market!

Jonathan Oltersdorf
Oltersdorf Realty, LLC
Please visit / if you have any additional questions!

You can find the official notice below:

“This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.

Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.

Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.

We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202) 720-1452.”

Buying a Home - Leelanau - Grand Traverse - Traverse City - What you need to know

Please take a moment to browse our detailed guide for homebuyers geared especially towards first time home buyers in the Traverse City region (Leelanau and Grand Traverse County). The combination of decreased home values, low interest rates, and federal incentives make this a very attractive time to purchase your first home or to be a move up buyer in Northern Michigan. Topics covered include: The current Traverse City real estate market, the buying process, buy vs. rent, tax incentives, home buyer credit, finding an agent, securing a loan, and protecting your investment. Please visit / for additional information or if you have any questions about buying a home in Traverse City, Leelanau, or Grand Traverse!

Oltersdorf Realty Home Buying Presentation, Leelanau, Grand Traverse, Traverse City

-Jonathan Oltersdorf

http://www.oltersdorf.com/