• Now through November 30: U-M and the Peace Corps: It All Started Here - Normal library hours, Hatcher Graduate Library, Library Gallery (Room 100)

• Now through October 31: Serving Others Around the World - Normal Union hours, Michigan Union, Art Lounge

• October 26 and November 2, 9, and 16: Film Series: International Development Issues—Four Countries - 8:00 pm North Quad Dining Hall

• October 27: Swords into Plowshares: Peace Corps Service in Eastern Europe and Eurasia - 12:00–1:30 pm – 1636 International Institute/School of Social Work Building

• October 28: Sarah Chayes: Penny W. Stamps Distinguished Speaker Series - 5:10 pm, Michigan Theater

• November 4: Advancing Global Public Health: Presentation of the Thomas Francis, Jr. Medal from 2:00 pm–4:00 pm. Ross School of Business, Blau Auditorium. A reception will follow.

Inventory in Ann Arbor continues to drop. Last month there were 661 homes for sale with 19.67% under contract. This month that number has dropped to 654 homes for sale with 22.8% under contract. This gives us a 7.7 month supply of housing for the Ann Arbor school District which is the same as last month. As has been the case all year, under $400,000 the market is much more competitive, with the months supply of housing ranging from 6.2 - 7.8 month supply of housing which is still considered a balanced market. Over $400,000 the months' supply of housing is consistently over 9 months. Over $1,000,000, we have 30 months supply of housing.


In spite of the low inventory under $400,000, houses still have to be in excellent condition and priced competitively in order to sell. Even with limited choices, buyers are not willing to make compromises. With so many home owners being upside down on their mortgage, I see the market inventory remaining tight for the foreseeable future.


In the real estate market, if there is less than a 5 months supply of homes on the market, you are in a seller's market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer's market. As you'll notice from the stats below, prices appear to have stabilized under 400K, however, there is still downward pressure on prices once you get above 400K.

 ANN ARBOR REAL ESTATE MARKET, SEPTEMBER, 2010

ZIP Codes: 48103, 48104, 48105, 48108


Approximate Location Boundaries: Ann Arbor School District


Location Characteristics: Ann Arbor has many distinct neighborhoods that offer a variety of home buying opportunities. The area is a cultural Mecca with many performance centers and theaters, live music, dance groups, libraries, museums, parks, & farmer's markets. It is considered the education capital of the Midwest because it is home to the University of Michigan, one of the country's top universities. The Ann Arbor area offers one of the most varied menus of restaurants in the state with Main Street as one of Michigan's best places to eat, people watch and shop. In July, Ann Arbor is host to the Ann Arbor Art Fairs, which is among the nation's top street festivals and takes up nearly all of the downtown area. Artists and shoppers travel from all over the country to attend this yearly event. Ann Arbor is a great place to live!

Martin Bouma - your Ann Arbor expert - can help you find the perfect piece of Ann Arbor real estate. Whether you're buying or selling a home, the Bouma Group can answer any questions you have about real estate in Ann Arbor. Thinking of settling down in Washtenaw County, Saline, or a specific Ann Arbor neighborhood? Call the Bouma Group today! And don't forget to check out our Condo Hotline - we know the Ann Arbor condominium market better than anyone!

If you have ever wondered if Ann Arbor was more than a small, pretty town anchored by the University of Michigan, a recent article by Tom Walsh in the Detroit Free Press set the record straight. Far more than being the temporary academic home for 41,000 students, the town's permanent residents include big names in business, industry, and politics as well as education. In addition, the economy of Ann Arbor is becoming ever more diverse, so it can attract the type of young talent that passes through the University. 

So who lives here, making it, in Walsh's words, a "power center"? As noted in our recent blog, Ann Arbor Is Becoming  Michigan's Center of Power, corporate executives from the car companies, noted political figures, and other business notables call Ann Arbor home. Though Ann Arbor is still the liberal bastion it has always been, academia and the corporate world interact so much now that the city is viewed as welcoming to a more diverse group of residents. Even the Republican candidate for governor and the Republican State Chairman make their homes in the city. In the past, these folks would have made Grosse Pointe or Bloomfield Hills their home base, but great freeway access has made Ann Arbor a viable lifestyle choice. And why not? As we have noted in our past blogs, Ann Arbor offers: 

• Attractive housing choices at all price points
• A lively cultural scene... galleries, restaurants, cafes 
• A park-like setting that will not change as future development plans include a commitment to keep green space a part of the  mix
• Great schools at all levels, culminating, of course, in the University of  Michigan
• Recreation and sport activities both to participate in and watch
• A stable economy that, despite some belt-tightening, offers good city service to residents

Like most of Michigan, Ann Arbor works hard to keep and attract young talent - but the lifestyle features noted above make the city attractive. It is far more than a bedroom suburb of Detroit, as many people both live and work here. Education may still be the biggest employer in the area, but there is a concerted effort to promote technology transfer. Ann Arbor is home to several big technology centers and many biotech and technology startups, so both those who prefer  a larger more corporate environment or a more intimate work setting can find an attractive work environment. 

Ann Arbor is not just another pretty college town. Whether you are well established in your career or fresh out of school, Ann Arbor can offer you a great life.  Martin Bouma - your Ann Arbor expert - can help you find the perfect piece of Ann Arbor real estate. Whether you're buying or selling a home, the Bouma Group can answer any questions you have about real estate in Ann Arbor. Thinking of settling down in Washtenaw County, Saline, or a specific Ann Arbor neighborhood? Call the Bouma Group today! And don't forget to check out our Condo Hotline - we know the Ann Arbor condominium market better than anyone!

For those "in the know," the place to call home in southeast Michigan is Ann Arbor . We've recently pointed out a number of reasons why people of all walks of life enjoy living here, but the number of affluential (and influential!) people and companies choosing our city may come as a surprise.

Proximity to the University of Michigan plays a role in this influx. According to Lou Glazer, president of the Michigan Future think tank, 80% of all jobs being created in the US economy are knowledge jobs - those that require higher education and skill levels. "If place matters, and it does, in attracting talented young professionals, Ann Arbor is the leading edge of such places in the state," Glazer said. Of course, Ann Arbor offers a lot more than just the UM connection, but it's an important one.

When Google, Toyota ,and Hyundai chose new locations for large-scale operations, they chose Ann Arbor. Why? It's the best place to find a wealth of engineering talent. The two car companies (Toyota, the largest in the world and Hyundai, the fastest-growing) placed their technology centers where they could most easily tap that talent.

In addition to these three companies, take a look at the individuals who have made Ann Arbor their hometown:

• Rick Snyder, Republican candidate for governor;
• Bill Ford, executive chairman of Ford Motor;
• Bob King, UAW president;
• Doug Rothwell, president, Business Leaders for Michigan;
• Bob Lutz, consummate car guy and ex-honcho at Ford, General Motors and Chrysler;
• David Brandon, former Domino's Pizza CEO and now athletic director at the University of Michigan;
• Ron Weiser, chairman, Michigan Republican Party, and
• Gerry Anderson, the new CEO of DTE Energy.

Michigan income figures have - like those across the country - taken a number of serious blows during the past decade, and even Ann Arbor felt those hits. But through innovative thinking and a serious desire to move forward, our city in rapidly becoming the place to be - not only in southeast Michigan, but in the entire state.

Martin Bouma -your Ann Arbor expert - can help you find the perfect piece of Ann Arbor real estate. Whether you're buying or selling a home, the Bouma Group can answer any questions you have about real estate in Ann Arbor. Thinking of settling down in Washtenaw County, Saline, or a specific Ann Arbor neighborhood? Call the Bouma Group today! And don't forget to check out our Condo Hotline - we know the Ann Arbor condominium market better than anyone!

If you want to sell your condo in Ann Arbor, your ideal buyer might be a student or his or her parents.  Given the increasing price of student housing, ownership might be a cost effective option, especially if the student is locked into a professional program that will tie him to the area for a while.  Maybe you are ready to find a bigger home, but the space in your condominium would be perfect for a student, who might have a roommate or a family.

Your first thought might be to rent the place out -in line with Fair Housing standards, of course, as we discussed in our past blog.  Being a landlord has its advantages, but if you want to sell, this can be a good time to do it.  Students are back in school, and may be thinking of alternative housing next semester after a few months in student housing.

As is true in most of the real estate market these days, one of the biggest quandaries you may be facing at the moment is finding a buyer who's willing to meet your asking price.  To do this, step one is to hook up with a competent real estate professional who is going to market your condo to SELL.  This means they're going to set a realistic price designed to draw buyers.  They will base the suggested listing price on comparable sales values in the neighborhood, the condition of your home, and even things like the number of vacant homes in your condominium complex.

If you're ready to explore selling your Ann Arbor condominium, or planning to buy one, work with Martin Bouma - your Ann Arbor condominium expert. The Bouma Group can help you with your real estate needs in Ann Arbor, as well as keep you up to date about Washtenaw County and Ann Arbor neighborhoods. Check out our Condo Hotline to get a handle on the Ann Arbor condo market.  

A new academic year is upon us, and with it, thousands of University of Michigan students are returning to Ann Arbor. And returning students means an increased need for housing. In this two-part blog, we'll look at two different scenarios which could conceivably affect you, as a homeowner.

First, consider this statement: I'm a homeowner, who's thinking of renting a room in my home.

Does this describe you? If so, you probably have at least one extra bedroom (or more), and are willing to share other areas of your home (like the kitchen and living room) in order to bring in some extra money. It's a common practice, especially in cities like ours with major universities, and can provide a host of benefits in addition to the income boost. You should be aware, however, of the fact that there are laws pertaining to the ways in which you advertise and interview for possible boarders in your home.

Remember, once you place yourself in this situation, you're considered to be a landlord. If you live in a property with four or less rental units (this includes your situation, making your home - for all intents and purposes - a "boarding house"), under the federal Fair Housing Act, you are exempt from all but one aspect of  federal law.  You cannot advertise in a way that indicates a preference for (or against) members of a protected class (race, color, religion, national origin, sex, familial status and disability).
 

In addition, Ann Arbor is one of the 14 clities, which also include Detroit, Lansing,and Grand Rapids, which include sexual orientation protections in their local ordinances.  Potential landlords cannot bar roomers or other renters based on sexual orientation and gender identity or expression.

There is one exception to this law: you can advertise for someone of a specific sex. As an example, you can advertise for a "female roommate," but you can't advertise for a "Catholic female roommate" or a "straight white male."  Of course, there are those who advertise within the parameters of the law, but still practice discrimination against the protected classes during face-to-face interviews with prospective tenants. A word to the wise: don't do this! Landlords who do so immediately position themselves as possible defendants against a fair housing claim. Testers from the Michigan Fair Housing Centers are vigilant in assuring that the right of renters are not violated when they seek housing.

You may be thinking about renting a room in your home, or even about moving to a larger space to accommodate your desire for some extra company at home. Let Martin Bouma - your Ann Arbor neighborhood expert - help you to explore all of your Ann Arbor real estate needs. The Bouma Group can answer any questions you have about real estate in Ann Arbor, whether you're buying or selling a home or condo. If you're interested in Washtenaw County, Chelsea, or a specific Ann Arbor neighborhood, call the Bouma Group today!