Chelsea, MI

Currently there are 160 homes for sale ranging in price from $1,125,000 to $40,000. There are 10 homes listed over $500,000 for the luxury Chelsea Real Estate market, up from 9 last month. On the other end there are 4 homes listed under $100,000. For any information on these active homes, be sure to ask us.

The Average sold price in Chelsea declined last month. Chelsea sold homes data is as follows:

Month Units Ave Sold Price Ave Price/SqFt DOM*

Jan 108 $130,875 $73.83 45

Feb 8 $177,688 $83.19 19

Mar 7 $185,512 $90.11 88

April 8 $137,375 $87.58 45

The average list price to sale price for April was 86.33 percent without concessions. Total concessions for this month were $18,000. The median sold price for April was $124,000.

When the gap between the list prices and the sold prices narrows, (supply and demand) the market will be more stable. Our buyer agents have several Chelsea homes under contract, awaiting closing. We have several more buyers looking for Chelsea homes right now. The $8,000 first time home buyer tax credit is allowing more buyers to enter in the market. We are seeing multiple offers on properties.

Regarding absorption, see chart below:

We have gone from one year supply of homes in Jan 09' to over 1.5 years of supply. If no other homes came on the market, it would take 19.52 months to sell all of the homes; this is the current absorption rate. Compare this to an absorption rate of 9.8 months in Ann Arbor, MI.

For more information on what is happening with homes for sale or sold in Chelsea, please call us 734-426-6669.

*Days on market may be understated because it starts at day zero when it is listed as a new listing with new agent. The Ann Arbor Board Sales price does not consider concessions.

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Kathy Toth and Team

www.KathyToth.com

Keller Williams Realty

Currently there are 147 homes for sale ranging in price from $1,250,000 to $40,000. There are 10 homes listed over $500,000 for the luxury Dexter Real Estate market. On the other end there are 6 homes listed under $100,000. For any information on these active homes, be sure to ask us.

The Chelsea sold homes data is as follows:

#Sold     Ave Sold Price     Ave Price/SqFt     DOM*
Jan 10     $130,874                $77.16                 45
Feb 7      $124,367                $87.66                 19

Per the Ann Arbor Board of REALTORS ® the average list price in Jan 08 was $270,803 compared to $235,079 in 2009. When the gap between the list prices and the sold prices narrows, the market will be more stable. Our buyer agents have several Chelsea homes under contract, awaiting closing. We have several more buyers looking for Chelsea homes right now. We are looking for a bank approval for short sale on 611 Creekside Ct Chelsea, MI 48118.

Chelsea, MI short sale
611 Creekside Ct
Chelsea, MI Short Sale

For more information on what is happening with homes for sale or sold in Chelsea, please stop into our office at 3134 Baker Rd . Dexter, MI 48130 or call us 734-426-6669.

*Days on market may be understated because figures are only for that current listing. If the property was taken off the market and the re-listed, the count starts at zero days and the total days on the property may not reflect cumulative time on market.

Kathy Toth and Team
www.KathyToth.com
Keller Williams Realty

Is it Possible to eat too much chocolate?

Well, I intend to find out this Valentine’s Day at the Downtown Chelsea Chocolate Extravaganza. Trinh Pifer, owner of the Garden Mill, got the bright idea of organizing the extravaganza. And what an extravaganza! Over 30 Chelsea businesses and organizations are participating.

Whereas most such chocolate extravaganzas cost an arm and leg to sample the goodies, this one will just cost you any pledge you made to never over-indulge. Really! There will be free -- that’s right, free – tastings at many of the shops, although I am sure they will happily sell you more to take home, if you haven’t yet made yourself sick at the thought of chocolate. But is that possible?

If you don’t mind parting with your money, plenty of chocolate-themed merchandise will be on sale. Additionally there will be door prizes and various activities from 12 to 5 pm. All of the participating stores will have brochures available that direct you to the events.

But if all you want is chocolate, chocolate, chocolate, you will find truffles galore, organic chocolate, a chocolate fountain, chocolate baked goods, hot chocolate beverages, and more!

Participating businesses will have a red and chocolate-brown heart on their doors, so you can just follow the trail of hearts, gorging along the way. If you happen upon me with my chocolate glazed face mumbling incoherently, get me into a warm, chocolate-free shop until the sugar shock passes. Too much indeed? No, never.

HUD announced on January 14, 2009 their latest efforts to prevent foreclosure by launching their "Keep Your Home, Know Your Loan" campaign which will kick off in Chicago, Detroit, Los Angeles, Miami, New York and Phoenix. For more information click http://www.hud.gov/news/release.cfm?content=pr09-005.cfm

This is a call to action to help families in risk of losing their homes. If you are at risk of losing your home call (877) HUD-1515

#1 Myth Sellers Are Desperate; Really only 1 in 10 sellers are desperate. Yes a seller who is being relocated will be more desperate than others. The other 9 sellers may be sellers who are selling to move down to a smaller home due to kids moving away or even sellers who are selling to move up due to a growing family. Really each sellers circumstance are different and unless you really know or ask what their reason for selling is, it doesn't necessarily mean they are desperate just because they are trying to sell their home.

#2 Myth Stupid to Buy Before Prices Have Bottomed Out; Truth is that home prices have been stable for 18+ months. Not to say that some homes are not continuing to drop this is really a very small percent of available homes on the market. Prices on foreclosed homes will continue to fall until the house sells. Every 30 days a bank owned home will be reduced until it sells. The fact of the matter is that when prices will start to rise they will rise very quickly. When that happens it is almost always too late because demand will increase immediately and most homes will be picked over at the point.

#3 Myth Today Buyers Need 20% Down To Get A Loan; Truth is FHA only requires 3 1/2 % down. Sellers can even pay the 3 1/2 % buyers closing costs. Yes these loan will require PMI but it is such a little amount usually only 1% of the loan. With today's low rates in the mid to low 5% that still is a very affordable loan.

#4 Myth It's The Worse Time To Sell; Truth is that this really depends on where you live. Some markets like Phoenix, San Diego & Detroit are on the upswing. The bonus is that if you are selling to move up to a larger home you are going to more than make up for the losses you may realize on your home sale.

#5 Myth Shop Around for Best Rate; Truth is your current lender will most likely give you the best deal because they don't want to loose you as a customer try them 1st. Also your local mortgage broker knows the availability of specific loan programs in your area. It is important that you compare interest rate, APR and closing costs not just rates with each lender.