Jan 2009

From the desk of Steve Wickland Memorable Quotes

HAPPY NEW YEAR!

I hope you are doing well and are either loving this ferocious Michigan weather or are hunkered down and praying for an early spring. I wanted to give you a quick update on what’s happening in the local real estate market.

2008 NUMBERS

In terms of number of units sold, 2008 looked much like the previous year. Total dollar volume continues to show the impact of Short Sales and Foreclosures. The average sales prices for 2008 reflect an 18% decrease from 2007.

2009 appears to be following in the footsteps of last year, at least the first 2 quarters. Optimists are predicting an upturn in the 3^rd quarter of 09’ Let's pray they’re right!

TOUGH MARKET

As we all know, it’s been a tough real estate market over the past couple of years, especially if you’ve had a home to sell. Make no mistake; it’s still a buyers market but homes are selling. There are buyers out there everyday writing offers. Properties that are realistically priced and in top condition are selling. So don’t believe everything the media

is putting out there.

SOME GOOD NEWS

As you have probably heard by now, the University of Michigan is buying the Pfizer campus. While some say that Ann Arbor will lose the tax revenue once officially sold to the U of M, many feel that’s a small price to pay, to have the complex under the control of the University. Now some will say, “U of M controls way too much of Ann Arbor!” (Well, we won’t go there - ok?) The property could have remained vacant for years and would have eventually been bull-dozed. Not a good thing at all! I feel the purchase is definitely a win not only for Ann Arbor, but for the state of Michigan as well.

THANK YOU

Finally, I want to thank you for your business and for referring your friends and family as well. I am truly honored to have been able to help you or the folks you have sent my way. As always, for questions or concerns regarding any real estate item, I’m just a phone call away. I truly hope 2009 is your BEST YEAR YET !

Steve

“THE GREATER DANGER FOR MOST OF US

IS NOT THAT OUR AIM IS TOO HIGH

AND WE MISS IT, BUT THAT IT IS TOO

LOW AND WE REACH IT.”

Michelangelo

“IF WE DID ALL THE THINGS WE ARE CAPABLE OF DOING ... WE WOULD LITERALLY ASTOUND OURSELVES.”

Thomas Edison

“THINGS MAY COME TO THOSE THAT WAIT, BUT ONLY THE THINGS LEFT BY THOSE WHO HUSTLE.”

Abraham Lincoln

“YOU MISS 100% OF THE SHOTS

YOU NEVER TAKE”

Wayne Gretzky

“TOO MANY PEOPLE SPEND MONEY THEY

HAVEN’T EARNED, TO BUY THINGS THEY

DON’T WANT, TO IMPRESS PEOPLE

THEY DON’T LIKE.”

Will Rogers

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Expenses, Deductions & Moving

Are you getting ready to move? Have you recently moved? Here are some things to keep in mind about moving expenses and real estate deductions for your upcoming or recent move.

Moving Expenses

Your moving expenses may be deductible on your federal tax return if you meet certain tests relating to all three of the following requirements: Your move is closely related to the start of work at a new job location, You meet the distance test, and You meet the time test. However, if your employer reimburses you for the cost of the move, the reimbursement may have to be included on your tax return.

Buying a Home

Many people find that home ownership allows them to itemize deductions on their tax returns. If you’re a first-time homeowner, you should know that mortgage interest, “points” paid to obtain the mortgage and real estate taxes are deductible expenses that can be itemized to help reduce the amount of taxes you owe. Other expenses that can be itemized and deducted include medical costs, certain state and local tax payments, charitable contributions, casualty losses and certain miscellaneous deductions. If the total amount of your itemized deductions is more than the standard deduction amount, you can usually benefit by itemizing.

Selling Your House

If you sell your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return when it’s time to do your taxes. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years. To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during the two years before the current sale. If you and your spouse file a joint return for the year of the sale, you can exclude gain if either of you qualify for the exclusion. But both of you would have to meet the use test to claim the $500,000 maximum amount.

Ten New Year's Resolutions for Food Safety

1. I will buy and use a food thermometer.

2. I will not leave pizza sitting out on the table or my "doggie" bag in the car overnight.

3. I will not defrost my turkey in the garage or in the trunk of my car.

4. I will wash my hands and all food preparation surfaces with soap and water before and after touching raw meat, poultry or fish.

5. I will not feed my dog or cat old "leftovers" or "take-out" food that's no longer fit for people.

6. I will not leave "take-out" or "ready-to-eat" food in the refrigerator so long that it's forgotten.

7. I will not lick the spoon or the bowl of homemade cookie dough or cake batter made with raw eggs.

8. When grilling outdoors, I will use a clean plate for the cooked hamburgers, hot dogs or other meat or fish. I won't use the same plate that held raw meat.

9. I will always put an ice pack in my child's lunch box and my own lunch bag if I have a perishable lunch, such as meat, poultry, fish, milk or eggs.

10. I will put meat and poultry packages in plastic bags at the meat counter before putting them in my grocery cart.

If I have a question about food safety, I will call the USDA Meat and Poultry Hotline toll free at 1-888-MPHotline or 1-888-674-6854, TTY: 1-800- 256-7072.

USDA Food Safety & Inspections Service

If you do not meet the ownership and use tests, you may be allowed to use a reduced maximum exclusion amount if you sold your home due to health, a change in place of employment or unforeseen circumstances. Unforeseen circumstances can include divorce or a disaster resulting in a casualty to your home, for example. - www.irs.gov