This Northeast Ohio community is rich with history and tradition.  It offers a variety of housing options for one and all as well as abundant city resources for recreation.  The school system excels in preparing students for their college careers and beyond, and of course, it's difficult not to focus on the real estate market-which ain't too shabby, folks!

Here are the latest market statistics for the past six months:

This chart shows the active listings stats. Right now, there are 104 active listings.

This chart shows us that the sector of the market that is currently selling, meaning it's under contract is signficantly lower in price than the active listings that remain on the market illustrated in the first graphic. This tells us that homes are selling, but they are the more affordable, entry level homes. 

This chart tells us that over the last six months, the average list price of a sold home was $244,153.  It also tells us that it took an average of 131 days to get the job done and close the transaction.  Note once again the pending sales, which are the most recent contracts that buyers have written are at a lower price point.  This indicates that there are more buyers in the entry level range right now actively purchasing homes.

Of the listings that have been on the market over the last six months, this chart shows the percentages of what is active, sold and pending.  With 52% active and 47% either pending or sold, it is a somewhat balanced market.  This indicates stability and an absorption of homes out of the inventory.

This pie chart illustrates the percentages of homes that sold in a particular time frame.  Planning a move? This is the best indicator of the time it will take to get the home from "for sale" to SOLD.

Wondering how market time effects the ultimate sale price?  In this instance, not much.  Homes are holding their value and selling within 5% of list price. 

Here are some handy links for the City of Twinsburg so that you can learn more!

Twinsburg City Link

http://www.mytwinsburg.com/

 Parks and Recreation Department & Activity Offerings

http://www.mytwinsburg.com/site.cfm/currentactivityguide.cfm

Learn About Twinsburg's Roots

http://www.mytwinsburg.com/site.cfm/about-twinsburg.cfm

Stay up to date with all the happenings in and around T-Town with the City's e-newletter here

http://www.mytwinsburg.com/site.cfm/register-t-mail.cfm

Homeowners were lent a hand this week by the Obama Administration's newest effort to help families remain in their homes. The "Making Home Affordable" program was created to help as many as 9 million homeowners who want to stay in their homes, but are struggling with their finances.

Here is a good link http://www.financialstability.gov/makinghomeaffordable/index.html

Modification program

What is it?

Homeowners who are having trouble affording their mortgage payments either because of issues such as job loss or because of resetting interest rates may qualify for new, more affordable loans.

Do I qualify?

• You must live in the home.

• You don't already have to be behind on payments.

• The loan balance can't exceed $729,750.

• It's aimed at homeowners who have lost a job, had their payment jump, been hit with higher expenses, owe more than the home is worth or are otherwise at risk of default.

• The loan must have been originated before Jan. 2.

Example:

You bought a $200,000 home three years ago with a $190,000 first mortgage and an adjustable rate. Your payment was $1,170 a month. Now it's jumped to $1,530. Your gross monthly income is $3,700. Your monthly payment could be reduced to 31 percent of your gross, or $1,147 a month. Or, if your payment was still $1,170 but your income had dropped to $2,700 a month, your mortgage payment might drop to $837.

What do I do?

Gather pay stubs, last tax return, second mortgage data, and balances and monthly payments on loans and credit cards. Also summarize why your finances are stressed. Then call the company where you make your payments. Deadline is Dec. 31, 2012.

Refinance program

What is it?

Homeowners who haven't been able to refinance because their homes have lost value may now be able to get new loans at today's low fixed rates and get rid of higher fixed- or adjustable-rate loans.

Do I qualify?

• You must live in the home.

• You can't have been 30 days late in the last year.

• Your mortgage can't exceed the current value of your home by more than 5 percent.

• The loan may be serviced by your bank, but it must be held by Fannie Mae or Freddie Mac.

• It's OK if you have a second mortgage in addition to a first mortgage that's 105 percent of the current value.

Example:

You bought a $200,000 home three years ago with a $180,000 first mortgage. The balance now would be about $172,000. To refinance today with 20 percent equity, no private mortgage insurance and without an FHA loan, you'd need your home to be worth $215,000. But maybe it's lost 18 percent of its value, so it would be worth $164,000 today. Under this program, you may still be able to refinance at the best rate.

What do I do?

Gather pay stubs, your last tax return, second mortgage data, and balances and monthly payments on loans and credit cards. Then call the company where you make your payments. The deadline is June 2010.
 

**For details for borrowers from the Administration on Obama's "Making Home Affordable", please see the link below.
http://www.financialstability.gov/makinghomeaffordable/index.html

• Swan Lake Swim & Tennis Community
• Private dead end street, mature trees & landscaping
• Five bedrooms all with private bath access
• Beautifully appointed finished lower level
• Teen or In-law suite in Lower Level
• Over $40k in improvements in the last two years
• Elevator to all three levels
• Three car garage, Sprinkler system

Excellent condition!  Seller reduced the price to solicit an offer!

See this lovely home today!  Call your agent of choice or Stacey at

330-592-2051

Not all high-impact improvements on your home need to cost alot of money, but there are some that are definitely worth it. With spring comes thoughts of what your home could look like. It needs freshening up from the curb so as not to appear "dated." What's the quickest way to make a huge impact? Exterior paint. If you're considering a sale this year, it pays to have the exterior painted, pressure washed (if your siding is a neutral color already), paint your shutters (yes, even vinyl--they fade!) and put some style in your entryway. In my opinion, no one says it better than HGTV when it comes to curb appeal and tips for taking on such tasks, so I've included a link here that outlines some exterior improvements and guidelines for jazzing up your home's tired look. Remember, it's the first thing a buyer sees: on the internet or in person, the view from the curb can make or break a home's marketing. Click here to read more: http://www.hgtv.com/home-improvement/house-makeover/index.html

This comes courtesy of the Ohio Association of Realtors.  Print it, link to it.  Blog it.  Get the word out....free money, folks!

http://www.realtor.org/wps/wcm/connect/b6911d004d24c833931bf726a9949436/government_affairs_tax_credit_chart_022309.pdf?MOD=AJPERES&CACHEID=b6911d004d24c833931bf726a9949436

Market watch for the entire Northeastern Ohio MLS

Market Watch for Hudson over the past week showing average listing criteria

AND NOW THE EXCITING NEWS!

Supply and demand and this week, between the sold and pending listings, you see that the demand is outweighing the supply, by a significant amount!  This trend needs to continue and I suspect that it will.  It's a great time for sellers to place their listings on the market as there are fewer sellers than active buyers resulting in shorter marketing times and stable pricing!

Market watch for the entire Northeastern Ohio MLS

Market Watch for Hudson over the past week showing average listing criteria

AND NOW THE EXCITING NEWS!

Supply and demand and this week, between the sold and pending listings, you see that the demand is outweighing the supply, by a significant amount!  This trend needs to continue and I suspect that it will.  It's a great time for sellers to place their listings on the market as there are fewer sellers than active buyers resulting in shorter marketing times and stable pricing!

Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.
· First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.
· 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.
· Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.
· Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

Many thanks to Mark Thomas of Fairway Mortgage for the scoop!

Honestly folks, I have seen alot of loan programs come and go, and not surprisingly, some crashed and burned.  Through it all however, FHA has been a viable option for buyers in all kinds of financial situations for a variety of reasons. During that time however, it's been somewhat stigmatized as being for first timers, those with bad credit and so on. 

With all of the conventional loan products raising their standards to effectively exclude buyers or charge them for having average credit by adding points, it's time to take another look at FHA.   Did you know that mortgage insurance alone is reason enough to take a look at saving your buyer alot of green over the life of a an FHA loan vs. a conventional product?

A few quick links to help you determine the max loan amount in your area and if you are on the approved list for condo purchases:

https://entp.hud.gov/idapp/html/hicostlook.cfm (for loan limits by county)

https://entp.hud.gov/idapp/html/condlook.cfm (for approved condo communities)

It's in your best interests to get a side by side comparison when obtaining your new loan.  Consider the conventional option and then FHA.  In addition, remember that with the use of the numerous programs out there, you can still obtain 100% financing by having the seller contribute your down payment and/or closing costs!