beachwood oh real estate: WE NEED TO DO A BETTER JOB WITH LOAN MODIFICATIONS ... - 02/19/10 02:24 AM
If "An ounce of prevention is worth a pound of cure," the nation's lenders have thus far not done a very good job becoming part of the solution. Turns out that Federal foreclosure prevention programs have helped a mere 12-percent of those homeowners who have applied to have their loans modified. This is not good news.

HAMP, a/k/a the Home Affordable Modification Program, aims to reduce mortgage payments for underwater homeowners to as little as 31-percent of their pre-tax monthly income. This figure includes principal, interest, taxes and insurance and other debts if possible. Amazingly only one 1-million or so homeowners … (5 comments)

beachwood oh real estate: SHOULD THE HOMEBUYER TAX CREDIT BE EXTENDED AGAIN? - 02/10/10 05:44 AM
Yes, the market is stabilizing to a certain degree but experts like former HUD Secretary Henry Cisneros claim that recovery is tenuous AT BEST and that stimulus programs like the first-time homebuyer tax credit absolutely "must" continue if we are to avoid a so-called "double-dip" recession.

Follow this link for Cisneros' interview: http://therealdeal.com/newyork/articles/former-hud-secretary-argues-in-favor-of-homebuyer-tax-credit
FIND A HOME: http://markostrovsky.com
(1 comments)

beachwood oh real estate: IS YOUR HOUSE PRICED TO SELL? - 01/25/10 07:04 AM
"I'm going to price my property higher than what I expect to get because it's smart to leave room for negotiation."
On a good day savvy sellers relied on their real estate agent's Comparative Market Analysis to price their house. With the expectation that prospective buyers will negotiate on price, many sellers often created a sort of buffer zone by padding the price a liitle, and sometimes by a lot.
This is a bad idea in today's buyer's market where thoughtfully priced houses in good condition sell and overpriced ones do not.

Every venue has its own customs. There may be less harm … (2 comments)

beachwood oh real estate: LOW CREDIT SCORE? HIGHER FHA DOWNPAYMENT! - 01/20/10 06:29 AM
LOW CREDIT SCORE? HIGHER FHA DOWNPAYMENT!
The Federal Housing Administration has announced that it is raising its minimum down payment for buyers with lower credit ratings.
Those with a credit score below 580 can now expect to put down at least 10-percent.

Those whose credit score is above 580 can still put down only 3.5-percent.
Upfront mortgage insurance premiums for those with below a 580 credit score will also increase from 1.75% to 2.25%. The FHA will reportedly seek Congressional approval to raise the amount of "annual mortgage premiums" over the life of the loan. The current maximum is 0.55-percent.
(2 comments)

beachwood oh real estate: THE DOWNSIDE OF A HOME LOAN MODIFICATION - 01/19/10 04:45 AM
THE DOWNSIDE OF A HOME LOAN MODIFICATION
With hundreds of thousands of upside-down homeowners suffering from the housing market meltdown,  more and more of us are looking to loan modifications as the answer.
 
If you're lucky enough to even get a decent loan modification your credit score will amost certainly take a hit. In fact you may find yourself unable to subsequently qualify for a car loan or a credit card!
One positive of a loan modification versus a short sale or a foreclosure is that it will appear as a blemish on your credit report for only a few … (2 comments)

beachwood oh real estate: SHUT-UP, CLEAN-UP & GET LOST! - 01/17/10 09:18 AM
SHUT-UP, CLEAN-UP & GET LOST!
Apologies if this sounds harsh but Sellers please consider the following:
You may have a terrific personality so it perhaps comes as a surprise that the last person a prospective buyer wants to run into at your house is you! This holds true whether it's an open house or a showing.
This isn't personal and that is precisely the point. Buyers don't want to get personal and instead want to objectively check-out your house without you hanging around. Staying away is to your benefit as well. We've seen many sellers insist on being present during a … (5 comments)

beachwood oh real estate: MARTIN LUTHER KING JR. DAY IN BEACHWOOD OHIO - 01/14/10 12:27 PM
This is a heads-up for anyone who lives in or around Beachwood, Ohio or who may be visting the area.
On Monday January 18, 2010 from 11:00 A.M. to 5:00 P.M. the Maltz Museum of Jewish Heritage is holding its annual Tribute to Dr. Martin Luther King, Jr. The best part ... ADMISSION IS FREE!
My father was Judge of the Cleveland Heights Municpal Court and had the great privilege to meet Dr. King. Within six months of the taking of this photo my father and Dr. King had both passed on.

My father is on the left. I do not know the … (0 comments)

beachwood oh real estate: IS ONE-STOP SHOPPING BEST FOR THE CONSUMER? - 01/14/10 11:38 AM

"I'm listing my house with XYZ Realty because they offer one-stop shopping which includes an in-house mortgage and title company."
There's nothing wrong with real estate companies that offers these services. Many consumers prefer the convenience of one-stop shopping. Many real estate brokerages can no longer survive on commissions alone and need to sell these extra services as the marketplace becomes more competitive. But is one-stop shopping better for the consumer?
Some companies tout in-house lenders and title companies as if this is a "obviously" a huge plus for the seller and the buyer. This claim is not necessarily a … (2 comments)

beachwood oh real estate: CITY OF BEACHWOOD OH PLASTIC BOTTLE ART PROJECT - 01/14/10 06:06 AM
CITY OF BEACHWOOD OH PLASTIC BOTTLE ART PROJECT NEWS.
The City of Beachwood OH. needs your help in putting together this eco-friendly art project and is asking residents and friends of the City to save-up and drop-off color, plastic water bottles. These bottles can be from soda, water, sports drinks, etc.

These bottles will be used for an art installation at the Beachwood Community Center on Fairmount Blvd. on Friday April 16, 2010 from 1:00 to 7:00 P.M.
Here's the link to Beachwood Ohio's Plastic Bottle Art Project news:
http://www.beachwoodohio.com/news093.html
(0 comments)

beachwood oh real estate: APARTMENT VACANCY RATE HITS 30-YEAR HIGH! - 01/11/10 01:06 PM
Real estate research firm Reis, Inc. reports that apartment vacancies rose to 8-percent in the last quarter of 2009. As a result many large apartment complex owners have been forced to reduce rents. One year ago the vacancy rate was 6.7%. The blame for the recent downturn goes to the recession and to job losses and/or fear of job loss,

Apartment Vacancy Rates Hit 30-year High.
Resi has been tracking apartment vacancy rates for 30 years and an eight-percent rate is the highest on record.
That being said, the MLS in Northeast Ohio's eastern suburbs is not exactly flooded with rentals. … (3 comments)

beachwood oh real estate: IT'S EXACTLY THE HOUSE WE WANT, BUT ... - 01/08/10 09:21 AM
Just like politics, all real estate is local. Unfortunately many buyers run with what they hear in the mainstream media and may miss out on getting the exact house that they want. Does the following sound familiar?
"The real estate agent says this house is priced well below market, and it's exactly what we've been looking for ... but we're going to wait because it's a buyer's market and a better deal is bound to come around. The agent's just being pushy."

We have seen more than a few buyers make this mistake and lose the house that they've been searching for, often searching for … (2 comments)

beachwood oh real estate: DON'T MISTAKE BASIC REPAIRS FOR RENOVATIONS! - 01/05/10 10:59 AM
The following is something we hear from many homeowners who operate on the apparently common misconception that everything they do to improve or to maintain their property translates into dollars when they go to sell:
"I made a substantial improvements to my house and I plan on recouping that money when I sell."
News flash ... repairing that leaking ceiling over your bed or removing those three abandoned cars from your backyard (the cars you never got around to restoring) do not qualify as "improvements" to most buyers. Don't confuse "improvements" with basic maintenance which today's buyers have come to expect, and will receive in … (3 comments)

 
Mark L. Ostrovsky, Howard Hanna Real Estate Services (Howard Hanna Real Estate Services)

Mark L. Ostrovsky

Howard Hanna Real Estate Services

Beachwood, OH

More about me…

Howard Hanna Real Estate Services

Address: 3550 Lander Center, Pepper Pike, OH, 44124

Office: (216) 577-1156

Mobile: (216) 577-1156



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