Home Sales Report from NAR

Good news in the Midwest!  The National Association of Realtors came out with their Existing homes report.  The figures in the infographic below reflect the activity in July.

Home sales are UP 1.7% - more homes sold in July than June!

Prices are UP 4.1% compared to last July.  Good news for sellers!

In my area, this is what I have noticed.  More houses are hitting the market.  Buyers had a pretty busy summer.  Lots of running around looking at houses for this agent!  FHA appraisals are all coming back with required repairs, and hardly anything is closing on time!  This again is because lenders are busier than they were a few months ago - good signs of recovery.

I hope you enjoyed your Labor Day Weekend - my big house project this weekend was getting my dull hardwood floors cleaned and shined, while my husband finished up our master bath touch ups.  What a difference!  Did you have any big projects this weekend?  Tell me about them in the comments!

Back to School!

I am sure it has come up before in this blog, but I am a working Mom of three little kids.  I absolute love what I do in both of my jobs.  Being a Realtor has meant that I can still be the one to take my kids to school, work around doctors appointments and sick days, but I can still help other families buy or sell their home!

This week was a big game changer for me.  My older two kids went off to Kindergarten on Tuesday!  It has occurred to me that this now means more time for me to work during the day, and I hope this will mean good changes!  My busy summer is winding down a bit, and I am making some changes to my website (JenniferSMiller.com) and this blog.  Check them out and let me know what you think!

Here in Stow, school started this week.  We live in a neighborhood that is just outside of the "walker" zone, so my kids ride the bus.  We walk down the hill to a bus stop which is new to me, but only a couple of houses away.  I am surprised by many of my friends who have talked about how far away their bus stop is, or stories of how many people have to drop off and pick up every day!

What is it like where you live?  Do kids walk, ride the bus, or need a ride every day?  Leave me a comment, I would love to know how back to school went for your family.

But on a personal note, from my perspective - Right now back to school means -  

Watching them go. . .

And waiting for them to come home.

 
Happy Back to School Season!

15 Reasons to Own!

I ran across this visual and I am borrowing it - 15 reasons to own your own home.  I thought it would be fun to share.  I think even long time homeowners can appreciate some of these perks.  Buying a house is not just about the investment, it is finding your home.  If I can help you find yours, I would love to!  

The Truth about Down Payments

I work with a lot of first time home buyers.  I love it.  I love helping someone to find their first place, whether they are single, newlyweds, or getting ready to start a family.  There is always a good reason people decide to buy their first house.  I am happy to say that I have gotten more than a few buyers out of their parents' basements ;-)

When buyers come to me, there are a lot of misconceptions about the real estate process.  I know I have said this before, but my life is not like a show on HGTV.  I very rarely go out in one night and find someone the house of their dreams among three choices.  I don't have a team of handsome twin brothers who can help my clients renovate a home that might just be the one for a great price.

In the real world, the other part that is always confusing is how much money you will need.  Closing costs vary, sometimes sellers will contribute to the buyer's closing costs, but one thing you need to have is a down payment.

Now, I have to say that I have had buyers who didn't know they needed a down payment.  They had a good income, good credit, but didn't have any money saved towards buying a house.  That typically doesn't work.  I often have buyers that think they need to have more money to put down than they need to.  Just for fun, let's ask this.

If Joe wanted to buy a $100,000 house, how much would he need to put down?

A. $ 0

B.  $3,500

C.  $5,000

D.  $15,000

D.  $20,000


Think you know?  Your answer might depend on your age, or your familiarity with today's market.

The truth is that in today's market, there are many options for financing.  The minimum downpayment on an FHA loan is only 3.5%!  FHA loans are great for first time home buyers who might not have much saved up in cash.  There are some restrictions for these loans though, and with PMI, you can end up paying more each month.

But, right now, there are conventional loans that start at a minimum of 5% down!  Conventional loans are typically a better package, no PMI, and less stringent appraisal guidelines.  If you ever want to buy a home with peeling paint - go conventional.

If you think that you need to save up 15% to buy your home, think again!

So, in reality, the answer to my question is a trick  - Joe could make just about any of those choices or more.

A. $ 0 - Down payment assistance is available on some USDA loans, but only areas that qualify.  Also, if you are a Veteran, you may qualify for a $0 down loan.  

B.  $3,500 - At 3.5% down, you can get a typical FHA loan.  FHA might have higher rates, or costs associated, but they have a lower credit score cut off making home affordable for more people.    

C.  $5,000 - If you have good credit, and can scrounge up an extra 1.5% to put down, go conventional!  These are typically better loan packages and you have less restrictions.  

D.  $15,000  - If Joe is a traditional buyer and has saved well, he can put 15% down and typically get a better rate on his conventional loan.

D.  $20,000 - Putting 20% (or more) down is a sure way to get the best rates out there, and also to have an offer appealing to a seller.  

Consider this my public service announcement for the day.

Talk to your lender if you have questions about any of this, or call me today to talk about how we can get you into a new home!

Market Updates

I have been busy, busy, busy!  In fact my whole office has been selling like crazy.  Listings in certain neighborhoods near me are listing houses that sell within days, at full price, frequently with multiple offers.  I have 4 clients under contract, one in negotiations, multiple actively looking buyers and two listings coming up.  It is a crazy change from a year ago here in Northeast Ohio!  

The National Association of Realtors puts out Existing Home Sales Reports, that I found in this easy to read infographic.  Good news all around!  If you are thinking of buying, or listing, or just want to know the current value of your home, just let me know!  

Ripped from the headlines - Crime in Stow, Ohio

Last week, a blurb in our local Police Blotter made me pause.  And take a photo to post on Facebook, because, well. . .

This begged all kinds of questions from friends of mine.  Was it Dutch, or regular?  Did a hungry neighbor wander by?  Or did she have a husband on a strict diet who hid it away somewhere?  Can you imagine getting this call as the dispatcher?

Well, fearing the worst, I have taken to reading the police blotter on a regular basis.  Last week, I found these two shocking crimes.

I have a battle of wills with my five year olds twins almost every morning - I had no idea calling the police was an option!  

Have you seen this goose?  I hope that it was at least stolen by someone looking to give it a good home.  

Not that we don't have real crime in Stow, but from what I have seen lately, it's still a pretty great place to be.

Have a safe weekend everyone!

Why selling as a FSBO is a No-Go

Believe me, I understand that saving money is a HUGE draw to why people sell their house FSBO.  When a Realtor tells you what the cost is to help you sell your house, a lot of sellers get scared.  They think of that percentage, they think their Realtor is doing nothing for that money, and, well, I don't really know what else, but I have seen that deer in the headlights look before.  

There is a lot that goes into the sale of a house that they don't always tell you about on HGTV.  There are marketing costs, required paperwork, negotiations, and frequently, on the Buyer's end, an agent that is specially trained in negotiations with sellers.  

Thinking about selling FSBO?  The people at KCM have a little something to say about it, and as always, they are great with Infographics!  

Here is a secret though, that I don't know if everyone realizes.  If you think that Realtors are making the big bucks off of the sale of your house, think of it this way.  You know the old expression about everyone wanting a piece of the pie?  I found for you this handy pie (which reminds me - I need to talk about the crime in Stow another day):

The agent who lists your home will do so for a commission.  This is the fee that you pay only with the sale of your house.  That fee does not go into your agents pocket.  The agent will take that money and split it with the agent who brings the buyer to your house.  Both the listing agent and the selling agent give part to half in most cases of their commission to their broker.  

In reality, when you pay your agent, you are paying four different people.  Two of those people have done a lot of work to get your transaction settled, your marketing and showing done, and your contracts signed and negotiated.  The brokers have administrative assistants, closers, and rent to pay to have a quality brokerage that you would want to use.

I hope that helps clear a few things up!  Have questions?  I can help!  

  

They say real estate is picking up

What do you think?  So far in April. . . .

I have successfully negotiated and closed these condos with my clients.

:  

These homes are under contract and waiting to close.  

I have moved Renters into these homes

I have shown the following houses and many more. . . 

I anticipate writing another couple of offers this week, and I have two upcoming listings.  

When they talk about Real Estate looking up and improving - I think I have the proof!  

Happy House Hunting!  Can I help you or anyone you know find the home of your dreams?  Or do you have one you need to sell to move on to the next stage?  Contact me today, I love my clients, and I would love to help you!