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Buying A Short Sale Property: A Mortgage Lender’s Perspective

February 8, 2011 by Eric Lowry Leave a Comment

Today, we introduce guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

Buying A Short Sale Property by Dave Scully, Guest Blogger on RealEstate-Ink.com

Buying A Short Sale ListingEvery buyer in the market wants to get the best deal. You may want to begin your search for a new home with properties that are on a “short sale”. First, let’s define what a short sale is. A short sale is when the sales price of the home is less than the amount the previous owners currently owe on their mortgage. In a short sale the borrowers are likely in the foreclosure process. Therefore the Bank must approve and sale and that is who your Realtor will be negotiating with.

Search For Bank Owned And Short Sale Properties For Sale Here

When buying a short sale you must be prepared for a longer negotiating process and closing process. As I said earlier you are dealing with the bank who must approve the sale of the property. The banks have so many short sales and foreclosures on their books that they do not react as quickly to an offer on the property. Also, the bank will allow you to do a whole house inspection, however they will require the sale of the home to be on an as is basis. I encourage every buyer to get a whole house inspection. However, on a short sale most banks will not make ANY repairs to the property.

Once your loan is approved and you are cleared to close we can typically close you within a day. However, on a short sale the bank will want to see the closing statement and review it for up to 72 hours prior to close.

They key to a successful and timely closing on a short sale is knowing what to expect and when to expect it. Personally I refer to short sales as “Long Sales” as they take a little bit longer to close due to the owner being the bank. I recommend you expect to close a short sale in 45 days instead of the 30 days that we can close a loan.

 Have a home that you need to sell in short sale?  Visit www.LowryTeam.com

Filed Under: Buyers, Financing, Financing Options, Real Estate Information, Real Estate News, Short Sale / Foreclosure Tagged With: Buying Foreclosures, Buying Short Sales, Dave Scully, Evolve Bank & Trust, Financing A Home, Financing A Short Sale, Interest Rates, mortgage lenders, Mortgages, Search Homes For Sale, Search The MLS, VIPHomeFinder.com

LowryTeam.com: Monthly Real Estate Trends Report – January 2011

January 31, 2011 by Eric Lowry Leave a Comment

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Here is the newest edition of our LowryTeam.com Monthly Real Estate Trends Report for January 2011.  This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridge and Liberty Township, Ohio.  It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market.  In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality.  There is no such thing as a national weather forecast and there is no such thing as a real estate one either.  ALL real estate is local!

The source of our data is the Greater Cincinnati Multiple Listing Service. By seeking out and understanding the trends in our market place we are better able to forecast the upcoming market conditions and counsel our clients on pricing strategies to get their home sold for the highest possible price. Any thoughts and insight into what may occur in the future are solely our opinions and forecasts.

First we take a look at unit sales for the last six months (July – December):

This most recent six months of data reflect the time immediately after the home buyer tax credit expiration.  As you can see the drop in sales in this period was pretty dramatic.  The tax credit had the impact of drawing a lot of home sales into the first six months of the year and causing an extensive slow down afterward.  The graph shows that that there has been a leveling off of  home sales in West Chester and Liberty Township during this last six months time frame.

To put these levels of home sales in proper perspective we can also compare them to the same time periods of the last two years.  In the fall of last year (2009) we had just seen the extension of the original first time homebuyer tax credit.  In the fall of 2008 we were in the midst of the financial crisis with the all of the bank failures, etc. which caused a very significant slow down at the time in home sales.  So when you compare the last three year’s home sales for this time period of July – December you can see that our current level of home sales had been tracking at a level that was below the levels seen during the financial crisis, but in December moved upward slightly, basically pulling even with December 2008 and down 13.16% compared to home sales in December 2009.

This continues to be a pretty amazing statistic when you consider that we are operating in an environment of both extremely low interest rates and home prices.  One factor that may provide an uptick of some sort in home sales in the near term is rising interest rates.  Rates have definitely risen off of their lowest levels and history tells us that when rates go up, they tend to go up fast.  Some homebuyers may be fearful of missing out on these really low rates and will jump into the market to get a home under contract while the below 5.00% interest rates are still available.  This could result in a small upward trend for home sales in the next few months over the current levels.

Average sale price for the last six months (July – December) is next:

In this graph you can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales in 2010.  If you watch the trend line you can see a gradual decline for 2010.  Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever.  The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame. 

Track Home Sales In Your West Chester or Liberty Township Ohio Neighborhood Here >> Get Your Personal Market Snapshot!

Homes are not worth more now than they were at the beginning of the year.  Any increase or decrease in the average sale price is reflective of the activity of that time frame.  A perfect example of this is the month of August which according to the graph shows a huge increase in the average sale price over the month of July.  A look inside the numbers explains… In July, 17 of the total 82 closed sales that month were under $140,000 in sale price, in August there were only 6 of a total 78 closed sales in that same price range.  Less sales in the lower price ranges will cause the average sale price to be higher.  In addition, in July there were just 4 closed sales over $400,000 compared to 9 closed sales in August over $400,000.  So, was the average sale price higher because homes were worth more?  No, there was just a very different mix of homes that sold.

List to sale price ratio: 

The List to Sale Price ratio is calculated by dividing the final sale price into the list price to find the percentage of the list price that a given home sells for.  The West Chester and Liberty Township Ohio List to Sale Price Ratio is 95.68% for the six month period of July – December 2010.  As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year.  The swings up and down are an indicator of the lack of stability in the West Chester and Liberty Township real estate market right now.  The highlighted center area of the graph shows what appears to be the middle ground right now for the market.  The previous two months had been below this range, indicating that homeowners are accepting lower offers when compared to their list prices than had been the case in previous months.  In December the list to sale price ratio for West Chester & Liberty Township move back up into the middle of the middle ground so to speak.

The one factor that remains true, through all of the market’s ups and downs is that homes that sell quickly, sell for a much higher percentage of their list price.  In the most recent six months, homes that sold in the first thirty days that they were on the market sold for 97.35% of list price.  As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

As was stated in last month’s LowryTeam.com: West Chester, Beckett Ridge and Liberty Township real estate market update, the market remains challenging, yet full of opportunity. Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther.  The primary threats to the 2011 real estate market and any potential recovery are continued high unemployment and the potential loss of the mortgage interest tax deduction.  Interest rates have now risen off of their lows, but still remain at very attractive levels below 5.00% which provide a great environment for buying a new home.

Your comments and questions are always welcome! Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

Filed Under: Eric Lowry's Articles, Market Update, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics, Real Estate News Tagged With: Average Home Sale Prices In West Chester Ohio, Beckett Ridge Real Estate, Beckett Ridge Realtor, Eric Lowry, Eric's Hassle Free Listing, Home Sales, Home Values, Interest Rates, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Real Estate Market Expert, Real Estate Market Reports, Real Estate Market Statistics, Search Homes For Sale, Search The MLS, VIPHomeFinder.com, West Chester Housing Statistics, West Chester Ohio Real Estate

LowryTeam.com: Interest Rates Update For West Chester & Liberty Township, Ohio

January 3, 2011 by Eric Lowry Leave a Comment

LowryTeam.com Mortgage Interest Rate Update

Have mortgage interest rates hit their lows?  Will they continue to move higher?  These are good questions.  The truth of the matter is nobody knows for sure.  Mortgage interest rates have moved higher in the last 5-6 weeks.

It does feel like we have seen the lowest levels and that interest rates will continue to edge a little higher as we move through the spring real estate market and into summer.  How much does it matter?  It matters quite a bit if you care about your monthly home mortgage payment .  

Waiting a few months to buy a home in West Chester, Beckett Ridge or Liberty Township, Ohio may very well cost you a great deal of money in the long run.  Buying real estate today will get you a terrific fixed rate mortgage!

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – LowryTeam.com.

Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

Filed Under: Beckett Ridge Homes For Sale, Buyers, Eric Lowry's Articles, Financing, Financing Options, Liberty Township Ohio Homes For Sale, Market Update, Real Estate Information, Real Estate News, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge Homes For Sale, Cincinnati, Eric Lowry, Homes For Sale, Interest Rates, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Mortgages, Ohio, Search Homes For Sale, Search The MLS, Top Real Estate Agent, Top Selling Realtor, VIPHomeFinder.com, West Chester Real Estate

West Chester & Liberty Township OH Real Estate: 7 Reasons Why Now Is A Great Time To Buy A Home!

October 7, 2010 by Eric Lowry Leave a Comment

7 Reasons Why Now Is A Great Time To Buy A Home In West Chester, Beckett Ridge, Liberty Township and Mason!

-It’s prime time to buy a home –

Reason #1:  Homes have never been more affordable.  For individual home buyers there are only a few facts that really matter.  Can I afford this home? Is it a good investment? Does it meet my family’s needs?  So it’s a bit surprising that the most important statistic has gone largely unreported: homes have never been more affordable.

Reason #2:  Mortgage rates are at rock bottom and won’t stay there forever. The national average for a 30 year fixed rate mortgage dropped to 4.36% in August 2010 – lower than it’s been in the past half century.  Interest rates for the same time last year averaged 5.19%, representing a difference of $90 in the monthly payment on a $200,000 home with a 10% down payment.

 

Reason #3:  Prices are trending back up.  Every major price index points to a housing market that has hit bottom and is moving in a positive direction.  After 30 months of declining home values, home prices appear to be stabilizing.  In other words, staying on the fence and waiting for prices to drop further is over!

Reason #4:  Seller’s are motivated!  When supply exceeds demand, buyers have the upper hand-and that’s where we are now!  The current supply of homes for sale currently exceeds the number of homes being put under contract by a large ratio.  At the same time, recent market upheaval has given rise to a surplus of foreclosed properties that banks are eager to sell, and an increasing number of listing agents are also negotiating “short sales” with banks to sell their clients properties at a price that’s less than what they owe on their mortgage.

Reason #5:  Lenders are back in the game!  The subprime mortgage crisis brought underwriting standards back into the mortgage origination process.  And while the final quarter of 2009’s financial meltdown led to a sense that financing had dried up, mortgage funds are now available.  If you have a job and can afford the payment, chances are you’ll qualify for a mortgage.

Reason #6:  Ownership costs are dropping below rental costs!  The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of homeownership has dropped.

Reason #7:  Home ownership remains at the core of the American Dream!  A recent Fannie Mae study reveals that the majority of Americans still aspire to own a home – and a for good reason.  Owning a home is critical to financial stability and wealth building.  A home serves as a forced savings account and provides a solid asset, as well as a place to live.

Thinking of buying a home?

Start your search of homes for sale right here:

 

 

 

Filed Under: Beckett Ridge Homes For Sale, Buyers, Eric Lowry's Articles, Fairfield Township Homes For Sale, Financing, Liberty Township Ohio Homes For Sale, Market Update, Real Estate Information, Real Estate News, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge Realtor, Buying A Home, Buying Foreclosures, Buying Short Sales, Eric Lowry, Homes For Sale, Interest Rates, Keller Williams Realty, LowryTeam.com, mortgage lenders, Mortgages, Search Homes For Sale, Search The MLS, Top Selling Realtor, VIPHomeFinder.com

West Chester & Liberty Township OH Real Estate: This Month In Real Estate August 2010

August 23, 2010 by Eric Lowry Leave a Comment

 

Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

Filed Under: Buyers, Eric Lowry's Articles, Financing, Financing Options, Real Estate Information, Real Estate News, This Month In Real Estate Tagged With: Beckett Ridge Real Estate, Beckett Ridge Realtor, Eric Lowry, Home Values, Homes For Sale, Interest Rates, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Real Estate Market, Search Homes For Sale, Search The MLS, This Month In Real Estate, West Chester Real Estate, West Chester Realtor

West Chester & Liberty Township OH Real Estate: FHA Loans

July 12, 2010 by Eric Lowry Leave a Comment

 

1. FHA loans are not only for first time homebuyers.

Many people believe FHA loans are available only to first-time home buyers, but this is not true.  While it’s true many home buyers are buying their first home using an FHA loan, but a large number of move up/repeat home buyers are also utilizing the opportunity of the FHA loans as a home financing option.

 2. FHA loans are not only for lower-income homebuyers.

FHA loans are available to everyone. There are many homebuyers in West Chester and Liberty Township Ohio using FHA financing.  There are no income restrictions tied to FHA loans.  Just as with conventional mortgage financing, home buyers do need to qualify for a mortgage based on their income, monthly debt obligations and credit scores.

  3. FHA loans are not just for small mortgages.

Currently in Butler County, Warren County and Hamilton County, Ohio the FHA loan limits are $337,500.  Keep in mind that this is the loan limit.  So, as an example, someone buying a home with a 3.5% down payment could buy a home for as much as a $350,000 purchase price.  Which leads to my last point on FHA mortgage lending.

4. FHA loans are often more affordable than conventional financing. FHA loans offer very competitive interest rates when compared to other loans.  Home buyers  also benefit from a much lower down payment, as I mentioned above.  The down payment required to buy a home can be as low as 3.50%.  And also the mortgage insurance premium may be lower on the FHA financing when compared to the conventional mortgage insurance for loans with less that 20% down.

For more information on FHA financing or for a referral to a terrific mortgage loan consultant please call Eric Lowry at (513) 874-1830 or visit our website, LowryTeam.com.

Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

 

Filed Under: Beckett Ridge Homes For Sale, Buyers, Eric Lowry's Articles, Fairfield Township Homes For Sale, Financing, Financing Options, First-time Homebuyer, Liberty Township Ohio Homes For Sale, Real Estate Information, This Month In Real Estate, West Chester Ohio Homes For Sale Tagged With: 1st time homebuyers, Buying A Home, Conventional financing, Eric Lowry, FHA Financing, FHA Loans, First Time homebuyers, Getting Preapproved, Interest Rates, Keller Williams Realty, Liberty Township Real Estate, low interest rates, LowryTeam.com, Search Homes For Sale, Searching For A New Home, West Chester Real Estate

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