The Maibaum Report January 2009 Your Real Estate Information Source 2008 in Review What’s the best thing you can say about 2008 where real estate is concerned? IT’S OVER!!! With cautious optimism, we begin a new year and a hope for a smooth and steady recovery. With interest rates at an all-time low, there is no reason that inventory shouldn’t begin moving. Once we can restore some balance in the market, I fully expect that things will start to improve. So how bad was 2008? Well, in Medina County we saw a decrease in average home price from approx. $199, 500 down to $190, 500, or about 5%. Some areas were hit harder than others. Sharon Twp fell 11% Wadsworth fell 9% Brunswick fell 7%, Medina City/Medina Twp only fell 2%. And Strongsville (not in Medina Cty) fell 6% (If you want information on your specific area, please feel free to give me a call). If you want to buy or sell in 2009, please contact me. As you can see by the statistics, each town, and neighborhood, can be very different. I will do an in-depth market analysis for you so you can make decisions with the most accurate information possible. This newsletter brought to you by… Pam Maibaum, Realtor Senior Real Estate Specialist (SRES) Accredited Staging Professional (ASP) Keller Williams –Greater Cleveland SW Office: 330. 321. 2368 E-mail: pmaibaum@kw. com Web: Your. Medina. Agent. com The market is down - I can’t afford to pay a Realtor! On the contrary! You can’t afford NOT to hire a professional Realtor! A great example came to mind the other day when that airplane crash-landed into the Hudson River. When disaster struck, do you think the people on that plane were glad they had a professional in the driver’s seat? You bet. The same goes for real estate. When times are challenging, that’s when you need professional guidance to get the job done. Allow me to perform a thorough market analysis before you put your home on the market. There is never any obligation, of course. Listing Programs that put you FIRST! Risk-Free Promise: First, when you list your home with me, you don't pay anything until your home is sold. Second, if you are unhappy with my service for any reason, or if your moving plans change unexpectedly, you cancel your contract early without any penalties. The happiness of you and your loved ones is what's important and I won't let paperwork stand in the way of you reaching your goals. Flexible Listings! Keep more money in your pocket with a flexible listing program. Most brokers will charge you the same fee no matter how your home sells. . . even if you find the buyer. With the Flexible Listing Program you have complete flexibility. . . from Full Service to Do It Yourself. I offer 3 levels of service: 6% Commission – when 2 agents are involved. 4% Commission – if I find the buyer and they do not have a Realtor representing them. 1% Commission – if you find the buyer and just want me to help you with paperwork through closing. If you are currently listed with another Realtor, please disregard this message.
Real Estate & Mortgage Information You Need To Know! Should You refinance? If you aren’t looking to move but you want to take advantage of historically low interest rates, you might want to consider refinancing. Do any of these statements describe your situation? Can’t make your mortgage payment? 1. The first thing you MUST do if you can no longer make your mortgage payment is to contact your lender. Tell them your situation and ask for their help to fix it. There are different options which your mortgage company may or may not be willing to accept. The only way to find out is to ask. 2. If you are behind on your payments but you can pay back what you owe, you can ask them to reinstate your loan. The most likely scenario for this is if you had a 1 -time event that got you behind but now you are able to afford your payment again. 3. You can ask for a loan modification. This could involve a permanent adjustment to lower your interest rate, for example. This option is useful if your payment is too high and you can’t continue to afford it. Don Jarecki (Keller Williams in-house lender) Heritage Mortgage Svcs (216) 347 -3900 Djarecki@heritagems. net 4. You can offer a deed in lieu. This is when the title is given to the lender when the borrower wants to avoid foreclosure due to a default of the loan. Polly Robinson Fifth Third Mortgage 330 -723 -1749 Polly. robinson@53. com 5. Short sale. This is an option if you must sell and your home and it is worth less now than what you owe on it. You are asking the bank to accept less than what is owed so you can get out from under it. Lots of criteria to meet with this one, so call me if you want to discuss more details. • I have an interest rate at 5. 5% or above. • I plan to be in my home for 3 more years. • I have a credit score of 740 or higher. Or, I have a credit score in the 600’s and I can consider an FHA loan. With rates currently in the 4%-5% range, if these criteria apply to you, you might want to think about refinancing. Call a mortgage professional you trust and talk to them about your situation. They’ll let you know if it makes good financial sense to refinance or not. It could save you $100 or more per month – when added up over a 30 year loan that’s a savings of over $33, 000 (on a $150 k loan)! Call your favorite lender, or contact any of these 3 local mortgage professionals: Gary Pugh National City, Brunswick (440) 876 -2162 Gary. pugh@ncmc. com I just saved a bunch of money!! Lastly, if you are considering researching on-line companies to refinance, PLEASE BE AWARE. They can charge very high closing costs that virtually wipe out any savings you might have had. Shop around to get the best deal. If you are currently listed with another Realtor, please disregard this message.
Real Estate & Mortgage Information You Need To Know! Welcome to the Buyer’s Market! Most buyers don’t know what it costs to hire a Realtor to help you buy your next home… Interest rates under 5%! Tons of homes to choose from! What are you waiting for? It’s FREE!! If you are in the market to buy a home, NOW IS THE TIME. Right now, interest rates are extremely low. Add that to swollen inventory and you have a perfect scenario. But for some reason buyers are reluctant to jump in. Maybe I can put your fears to rest. 1. Commissions are paid in full by the seller, so my services are free when working with me to buy your home. This goes for new construction too! You may think that house prices are going to go even lower, which is why you don’t buy now. Well, they may, but do you know what interest rates will do when houses hit rock bottom? No – nobody does. Trying to time the market is a risky proposition. Once you start to see an up-tick in home sales, home prices are also going to begin rebounding. That means, you have to buy at exactly the right time before prices increase to feel like you got a deal. And what if interest rates went up ½% while you waited? Any lowering of home values would be cancelled out by a higher interest rate. 2. You don’t save any money by going it alone. For example…when there are 2 Realtors present in a transaction, the commission is paid by the seller and it’s split between both Realtors. If you buy your home without a Realtor, the seller does not save ½ the commission. Instead, the seller’s Realtor gets 100%. This is a very important point that most buyers are not aware of. 3. By not securing representation from a professional Realtor, there is no one to look after your interests in the transaction. The Realtor for the seller is required to represent the seller’s interest first, not yours. Do you really want that on the largest purchase you’ll ever make? 4. There are endless issues that arise once the home is under contract between you and the seller. There are inspections to renegotiate, mortgages to apply for, and numerous closing details to work out. Most people buy or sell only a few homes in their lifetime – why not use a Realtor to make sure you don’t make a mistake with one of your largest investments? Again, it’s FREE! What it comes down to is this – now is the time to buy because there is so much competition between home sellers. Hire a Realtor who knows how to negotiate a great deal and you may get a home below today’s value AND at a low interest rate. Oh, and did I mention the willingness of sellers to offer closing cost help? It doesn’t get any better than that! Call me if you or someone you know is looking for a home. I’d love to help them take advantage of this incredible market! STAGING Important now more than ever! Being an Accredited Staging Professional (ASP), I have the expertise to stage your home for maximum profit. It’s just one more service I offer to separate my sellers from their competition!
Pam Maibaum, Realtor Keller Williams Realty 18318 Pearl Rd. Strongsville, OH 44136 PRESORTED STD US POSTAGE PAID MEDINA OH PERMIT NO. 322
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