Hot Fall Market in Central Ohio

As the housing market in Central Ohio Rebounds...Fall is Hot for selling your home. After six years of market that was trending downward, we are starting to experience a recovery and with the historic low interest rates, buyers are ready to move. The uncertainty of where rates will be in 6 months may mean waiting until spring to sell your home won't be a benefit.

1) Rates could be higher which means buyers will have less money to spend on the house.,

2) There will be more competition, most people believe spring is the time to sell.  In Central Ohio we are experiencing low inventory right now! I know, I just have placed 4 homes into contract in the past week, and 2 of those we had to make offers on two homes because we had competition!

3) Fall buyers are traditionally serious buyers.  The spring season brings more people out "just looking" as the weather gets nicer.

4) Negotiations are more difficult. With buyers having the option to move on to their 2nd choice of a house, buyers have more negotiation power when inventory is higher which is typical of the spring market.

SO if you are thinking of selling...Fall 2012 is a great market to be a seller.

Check List for Fall Selling!

1) Curb Appeal:

Hang a festive wreath on the front door!
Have an invited doormat (helps keep debris outside too).
Rake the yard and clear the walks of leaves and debris.
Clean the gutters.

2) Windows and Garage:
Sparkle! Wash them inside and out!
Does the garage door need repairs or paint?



3) After Dark:
Since it often dark outside for fall showings, make sure you have outdoor lights for high-value impact.
Light the walk-ways. 
A timer for the outside lights is a great idea!

And add some additional lighting just for fun!




4) Keep the house cozy!
Candles (great new electric and battery—READ SAFE—options are available) and small lamps are a wonderful addition to decor for on your mantle and around your living, dining and family rooms. Also having your fireplace decorated for fall is a great way to make the home feel cozy.

Decorate with pumpkins and other festive fall centerpieces.
If you bake, nothing like the smell of an apple-cinnamon pie to make people feel warm and welcome.

Alan's Favorite Apple Pie!

Filling

6 C sliced apples (fuji)

Zest of one lemon

Juice of one lemon

1 C sour cream

3 egg yolks

1 C brown sugar, packed

1 1/2 tsp cinnamon

1/2 tsp nutmeg

2 T cornstarch

1/2 tsp salt

Combine in a bowl and refrigerate.

Topping:

1 C chopped pecans or walnuts

3/4 C brown sugar, packed 

1/2 C old fashioned oats or quick cook oats (not instant)

1 C of fresh or frozen cranberries OR 1/2 C of dried cranberries

4 T melted butter

1 T vanilla extract

1/8 tsp salt

Combine and chill well.

Put pie together into crust, apples, then topping, then top crust...lattice optional.... place in 425 degree oven for 20 minutes, then reduce heat to 350 and bake 30-40 minutes until bubbly.

And...Amy's Pie Crust

Two Crust Pie Dough

1/4 Cup of water

1 T. whole milk

1 Cup Crisco (can use butter flavored, slightly different crust color)

2 Cups of all-purpose flour

1 teaspoon salt

Bring water and milk to a boil, pour over Crisco and whip with a whisk or hand mixer (my preference) until liquid is incorporated and mixture is fluffy.  Add flour and salt, mix until crumbly (DON'T OVERMIX, or this becomes paste).  With floured hands, gently gather (or gently push the lumpy mixture into one lump) into a ball and divide into two equal portions/or one a little larger to be the bottom crust.  Wrap in plastic wrap and chill thoroughly.  Roll out between plastic wrap, remove top piece of wrap and carefully press crust into place, carefully remove plastic.

OR Use a cotton pillow case that is well floured to roll the crust on with a piece of plastic wrap on top, keep turning the pastry.  Carefully lift the pastry on the plastic wrap and press crust into place in plate, carefully remove plastic. This method allows you to make lattice top pies with ease.

After filling a single crust or putting on the top crust, I find if you freeze it for 3-5 minutes you can make a nice pinched edge (To keep the crust from getting to brown,  I usually freeze oven ready fruit pies for 15-20 minutes/or empty ready shells for cream pies 5-10 minutes, then bake as the recipe calls for and I have never had a problem with the dish cracking in the oven).  I usually use an egg wash and sugar to glaze before baking.  This pastry keeps well in the refrigerator overnight, and it freezes well.   Just thaw in the refrigerator overnight before using. 

NOTE: I also add things to the above like ground nuts, orange or lemon zest, sugar for a sweet dough.  I add at the same time I add the flour.  If using ground nuts and sugar, I don't delete any flour; if I did it would only be 1 or 2 T. of flour.

Getting ready for spring & summer...maintenance reminders!

It is spring and we are all excited to hit the garden center and make our homes colorful and bright. But you may also want to check a few of your home's other maintenance needs and take care of them early this spring so you can kick back and enjoy the beautiful weather. Keeping your home in good shape and avoiding costly repairs later is a good way to have peace of mind.

1. Roofing repairs: Good maintenance starts from the top down, and since water is the biggest enemy in keep your home safe and in good shape now is the time to check your roof for any damage from the winter. Look for missing or loose shingles, including ridge-cap shingles. Check the condition of the flashings around chimneys, flue pipes, vent caps, and anyplace where the roof and walls intersect. Look for overhanging trees that could damage the roof in a wind storm, as well as buildups of leaves and other debris. If you have roof damage in a number of areas, or if older shingles makes patching impractical, consider having the entire roof redone. Also, remember that if the shingles have been damaged by wind or by impact from falling tree limbs, the damage may be covered by your homeowners insurance.

2. Check gutters and downspouts: I'll say it again: WATER is the number one enemy.....yes it is. So gutters and downspouts are a priority to keep your foundation is good shape and avoid very costly repairs. Look for areas where the fasteners may have pulled loose, and for any sags in the gutter run. Also, check for water stains that may indicate joints that have worked loose and are leaking. Clean leaves and debris to be ready for spring and summer rains. You don't want water overflowing the gutters or not being carried far enough from your home.  Contact a professional gutter company if you have concerns about your underground drainage to the street or if you think your above ground runs don't go far enough from your foundation.

3. Fences and gates: Fence posts are especially susceptible to groundwater saturation, and will loosen up and tilt if the soil around them gets soaked too deeply. Check fence posts in various areas by wiggling them to see how solidly embedded they are. If any are loose, wait until the surrounding soil has dried out, then excavate around the bottom of the posts and pour additional concrete to stabilize them. Replace any posts that have rotted.

4. Clear yard debris: Inspect landscaping for damage, especially trees. If you see any cracked, leaning or otherwise dangerous conditions with any of your trees, have a licensed, insured tree company inspect and trim or remove them as needed. Clean up leaves, needles, small limbs and other material that has accumulated. Do any spring pruning that's necessary. Remove and dispose of all dead plant material so it won't become a fire hazard as it dries. This material is great for your compost pile....start one this spring!

5. Fans and air conditioners: Clean and check the operation of cooling fans, air conditioners and whole-house fans. Shut the power to the fan, remove the cover and wash with mild soapy water, then clean out dust from inside the fan with a shop vacuum -- do not operate the fan with the cover removed.
Check outdoor central air conditioning units for damage or debris buildup, and clean or replace any filters. Check the roof or wall caps where the fan ducts terminate to make sure they are undamaged and well sealed. Check dampers for smooth operation.

6. Check and adjust sprinklers: Run each set of in-ground sprinklers through a cycle, and watch how and where the water is hitting. Adjust or replace any sprinklers that are hitting your siding, washing out loose soil areas, spraying over foundation vents, or in any other way wetting areas on and around your house that shouldn't be getting wet. You don't want to waste water or damage your home!

7. Check vent blocks and faucet covers: As soon as you're comfortable that the danger of winter freezing is over, remove foundation vent blocks or open vent covers to allow air circulation in the crawl space. While removing the vent covers, check the grade level around the foundation vents. Winter weather can move soil and create buildups or grade problems that will allow groundwater to drain through the vents into the crawl space, so regrade as necessary. Remove outdoor faucet covers. Turn on the water supply to outdoor faucets if it's been shut off.

8. Prepare yard tools: Replace broken or damaged handles, and clean and condition metal parts. Tighten fittings and fasteners, sharpen cutting tools and mower blades, and service engines and belts in lawn mowers and other power equipment.

9. Change furnace filters: Now is the time to replace furnace filters that have become choked with dust from the winter heating season. This is especially important if you have central air conditioning, or if you utilize your heating system's fan to circulate air during the summer.

10. Check smoke detectors and CO2 Detectors: Daylight Savings Time snuck up early again this year, and that's usually the semi-annual reminder to check your smoke alarms. So if you haven't already done it, now's the time. Replace the batteries, clean the covers, and test the detector's operation before it's too late. If you have gas-fired appliances in the house, add a carbon monoxide detector as well (or check the operation of your existing one). CO2 detectors are inexpensive and easy to install (usually just plugging one into an outlet on each floor of you home), and are available at most home centers and other retailers of electrical parts and supplies.

Since I get pretty excited about composting, a post on composting will be coming soon!

Good News for the Real Estate Market

We can always use good news!

 

In 2011, there were 830,000 completed foreclosures, down from 1.1 million in 2010 reports CoreLogic*. That's almost a 25% decrease. This should mean the housing market and prices will stabilize - which is good for all of us! 

And, there is a new housing plan in the works....Obama’s election year housing plan. There is a lot review here AND it appears the plan will need approval from Congress, and we all know how that process has gone in the last few years. But for more details The Official White House fact sheet can be found here:  

President Obama’s Plan to Help Responsible Homeowners and Heal the Housing Market

And in the news the past week.......You may have heard....

The nation's five largest banks have finally struck a deal with 49 states to settle charges of abusive and negligent foreclosure practices dating back to 2008. The banks also agreed to change the way they handle and approve foreclosures.

What the Forclosure Settlement Could Mean for You....

 

What did the mortgage lenders and loan servicers agree to do?

The banks and servicers have committed at least $17 billion to reduce principal for borrowers who 

1) owe far more than their homes are worth 

2) are behind on payments.

The average amount of principal reduction will be about $20,000 per borrower.

Another $3 billion will go toward refinancing mortgages for borrowers who are current on their payments. This will enable them to take advantage of the historic low interest rates currently available.

The banks will pay $5 billion to the states and the federal government, the only hard money involved in the deal. Out of that fund will come payments of $1,500 to $2,000 to homeowners who lost their homes to foreclosure.Other funds will be paid to legal aid and homeowner advocacy organizations to help individuals facing foreclosure or experiencing servicer abuses.

Another $1 billion will be paid directly by Bank of America to the Federal Housing Administration to settle charges that its subsidiary, Countrywide Financial, defrauded the housing agency.

In addition, the banks have agreed to eliminate robo-signing altogether and to use proper and legal procedures when putting homeowners through the foreclosure process. They also agreed to end servicer abuses, like harassing delinquent borrowers for payments, and to include principal reductions more often in their mortgage modifications programs. 

Is your mortgage lender particpating in this settlement? 

Bank of America (BAC, Fortune 500)

Wells Fargo (WFC, Fortune 500)

JPMorgan Chase (JPM, Fortune 500)

Citigroup (C, Fortune 500) 

Ally Financial (GJM) 

In addition, nine other unnamed loan servicers may join the settlement later, and that would bring its value to $30 billion.

Loans owned or backed by Fannie Mae and Freddie Mac, however, are not part of the deal. But here is a link to an article about what is new on the horizon from the White House.

(Obama proposes new home loan refinancing program)

The Federal Housing Finance Agency, which oversees the two government-sponsored mortgage giants, will not allow any balance reductions for loans insured by the companies under the settlement.

The following information is from an article at CNNMoney:

I lost my home to foreclosure; how do I know if I qualify for payment? 

If you were foreclosed on in the calendar years 2008 through 2011, you may be be eligible for a payment of up to $2,000. People who think they may qualify should notify their bank.

The exact amount of the payments will depend on how many people participate in this part of the settlement. They will share equally in a pool of $1.5 billion. The U.S. Department of Housing and Urban Development expects about 750,000 former homeowners to take part.

What should I do if I think I may qualify for a principal reduction or refinanced mortgage? Contact your lender/servicer and ask them to review your case.

If I take the money, what rights do I give up? 

Individual borrowers do not give up any right to sue.

As part of this deal, state attorneys general gave up the right to sue the mortgage servicers for foreclosure abuses arising out of the robo-signing scandal. However, they reserve the right to sue if they uncover improper acts when the loans were originated or when they were securitized.

When will the new rules and bank policies be put into place? Most of them have already become part of bank policies.

When will homeowners get paid? HUD said the settlement will be put before a court for approval within two weeks. It is unknown how long it will then take for a court to rule.

The relief for homeowners has to be completed within three years, but the state attorneys general and HUD want it to be front-loaded and completed within 12 months.

Would I have to pay taxes on the principal reductions or the pay-outs? 

If the principal is reduced in 2012, it will not be subject to income tax.

That's because the Mortgage Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. The act is scheduled to expire at the end of this year, however.

So if the act is not extended and the principal reduction occurs in 2013, borrowers may be on the hook to pay taxes on the settlement amount.

It's not clear whether you would have to pay taxes on the $1,500 to $2,000 payout. The IRS declined to comment on the question.

Which state didn't participate and what does it mean if you live in that state? 

Oklahoma was the only holdout of the 50 states. Instead, it announced its own settlement with the five banks Thursday.

Under its settlement, the banks agreed to pay $18.6 million in damages, part of which would compensate homeowners who were victims of unlawful and unfair mortgage practices, according to the Oklahoma attorney general's office.

Homeowners who believe they may have been wrongly foreclosed upon should visit the Oklahoma attorney general's website and fill out the paperwork for processing a claim.

Will the settlement make it harder to get a mortgage? 

The new rules and regulations the banks have agreed to under the settlement should have little impact on future mortgage borrowing since most of practices are already in place, said Keith Gumbinger of HSH Associates, a mortgage information provider.

The actual cost to the banks of the settlement should not discourage lending either.

Here is another CNNMoney article link: (Housing: The one bailout America really needs)

Only $5 billion of the $26 billion settlement will be a direct cost to the banks. The remainder will be the cost of modifying mortgages. Many of those modifications may be in the best interests of the banks to make, however, since the alternative may be foreclosure, which can cost banks more than modifications.

*CoreLogic is a leading provider of information, analytics and business services. 

Have Mortgage Questions?

Call David Dikeman, Home Mortgage Consultant with Insight Bank

614-807-3891 Direct

Please tell him Amy referred you.

 IF YOU HAVE QUESTIONS ABOUT SHORT SALES OR JUST ABOUT SELLING YOUR HOME OR BUYING A NEW ONE, DON'T HESITATE TO CALL, TEXT OR EMAIL ME. 614-657-2005

My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.

The Benadum Team

Amy Bumpus

Straight Talk—Always

Westerville Levy...Passion!

Please vote YES on Issue 10...March 6h, 2012!

I have to tell you.....great communities are great because they are full of good and caring neighbors.  People that help others on their street from shoveling snow and raking leaves to helping them get groceries in. People are what makes a strong community and when we all stand together that is when we win. In Westerville, our kiddos need us. The State of Ohio is well aware, from four court rulings in DeRolph vs. The State of Ohio, that our funding system is broken and needs to be revised. The  schools don't want to spend time and money begging for levies from the voters. As a realtor, I'll remind you to keep in mind for your home's value, the most important room to your home is the classroom....Please vote Yes on Issue 10!

And here is some wonderful insight from a passionate and caring neighbor on why she moved to Westerville and some facts to help you make your decision for voting on the March 6th levy.....

GOOD MORNING NEIGHBORS!

By now most of you know that I am pretty passionate about passing the schools levy on March 6.  I have held back in putting up a huge “I Y Westerville Schools” banner with a spotlight in my yard though J  I wanted to reach out to you today to tell you why I am voting yes. 

We moved to Ohio 2 ½ years ago from Seattle so that Jason could take a job at  Chase.  We were looking for a place to live that allowed our kids to have a great childhood filled with friends and a safe neighborhood to play in.  We also wanted to make sure our girls would get a great education.  We feel like we hit the jackpot when we moved onto this street.  We have the most incredible neighbors we’ve ever had, and our house is constantly filled with little girls (and the occasional boy) giggling and playing.  Lilli is in 2^nd grade at Fouse Elementary, and Claire will join her there for Kindergarten next year.  The school is such a wonderful place, filled with some of the most caring, amazing teachers we’ve ever seen. Our life here has been a blessing we couldn’t have imagined. 

And this is why we are voting yes on March 6.  The quality of the schools in Westerville, and therefore the educational opportunities offered, are everything a child should have growing up.  Art, music, PE, libraries, reading intervention and gifted programs.  What would high school be like without football games on Friday nights, band concerts, school plays and basketball games?  Children who graduate from Westerville schools go on to be successful members of the community.  I feel like all of our children deserve that opportunity.  They deserve to have the same things that we all had growing up, not less.

Any business leader or real estate professional will tell you that the economic foundation of any community is their schools.  Without strong schools, communities begin to fail.  The funny thing about Westerville is that people stay here.  I have never lived anywhere where I met so many people who grew up in the same town they live in as adults.  I think that says a lot about this community, and therefore a lot about what a gem this school district is.

Below are some facts about Westerville schools.  The district runs pretty lean as it is, and without additional funding from a levy the district will have services and programs slashed in a devastating way.  This is not a threat, it is a reality. 

The cost to you will be $211 per $100,000 tax assessed value of your home.  That is only $17.58 per month per $100k value of your home.  In my opinion this is a small price to pay to maintain our excellent schools.

I am not trying to challenge anyone’s opinions here, and if you don’t support the levy then I respect your opinion.  But if you aren’t sure which way to vote please consider the reasons above. If you would like some more information, please do not hesitate to give me a call, email me or just drop on by!  You can also find a lot of information here.  Remember:  you can vote in person on March 6, or you can request an absentee ballot (no later than March 1).


Thanks,

Efficiency

·         Westerville’s cost per pupil is $10,890, 11^th out of 16 districts in Franklin County and nearly $2,000 lower than the county average of $12,616. The state average is $10,571.

General Austerity Measures Already Implemented in FY 2012

·         Westerville Education Association concessions           $1,400,000

·         Administrative salary freeze and staff reductions      $344,683

·         Staff salaries frozen                                                                $115,000

·         Elimination of 10 new projected FTE*                             $750,000

·         Reduction of 8 existing FTE                                                  $672,000

·         Hiring early career professionals  for vacancies           $1,678,000

·         Reducing projected contracted service costs               $346,000

*Indicates reduction of planned new staff positions

                TOTAL ADJUSTMENTS/SAVINGS FOR FY 2012     $5,305,683

Administrators

·         Administrative salary cost has decreased by $276,000 since FY 2010.

·         Average administrative salary ranks 13th out of 16 districts in Franklin County and is $7,166 less than the county average.

·         Average administrative salary ranks fifth out of the five districts in Franklin County with an enrollment of more than 10,000 students.

·         Average administrative salary ranks 13 out of 21 similar districts as determined by ODE and is $2,797 less than the average for this group.

·         Average administrative salary is $1,704 less than the average of similar districts with an enrollment of more than 10,000 students.

·         233 students per administrator compared to state average of 158. (ODE CUPP Report FY2010)

Teachers

·         Teachers gave back $1.4 million in salaries last summer.

·         Westerville’s median teacher income has risen only 9% over the past ten years while neighboring districts have increased teacher pay by as much as 62% (Hilliard), 56% (New Albany), 50% (Dublin), 49% (Worthington) and 47% (Hamilton Local).

·         Step increases are dictated by state law – see Section 3317.13 of the Ohio Revised Code for details on how these work. The District and Board of Education have limited flexibility in how these steps are implemented.

·         The WEA president is an employee of Westerville City Schools, a teacher elected by his/her peers to serve as their representative and to build their partnership with the district. Although the WEA president must give up his classroom time in order to fulfill these obligations, the WEA compensates the district for the cost of hiring a replacement teacher to fulfill his former duties.

Program Cuts

·         No programs slated for elimination or reduction will be restored if the levy fails unless outside funding is found to support it or it is recast in a manner that eliminates its cost to the district.

·         The International Baccalaureate program has been preserved because of the commitment of outside funding from sponsors and participants that will cover the entire cost of the program. This has only been possible due to the relatively low cost of the program ($123,000).

·         The Magnet program will survive the current budget crisis by being completely re-envisioned. The district will obtain nearly all of the projected savings of eliminating the program by temporarily consolidating them for the 2012-13 school year. Beyond that the program will be reborn in an entirely new fashion. It is unknown whether the new structure will achieve the same degree of success as the current program.

 IF YOU HAVE QUESTIONS ABOUT SHORT SALES OR JUST ABOUT SELLING YOUR HOME OR BUYING A NEW ONE, DON'T HESITATE TO CALL, TEXT OR EMAIL ME. 614-657-2005

My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.

The Benadum Team

Amy Bumpus

Straight Talk—Always