Update on FHA...Please stand by...

Update on FHA...Please stand by...
If you've participated in a foreclosure, short sale or bankruptcy with some changes from FHA you may not have to wait the 3-7 years that often followed these to purchase your next home.

There has been a lot of talk about the new FHA reduced waiting term of 1 year after foreclosure, short sale, or bankruptcy (see below). There are some strings attached. The biggest being:

“The lender must verify and document a reduction in the borrower’s Household Income of twenty (20) percent or more for a period of at least six (6) months that resulted from the Loss of Employment, Loss of Income, or a combination of both.”

The biggest issue is the fact that the investors (the ones that ultimately buy these mortgages) have not implemented these changes so it’s not yet offered by lenders. I suspect that won’t happen for another couple months.

But here is some info on the change that could help so many borrowers!

FHA Releases Mortgagee Letter 2013-26

Due to The economic downturn that the country has experienced over the past few years, FHA had issued changes to their requirements for borrowers who have experienced a foreclosure, bankruptcy or short sale; as a result of loss of income. FHA will allow borrowers to obtain a FHA loan one (1) year after the date of a foreclosure, deed in lieu, short sale or discharge of a bankruptcy. All of these events must have been a result of an Economic Event.

Borrowers must be able to document that:

• certain credit impairments were a result of loss of employment or significant loss of household income beyond the borrower's control,
• the borrower has demonstrated full recovery from the event; and,
• the borrower has completed housing counseling

Mortgagee Letter 2013-26 can be found in its entirety at HUD.gov at:

        http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

Questions?  Please don't hesitate to contact David, and tell him Amy sent you!

David Dikeman, Home Mortgage Consultant , NMLS # 488101

614.310.7655 phone   |  614.330.7999 cell   | 614.310.7755 fax

150 W. Wilson Bridge Rd.  | Worthington, OH 43085  |  insightbank.com

Website: www.insightmortgage.com/ddikeman

IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, BUYING OR BUILDING 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

614-657-2005

Update on the Central Ohio Market

Record Breaking Sales in Central Ohio...

Year to date sales as of 8/21/13 of 15,988 homes are 24.2% ahead of last year's sale data! And, are the highest for any year to date sales since the Columbus Board of Realtors® has been collecting data.  

July's 2,825 home sales made for a record month, coming in a close 3rd to August 2005's sales of 2,875 and June 2006's 2,872. WIth last month being 19% higher than last July's sales, it suggests that the high sales trend is continuing.

Our current median sales price for Central Ohio is $145,000, up 4.4% from a year ago. 

In addition to sales, home prices are also on the rise. June's average sales price was $196,377, 6.6% higher than last year, and places June 2013 as the highest sales price month on record.

During the first six months of the year, 334 homes sold for $500,000+ which is 31% higher than the 255 that sold from January to June of 2012 – and 36.2% (121) of them sold in June alone. 

The Columbus Board of Realtors is expecting to see gains across Central Ohio at approximately 3-6%, which should significantly help home owners and allow for more homes to be listed as sellers move out of a negative equity position. There seems to be pent up demand that low rates are the threat of rising rates has put more buyers into the market.  The only concern that seems to be abound is the talk of rising rates slowing our housing market, but overall Central Ohio is having a very good year.

If you have questions about lending..

Call David Dikeman,  Insight Bank

614-807-3891 Direct

Please tell him Amy referred you.

IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, BUYING OR BUILDING 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

614-657-2005

10811 Keller Pines Ct, Galena, OH

Embracing Video! 



I am excited to share this listing in a beautiful community that is the perfect country atmosphere near quaint Galena, with city amenities nearby...Polaris, Uptown Westerville, New Albany, Easton. Located near two reservoirs for fishing, boating and water sports...ample golf courses and parks nearby too! Call or email me with any questions.


A side note...Jan and I just attended the Coldwell Banker Technology Summit and are excited to keep being innovative with the most up-to-date opportunities to increase the people we reach with your information on homes or land for sale! We stay on top of trends and are are continually improving our options to reach potential buyers for you!

Do you YELP! If so, please take moment and provide a review for me...just click this link:
Amy Bumpus, Straight Talk. Always. Review your experience with me!

IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, BUYING OR BUILDING 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

614-657-2005

Market Update! And WHY your home may not be selling in today's market!

Update from some of my most trusted lenders today--rates are rising.  They are telling me the recession is over....people are running from the bond markets back to the stock market!  The past two weeks have been hard on the mortgage business since they have seen about a 1/2% increase...Ouch!  Economists were predicting a stable rate environment, but half of a percent is significant to borrowers.  So, talk to your lenders if you are interested in a new home loan, and don't hesitate to contact me any questions!

Why isn't your home selling?

For the most part there is a pretty short list of reasons that cause most slow-to-sell homes to linger on the market. You’ve probably heard at least a couple of them before, maybe you just need to hear it few times, or hear it from different people. But make no mistake if your home isn't selling  you need to make some changes so that you are not in the situation of your home sale is stuck - and your life plans stuck with it.

1.  You’re listing price is too-high. If your home has been sitting on the market for longer than average days on the market, make no mistakte....THE MARKET is speaking and it’s saying: the price is too high vis-a-vis the current condition of the market and the property.  Period.

There are only three variables in this equation - which is helpful, because it means there are really only three ways to fix this situation:

• change the condition of your property
• wait until your market conditions change to support a higher price
• change the list price.

That’s it. That’s all there really is. For most sellers the simplest, most sensible of these three variables is to modify is the list price. Pricing your home is not an exact science. You take variables into consideration while comparing your home to those that have sold, then you try for the best possible price on list......AND THEN LISTEN to the market for feedback.  If you home is in good condition, is well-staged for showings, and other homes nearby are flying off the market.  The fact that you don’t want to hear that your home is overpriced doesn’t mean it’s not the truth. 

Today’s market is ascending in most areas, which simply means that prices are on the rise. Some sellers are waiting to list their homes, hoping that prices will be higher in the years to come. Economist note this is a risk due to the potential for interest rates to rise. So if you want or need to sell your home sooner than later, or you are hoping to sell in time to buy your next home before prices and interest rates rise much higher, holding out for a higher price probably doesn’t make sense. 

In fact, your resistance to making a necessary price cut could backfire. Buyers often keep their eye on overpriced but otherwise nice homes, waiting until they suspect the seller’s desperation will make them more receptive to a lowball offer. 

Jan and I strive to analyze your home against recent sold homes and your current competition to start your home sale at the best possible price! 

2.  Your home is not be fully exposed to the market.  So the truth that the market has spoken on the matter of overpricing does have one caveat: it assumes the market has actually been exposed to your home.  If your home’s marketing plan has been limited to that red-and-black For Sale sign you got at the hardware store and stuck in the lawn, chances are good that your home is lagging because your area’s community of buyers and brokers have no idea it is on the market!  

Other common conditions of home sale-preventing underexposure include:

• Homes that are not listed on the area’s Multiple Listing Service or MLS
• Homes that are not listed on major real estate search engines, like Trulia
• Homes that are very difficult to show or are rarely made available for viewing
• Homes that are listed online with no, few or poor quality property photos.

Jan and I always hire a professional photographer, so quality photos, check.
Great exposure, check!
We have your home listed on every major home site from our local MLS to Realtor.com to Trulia to Zillow to Coldwell Banker to JanBenadum.com and you'll have your own personal home page that we use to market your home to other real estate agents, our past clients, and buyers searching the internet. 

We always suggest you show your home upon request, so that it won't be your home for long!
If you haven't engaged the services of a professional listing agent, give us call, we'd love to discuss helping you with a plan to sell your home. 

3.  Your home has a glaring issue that needs resolving.  Many times, a big condition issue can cause a home to sit on the market unless and until the seller either (a) fixes the issue OR reduces the price so low that a buyer thinks the bargain is worth the hassle.  Some situations are too costly for a seller to fix (e.g., foundation needs replacing), and others are not fix-able (high tension towers or that nuclear power plant next door!).  In these situations, reducing the price might be the only resolution.

But other issues can be changed, but many sellers don't want to hear them.  You might love the hot pink or bright green room with the zebra stripe bedding and accents! Or the colored laminate counter tops, and oh there are some damaged areas, like where your daughter placed the hot pizza pan right out of the oven directly onto the counter??? Oh well! And you love the grass green or powder blue sculpted  wall-to-wall carpet or the “rustic” look of the weathered paint, fences and trims on the exterior.  Or maybe you don’t love them anymore either, but you think buyers should just look past these issues.  

Your home’s slowness to move is the market's wake-call to you.  The average buyers’ tastes might be different from yours. But in our market area most buyers don’t have to look past issues in your home, they can find a home that is move-in ready.  So, to concern yourself about what buyers “should” be willing to do is to live in a fantasy world - and as long as you’re there, your home won’t move in real life. 

4.  You’re not really ready to move on.  If none of your agent’s advice about how to shift your home’s sale makes sense, if everything on this list strikes you as outrageous, if even your friends’ and family members’ urgings to cut the list price or make some changes to your home makes you think the whole world must be crazy, ask yourself this question:  are you really, truly ready to move on?  

I've had a few sellers over the years that truly didn't want to sell for various reasons from not wanting to leave their beloved community, family and friends to move to the new location of a spouse's job.....to a divorce where one party was not willing to let go of the family home and memories, and some other odd circumstances tossed in there too! So, if you find yourself in a situation where your head is telling you that cutting the price is the right thing to do, but  your heart makes you do everything possible to keep the home from being shown, consider whether you are truly ready to move on. Just take the home off of the market if you really don't want to sell it. 

IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, BUYING OR BUILDING 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

Spring Market Update and Tips

It is Spring! The time of year when many people think of buying and/or selling a home. This year we have some good news for you in Central Ohio!

• Interest Rates are still at an all time low!  Good for buyers—good value...and Good for Sellers—increases the number of buyers.

• Inventory is at a 12 year low!  Good for Sellers...helping to strengthen values and make selling an option again.

• In opinion polls, it seems the majority of those ask are feeling that this spring and summer are the best combination of rates and home prices that will be seen. Good for increasing the number of buyers willing to make that purchase, and good for sellers to put their homes on the market and look for the home they need for the next phase of their lives.

• Same opinion polls, show some reluctance with sellers thinking that the market will continue to improve so many are waiting to sell, hence the low inventory we are expereincing.

So here are some tips to have a successful home selling and buying experience in the current market.

Sellers

1) Price your home to the market. Statistics show the more accurately you price your home to the market, the better your selling price will be. Don't fall into the old trap of thinking you must price high to negotiate. this strategy only sells your competitions' homes.

2) Clean up and make any needed repairs. Buyers will alway estimate higher than the actual cost of repairs, so a well prepared home will sell for a better price. I always review a home with my sellers to make a list of needed repairs or touch ups, and if necessary to discuss moving some things to storage to best show the property and not your abundance of belongings.

3) Be flexible and allow buyers to see your home. Remember, once on the market you want someone else to own your home, so begin mentally preparing to let go, by letting buyers see your home when they ask.

4) Try not to be insulted.  Remember, the buyers don't have the emotional investment you have. Review offers and requests, and respond in a level headed manor. Getting upset doesn't resolve issues that arise during a sale.

5) Curb appeal, remember to make a good first impression, buyers are making a big part of their decision on if you have or have not cared properly for the home before I unlock the front door.


Buyers

1) Be prepared to review your finances with a lender, set a budget and then be realistic about what that budget will buy...this way you won't pass up very nice homes wanting something unobtainable in today's new sellers' market. I can help you obtain a clear picture of what your budget will provide in the various Central Ohio areas.

2) Carefully review your needs and determine if your budget will allow you to purchase a home that will work well for the next 5-10 years.

3) Be honest about your skills.  Can you handle a fixer project or do you need the home to be move-in ready?

4) Be prepared when you are viewing homes to make a decision, if you need to wait, another buyer may move into your ideal home.  And, with the increase of multiple offers on homes, you may now have to make more than one offer to obtain a home.  Jut a caveat of the current sellers' market.


5) Look at the sold comps and competing properties objectively.  This analysis will show you how the home is priced to the market, and this information will help you determine what you are willing to pay for the home. Don't automatically assume every seller prices high to negotiate.

Interesting! Lender David Dikeman of Insight Bank (direct dial: 614-310-7655 or ddikeman@insightbank.com) shares this interesting information:

Consider this – back in 1980, the median home price was $93,000. Today the existing median home price is $184,300. Taxes and Insurance on a home back in 1980 were about $150 per month cheaper than they are today. But, interest rates back then were about 13.5%, compared to today’s 3.5%. The total payment for principal, interest, taxes, and insurance at an 80% loan to value today is $50 per month less than it would have been over 30 years ago. Add inflation in the mix and prices today are a small fraction of what they were back then.  

 In Summary, now is a wonderful time to be buying or selling with the low rates, fair home values, and ample buyers looking for a home. 

Yard Tip:
Homemade Weed Killer

Try cleaning with Natural Homemade Cleaners

Here's two of our newest listings....each property gets its own website with a lot of information for the buyers!

2790 Schuylar Road

3811 Echoplace

 IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, Buying or Building 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

2013...a good year for Central Ohio

Today is a beautiful day in Central Ohio.  The temperatures are reflecting the coming spring with days warming and having more sunshine. And, this usually means time for the biggest selling season for real estate.  Two of my favorite things!  Warmer weather and more clients to work with, as I love spending more of time with people! And, even without a crystal ball, I can say in good faith, it is looking like a very good year for Central Ohio Real Estate. To sell and to buy, inventory is low and there are plenty of buyers due to the continuation of historically low interest rates and financing programs for buyers.

Central Ohio ended 2012 in a great position to see our recovery continue in 2012.  Our market had an increase in sales of single family homes and condos...up 15.5% from 2011.  It was the highest number of residential sales since 2007.  The average sales price of home sold in Central Ohio was $167, 459, an increase from $158,898 in 2011—an increase of 7.5%.

Part of the reason for our recovery is supply and demand. That is our inventory is at its lowest point in over a decade. Approximately 9,252 homes for sale this past December, which is 18.8% lower than December of 2011. The average number of days to sell also decreased from 101 to 83 day. So if you are waiting to put your home on the market, there is no need to wait! Buyers are out there now, and they could use more choices.

Another good sign of our recovery is the number of building permits has increased and this has everyone smiling. In 2012 building permits for single family homes had an increase of 21% over 2011, while condominium construction rose 5%. Although we are nowhere near the boom levels, increases are a good sign.

Also, the number of distressed homes for sale is declining as the foreclosure rate drops as well. The number of lender mediated homes (short sales and foreclosures) was down 37.5% from 2011. However, the demand for all properties is high, and when the demand exceeds supply all homes sell more quickly.  The misconception is that distressed properties are a "steal."  Homes sell for market value. If a home is distressed its market value is less.  Banks rarely will be involved in giving anyone a "deal" or a "discount."  Lenders rely on experts—realtors and appraisers—so they know what a property's value is, and that is the amount they are targeting and will accept.  With inventory low, they are standing even firmer on their pricing. Distressed home sales decreased from being 34.8% of sales to 33.3%. As the number of distressed homes reduces, we should see better gains our sales prices overall as well. Programs like Save the Dream are there to help us keep reducing our distressed property market as well.  Everyone wants to see homeowners remain in their loved homes. If you need more information or would like to apply for assistance click here: Save the Dream Ohio
Or call 1-888-404-4674. To be eligible, homeowners must have lost their job or endured a financial hardship, earn less than $112,375 and have less than six months of mortgage payments in savings.

A little bit of news about The Benadum Team.  We have finished 2012 strong and have earned a position in the International President's Circle Elite. We are in the top 2% of the 84,000 nationwide Coldwell Banker agents in sales. We are please to thank all of our clients, friends, and family for referring us and trusting us to help with the very big decisions that affect your daily lives and finances.  THANK YOU!

We are looking forward to another successful year of helping you achieve your real estate goals.

Here's one of our newest listings....each property gets its own website with a lot of information for the buyers!
152 Rome Drive in Etna

 IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, Buying or Building 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