Dayton Ohio Real Estate and Mortgages » Market Updates

A Simple Explanation Of The Federal Reserve Statement on September 23

markryan — Wed, 23 Sep 2009 13:37:59 +0000

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.

It also reiterated plans to support the mortgage market to the tune of $1.5 trillion.

In its press release, the FOMC noted that the U.S. economy is “picking up following its severe downturn” and that financial markets have “improved further”.

It’s the second consecutive post-FOMC statement in which the Fed appears somewhat optimistic — a signal that the recession will end soon, or has already ended.

That said, the economy still has some soft spots and the Fed made a point to single them out. Each poses a distinct threat to economic recovery.

Ongoing job losses
Sluggish income growth
Tight credit conditions

Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” and to honor its $1.25 trillion commitment to the mortgage bond market.

However, the FOMC changed its timeframe on the mortgage-backed bond buys, extending its deadline to March 2010. This move should help the Fed keep mortgage rates in the Dayton, Ohio area from rising too high as the economic expansion takes hold.

Market reaction to the Fed’s press release is positive. After an early day sell-off that drove rates higher by about a quarter-percent, most of the pressure is easing. Pricing is worse on the day overall, but well off its lows.

The FOMC’s next scheduled meeting is November 3-4, 2009.

Want To Know Why Dayton Ohio Mortgage Rates Are Up Over 1.125% In 10 Days?

markryan — Mon, 08 Jun 2009 16:59:00 +0000

Mortgage rates in Dayton and the nation are on the move…

Since Memorial Day, conforming mortgage rates have jumped by more than 1.125 percent, adding thousands of dollars to the annual cost of home buying a home in Dayton or any of the surrounding areas. That is really not what we need in today’s challenging market.

To the casual observer, the moves may seem random or just more of the up and down we may have come to expect. There’s a reason this is happening, however.

It starts with inflation.
As an economic force, inflation erodes the value of the U.S. Dollar. Left unchecked, it drives up the Cost of Living as each dollar “buys less” at the supermarket, gas station, or anywhere else.
But with respect to mortgage rates and what you will have to pay when you buy a home in the Dayton Ohio area, inflation’s impact is more immediate. Because inflation devalues the dollar over the long-term, it renders long-term mortgage bonds a less attractive investment for traders.
If bond investors are repaid in U.S. Dollars, after all, it would make the investment worth less if the dollar is in an inflationary free fall.
Stay with me here… I know it is boring but if you are thinking of buying a home in Dayton or even selling a home in Dayton Ohio metro area this is stuff that impacts what you can afford to buy and or what your home may be worth…
Therefore, in situations when inflation is likely to present, we find that traders often sell out of their mortgage bond positions which, in turn, drives down the bond prices. Then, because bond yields move in the opposite direction of bond prices, rising rates are the inevitable result.

Lately, Wall Street is fearing inflation for a number of reasons:

Job losses are slowing, adding to consumer spending expectations
Gas prices have risen 41 days in a row
The federal government is increasing the money supply

These 3 factors — plus a few others — are all coming to a head around the same time and traders are getting defensive with their portfolios. As a result, they’re selling their mortgage bond positions and it’s driving mortgage rates higher for Dayton, Ohio home buyers.

Rates may continue to trek toward 7 percent through July and August, or they may retreat toward 5 percent. We can’t know for sure. What we can know, though, is that volatility in rates should continue until the economic picture gets more clear. That could be next week, or next year.

For now, be ready to lock at a moment’s notice. Mortgage rates are changing quickly.

So, if your loan officer says you may want to lock… consider the risks of not doing just that…

Dayton Short Sale Expert’s Advice Not Taken…

markryan — Mon, 13 Apr 2009 04:19:38 +0000

Sad Story of Dayton Area Short Sale

Here is some quick background on the story. I met with clients months ago and listed their home that was in the early stages of foreclosure. So we did in fact list the home as a short sale or pre foreclosure. After about a month on the market they called to take the home off the market saying that the bank was going to work things out and they did not want to sell. This sounds like great news and a way to avoid foreclosure… well it can be, but all too often I see that it is in fact not a way to stop foreclosure at all. What often happens is the bank just does not offer enough to make it work for the home owner or what they are told on the phone is not what comes in writing.

So, the home owners take the house off the market thinking everything will be great and they can get back on with their lives. I warned them that often things to not work out and that I would be happy to assist with the discussions and review things with them that the bank sends over. My best advice in avoiding or stopping another Dayton area foreclosure was that we keep the home on the market while the discuss things with the bank, that way if things did not work out we had a “plan B”. I really don’t fault them, they were doing what they thought was best, but things did not work out and now we have lost months and are so much closer to foreclosure.

We are going to re list the house as a pre foreclosure / Dayton Short Sale and try to stop the foreclosure by selling the home prior to the foreclosure sale. That will be harder as we lost months of the pre foreclosure time. Lucky for them we really are short sale experts and will market the home very aggressively in an attempt to sell it prior to the foreclosure sale. Read on below on some of my thought about this all to common situation…

Can you stop a Dayton Area Foreclosure? What are the problems?

Yes you can but often what the bank works out with you just is not enough.
What you are told on the phone is not what is in writing.
What they tell you is true but you just don’t qualify.
Things change from when you talk to when the work out package arrives.
There are plenty of short sale scams out there as well.

Dayton Ohio Short Sale Expert Advice…

Always talk with you attorney and/or account in addition to your realtor.
Your Realtor should, no MUST be a real short sale expert.
Listen to your “gut” if what you are being told by different sources differs then keep asking questions.
What is the level of experience in dealing with foreclosure, pre foreclosure and/or shorts sales?
What current training and/or experience does the person advising you have?
If it sounds too good to be true… then it just may be…

What could have been done to avoid the possible foreclosure?

Really evaluate all the advice and information.
Keep the home listed as a Short Sale while talking with the bank.
Call me even sooner when they knew things were not going well with the bank.
Get the home back as a Short Sale as soon as they knew it may not work out with the bank.

You see, as a homeowner selling your house as a short sale you are still in control. You never HAVE to sell it. If you list it the understanding it that you will but you are still in control and have options. I will keep you posted on how things go…

You have options when it comes to avoiding or stopping foreclosure! A short sale is often the best and something you really need to discuss with an experienced short sale expert. We specialize in the Dayton and Cincinnati Ohio areas as short sale expertsand would love to talk with anyone to offer or assistance. If you need to stop a Cincinnati or Dayton foreclosure click the link below for a free consultation.

Short Sale Scams…

markryan — Sun, 15 Mar 2009 06:03:17 +0000

Short Sale Scams in the Dayton, OH area

There are so many home owners in financial distress in the Dayton and surrounding areas that it is just sad that this is even a problem… Unfortunately as a short sale expert I have to see the effects of what being mislead can do to a seller in foreclosure.

What is a Short Sale Scam?

There are really two kinds of short sale scams in my opinion…

Short sale scams where the person taking advantage knows they are harming the home owner in distress or foreclosure.
Short sale scams where the person, usually a Realtor or real estate agent that is just in over their head. They just don’t understand all that is involved in successfully completing a short sale transaction and all the steps necessary to get the bank/lender approval.
OK, I guess there are three kinds… short sale scam #3 The real estate agent (usually) has some experience and may be able to “fumble” their way through some short sale transactions but just don’t know enough to know when they are over their head OR even worse they KNOW but don’t tell the seller that they are in a short sale transaction that is beyond their expertise…

OK, Short Sale Scam #1

This can be the most harmful situation of all… taken to the extreme the home seller is cheated out of even more money and the home still ends up in foreclosure. They home owner things they are paying to stop foreclosure and may just be being taken. What are some of the scams I see…

The pay up front and we will stop foreclosure scam.
We have a lawyer and they can find a “problem” with the mortgage and get you out of this… just pay us now…
We will take over your payments you just pay us rent… then they never pay anything…
Sign over the deed to your property and we will negotiate with the bank… they have to have title if they are going to do all that work you know… yea right! Well they don’t do anything and now the home owner is no longer the LEGAL owner… they can not do anything to stop the foreclosure and even if they do they don’t own the house any longer…
There can be so many other scams… ASK A LOT OF QUESTIONS!!!

Short Sale Scam #2

This is one of the most frustrating for me as true real estate professional and someone that takes my profession and the necessary education very seriously. I have spent thousands of dollars and weeks of time in education classes making sure I and my team have the knowledge necessary to take good care of our clients.

What happens when an agent tells a home owner in distress or foreclosure they can help when they really don’t know what they are doing it not only giving them false hope but they are also violating the Realtor code of ethics, if they are a Realtor. The code of ethics says they we are Realtors should not practice in an area beyond our expertise. Just as I will not sell a 40 story office building (while legally I am licensed to do so) they should not be doing short sales until they get the necessary training. And, NO that does not mean taking a 3 hour class in their office or that they “did one” 3, 4 or 20 years ago… Things today are so dramatically different then they were even 3-4 years ago. The mortgage crisis has banks utterly buried under mounds of short sale files…

Short Sale Scam #3

This is slightly different that #2 in that they may actually be able to handle some of the easier transactions. Not that there are really ANY EASY transactions when it comes to short sales… but maybe then can do it if they only have a few listings and a lot of time to make mistakes. This is not the agent I would want handling my serious financial problems. Worse yet, since they “don’t know what they don’t know” they won’t really even know when they are in over their heads… What will they do with an FHA loan, what if the appraisal or BPO come in too high or too low… how about seller counseling? Need to get a variance? Can the buyer ask for closing costs, repairs, home warranty etc? Do they have contact at banks and other institutions they can fall back on to answer questions and overcome problems???

How to avoid a Short Sale Scam…

My best advice is to call me directly or submit a form here on our site… If you are in the greater Dayton or Cincinnati area we may be able to help you directly. If you are beyond our service area we will help locate a certified professional that can help you.

The most impressive, ethical and through training would be the Certified Distressed Property Expert (CDPE). Ask the person you are talking with if they have the certification.
Ask them LOTS of questions…
Ask them how may SHORT SALES they have CLOSED in the last 6 month. Hint… if that number is 1 or 2 … keep looking. A real specialist will be closing that many each month…
Ask for references.
Ask them what SPECIAL short sale specific forms they have had their attorney prepare to protect you and them as the process move along.
Do they have a team to assist them? If they work alone they will just not have the time to do all that is necessary to complete a short sale.

I hope this helps, please call me with any questions.

Dayton Ohio Real Estate Update – Springboro April 2008

markryan — Mon, 19 May 2008 03:23:46 +0000

Springboro / Dayton Ohio Real Estate Update April 2008

Good to see you back again for our Springboro Ohio Real Estate update, part of our Dayton Ohio Real Estate total market overview. As always this info is pulled from the Dayton Ohio MLS and will update the active homes for sale in Springboro Ohio real estate, Springboro Ohio homes that have sold, Springboro Ohio homes that failed to sell and Springboro homes that are pending sale. We also offer this info. in a very exciting automatic system that will update you on all Springboro Ohio real estate activity periodically in the time frame you choose! You can get all the instant information you need on any Dayton Ohio real estate market you wish in addition to Springboro at the click of a mouse. Get your Springboro Ohio real estate Market Snapshot here.

The market snapshot will give you Dayton Ohio real estate and Springboro specific market updates as often as you like. Get the value of you home, what the house down the street sold for, or what the value may be for a home that is for sale… Here is a sample of what you will get in your real estate market update.

Springboro Ohio real estate MLS activity for April 2008

Total active homes for sale in Dayton Ohio MLS	419
Total homes that failed to sell in Springboro	32
Total homes for sale that went “pending” in Springboro	45
Total homes SOLD in Springboro Ohio real estate	27
Average list price of all homes sold in Springboro	$279,407
Average selling price of all homes sold in Springboro	$267,806
Median selling price of all homes sold	$$228,000
Average % of asking price for all homes for sale that sold	95.85%
Average days on market for all homes for sale that sold	142

So… what does this mean to Springboro Ohio real estate?

Things may be picking up given that there are 45 homes pending sale while only 27 sold last month. The not so good news is that homes are staying on the market for 142 days on average and there are 419 on the market. Homes in Springboro actually take on average 15 days more than the greater Dayton Ohio real estate market in general. Given the current sales rate that means there is a 15 1/2 month supply of homes for sale. If you are thinking of selling your home then you can expect to sell on average for 95.85% of your asking price. That is actually .11% more than the greater Dayton Ohio real estate market in general That is if you use an average agent… get a Dayton Ohio real estate professional with a proven track record and cutting edge marketing tools can make all the difference in the world.

So if you would like to talk about selling your home we are always here to answer any questions and give you the best professional advice for your specific real estate situation. We will give you a realistic evaluation of the value of your home, present you with an aggressive marketing plan to reach your real estate goals and needs.

Thinking of buying a home in Springboro or any Dayton Ohio real estate community? This can be a great time to buy a home. There are many homes for sale in the Dayton Ohio area and prices can be good. So, you have many to pick from and can get a good deal… if you have a great agent working for you. We have a team of real estate professionals ready to help you reach your home buying goals, aggressive negotiation, mortgage assistance, home inspection and negotiation of repairs, etc. Give us a call so we can discuss your needs and learn your goals. You can also search all homes for sale in the Dayton Ohio real estate market right now… click below.

Bellbrook Ohio Real Estate Market Update – April 2008

markryan — Mon, 12 May 2008 04:35:22 +0000

Bellbrook Ohio Real Estate Update for April 2008

Welcome back to our Bellbrook Ohio Real estate update, part of our Dayton Ohio Real Estate total market overview. As usual this info. is pulled from the Dayton MLS and give you the active Bellbrook Ohio real estate homes for sale, Bellbrook Ohio homes that sold, Bellbrook Ohio homes that failed to sell and Bellbrook Ohio homes listed as pending sale. We also offer this information in a very exciting automatic system that will update you on all Bellbrook OH real estate activity periodically in the time frame you choose¦ You can see the Bellbrook Ohio real estate Market Snapshot here¦ The market snap shot will give you instant Bellbrook and Dayton Ohio real estate market updates anytime you like. You can get the value of you home or a what a house sold for down the street. Thinking of buying a home in Bellbrook or the Dayton Ohio area? Use this tool to determine what homes for sale should sell for. Here is an example of what a Dayton Ohio real estate or Bellbrook Ohio update would look like, this is just PART of the what this tool offers¦

April 2008 Bellbrook Ohio Real Estate MLS activity

Total active properties for sale in the Dayton MLS	126
Total homes that failed to sell in Bellbrook	9
Total homes pending sale in Bellbrook Ohio	18
Total homes sold in Bellbrook Ohio per the Dayton MLS	18
Average list price of all homes sold in Bellbrook Ohio real estate	$203,214
Average selling price of all homes sold in Bellbrook Ohio	$192,281
Median selling price of all homes sold in Bellbrook Ohio real estate	$149,750
Average % of asking price of all Bellbrook homes Sold per Dayton MLS	94.62%
Average days on the market for all homes sold in Bellbrook Ohio	124

Also see Bellbrook Ohio info¦

Bellbrook Ohio Real Estate Data Explained¦

Well the news this month is not all good. If you are selling a home in Bellbrook then the % of sale vs. asking price is likely to be less then the greater Dayton Ohio real estate market average by 1.12% and with the Bellbrook Ohio real estate average home sale price of $192.281 that works out to $2153 less than what other Dayton Ohio area real estate sellers are likely to receive. Homes are selling and in a reasonable amount of time, 124 days on average and that is 3 days less then what other Dayton Ohio real estate sellers are seeing. With only 9 Bellbrook Ohio homes for sale not selling last month there is a good change you will sell your home.

As always, if you are looking to sell your home you should work with a real estate professional. The truth is this is a tough market to sell a home, but working with a true professional can make a world of difference. Please feel free to give us a call, we would love to talk with you and discuss your specific real estate needs.

Thinking of buying a home? Now is a great time! There are many homes to choose from and you are likely to get them for a good percent below asking price. Check our our free ENHANCED home search tool below¦

Move to Re/Max, Dayton Ohio Real Estate Change

markryan — Mon, 12 May 2008 03:07:55 +0000

Dayton Ohio Real Estate team moves to ReMax!

Wanted to post a quick entry to let everyone know about our move to Re Max. We are very excited and look forward to working with you in the future with the worlds largest real estate company.

Why we choose Re Max for your Dayton Ohio Real Estate needs…

Remax.com is now the second most used real estate web site. Second only to Realtor.com for the most real estate searches.
1. I want my homes sellers to have the best exposure possible.
2. Now being on Remax.com will add to the already extensive list of real estate web site we expose our homes for sale on.
The worlds largest real estate company.
1. ReMax has a fantastic network of offices all across the globe.
2. This global presence provides great international exposure for you home.
3. International locations located near most military bases adds to the “top of mind” remax.com presence with relocating service members.
Fantastic new location at the Greene shopping center
1. Great central location to all Dayton Ohio real estate communities.
2. Adds to our Centerville location to serve you better.
Unbelievable marketing tools to add to your home marketing.

The ReMax difference

While my old company is a great the agents attracted to ReMax is the finest in the real estate industry. So ReMax Ohio agents in general have more experience, training and history of selling Dayton Ohio real estate than the average agent. So, when I was considering a move to a new real estate company the fact that ReMax would offer me the ability to be surrounded by other top producing agents was a big advantage.

…. competition drives success.

We wanted to be surrounded by the finest in the industry!

Also read: Dayton Ohio real estate update for general market changes…

We look forward to working with you all soon when you plan to buy or sell a home… our new tools and company are great!

Beavercreek Ohio Real Estate Update – April 2008

markryan — Fri, 09 May 2008 09:07:36 +0000

Beavercreek Ohio Real Estate Update for April 2008

Welcome back to our Beavercreek Ohio Real Estate updates. As always this information is compiled from the Dayton MLS and gives you the active Beavercreek listings, Beavercreek homes sold, Beavercreek homes that failed to sell and Beavercreek homes listed as pending. We offer a very exciting automatic system that will update you on Beavercreek Ohio Real Estate periodically at the time frames you choose. This Market Snapshot will give you instant Beavercreek real estate information and an estimate of your homes value. Thinking of buying a Beavercreek Ohio home for sale? This tool can help you determine if the asking price of the home is fair. Check out Beavercreek Ohio Market Snapshot

Here is an example of what you will find:

April 2008 Dayton MLS activity for Beavercreek OH

Total homes for sale in Beavercreek Ohio	411
Total homes that failed to sell in Beavercreek	31
Total homes pending sale in Beavercreek OH	43
Total homes sold in Beavercreek in April 2008	46
Average list price of all homes Sold in Beavercreek Ohio	$257,189
Average selling price of all homes sold in Beavercreek OH	$208,777
Median selling price of all homes sold in Beavercreek Ohio	$192,500
Average % of asking price of all Sold Beavercreek Ohio real estate	97.27%
Average days on the market for all homes sold in Beavercrek Ohio	122

Also read: Dayton Ohio Real Estate market update a Total Market Overview.

Also Read: Dayton Ohio community information for info on area communities.

Check Out: Beavercreek Ohio City site for general Beavercreek, Ohio information

So, what does this info mean for Beavercreek Ohio Real Estate?

Well there is good news for your Beavercreek Ohio real estate is you are thinking of selling a home. The number of homes pending sale and that actually sold in Beavercreek in April are both up from our last update. The average price of homes for sale in Beavercreek and the average price of homes sold in Beavercreek are both up from the last market update. The best news for you Beavercreek real estate if you are thinking of selling a home is that the average list to sale price is up to 97.27% or .86% UP¦ putting more money in your pocket when it comes to selling your home. The other good news for you Beavercreek OH real estate from a selling standpoint is that the average days on the market prior to selling is 122, down 6 days from the last update.

There is some not so good news as well, the number of homes actively for sale in Beavercreek is up to 411 or 46 more homes for sale in Beavercreek that you will have to compete against as a home seller¦ There are more pros than cons to be gathered from these numbers¦ at least the market is moving in the right direction¦

Thinking of buying a home for sale in Beavercreek Ohio? Well it is still a great time to buy a home. There are many homes for sale in Beavercreek for you to choose from and the prices are still good. Mortgage rates are great as well. Please feel free to contact the ˜mortgage chick to check mortgage broker rates and get a great home mortgage for your purchase.

Dayton Ohio Real Estate Market Update – Total Market Overview

markryan — Sat, 03 May 2008 10:49:52 +0000

Dayton Ohio Real Estate Market Update – April 2008

So whats going on in the Dayton Ohio real estate market? You can also view specific local community info on Beavercreek, Bellbrook, Centerville / Washington Twp, Kettering, Miamisburg / Miami Twp. Each update is pulled from Dayton MLS data for the specific neighborhood and can be found at Dayton Ohio area neighborhood information and click on the Dayton Ohio real estate area you are interested in learning more about. Would you like specific and instant Dayton MLS market data? You can find that and more with our Market Snapshot¦ this tool pulls data directly from the Dayton MLS and can even update you periodically on the Dayton Ohio real estate market directly to your email¦ Sounds pretty cool huh? Check it out below. Then go to Market Snapshot

April 2008 Dayton Ohio Real Estate MLS Activity:

Total Active properties in Dayton MLS	10,408
Total homes that failed to sell in the Dayton MLS	1112
Total homes pending sale in the Dayton MLS	900
Total homes SOLD in the Dayton MLS	891
Average LIST Price of all homes sold in the Dayton Ohio real estate market	$168,127
Average Selling Price of all homes sold in the Dayton Ohio real estate market	$126,294
Median selling price of all homes sold in the Dayton MLS	$113,500
Average % of asking price of all SOLD homes in the Dayton MLS	95.74%
Average Days on the market for all homes SOLD in Dayton MLS	127

Also Read: Is Curb Appeal Important to Selling Dayton Ohio Real Estate

Need general info on the area? Check out any local Dayton Ohio community by clicking on the photos above¦ want more? Go to general Dayton Ohio info.

So what does the Dayton MLS data mean for my real estate?

Well things are staying pretty consistent in the Dayton Ohio real estate market¦ While that may not be great news for Dayton Ohio home sellers it is not all bad either. Much of the country has seen much worse real estate falls than we have and are seeing. There are a lot of homes for sale in the greater Dayton Ohio real estate market, a lot of homes for buyers to pick from and a lot of home owners facing foreclosure¦ But, if you have a true real estate professional with an aggressive marketing plan, price your home right, and stage your home to sell there are still a lot of home buyers out there too.

Based on actual sales from last month and active homes for sale in the greater Dayton Ohio real estate market we have about 11 1/2 months supply of homes at the current rate of sale. While that is down from just a few month ago, it is still clearly classified as a ˜buyers market.

Thinking of buying a home¦ this is a great time. You will have a lot of homes to choose from and prices are good. You can still even get a great rate from our team mortgage broker¦ Remember, as always, the best homes still sell fast. So, if you find one you like and the price is right, then buy it dont shop just to look¦ or make a very low offer trying to steal a home¦ you will most likely loose that home.

Just like Dayton home sellers¦ if you are looking to buy in the greater Dayton Ohio real estate market you need a team of professionals that can help you find the home you are looking for THEN negotiate a great deal and see you all the way to closing. Beleive it or not getting to closing is usually the hardes part of the real estate transaction.

We are always here to help¦ you may want to check out some of the thousands of homes for sale in the greater Dayton Ohio real estate market below¦

Dayton Ohio Real Estate Update – Bellbrook Statistics

markryan — Tue, 18 Mar 2008 08:54:14 +0000

Bellbrook Ohio Real Estate Market Update – February 2008

This report is a total market overview for the Bellbrook Ohio real estate market and is drawn from the Dayton MLS. We will update this Bellbrook Ohio real estate report each month from the Dayton MLS right here for you information. If you like you can get instant Dayton MLS market data right here with our unique market snapshot feature that will show you exactly what homes are for sale in Bellbrook OH, homes that have sold in Bellbrook OH and more… You can even have Dayton MLS data sent directly to your email each month with current updates. Check this very cool feature now…

Bellbrook Ohio- Dayton MLS activity

Total Active homes for sale in Dayton MLS	112
Total homes that failed to sell in Dayton MLS	17
Total homes pending sale in the Dayton MLS	16
Total homes sold in the Dayton MLS	12
Average list price of all homes sold in Bellbrook Ohio real estate market	$211,438
Average selling price of all homes sold in the Bellbrook OH real estate market	$202,127
Median selling price of all homes sold in the Bellbrook Ohio real estate market	$160,200
Average % of asking price of all SOLD homes in Dayton MLS	95.6%
Average days on the market for all homes sold per Dayton MLS	108