The Maibaum ReportThe Maibaum ReportJanuary 2008Medina County Real Estate Information Medina County Real Estate Information

A Year in Review

Medina County had an interesting year in real estate. It was definitely a buyer’s market in 2007. There was plenty of inventory for buyers to choose from and sellers had to lower prices to compete. The average market time was over 110 days. In this Realtor’s opinion, the main thing that kept the market moving along was low interest rates!

Statistically speaking, our local market is not as bad as the media makes it out to be. Let’s look at the last 3 years in our county for homes sold:

2005 – 2073 Homes Sold2006 – 1895 Homes Sold2007 – 1673 Homes Sold

This represents an average home sale decrease of 200 per year. In the big scheme of things, that doesn’t seem that significant to me. And when you look at average price per home, it only fell .6% from 2006 to 2007.

Stats for the entire county are interesting if you want to look at averages. But if you want to know more detailed information about your specific home and neighborhood, please call me for a free market analysis at 330-321-2368. No obligation, of course!

Pam Maibaum, RealtorSenior Real Estate Specialist (SRES)Accredited Staging Professional (ASP)Keller Williams Realty 101 Public SquareMedina, OH 44256

www.YourMedinaAgent.com

E-mail:pmaibaum@kw.comCell:330-321-2368

What’s in Store for 2008?

The predictions for the 2008 real estate market is that it won’t get worse, but it probably won’t get much better either. The government is working with the mortgage industry to try and help those individuals that have adjustable rate mortgages (ARM’s) that are due to reset at higher levels. This group of borrowers represents one of the largest segments that runs the risk of foreclosing because they can’t afford their rate when it resets. (The other group are those that got 100% loans then had their home values decline). It’s times like these where we could all take time out to review our financial health and make adjustments accordingly.

One point I’d like to make is this – when mortgage companies were giving 100% loans and ARM’s over the last few years, consumers took it as an invitation to purchase homes they couldn’t otherwise afford. If you’ve taken on too much house and a payment to match, you don’t have to stick with it. If you foresee that you won’t be able to make your payments a year from now, start thinking about selling and looking for something with a smaller monthly impact. There’s plenty of inventory, so you’re sure to find something that works for you.

Lastly, I firmly believe that, regardless of the current market, you only have one life to live. Don’t put off family plans because of what the market is doing. We’re in a down cycle but it will rebound, just like it always does!

www.YourMedinaAgent.com …for more great real estate goodies!

Call me! 330-321-2368. I will need about an hour of your time to take a quick tour of your home and present applicable market data. I will briefly review my marketing plan and how best to prepare your home for sale. Lastly, I’ll answer any questions you may have. That’s it! It’s quite painless and you’ll be left with all the information you need to know to make a move! Call me to make an appointment today.

How Do I Get a Market Analysis

I Love Referrals!If you know of anyone looking to buy or sell, please give me a call!

Visit my interactive BLOG at: www.YourMedinaAgent.com

8 Steps to Getting YourFinances in Order

Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent. 

Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income. 

Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save. 

Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want. 

Save for a down payment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent down payment. 

Create a house fund. Don’t just plan on saving whatever’s left toward a down payment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills. 

Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate. 

Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.

 

1. A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes. 

2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 100 days. And it usually takes another 60 days or so for the transaction to close after an offer is accepted. 

3. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with someone who speaks that language. 

4. REALTORS have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. That’s why having an expert on your side is critical. 

5. REALTORS provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, homeselling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and emotional issues most important to you. 

6. REALTORS are members of the NATIONAL ASSOCIATION OF REALTORS, a trade organization of more than 1 million members nationwide. REALTORS subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.

 

5 Reasons youNeed a Realtor!

Pam Maibaum 330.321.2368Accredited Staging Professional (ASP)Senior Real Estate Specialist (SRES)

If you are currently listed with another Realtor, please disregard this message.

Reprinted from Realtor Magazine Online by permission of the National Association of Realtors.

Reprinted from Realtor Magazine Online by permission of the National Association of Realtors.