Patty Massare's blog

According to REALTOR.com’s January 2014 Housing Report, Ohio continues to experience a tight inventory of homes for sale.  Listing prices are stable, and we are experiencing shorter market times.  

Although many places throughout the country showed an uptick in inventory, Ohio's inventory levels remained relatively unchanged.  

On a positive note, most Ohio markets experienced an increase in the median list price in January compared to January of 2013.

Read the January 2014 Housing Report at REALTOR.COM.

The term "Boomerang buyers" refers to those who lost their home to foreclosure or short sale, and have since recovered from the financial event that caused them to lose their home.  They have been renting, repairing their credit, and are waiting until they can once again qualify for a home loan.  Boomerang buyers are tired of renting, and have a strong desire to once again own their own home.  They are the ones who need to come back to the market to sustain the real estate recovery and growth.  Think about it:

Just Announced

Fannie Mae is offering up to a 3.5% in closing cost assistance for owner-occupant buyers for a very limited time!  

In order for the transaction & buyer to qualify, the following requirements must be met:

• Buyer and/or Buyer's Agent must request the incentive at initial offer submission
• Initial offer must be made on/after February 14, 2014 and on/before March 31, 2014
• Property must be in active First Look period
• If an offer was made before February 14, the buyer is not eligible for the incentive
• If buyer/buyer's agent bust out of the existing offer to submit a new offer in order to be eligible for the incentive, the incentive will not be offered
• Property sale must close on/before May 31, 2014
• Owner occupants who will reside in the property as their primary residence and public entities may receive the incentive. Pool, auction sales and in tenant occupied properties are not eligible for this incentive

Eligible properties are noted on www.homepath.com. If the property is eligible for the incentive, the property will show a sales incentive icon on the property detail page with a link to the incentive flyer for 3.5% closing cost assistance.

Click on the '1 attachment' link below for a copy of the incentive flyer.

Have questions about this program?  Want to find out which local listings are included in this program?  Contact Us for assistance.

5120 Raspberry off of County Line Road in Austintown is truly a great buy for someone who wants carefree one-story living and a house they can just move right into . . . it doesn't even need cleaned!

It's in Austintown Township, has a Mineral Ridge mailing address, and residents can attend either Austintown or Weathersfield Schools.

Check Out The Full Property Details

The property has 1,350 impeccable square feet of living space on the first floor, vaulted beamed ceilings in the kitchen and great room, and wide-open full basement with lots of possibilities.  Here are some of the things the seller did after she purchased the property in 2009.

First, a pre-approval letter is not the same as a pre-qualification letter.  A pre-qualification letter can be generated in a few minutes by calling a lender, or on line, and is based on information you provide and a quick credit check.  A pre-approval letter, on the other hand, requires verification of income, employment and financial information.  It is an actual approval of you, the buyer, subject to the property meeting lender appraisal guidelines. 

A lender is not bound by the pre-approval letter, but as long as your financial condition does not change in an adverse way, or the time commitment has not lapsed, it is deemed dependable.  Note that interest rates could change too, which may affect the terms of the pre-approval . . . good or bad.

Why is a pre-approval letter a must?