locking your interest rate

Did you know that many lenders let you lock in your loan at today's low interest rates so you can spend the next few days, weeks, or a month looking for the perfect home? Even if the rates go down while you are looking or in contract, you might be able to get a one-time "float-down" option any time before the transaction closes. It's a win-win situation!

Spring market

The spring market is finally here! This graph depicts the number of showings on Coldwell Banker King Thompson listings. As you can see, things were pretty slow during the holidays, then picked up significantly in January. They started to slow down again with the snowfall in recent weeks, but look at the number spiking up this past week. I think that spring is finally breaking through and people are coming out of hibernation to start looking at houses again. With all of those buyers out there if you were thinking about putting your home on the market this spring, now is the best time to make sure you get the most buyers looking at it!

Regional Home Maintenance Guide

Being a homeowner comes with its own set of challenges, particularly as it relates to home maintenance. The American Society of Home Inspectors (ASHI) recognizes that geography is a significant contributor to maintenance issues and encourages homeowners to familiarize themselves with common issues in their region.

While some maintenance issues, such as poor drainage, leaky roofs and old plumbing are common to all areas of the country, others are driven by geography, climate, weather conditions and the quality of the contractor who built or renovated the home. Below is a snapshot of prevalent maintenance issues homeowners should look for.

Regional defects in the Midwest

Water intrusion is a common issue for homeowners in the Midwest. Wood rot is very common in trim and siding. The prevalence of basements in this region also makes it a hot spot for water intrusion.

Plumbing issues are also prevalent. It’s not uncommon to see water heaters serving as both a furnace and water heater. Issues arise, however, when plumbers forget to attach venting fixtures or drains when new water heaters are installed.

Decks are another area of concern. This widely enjoyed add-on can be attached incorrectly when built by eager Do-It-Yourselfers.

Article taken from the Ohio Association of Realtors.

SOLD!

The Home of the Week that I last posted about is SOLD!

Ignore the Headlines

Finance costs will rise as the economy recovers, so trying to time real estate might not pay off!

Here are a few good points that I have taken from this Time Magazine article:

"Let's say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage. "The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher," says Jim Svinth, chief economist at mortgage firm Lending Tree. So anything you gain by a further drop in prices might be offset by rising financing costs.

Consider a typical home that sells for $218,900. You put down 20% and get a 30-year fixed-rate mortgage at today's rate of 5.5%. Monthly principal and interest come to $994.31. Let's say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise a point, to 6.5%, your monthly payment would be $994.94 and you'd have saved nothing. Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you'd rather not be."

http://www.time.com/time/magazine/article/0,9171,1713483,00.html

Lower rates for Ohio's heroes!

The Ohio Housing Finance Agency has announced lower rates for Ohio's heroes. If you are active in the military or a military veteran, firefighter or emergency medial technicians-paramedic, healthcare worker, police officer or teacher, you can now get an interest rate 1/4% lower than OHFA's standard first-time homebuyer rate on a 30 year fixed-rate loan! This first-time homebuyer program may even apply to you if you have owned a home, but not in the past three years. Veterans may be eligible for a temporary exemption even if you have owned a home during the past three years.

www.ohiohome.org.