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<title>Greater Dayton Home Report</title>
<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/</link>
<description>A weekly snapshot of relevant local, regional, and national real estate news, and interpretation of its impact on the Miami Valley. We encourage your questions and comments and will strive to provide insightful answers to our readers.

Tim Hall: 
Licensed Real Estate Broker, actively selling since 1993. Co-founder of Re/Max Central Properties, with my wife, Bell Hall, and team-leader for a team of 7. BA from Capital University and a US Navy Veteran CU-60 U.S.S. Saratoga. Father of 3 - Alicia, Erica, and Amber; and grandfather of 1, Ava.
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<dc:date>2008-04-22T14:11:13-05:00</dc:date>
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<item>
<title>Can I raise my home&apos;s value?</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/04/22/can_i_raise_my_homes_value.html</link>
<description>One of the more common questions that homeowners ask is: &amp;#8220;Which home improvements make the biggest difference in the price we can get for a property?&amp;#8221; Good question! Unfortunately, while average dollar amounts and average percentages can&amp;#8217;t tell you about...</description>
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One of the more common questions that homeowners ask is: &amp;#8220;Which home improvements make the biggest difference in the price we can get for a property?&amp;#8221;

Good question! Unfortunately, while average dollar amounts and average percentages can&amp;#8217;t tell you about your home in particular, they can give you a pretty good idea.

Basically - within limits - anything that increases the home&amp;#8217;s size and attractiveness to the general buying public will increase its value. The limits have to do with the initial value of the home (you aren&amp;#8217;t going to double it) and with the neighborhood.

Room additions - with proper building permits - tend to get you back all your money when they look like the rest of the house. Those that look &amp;#8220;added on&amp;#8221; usually don&amp;#8217;t fare as well, and rooms not built to code or with the proper permits mean trouble.

Extra bathrooms, quality kitchen cabinets and upgrades, new roofs, roomy closets that don&amp;#8217;t reduce the square footage of the house, exterior paint, light-colored or neutral interior paint and small-print wallpaper (sometimes) tend to get you back more than you spent.  Watered and treated lawns, a clean driveway (use oil remover) and colorful plants in front are always a big plus. Also, a selection (not a jungle) of healthy house plants usually helps. And anything that makes your bedrooms look bigger is a good idea: for instance, mirrors on closet doors where approriate, light window treatments, or tasteful, sparse furnishings.

Usually, you can hope to break even on new carpets, swimming pools, fireplaces, cabinets, custom curtains and specially blended wall paints. 

I do hope this gives you some ideas you can use! Want more tips or an estimate of your home&amp;#8217;s value? Shoot and email to info@timhallteam.com and we&amp;#8217;ll get right to it!

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<item>
<title>Nine Ways to NOT buy a home!</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/04/11/nine_ways_to_not_buy_a_home.html</link>
<description>No matter which way you look at it, buying a home is a major investment. But for many homebuyers, it can be an even more expensive process than it needs to be since they fall prey to at least a...</description>
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No matter which way you look at it, buying a home is a major investment.  But for many homebuyers, it can be an even more expensive process than it needs to be since they fall prey to at least a few of the many common and costly mistakes which trap them into either: 

paying too much for the home they want, or 
losing their dream home to another buyer or, 
(worse) buying the wrong home for their needs. 
A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that´s best for you. 



9 Buyer Traps
This important report discusses the 9 most common and costly homebuyer traps, how to identify them, and what you can do to avoid them:


Bidding Blind
What price should you offer when you bid on a home? Is the seller´s asking price too high, or does it represent a great deal. If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.
Buying the Wrong Home
What are you looking for in a home? A simple enough question, but the answer can be quite complex. More often than not, buyers have been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small. Maybe they´re stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down. Take the time upfront to clearly define your wants and needs. Put it in writing and then use it as a yard stick with which to measure every home you look at. 
Unclear Title
Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed. The last thing you want to discover when you´re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like. 
Inaccurate Survey
As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries. If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor´s new fence which is extending a boundary line, etc.). Be very clear on these issues.
Undisclosed Fix-ups
Don´t expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector´s report. This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost. 
Not Getting Mortgage Pre-approval
Pre-approval is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams. Click Here to Get Pre-Approved Now!
Contract Misses
If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement. After performing inspections, prepare a list of agreed issues, walk through them, and check them off one by one. 
Hidden Costs
Make sure you identify and uncover all costs - large and small - far enough ahead of time. When a transaction closes, you will sometimes find fees for this or that sneaking through after the &amp;#8220;sub&amp;#8221;-total  fees such as loan disbursement charges, underwriting fees etc. Understand these in advance by having your lender project total charges for you in writing. 
Rushing the Closing
Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is the interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can´t fix without compromising the terms of the deal, the financing, or even the sale itself. 


If you have a specific question about real estate, real estate contracts, practices, you name it, please email at blog@timhallteam.com and I will answer as soon as possible!

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<dc:date>2008-04-11T12:48:16-05:00</dc:date>
<dc:creator>blog@timhallteam.com</dc:creator>
</item>
<item>
<title>Nine Ways to NOT buy a home!</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/04/11/nine_ways_to_not_buy_a_home_1.html</link>
<description>No matter which way you look at it, buying a home is a major investment. But for many homebuyers, it can be an even more expensive process than it needs to be since they fall prey to at least a...</description>
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No matter which way you look at it, buying a home is a major investment.  But for many homebuyers, it can be an even more expensive process than it needs to be since they fall prey to at least a few of the many common and costly mistakes which trap them into either: 

paying too much for the home they want, or 
losing their dream home to another buyer or, 
(worse) buying the wrong home for their needs. 
A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that´s best for you. 



9 Buyer Traps
This important report discusses the 9 most common and costly homebuyer traps, how to identify them, and what you can do to avoid them:


Bidding Blind
What price should you offer when you bid on a home? Is the seller´s asking price too high, or does it represent a great deal. If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.
Buying the Wrong Home
What are you looking for in a home? A simple enough question, but the answer can be quite complex. More often than not, buyers have been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small. Maybe they´re stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down. Take the time upfront to clearly define your wants and needs. Put it in writing and then use it as a yard stick with which to measure every home you look at. 
Unclear Title
Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed. The last thing you want to discover when you´re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like. 
Inaccurate Survey
As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries. If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor´s new fence which is extending a boundary line, etc.). Be very clear on these issues.
Undisclosed Fix-ups
Don´t expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector´s report. This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost. 
Not Getting Mortgage Pre-approval
Pre-approval is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams. Click Here to Get Pre-Approved Now!
Contract Misses
If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement. After performing inspections, prepare a list of agreed issues, walk through them, and check them off one by one. 
Hidden Costs
Make sure you identify and uncover all costs - large and small - far enough ahead of time. When a transaction closes, you will sometimes find fees for this or that sneaking through after the &amp;#8220;sub&amp;#8221;-total  fees such as loan disbursement charges, underwriting fees etc. Understand these in advance by having your lender project total charges for you in writing. 
Rushing the Closing
Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is the interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can´t fix without compromising the terms of the deal, the financing, or even the sale itself. 


If you have a specific question about real estate, real estate contracts, practices, you name it, please email at blog@timhallteam.com and I will answer as soon as possible!

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</item>
<item>
<title>Buying a Home: Do your homework first!</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/03/20/buying_a_home_do_your_homework.html</link>
<description>Hello all. I&amp;#8217;m back and ready to roar! Thanks for your patience as I have been silent for a while, but now my writing cup runnethover! The next few posts are for buyers. Buying is the fun part of this...</description>
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Hello all. I&amp;#8217;m back and ready to roar! Thanks for your patience as I have been silent for a while, but now my writing cup runnethover! The next few posts are for buyers. Buying is the fun part of this business, we Americans love to shop! So take a read, offer a comment and look for more to follow!

If you´re like most home buyers, you have two primary considerations in mind when you start looking for a home. First, you want to find a home that perfectly meets your needs and desires, and secondly, you want to purchase this home for the lowest possible price. 

When you analyze those successful homebuyers who have been able to purchase the home they want for thousands of dollars below a seller´s asking price, some common denominators emerge. Although your agent&amp;#8217;s negotiating skills are important, there are three additional key factors that must come into play long before you ever submit an offer. 



These Steps May Help You Save Thousands When You Buy a Home 
Make sure you know what you want &amp;#8230; As simple as this sounds, many homebuyers don&amp;#8217;t have a firm idea in their heads before they go out searching for a home. In fact, when you go shopping for a place to live, there are actually two homes competing for your attention: the one that meets your needs, and the one that fulfills your desires. Obviously, your goal is to find one home that does both. But in the real world, this situation doesn&amp;#8217;t always occur. 

When you&amp;#8217;re looking at homes, you&amp;#8217;ll find that you fall in love with one or another home for entirely different reasons. Is it better to buy the 4- bedroom home with room for your family to grow, or the one with the big eat-in kitchen that romances you with thoughts of big weekend family brunches? What&amp;#8217;s more important: a big backyard, or proximity to your child&amp;#8217;s school? Far too often people buy a home for the wrong reasons, and then regret their decision when the home doesn&amp;#8217;t meet their needs. 

Don&amp;#8217;t shop with stars in your eyes: satisfy your needs first. If you&amp;#8217;re lucky, you&amp;#8217;ll find a home that does this and also fulfills your desires. The important thing is to understand the difference before you get caught up in the excitement of looking. 

Find out if your agent offers a &amp;#8220;Buyer Profile System&amp;#8221; or &amp;#8220;House-hunting Service,&amp;#8221; which takes the guesswork out of finding just the right home that matches your needs. This type of program will cross-match your criteria with ALL available homes on the market and supply you with printed information on an ongoing basis. A program like this helps homeowners take off their rose-colored glasses and, affordably, move into the home of their dreams. This also alerts home buyers the very hour a new matching home comes on the market. BTW all members of the Dayton Area Board have this tool, it is called the Flash Tool. If your agent hasn&amp;#8217;t offered you this service, well, um&amp;#8230;. maybe they aren&amp;#8217;t the right one for you. Just a thought.

To help you develop your home buying strategy, use this form: 

What do I absolutely NEED in my next home: 











What would I absolutely LOVE in my next home: 











How Sellers Set Their Asking Price 
For you to understand how much to offer for a home you´re interested in, it´s important for you to know how sellers price their homes. Here are 4 common strategies you´ll start to recognize when you begin to view homes: 


Clearly Overpriced: 
Every seller wants to realize the most amount of money they can for their home, and real estate agents know this. If more than one agent is competing for your listing, an easy way to win the battle is to overinflate the value of your home. This is done far too often, with many homes that are priced 10- 20% over their true market value. 


This is not in your best interest, because in most cases the market won&amp;#8217;t be fooled. As a result, your home could languish on the market for months, leaving you with a couple of important drawbacks: 

your home is likely to be labeled as a &amp;#8220;troubled&amp;#8221; house by other agents, leading to a lower than fair market price when an offer is finally made 

you have been greatly inconvenienced with having to constantly have your home in &amp;#8220;showing&amp;#8221; condition &amp;#8230; for nothing. These homes often expire off the market, forcing you to go through the listing process all over again. 


Somewhat Overpriced: 
About 3/4 of the homes on the market are 3-5% overpriced. These homes will also sit on the market longer than they should. There is usually one of two factors at play here: either you believe in your heart that your home is really worth this much despite what the market has indicated (after all, there&amp;#8217;s a lot of emotion caught up in this issue), OR you&amp;#8217;ve left some room for negotiating. Either way, this strategy will cost you both in terms of time on the market and ultimate price received 
Priced Correctly at Market Value 
Some sellers understand that real estate is part of the capitalistic system of supply and demand and will carefully and realistically price their homes based on a thorough analysis of other homes on the market. These competitively priced homes usually sell within a reasonable time-frame and very close to the asking price. 
Priced Below the Fair Market Value 
Some sellers are motivated by a quick sale. These homes attract multiple offers and sell fast - usually in a few days - at, or above, the asking price. Be cautious that the agent suggesting this method is doing so with your best interest in mind. 


I hope these tips shed some light on the process. Next Post: How to write an Irresistable Offer!

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<dc:date>2008-03-20T17:42:19-05:00</dc:date>
<dc:creator>blog@timhallteam.com</dc:creator>
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<item>
<title>Montgomery County 2007 Housing Permits Down 29%</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/02/15/montgomery_county_2007_housing.html</link>
<description>I recently received an informal report from a vendor in the real estate services industry, where they gathered the county information regarding home construction. This helps them in establishing thier forecast for 2008. Here, sans any interpretation, are the numbers:...</description>
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I recently received an informal report from a vendor in the real estate services industry, where they gathered the county information regarding home construction. This helps them in establishing thier forecast for 2008. 

Here, sans any interpretation, are the numbers:

Permits Issued by County

2007 Montgomery 553 units. Net change -29% from 2006 and -44% from 2005.
2007 Warren 1100 units. Net change -34% from 2006 and -56% from 2005.
2007 Greene 593 units. Net change -20% from 2006 and -57% from 2005.
2007 Butler 976 units. Net change -44% from 2006 and -65% from 2005.
2007 Hamilton 907 units. Net change -40% from 2006 and -57% from 2005.

Total 2007 4129 units. Net change -36% from 2006 and -58% from 2005.

I welcome your comments. In a previous post I stated that things would rebound once inventory is worked through. What do you think?

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<dc:date>2008-02-15T14:01:13-05:00</dc:date>
<dc:creator>blog@timhallteam.com</dc:creator>
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<title>Do FED rate cuts lower mortgage rates?</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/02/04/do_fed_rate_cuts_lower_mortgag.html</link>
<description>Mortgage 101 Q. What is the most reliable predictor of Mortgage Rates? A. The Ten Year Treasury Note (Stock Symbol TNX) Q. Do FED rate cuts lower mortgage rates? A. Let&amp;#8217;s find out together! See the Six Month TNX Chart...</description>
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Mortgage 101

Q. What is the most reliable predictor of Mortgage Rates?
A. The Ten Year Treasury Note (Stock Symbol TNX)

Q. Do FED rate cuts lower mortgage rates?
A. Let&amp;#8217;s find out together! See the Six Month TNX Chart below. See the green circles? These mark the dates that rates were lowered by the Federal Reserve. Without exception, the TNX seems to follow. I was speaking with Mike Zimov, my son in law who is a loan officer with E-Loan. He gets rate updates typically twice daily. They tend to travel in LOCKSTEP with the TNX.

So if you want a hint as to the direction rates are going, look there first!



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<dc:date>2008-02-04T14:57:37-05:00</dc:date>
<dc:creator>blog@timhallteam.com</dc:creator>
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<title>FED Targeted to lower rates on Wednesday</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/01/29/fed_targeted_to_lower_rates_on.html</link>
<description>FED Targeted to lower rates 1/2 point on Wednesday Last week, the Federal Reserve cut their key interest rate by three quarters of one percent, down to 3.5 percent. It is anticipated that there will be another cut of 1/4...</description>
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FED Targeted to lower rates 1/2 point on Wednesday

Last week, the Federal Reserve cut their key interest rate by three quarters of one percent, down to 3.5 percent. It is anticipated that there will be another cut of 1/4 to 1/2 after the meetings conclude Wednesday.

As I told you in the last post, it is difficult if not impossible to PERFECTLY time locking a rate on a loan. The rates fluctuate constantly. So by the time the rate reaches your target level, it is too late to start the process. Refer to the last post on how to win in this scenario.

Moving UP in a DOWN Market

So what to do in the interim? Start shopping! The softening of the overall market has made for some irresistable deals, in otherwise solid areas. Here&amp;#8217;s a thought: Perhaps you can buy &amp;#8220;up&amp;#8221; a couple levels without paying any more than you would have for a base home just 18 months ago. We recently concluded negotiations for a family that will end up living in an awesome home, golf course community, for a substantial discount. It helped that the &amp;#8220;seller&amp;#8221; was a relocation company. This is a well known source for better than market deals, even in a stronger market!

It doesn&amp;#8217;t mean that you can&amp;#8217;t just sit tight, refi your home and pocket the savings because you surely can! But, honestly, it also could mean buying up at a nice discount. If under more normal conditions your home is worth $150K, and we assume you have to discount by 10% due to the soft market, that nets you out at 135K before expenses. Assume you wanted to buy a home for 225K. If that seller must offer a similar discount to move the home now, then you could buy it for $202,500. So you sacrificed $15,000 to save $22,500.

Now reverse the situation. Your home appreciated 3% so instead of $150,000 it can sell for 1$154,500 for a GAIN of $4,500. That same move-up home appreciated for 3%. It is now going to sell for $231,750 or a GAIN of $6,750. So you gained $4,500 but lost $6,750. Can you see why people move up in down markets?

What if you don&amp;#8217;t know what you can get out of your home, realistically! Great question. Sometimes, as a broker, I will take offers based upon my seller finding, and contracting, on a home of their choice within a certain number of days, usually not more than a week. 
since the inventory is plentiful, there are many great homes to chose from, and this can work out quite nicely.

Food for Thought!

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<dc:date>2008-01-29T16:37:40-05:00</dc:date>
<dc:creator>blog@timhallteam.com</dc:creator>
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<title>Rates Falling, Refi&apos;s Rising ! Bernanke economic &quot;Stimulus Package&quot;</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2008/01/17/rates_falling_refis_rising_ber_1.html</link>
<description>According to the Inman News Service, an excellent real estate centric reporting agency, mortgage application volume during the second week of January posted a huge increase as interest rates continued to decline, per the Mortgage Bankers Association report released last...</description>
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According to the Inman News Service, an excellent real estate centric reporting agency, mortgage application volume during the second week of January posted a huge increase as interest rates continued to decline, per the Mortgage Bankers Association report released last night. Why, because the SMART MONEY takes advantage of short-term opportunities!

An excerpt of the article follows. Now COMBINE this with the highly anticipated Fed economic stimulus package and you get a &amp;#8220;Grand Slam&amp;#8221; for existing home owners.

Let me explain.


Congress passed legislation to soften the tax impact to home owners forced to sell their homes via short sale, or forclosure. This will speed up the transition to a blanced supply.
Home builders have reduced their new construction over 60% from the highs of 2005; 700K new homes in 2007 versus 1.7 million homes in 2005.
Rate cuts, BIG cuts, are ahead.


Here is how to make the most of this opportunity. If you don&amp;#8217;t have to sell, don&amp;#8217;t. If you have a mortgage, find out TODAY what the terms are. You need to know the balance, the interest rate, the years remaining and if you have any pre-payment penalty.

Seriously, I believe that the INSTANT there are signs of the housing slump hitting bottom, that the cost of mortgages goes back up. The FED doesn&amp;#8217;t want a repeat of what got us into this mess to begin with. SO, you win if you are thoughtful enough to gather the above information and watch rates. I happen to own some rentals, my personal residence and a commercial building. I can&amp;#8217;t watch rates constantly so I leave that to my banker. If you want him to watch rates for you, send me your contact info at tim@timhallteam.com and he will get in touch. These rates can turn on a dime, and my goal is to catch historic lows, just like I did in the past.

Tim

Here&amp;#8217;s the excerpt

Home loan apps jump 28% 



Refis see another large gain as interest rates slide 

Inman News 

Mortgage application volume during the second week of January posted a huge increase as interest rates continued to decline, the Mortgage Bankers Association reported today.

The group&amp;#8217;s market composite index, a measure of home loan application volume, climbed 28.4 percent on a seasonally adjusted basis between the first and second weeks of January. This double-digit gain comes on the heels of a 32.2 percent rise in the index one week earlier, the largest in four years.

The index that tracks refinancings posted the largest gain, rising 43.4 percent last week on a seasonally adjusted basis from the week before, while the index tied to purchase loans grew 11.4 percent.

According to MBA, the average contract interest rate on 30-year fixed-rate mortgages sank to 5.62 percent from the previous week&amp;#8217;s 5.73 percent, and the average rate on 15-year fixed loans dropped to 5.07 percent from 5.21 percent. Rates on adjustable-rate mortgages (ARMs) fell sharply during the period, with the average one-year ARM tumbling from 6.04 percent to 5.77 percent.

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<dc:date>2008-01-17T12:29:11-05:00</dc:date>
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<title>FED Cuts rate .25 point!</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2007/12/11/fed_cuts_rate_25_point.html</link>
<description>The Federal Reserve just cut rates again .25 points. This is less than many expected, so there will be some fallout on Wall Street, but just exactly what our market needs to infuse more buying power for todays&amp;#8217; buyer! I&amp;#8217;ll...</description>
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The Federal Reserve just cut rates again .25 points. This is less than many expected, so there will be some fallout on Wall Street, but just exactly what our market needs to infuse more buying power for todays&amp;#8217; buyer!

I&amp;#8217;ll comment more a bit later today. Stay tuned!

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<dc:date>2007-12-11T14:41:54-05:00</dc:date>
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<title>U.S. National Home Price Index Posts a Record Annual Decline</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2007/11/27/us_national_home_price_index_p.html</link>
<description><![CDATA[The S&amp;P/Case-Shiller® Home U.S. National Home Price Index Posts a Record Annual Decline in the 3rd Quarter of 2007. Here&#8217;s the link: http://www2.standardandpoors.com/spf/pdf/index/CSHomePriceRelease112766.pdf We haven&#8217;t hit the bottom yet. The FED is virtually certain to move rates down further. We...]]></description>
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<![CDATA[The S&amp;P/Case-Shiller® Home U.S. National Home Price Index Posts a Record Annual Decline in the 3rd Quarter of 2007. Here&#8217;s the link:
http://www2.standardandpoors.com/spf/pdf/index/CSHomePriceRelease112766.pdf 

We haven&#8217;t hit the bottom yet. The FED is virtually certain to move rates down further. We are witnessing a unique set of economic factors that can actually help as many people as it hurts.  Let&#8217;s take three common scenarios.

A home owner relocating to a different area that must sell their home.

A homeowner that has an adjustable rate loan, and does not want to move.

A first-time buyer. 


The relocating homeowner will discover that, with few exceptions, they are moving FROM a buyer&#8217;s market TO a buyer&#8217;s market. They will need to price their home here aggressively, but they can bank on getting a fair price on the home they wish to buy. A little common sense goes a long way here. Ask your Realtor to show you homes that are vacant, or are part of a corporate relocation package. These can be a great value at this time. Again, the key is to offer a good value on the home here to secure your buyer, then you can go shopping!
Lowering interest rates will diminish the impact of an Adjustable Rate Mortgage (ARM) but more importantly it can make it easier for the borrower to qualify, so they can convert to a fixed loan. The key is to get in to a lender NOW and really go through a complete process to be sure you are ready. Many people have errors on their credit reports and almost everyone can take corrective measures so they can find alternatives to staying in an ARM. Need a great lender referral? Email me at blog@timhallteam.com. I always give out 2-3 to chose from, and they know I expect GREAT customer service!
A first-time buyer needs to spend MOST of their energy on ONE thing: EDUCATION! Learn how to understand community pricing, learn how to leverage their offer, learn how to buy a home that is virtually GUARANTEED to not lose value long-term. Buyers are having a hard time in the market right now. They are trained by the barrage of negative news, to offer low offers. Frankly, when tow homes are for sale and they are, for example, $10,000 apart in price but one is in great shape and the other isn&#8217;t, it pays to spend more. I have seen it over and over where a family says &#8220;I can do this or that, I&#8217;ll do it as a weekend project&#8221;. And five years later, they still haven&#8217;t done any of it. Right now a buyer can demand a good price and a GREAT home.


That&#8217;s it for now. Please feel free to comment. Sometimes I wonder if people are finding this blog helpful and I could use the encouragement from time to time!
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<dc:date>2007-11-27T11:17:35-05:00</dc:date>
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<title>Home Loan Apps Rise, Credit Reporting Undergoing Reform</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2007/10/18/home_loan_apps_rise_credit_rep_1.html</link>
<description>Hello everyone! It&amp;#8217;s good to be back after my brief hiatus from writing. In truth, there hasn&amp;#8217;t been that much to report until just recently. In the last post, I spoke a bit about the Fed&amp;#8217;s rate cut and the...</description>
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Hello everyone! It&amp;#8217;s good to be back after my brief hiatus from writing. In truth, there hasn&amp;#8217;t been that much to report until just recently. In the last post, I spoke a bit about the Fed&amp;#8217;s rate cut and the potential impact on our housing market. Well, about a month has passed and the real estate WHEEL is slowly beginning to turn!

Home Loan Apps Rise

On a local level we see this happening as our clients selling sub 200K homes are beginning to get more showings and inquiries than in September. On a national level, a key measure of mortgage application volume rose last week as growth in interest rates slowed, according to the Mortgage Bankers Association report released yesterday. (www.mortgagebankers.org) The MBA&amp;#8217;s market composite index, which tracks purchase loans GAINED 2.1 percent between the first and second weeks of October. This is a good thing. Again, the impact locally will take time, but loan application volume is a reliable leading indicator of home sales activity.

Credit Reporting Undergoing Reform
(Thanks Michael Z. from e-loan for forwarding this to me!)

In a disturbing development, it looks like that indescribable conundrum that we call a CREDIT SCORE calculation, will be changed once again. Your spouse may lose one or more favorable credit card account histories if they are not correctly attached to the account. Up to 30% of credit cards are structured this way. In a nutshell, if I have a credit card account and my wife is an authorized USER, even with her own card IN HER NAME, it&amp;#8217;s possible she will receive ZERO credit for that account, no matter how many months and years we pay on time. This one is no joke. Since so many people will be affected, I hope that the credit bureaus or the card issuing companies themselves will give everyone plenty of lead time to correct this. You can bet that I am looking into it for Beth and me! Please take some time and read it for yourself. The link is below.

http://www.credit.com/creditinformation/creditreport/Consumer-Alert-FICO-Formula-Changes.jsp

As always, thanks for reading and feel free to comment or email me at blog@timhallteam.com !

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<dc:date>2007-10-18T12:27:10-05:00</dc:date>
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<title>Bernanke punts on third down, why?</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2007/09/19/bernanke_punts_on_third_down_w.html</link>
<description>Fed Chairman Ben Bernanke made a surprise move yesterday by going for the larger 1/2 percent (50 basis point) rate cut on Federal Funds instead of the widely forecast 1/4 point. So, that&amp;#8217;s good for housing, right? Sure. But it...</description>
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Fed Chairman Ben Bernanke made a surprise move yesterday by going for the larger 1/2 percent (50 basis point) rate cut on Federal Funds instead of the widely forecast 1/4 point. So, that&amp;#8217;s good for housing, right? Sure. But it also is an acknowledgment that the housing economy, in large part, IS the economy.

Let&amp;#8217;s face it, I am excited about the prospect that now home buyers can afford more home than they could two days ago. And I am excited for sellers that home buyers MAY feel better about buying NOW versus waiting for prices to go lower, BUT&amp;#8230;.

There is a downside here too. A rate cut of 1/4 point would still have created a positive effect on the market and, as a real estate agent, I am thrilled. But by moving a half point, it may send a signal that buying now could still be risky, and that prices may fall further ahead.  

My friend, John K, who is a commercial banker, sent me an article today from cnnMoney that shows Dayton as being one of only a handful of communities showing a very small pullback in prices from 2006 to 2007 (around 3.5 percent), compared to over 100 other metropolitan markets where home prices have fallen as much as 20 percent! So, once again, we Daytonians didn&amp;#8217;t see the run up in pricing but we aren&amp;#8217;t seeing the plunge as well. 

So why do I wish that Bernanke would have taken baby steps? It&amp;#8217;s just because I feel that large rate cuts are in part responsible for IRRESPONSIBLE lending and RECKLESS borrowing in the first place. I hope that home buyers and sellers will begin to feel some relief as we witness the housing correction be born. It&amp;#8217;s going to be a while, but we will see things begin to get back on track. 

How can you benefit today from the announcement? Talk to your friends, family, co-workers. Tell them to carefully look at their home loan. If they can&amp;#8217;t put their hands on the loan papers, have them call their lender. Can they refinance without a prepayment penalty? Do it! If they have a good payment history, chances are their current lender will want to keep them. And if their current lender won&amp;#8217;t step up and fight for their business, shoot an email to me at blog@timhallteam.com. I know some outstanding local lenders who will treat them like GOLD!

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<dc:date>2007-09-19T20:32:39-05:00</dc:date>
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<title>FED cuts rates, housing market reacts!</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2007/09/17/fed_cuts_rates_housing_market_1.html</link>
<description>Okay, I admit the title is misleading. Considering that the Federal Reserve does not meet until tomorrow, this is a presumptuous post. However, consensus has it that the FED will lower the Fed Funds Rate by either 1/4 point or...</description>
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Okay, I admit the title is misleading. Considering that the Federal Reserve does not meet until tomorrow, this is a presumptuous post. However, consensus has it that the FED will lower the Fed Funds Rate by either 1/4 point or 1/2 point. I just wanted to go on record that I believe it will be 1/4 point. What&amp;#8217;s the significance? Well, the last rate cut was January 3, 2001. That&amp;#8217;s over 6 1/2 years ago. So that alone makes the cut significant. Further, the fact that our new FED Chairman Ben Bernanke was trying to rein in inflation but had to reverse course to prevent a recession, that&amp;#8217;s a big story.

So is the rate cut good for the housing market, especially here in Dayton? Yes, without question. Will it impact our market? Again, yes, but it is more symbolic than practical. First of all, lenders have already priced in the cut, so whatever impact it has on the actual cost of a home loan is already at work. Secondly, we still have an 18 month supply of homes nationally, so it will take time, and, I think, multiple rate cuts to get things back in balance. 

Have a different opinion? Think the FED will drop rates 1/2 point or not at all? Post your comment soon as all bets are off after tomorrow! The FED meets at 2:30 EST, I think. I will post more after the meeting.

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<dc:date>2007-09-17T15:12:32-05:00</dc:date>
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<title>Welcome to the Greater Dayton Home Report</title>

    

    


<link>http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/realestate/entries/2007/09/17/welcome_to_the_greater_dayton_1.html</link>
<description>Welcome All! This is the first post for this blog. My name is Tim Hall. I am a licensed Ohio Real Estate Broker practicing in Springboro, Ohio. After 14 years in practice, I have been invited to host this blog...</description>
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Welcome All! This is the first post for this blog. My name is Tim Hall. I am a licensed Ohio Real Estate Broker practicing in Springboro, Ohio. After 14 years in practice, I have been invited to host this blog for the Dayton Daily News readership and the general real estate population as well. It is my hope to provide sound, usable advice covering a range of topics. While it is a blog, it is my hope that you, the reader, will ask questions and post comments to make this an active, valuable benefit to our community. I look forward to your questions and will call it like I see it! So let&amp;#8217;s get started&amp;#8230;&amp;#8230;

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<dc:date>2007-09-17T14:44:00-05:00</dc:date>
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