Stacey M. McVey

This Northeast Ohio community is rich with history and tradition. It offers a variety of housing options for one and all as well as abundant city resources for recreation. The school system excels in preparing students for their college careers and beyond, and of course, it's difficult not to focus on the real estate market-which ain't too shabby, folks!

Here are the latest market statistics for the past six months:

This chart shows the active listings stats. Right now, there are 104 active listings.

This chart shows us that the sector of the market that is currently selling, meaning it's under contract is signficantly lower in price than the active listings that remain on the market illustrated in the first graphic. This tells us that homes are selling, but they are the more affordable, entry level homes.

This chart tells us that over the last six months, the average list price of a sold home was $244,153. It also tells us that it took an average of 131 days to get the job done and close the transaction. Note once again the pending sales, which are the most recent contracts that buyers have written are at a lower price point. This indicates that there are more buyers in the entry level range right now actively purchasing homes.

Of the listings that have been on the market over the last six months, this chart shows the percentages of what is active, sold and pending. With 52% active and 47% either pending or sold, it is a somewhat balanced market. This indicates stability and an absorption of homes out of the inventory.

This pie chart illustrates the percentages of homes that sold in a particular time frame. Planning a move? This is the best indicator of the time it will take to get the home from "for sale" to SOLD.

Wondering how market time effects the ultimate sale price? In this instance, not much. Homes are holding their value and selling within 5% of list price.

Here are some handy links for the City of Twinsburg so that you can learn more!

Twinsburg City Link

http://www.mytwinsburg.com/

Parks and Recreation Department & Activity Offerings

http://www.mytwinsburg.com/site.cfm/currentactivityguide.cfm

Learn About Twinsburg's Roots

http://www.mytwinsburg.com/site.cfm/about-twinsburg.cfm

Stay up to date with all the happenings in and around T-Town with the City's e-newletter here

http://www.mytwinsburg.com/site.cfm/register-t-mail.cfm

Homeowners were lent a hand this week by the Obama Administration's newest effort to help families remain in their homes. The "Making Home Affordable" program was created to help as many as 9 million homeowners who want to stay in their homes, but are struggling with their finances.

Here is a good link http://www.financialstability.gov/makinghomeaffordable/index.html

Modification program

What is it?

Homeowners who are having trouble affording their mortgage payments either because of issues such as job loss or because of resetting interest rates may qualify for new, more affordable loans.

Do I qualify?

• You must live in the home.

• You don't already have to be behind on payments.

• The loan balance can't exceed $729,750.

• It's aimed at homeowners who have lost a job, had their payment jump, been hit with higher expenses, owe more than the home is worth or are otherwise at risk of default.

• The loan must have been originated before Jan. 2.

Example:

You bought a $200,000 home three years ago with a $190,000 first mortgage and an adjustable rate. Your payment was $1,170 a month. Now it's jumped to $1,530. Your gross monthly income is $3,700. Your monthly payment could be reduced to 31 percent of your gross, or $1,147 a month. Or, if your payment was still $1,170 but your income had dropped to $2,700 a month, your mortgage payment might drop to $837.

What do I do?

Gather pay stubs, last tax return, second mortgage data, and balances and monthly payments on loans and credit cards. Also summarize why your finances are stressed. Then call the company where you make your payments. Deadline is Dec. 31, 2012.

Refinance program

What is it?

Homeowners who haven't been able to refinance because their homes have lost value may now be able to get new loans at today's low fixed rates and get rid of higher fixed- or adjustable-rate loans.

Do I qualify?

• You must live in the home.

• You can't have been 30 days late in the last year.

• Your mortgage can't exceed the current value of your home by more than 5 percent.

• The loan may be serviced by your bank, but it must be held by Fannie Mae or Freddie Mac.

• It's OK if you have a second mortgage in addition to a first mortgage that's 105 percent of the current value.

Example:

You bought a $200,000 home three years ago with a $180,000 first mortgage. The balance now would be about $172,000. To refinance today with 20 percent equity, no private mortgage insurance and without an FHA loan, you'd need your home to be worth $215,000. But maybe it's lost 18 percent of its value, so it would be worth $164,000 today. Under this program, you may still be able to refinance at the best rate.

What do I do?

Gather pay stubs, your last tax return, second mortgage data, and balances and monthly payments on loans and credit cards. Then call the company where you make your payments. The deadline is June 2010.

**For details for borrowers from the Administration on Obama's "Making Home Affordable", please see the link below.
http://www.financialstability.gov/makinghomeaffordable/index.html

Not all high-impact improvements on your home need to cost alot of money, but there are some that are definitely worth it. With spring comes thoughts of what your home could look like. It needs freshening up from the curb so as not to appear "dated." What's the quickest way to make a huge impact? Exterior paint. If you're considering a sale this year, it pays to have the exterior painted, pressure washed (if your siding is a neutral color already), paint your shutters (yes, even vinyl--they fade!) and put some style in your entryway. In my opinion, no one says it better than HGTV when it comes to curb appeal and tips for taking on such tasks, so I've included a link here that outlines some exterior improvements and guidelines for jazzing up your home's tired look. Remember, it's the first thing a buyer sees: on the internet or in person, the view from the curb can make or break a home's marketing. Click here to read more: http://www.hgtv.com/home-improvement/house-makeover/index.html

Market watch for the entire Northeastern Ohio MLS

Market Watch for Hudson over the past week showing average listing criteria

AND NOW THE EXCITING NEWS!

Supply and demand and this week, between the sold and pending listings, you see that the demand is outweighing the supply, by a significant amount! This trend needs to continue and I suspect that it will. It's a great time for sellers to place their listings on the market as there are fewer sellers than active buyers resulting in shorter marketing times and stable pricing!