Cleveland Realtors » RE/MAX

Bainbridge Township & Auburn Township, Ohio Real Estate: Home Inventory Report of June 22,2010

Jim Norbuta — Tue, 22 Jun 2010 18:29:43 +0000

The following information is for homes in the Kenston School District… Bainbridge Township & Auburn Township. This information is general in nature and can vary widely by individual communities within.

Price Range	#of Active & Contingent	# of Pending & Closed	Current Inventory
$100,000 – $200,000	48	38	15 months
$200,001 – $300,000	85	51	20 months
$300,001 – $400,000	53	35	18 months
$400,001 – $500,000	30	19	19 months
$500,001 +	83	25	40 months

Total Homes FOR SALE	299
Average SOLD per month	14
Months of Inventory	21

FindingClevelandHomes.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Cleveland Executive Relocation & the Cleveland Luxury Home Market and are provided to all of our clients. Buying or selling real estate in the Cleveland area? Contact us: 440-708-0561

Jim & Joan Norbuta, Realtor®
ACCREDITED BUYERS REPRESENTATIVE

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communities of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley.

The City of Aurora, Ohio Home Inventory Report

Jim Norbuta — Tue, 11 May 2010 01:40:19 +0000

The following information is for homes in Aurora, Ohio. This information is general in nature and can vary widely by individual communities within.

Price Range	#of Active & Contingent	# of Pending & Closed	Current Inventory
$100,000 -$200,000	58	78	9 months
$200,001 – $300,000	76	42	22 months
$300,000 – $500,000	78	48	19 months
$500,000 +	41	12	41 months

Total Homes FOR SALE	253
Average SOLD per month	15
Months of Inventory	17

Jim & Joan Norbuta, Realtor®
ACCREDITED BUYERS REPRESENTATIVE

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communities of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities

12 Month Market Report for BURTON: from your Cleveland Relocation Specialist

Jim Norbuta — Thu, 07 Jan 2010 01:07:53 +0000

This market report covers Burton and the surrounding areas comprising the Berkshire School District. While a not so distant cousin of the Cleveland Real Estate Market, this community is well known for their Pancake Breakfasts, Maple Festival, and The Great Geauga County Fair. If a Cleveland relocation is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are buying or selling a home, this same type of analysis in greater detail will be done for your community/neighborhood.

12 MONTH INVENTORY REPORT FOR JANUARY 6, 2010

Price Range Active&Contingent Pending& Sold Current Inventory

$100,000 – $150,000 12 10 14 months

$150,001 – $200,000 7 13 6 months

$200,001 + 19 4 57 months

….TOTALS…….. 28 27

Total Homes for Sale 28

Average Sales/Month 2.25

Months of Inventory 12

The market is active and steady in the mid-price range of $150-200,000. The typical commute from Burton to downtown Cleveland is 50 minutes. Did we mention that property taxes are very low in Burton when you compare them with the rest of the Cleveland Real Estate Market.

If you are looking to purchase a home in the next few months, please give us a call. We show all properties listed by any real estate broker and most for sale by owner homes. If you find a home on any website, we can schedule a showing for you. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community facts. The details you need to make a good decision.

For families and individuals involved in a relocation transfer, you’re timing is excellent. The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country. The school districts in Chagrin Falls, Bainbridge Township, Aurora, and Berkshire are highly recommended.

Jim & Joan Norbuta, Realtor®
ACCREDITED BUYERS REPRESENTATIVE

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communities of Aurora, Auburn, Bainbridge Township, Burton, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

6 Month Market Report for The City of AURORA: from your Cleveland Relocation Specialist

Jim Norbuta — Wed, 06 Jan 2010 00:31:04 +0000

The following is specific to one area of Greater Cleveland Real Estate, The City of Aurora. If you are a home buyer or home seller, and especially if relocation to Cleveland is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are buying or selling a home, we do a comprehensive analysis of your community/neighborhood.

44202 Aurora 44202

INVENTORY REPORT FOR January 5, 2010

Price Range Active&Contingent Pending& Sold Current Inventory

$150,000 – $300,000 110 57 12 months

$300,001 – $500,000 49 29 10 months

$500,001 + 31 3 62 months

….TOTALS…….. 190 89

Total Homes for Sale 190

Average Sales/Month 14.8

Months of Inventory 13

Real estate sales in the Aurora market have improved dramatically since our report 3 months ago:

In the $150-300,000 range, the inventory levels fell from 19 months to 12 months.

In the $300-500,000 range, the inventory levels fell from 15 months to 10 months.

However, Aurora real estate priced above $500,000 continued to suffer. Inventory levels increased slightly from 58 to 62 months inventory.

If you are looking to purchase a home in the near future, please give us a call. We are able to show all properties listed by nearly all real estate brokers and most for sale by owner homes.

For families and individuals involved in a relocation transfer, you’re timing is excellent. Greater Cleveland Real Estate is one of the most affordable in the country.

The FindingClevelandHomes.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Jim & Joan Norbuta, Realtor® Accredited Buyers Representative (ABR)
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

6 Month Market Report for CHAGRIN FALLS & BAINBRIDGE TOWNSHIP: from your Cleveland Relocation Specialist

Jim Norbuta — Tue, 05 Jan 2010 02:33:05 +0000

The following is specific to one area of Greater Cleveland Real Estate. The Chagrin Falls Real Estate market includes Chagrin Falls, Bainbridge Township, Auburn, Bentleyville, and portions of Moreland Hills, and Hunting Valley. If a Cleveland relocation is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are buying or selling a home, this same type of analysis in greater detail will be done for your community/neighborhood.

44022 CHAGRIN FALLS 44023

6 MONTH INVENTORY REPORT FOR January 4, 2010

Price Range Active&Contingent Pending& Sold Current Inventory

$150,000 – $300,000 131 107 7 months

$300,001 – $500,000 134 55 15 months

$500,001 + 139 27 31 months

….TOTALS…….. 404 189

Total Homes for Sale 404

Average Sales/Month 31.5

Months of Inventory 12.8

The past 3 months showed dramatic improvement in the $150-300,000 price range. The inventory level fell from 9 months to 7 months. This is good news for home sellers in these communities with homes to sell in this price range. The news is not so good for buyers in the upper 2 price ranges. The inventory levels for the $300-500,000 range increased from 12 months to 15 months and the inventory for homes in the $500,000 and up price range increased from 22 months to 31 months inventory. Home sellers in these ranges will face an uphill battle if they need to sell their homes in the near future. The strong home buyers’ market exists in the upper price ranges for Chagrin Falls real estate.

Jim & Joan Norbuta, Realtor®
ACCREDITED BUYERS REPRESENTATIVE

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Interest Rates Continue Favorable for Cleveland Home Buyers: from Your Cleveland Relocation Specialist

Jim Norbuta — Wed, 09 Dec 2009 15:39:59 +0000

————————- The Following Rates are Effective for December 9, 2009 ————————-

15 Year Fixed Rate Loan
Rate	Points	APR
4.250	0.000	4.334
4.875	No Cost^*	4.916
A $165,000 mortgage loan at 4.250% will be paid in 180 monthly installments of $1,241.26.**

20 Year Fixed Rate Loan
Rate	Points	APR
4.625	0.000	4.691
5.375	No Cost^*	5.408
A $165,000 mortgage loan at 4.625% will be paid in 240 monthly installments of $1,055.04.**

30 Year Fixed Rate Loan

Rate

Points

APR

4.750

0.000

4.799

5.500

No Cost^*

5.525

A $165,000 mortgage loan at 4.750% will be paid in 360 monthly installments of $860.72.**

You can contact us for personal attention in finding your home in the Cleveland real estate market.

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Relocation to Cleveland Ohio is one of the most affordable moves you can make. Cleveland has a very favorable ranking in the affordability index of the major metropolitan areas in the USA.Are you considering becoming a new home buyer in Cleveland Ohio? Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Cleveland Home Buyers can choose from many excellent Cleveland & Chagrin Falls Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

Rate information courtesy of Parkview Federal Savings:

Richard Force Branch Manager Bainbridge Savings 8500 Washington St. Chagrin Falls, OH 44023 Phone: (440) 543-8889 Fax: (440) 543-8217 Email: Richard.Force@pvfsb.com

Are You LINKEDIN on Relocation: from Your Cleveland Relocation Specialist

Jim Norbuta — Fri, 04 Dec 2009 23:14:09 +0000

Do you have questions about relocation to the Cleveland real estate market, or anywhere else for that matter? As a member of ERC, we have access to information not available to the average real estate agent in Cleveland. Here is a sample of the questions and answers available via LINKEDIN and ERC:

http://www.findingclevelandhomes.com/2009/12/04/are-you-linkedin-on-relocation-from-your-cleveland-relocation-specialist/

Contact us if you would like to follow our activity in the Chagrin Falls real estate market:
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Relocation to Cleveland Ohio is one of the most affordable moves you can make. Cleveland has a very favorable ranking in the affordability index of the major metropolitan areas in the USA.

Are you considering becoming a new home buyer in Cleveland Ohio? Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland & Chagrin Falls Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

Need a Good Reason to Move to Chagrin Falls? A Message from your Cleveland Relocation Specialist

Jim Norbuta — Wed, 02 Dec 2009 02:31:03 +0000

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YOUNG STARS TO PERFORM WITH MASTERS

If ARTS & CULTURE peak your interest, you won’t want to miss this. The Chagrin Valley Chambers Music Concert Series will host “RISING STARS AND THEIR MASTERS” for a free chamber music concert at 7 30 pm, December 4th at Chagrin Valley Church in Chagrin Falls.

It will feature world-known violinsit Taras Gabora and Oberlin Conservatory piano faculty member Sedmara Zakarian-Rutstein, who will perform Brahms’ Sonata No.3 in D minorwith Melody Yuan and Chan Lee, two winners of Russia’s Yankelevich Violin Competition.

For additional information about the free concert on December 4th or the complete concert series, call 440-247-0390. Valley Lutheran Church is located at 87 E. Orange St., Chagrin Falls,Ohio. (Chagrin Valley Times, Nov. 27)

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Relocation to Cleveland Ohio is one of the most affordable moves you can make. Cleveland has a very favorable ranking in the affordability index of the major metropolitan areas in the USA.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

When to use the Home Buyer Tax Credit: from your Cleveland Relocation Specialist

Jim Norbuta — Mon, 30 Nov 2009 16:15:32 +0000

Now that we all understand the benefits of the home buyer tax credit, when is the best time to utilize it. In our humble opinion, it is DEFINITELY NOT IN THE LAST 30 DAYS OF THE PROGRAM. For most, the program expires on April 30, 2010 with an additional 60 days to close.

Real estate in Cleveland, Ohio, and most other areas of our country will be in high demand with home buyers scrambling to take advantage of the tax credit. If you are a first time home buyer or in the luxury home market, why not take advantage of this opportunity. Weather you use it or not, you will be paying for it.

FOR RELOCATION TO CLEVELAND, OR JUST LOOKING TO TRADE UP OR DOWN YOUR SOLON, OHIO REAL ESTATE:

NOW IS THE TIME TO BUY

- – – – – – -

There are still a strong buyers’ market within the Cleveland real estate domain. Contact us for the specifics in the area where you are considering buying a home.

Relocation to Cleveland Ohio is one of the most affordable moves you can make. Cleveland has a very favorable ranking in the affordability index of the major metropolitan areas in the USA.

Are you considering becoming a new home buyer in Cleveland Ohio? Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

HERE ARE 5 TIPS FOR A SUCCESSFUL RELOCATION: FROM YOUR CLEVELAND RELOCATION SPECIALIST

Jim Norbuta — Sat, 28 Nov 2009 21:08:05 +0000

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We recently came across this article regarding relocation:

RISMEDIA, October 24, 2009—The good news: in the middle of a really tough economy, you land a job offer. The bad news: you have to explain to your 14-year-old that it means moving out of state. Whether it’s for a new career opportunity or to move when a current employer relocates its business, people who may not otherwise have considered relocating are facing the potential of moving boxes in their future.

There are, however, steps you can take to make the transition more manageable:

1. Do your homework as a family: Like most homework, this research will start with the Internet. City and state official websites are a good starting point to get a sense of the school system, recreation and services. Look to local bloggers to get the “voice” of a neighborhood, including city, or even neighborhood focused real estate blogs. Divide up the research among the family so everyone gets to be an expert.

2. Take time to talk about the unknown: With everything that goes into relocation, it is easy to turn family life into a never-ending series of “to do” lists. Find time to let your family talk out loud about the move. Some days it will seem like a great adventure, other days it’ll be daunting. Let your kids know that’s okay.

3. Find where your hobbies live: If a family member has a special hobby or sport, locate the best ways to connect with that passion as soon as you get to the new location- it’ll feel more like home when everyone is doing what they love.

4. Start gathering medical and school records: We’d like to think we live in a paperless world- that is, until we roll into the emergency room in a new town and can’t access key information. Start gathering data from your physician, dentist and school administrators earlier rather than later.

5. Tap into the professionals: Finding the right real estate agent and a good mover can make the difference between a straightforward- or a nightmare-relocation experience. Whether you’re looking to purchase a new home right away or are opting to rent an apartment or home while you familiarize yourself with the area, these professionals can provide both guidance and support during your relocation. Take time to check out reviews, get references from people you trust and then narrow down options to a short list. It’s worth the work to get these relationships right.

“Having professionals on your side makes every difference during a move,” says Sharon Asher, chairman and founder, Relocation.com. “It’s understandable to want to do it all yourself, but people who are able to rely on strong professional services throughout the process come out of the experience saying the move was much more straightforward than if they had tried to handle it all on their own.” Read more: http://rismedia.com/2009-10-24/relocating-in-your-future-5-tips-you-need-to-know/#ixzz0YBotEkNG

There are still strong buyers’ markets within the Cleveland real estate domain. Contact us for the specifics in the area where you are considering buying a home.

Relocation to Cleveland Ohio is one of the most affordable moves you can make. Cleveland has a very favorable ranking in the affordability index of the major metropolitan areas in the USA. Are you considering becoming a new home buyer in Cleveland Ohio?

Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services. Contact us for any questions.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

Have You Seen Today’s Interest Rates: From Your Cleveland Relocation Specialist

Jim Norbuta — Fri, 27 Nov 2009 21:22:44 +0000

While you’re out spending money today, there is a great opportunity to save considerable $$$$ on a new mortgage. If you are considering relocation to the Cleveland Ohio area, taking action now may be in your long term best interest.

Fifth Third Bank is quoting a 30 year fixed mortgage at 4.625%. Rates have fluctuated over the past several months, with this being the lowest we can re-call in the past year or so.

There are still strong buyers markets within the Cleveland real estate domain. Contact us for the specifics in the area where you are considering buying a home.

Relocation to Cleveland Ohio is one of the most affordable moves you can make. Cleveland has a very favorable ranking in the affordability index of the major metropolitan areas in the USA. Are you considering becoming a new home buyer in Cleveland Ohio?

Need information on mortgage rates, lenders, and local community groups? Look around, it’s here on our website. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services. Contact us for any questions.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

Relocation Program – Loss of Home Equity: A Question from Your Cleveland Relocation Specialist

Jim Norbuta — Mon, 16 Nov 2009 13:12:17 +0000

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We need your help. Can you share a copy of a relocation program(s) that offers a loss of equity provision in their Corporate Relocation package?

Our client has been offered a position out of state, and we will be selling his Chagrin Falls Ohio real estate. The luxury home market in the new location is 30-40% higher than the average for Cleveland Ohio real estate listings. Our clients have excellent jobs, and are definitely being pursued. They are in a strong negotiating position, and we are assisting in every way that we can.

Since our clients were home buyers 5 years ago, we are facing what most Cleveland Ohio Realtors®, possibly all Realtors®, are facing: Helping Home Sellers handle their Loss of Equity.

Please contact us if you are in a position to share a Relocation Program that contains a favorable Loss of Equity provision for the new employee. Thanks for your assistance.

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For families and individuals involved in a relocation home purchase, you’re timing is still very good. Homes in Cleveland Ohio are among the most affordable of the major metropolitan areas in the USA.

Our website contains information on mortgage rates, lenders,and local community groups. Our services are designed for Executive Relocation & the Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

Is There More Good News for Cleveland Ohio Real Estate; from Your Cleveland Relocation Specialist

Jim Norbuta — Sat, 14 Nov 2009 14:49:58 +0000

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The following is specific to one area of Cleveland Ohio real estate, the city of Aurora. If you are a home buyer or home seller, and especially if relocation to Cleveland is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are a luxury home buyer, 1st time home buyer, or trying to find lots for sale, this same type of analysis is an important part of learning the state of the market in the community or neighborhood of interest. Before you begin to negotiate, get the details. This study includes Aurora OH real estate, within the zip code 44202.

City of Aurora Ohio

INVENTORY REPORT FOR November 13, 2009

Price Range———–Active&Contingent———–Pending& Sold——-Current Inventory

$150,000 – $300,000 _ _ _ _ _ _ 109 _ _ _ _ _ _ _ 37 _ _ _ _ 18 months/last month 16

$300,001 – $500,000 _ _ _ _ _ 65 _ _ _ _ _ _ _ _26 _ _ _ 15 months/last month 14

$500,001 + _ _ _ _ _ _ _ _ _37 _ _ _ _ _ _ _ _ 5 _ _ _ _ 44 months/last month 46

….TOTALS…………………………………….211……………………………68

Total Homes for Sale 211
Average Sales/Month 11.3
Months of Inventory 18.7

This past month reflects reflects regression in the rate of sale of homes in the Aurora Oh real estate market. This was not the case for Bainbridge Ohio real estate or Chagrin Falls real estate as reported yesterday. If you need to know this information for your specific area, go to the CONTACT US button now in the upper right corner of our web page. The above numbers may be eye openers for many of you. If you are currently a home seller, you may not be aware of these recent changes. Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community. EVERY COMMUNITY IS UNIQUE.

If you are looking to purchase a home in the next few months, please give us a call. We show all properties listed by any real estate broker and most homes for sale by owner. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community.

If your interest is in the luxury home market, the above chart indicates an inventory of 44 months, a slight improvement of 46 months in October. If you are ready to negotiate, there are still excellent values available in every price range.

For families and individuals involved in a relocation home purchase, you’re timing is still very good. Homes in Cleveland Ohio are among the most affordable of the major metropolitan areas in the USA.

Our website contains information on mortgage rates, lenders,and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

There are many excellent Cleveland Realtors®. Thank you for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME®

There is Good News for Cleveland Ohio Real Estate, from Your Cleveland Relocation Specialist

Jim Norbuta — Fri, 13 Nov 2009 13:58:03 +0000

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The following is specific to one area of Cleveland Ohio real estate. If you are a home buyer or home seller, and especially if relocation to Cleveland is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are a luxury home buyer, 1st time home buyer, or trying to find lots for sale, this same type of analysis is an important part of learning the state of the market in the community or neighborhood of interest. Before you begin to negotiate, get the details. This study includes Bainbridge Ohio real estate, Chagrin Falls homes for sale, and surrounding communities within the zip codes 44022 and 44023.

CHAGRIN FALLS

INVENTORY REPORT FOR November 12, 2009

Price Range———–Active&Contingent———–Pending& Sold——-Current Inventory

$150,000 – $300,000 _ _ _ _ _ _ 151 _ _ _ _ _ _ _ 112 _ _ _ _ 8 months/last month 12

$300,001 – $500,000 _ _ _ _ _ 151 _ _ _ _ _ _ _ _77 _ _ _ 12 months/last month 16

$500,001 + _ _ _ _ _ _ _ _ _157 _ _ _ _ _ _ _ _ 37 _ _ _ 25 months/last month 31

….TOTALS…………………………………….459……………………………226

Total Homes for Sale 459
Average Sales/Month 37.6
Months of Inventory 12

This past month reflects tremendous improvement in the sale of homes in the Chagrin Falls Oh real estate market. The same is likely to be true for Solon, Twinsburg, Aurora, and Russell. If you need to know this information for your specific area, for developments like Laurel Springs, Barrington, and Canyon Lakes, go to the CONTACT US button now in the upper right corner of our web page. The above numbers may be eye openers for many of you. If you are currently a home seller, you may not be aware of these recent changes. Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community. The numbers can change dramatically by location, even within local communities like Chagrin Falls and Bainbridge Township.

If you are looking to purchase a home in the next few months, please give us a call. We show all properties listed by any real estate broker and most homes for sale by owner. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community.

If your interest is in the luxury home, the above chart indicates an inventory of 25 months, a dramatic improvement of 48 months earlier this summer. If you are ready to negotiate, there are still excellent values available in every price range.
For families and individuals involved in a relocation home purchase, you’re timing is still very good. The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country.
Our website contains information on mortgage rates, lenders,and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Thanks for your consideration of our services.

Jim & Joan Norbuta
Realtor®, ABR (Accredited Buyers Representative)
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Cleveland Relocation Specialist

Jim Norbuta — Thu, 12 Nov 2009 00:53:06 +0000

Welcome to our website. Your happiness and success in buying or selling a home is our reason for being here. If you are beginning a home search, this is a wonderfully exciting time in your life. Assisting you in finding your dream home is our goal.

Outstanding communication is central to our service to you, a home buyer. When you call, you will likely reach a live person. When you e-mail us, you receive a timely response.

We are approaching our 10th year as Cleveland Ohio Realtors®. Here are some key advantages of being represented by an experienced, Accredited Buyers Agent (ABR):

•highest ethical standards
•adherence to fiduciary duties
•full-time Realtor®
•negotiating skills

If you’re relocating to or within Greater Cleveland, you should find comfort in the fact that we’ve relocated three times for former Corporate Employers. Chicago, Columbus, and Cleveland were our moves. We have lived in eight communities of Greater Cleveland.

Accommodating your needs and schedule are easily understood and routinely handled. We are qualified to do this in a professional, friendly, and courteous manner at all times. There are many things here on our website to assist you, or contact us anytime with a question.

Your home search is PRIORITY ONE. Your happiness and success in buying or selling a home is our reason for being here. If your geographic interest is better served by another Realtor®, we will recommend an outstanding agent to you. We often refer clients to outstanding associates in Medina and Lake Counties.

Thanks for visiting our website. Our efforts will be focused on being a BLESSING in your life.

Finding a Relocation Specialist in Cleveland Ohio

Jim Norbuta — Wed, 11 Nov 2009 02:01:14 +0000

RELOCATION….An exciting but stressful time

Congratulations are in order. Chances are very good that you’ve accepted more responsibility within your organization, or accepted a position with a new company and a new location.    It’s time to celebrate…

Time’s up. Now it’s time to get moving.

We’ve done this dance 3 times with major corporations that we’ve worked for.   That’s why we’re sure that now is not the time for your co-worker’s friend who just happens to be a Realtor®. Now is the time for a Realtor ® who has experienced Relocation from both sides.

Timing is everything.

You need responsiveness, outstanding communication, knowledge, expertise, and someone who understands that your schedule may change at the last moment. You need a Realtor® who understands that you have to buy right because you may be selling in less than 3-5 years.

Families from Brazil, China, England, Panama, and many parts of the United States have chosen us for their relocation.

Can we help you with your relocation?

Definitely, but not necessarily as your Realtor®. We focus on the southeast suburbs of Greater Cleveland, including the communities of Chagrin Falls, Bainbridge Township, Aurora, Twinsburg, Solon, South Russell, and others. If you decide on a community outside our area of expertice, we will refer you to an associate who specializes in your desired location and work with them to insure your satisfaction.

Let’s get started… Contact us today:

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REALTORS® are licensed professionals and this is what we do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Contact us if we can help you with your Greater Cleveland real estate search or to assist you in finding a buyers’ agent.   Also, click here to check out our post “Are Your Relocation Employees Giving Up Their Negotiating Power?

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR)

website: http://www.jimandjoan.com

Senate Approves Extension, House to Act Today ?

Jim Norbuta — Thu, 05 Nov 2009 14:12:30 +0000

In a bi-partisan vote, the Senate approved the extension of the First time Home Buyers Program and expanding the program to the move-up market. The House is scheduled to act promptly…

Click here for entire article from RIS Media.

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REALTORS® are licensed professionals and this is what we do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Contact us if we can help you with your Greater Cleveland real estate search or to assist you in finding a buyers’ agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR)

website: http://www.jimandjoan.com

Are Your Relocation Employees Giving Up Their Negotiating Power ?

Jim Norbuta — Wed, 04 Nov 2009 20:59:30 +0000

Many people do their own homework when it comes to purchasing homes, including your employees. Whether they are relocating or “just looking”, 87% of all home buyers are beginning their search on the internet.

The next step is calling agents about homes they like, or going to open houses on their own.  Even in the process of relocation, home seekers often don’t want to bother an agent until they find a home or community they have an interest in.

This is why you need to be aware of the real estate laws in your state. In Ohio, by contacting a listing agent and visiting a home they have listed without your (buyers’) agent, you are giving up your negotiating power. If you visit an open house or schedule an appointment without your buyers’ agent, you are, in essence, hiring the sellers’ agent to represent you.

Even though the employer may have contract with a relocation company or real estate brokerage to represent the corporation, the individual employee is likely to be unrepresented according to Ohio Real Estate Law.

What is the solution?

Home buyers should select a buyers’ agent to represent them prior to beginning their search. We strongly suggest they select their agent with the same care they would in selecting a listing agent. Sign a simple agreement with the buyers’ agent. This will protect the home buyers’ negotiating power.

For relocation without a relocation company:    contact your home town real estate agent and ask them to refer you to a buyers’agent in your new city (they have the expertise to do the research for you and find an agent specific to your likes and needs).

For local moves: do the same due diligence in finding a buyers’agent as you would in finding a listing agent.

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REALTORS® are licensed professionals and this is what we do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Contact us if we can help you with your home search or to assist you in finding a buyers’ agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR)

website: http://www.jimandjoan.com

Do You Know a Bainbridge Township/Auburn Township Senior Citizen?

Jim Norbuta — Tue, 03 Nov 2009 20:54:02 +0000

Kenston School district is rewarding all of the seniors in the school district who are 60 years of age or older with a FREE, LIFETIME ”GOLD CARD”. This card will admit you free of charge to any school sponsored event in which the students participate, including home athletic events, musical and dramatic performances.

Gold cards are not valid when an event is sponsored by an organization other than the schools (PTO, Boosters, etc.) as a fundraiser. The card cannot be used for athletic events such as conference, regional, or state playoffs.

Gold Cards can be obtained at the Kenston Board Office on school days: 17419 Snyder Road, at the west end of the Kenston Intermediate School building.

BRING YOUR DRIVERS LICENSE….

………………………………………………………………………………………………………………………………………

REALTORS® are licensed professionals and real estate is what we do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR) website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients

Holiday Boutique In Bainbridge Township, Ohio

Jim Norbuta — Tue, 03 Nov 2009 16:41:05 +0000

Don’t miss the 32nd Annual Holiday Boutique in Bainbridge Township on November 6 & 7th.

This Special event features the crafts of many fine local artisans, a Homemade Baked Goods Sale, a RAFFLE,

and FREE ADMISSION.

See You at:

Bainbridge Town Hall

17826 Chillicothe Road (RT 306), behind the fire station

Friday, November 6, 2009                    Saturday, November 7, 2009

4:00 pm   to   8:00 pm                             9:00 am    to   4:00 pm

LIGHT LUNCH——RAFFLE——-FREE ADMISSION

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REALTORS® are licensed professionals and real estate is what we do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR) website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients

Home Buyer Tax Credit Extension Not a Done Deal

Jim Norbuta — Mon, 02 Nov 2009 13:21:40 +0000

Here are some interesting articles about the proposed extension of the Home Buyer Tax Credit. This is certainly something that the Realtors® of Greater Cleveland would love to see happen.

http://seekingalpha.com/article/170465-homebuyer-tax-credit-not-a-done-deal

http://www.webcpa.com/news/Geithner-Urges-Extension-Homebuyer-Credit-52251-1.html

http://topnews.us/content/28083-congress-could-approve-extension-homebuyer-tax-credit-next-week-harry-reid

If you would like to stay informed on this issue, contact us.

REALTORS® are licensed professionals and real estate is what we do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR) website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS

RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients

Media Article Shows Rebound, Good News for Home Buyers and Sellers

Jim Norbuta — Sat, 31 Oct 2009 13:37:44 +0000

Here is a RISMEDIA update on the status of our residential real estate market:

RISMEDIA, October 26, 2009—Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Even with the improvement, Yun said the market is underperforming. “Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet,” he said. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy. Without a firm foundation for middle-class wealth recovery, the post-recession economic growth likely will be one of the weakest in U.S. history.”

Early information from a large annual consumer study to be released November 13, the 2009 National Association of Realtors® Profile “Potential first-time buyers can take heart in that affordability conditions this year are the highest on record dating back to 1970, but with the first-time buyer tax credit scheduled to expire at the end of next month, people could hold back from entering the market,” of Home Buyers and Sellers, shows that first-time home buyers accounted for more than 45% of home sales during the past year. A separate practitioner survey shows that distressed homes accounted for 29% of transactions in September.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said affordability conditions remain historically high. he said. “Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average,” McMillan said.

Total housing inventory at the end of September fell 7.5% to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0% below a year ago.

“The current housing supply is the lowest we’ve seen in two and a half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.06% in September from 5.19% in August; the rate was 6.04% in September 2008. The national median existing-home price for all housing types was $174,900 in September, which is 8.5% lower than September 2008. Distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales rose 9.4% to a seasonally adjusted annual rate of 4.89 million in September from a pace of 4.47 million in August, and are 7.7% above the 4.54 million-unit level in September 2008. The median existing single-family home price was $174,900 in September, which is 8.1% below a year ago. Existing condominium and co-op sales jumped 9.7% to a seasonally adjusted annual rate of 680,000 units in September from 620,000 in August, and are 9.7% above the 561,000-unit pace a year ago. The median existing condo price was $175,100 in September, down 11.7% from September 2008.

Northeast
Regionally, existing-home sales in the Northeast increased 4.4% to an annual level of 950,000 in September, and are 11.8% higher than September 2008. The median price in the Northeast was $234,700, down 7.0% from a year ago.

Midwest
Existing-home sales in the Midwest jumped 9.6% in September to a pace of 1.25 million and are 7.8% above a year ago. The median price in the Midwest was $147,600, which is 1.0% below September 2008.

South
In the South, existing-home sales rose 9.0% to an annual level of 2.06 million in September and are 10.8% higher than September 2008. The median price in the South was $153,500, down 7.6% from a year ago.

West
Existing-home sales in the West surged 13.0% to an annual rate of 1.30 million in September and are 5.7% above a year ago. The median price in the West was $219,000, which is 15.0% below September 2008.
Read more: http://rismedia.com/2009-10-25/big-rebound-in-existing-home-sales-shows-first-time-buyer-momentum/#ixzz0VWFJxjbN

REALTORS® are licensed professionals and real estate is what they do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR) website:http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients

Local Mortgage Rate Update for Greater Cleveland: October 29,2009

Jim Norbuta — Thu, 29 Oct 2009 19:10:33 +0000

We are pleased to share this information to you. We have been clients of Parkview Federal Savings and Richard Force for at least 10 years. We highly recommend his services.

Richard Force
Assistant Vice President
Bainbridge Savings
8500 Washington St.
Chagrin Falls, OH 44023
Phone: (440) 543-8889
Fax: (440) 543-8217
Email: Richard.Force@pvfsb.com

The Following Rates are Effective for October 29, 2009

15 Year Fixed Rate Loan

Rate Points APR

4.375 0.000 4.459

4.875 No Cost* 4.916

A $165,000 mortgage loan at 4.375% will be paid in 180 monthly installments of $1,251.72.**

20 Year Fixed Rate Loan

Rate Points APR

4.875 0.000 4.942

5.500 No Cost* 5.534

A $165,000 mortgage loan at 4.875% will be paid in 240 monthly installments of $1,077.57.**

30 Year Fixed Rate Loan

Rate Points APR

5.000 0.000 5.050

5.500 No Cost* 5.525

A $165,000 mortgage loan at 5.000% will be paid in 360 monthly installments of $885.76.**

Home Equity Line of Credit

Tier APR

$5000+ 5.000

Home equity line of credit rates are based on the Prine Rate plus or minus a margin, the amount of the loan, credit score, and the APR that can range from 5.00% to 5.25%. Minimum rate is 5.00%, the Maximum rate is 24%.

LOT Loan

Rate Points APR

5.500 1.000 4.816

6.500 0.000 4.397

Fixed Rate Home Equity

Term Rate APR

60 mos 6.500 6.921

96 mos 6.750 7.025

144 mos 7.000 7.195

Home equity loan rates are fixed for the life of the loan. Based on a loan to value of 80%, a $25,000 loan at 7.000% is repaid in 144 monthly installments of $257.10

Turning your dreams into realityIn 1920, Park View Federal Savings Bank started out in one small office overlooking Cleveland’s Woodland Hills Park. Today, our branch network reaches across seven Northeastern Ohio counties. We have grown by being good at what we do. We are good at what we do because we stay focused on providing flexible, personalized banking solutions for our customers. The services and programs we offer are designed with this goal in mind.Your account with Park View Federal Savings Bank has a number; but we never forget that YOU have a name!
You know your account number; we know your name because personal service is our top priority.

As your needs grow and change over the years, you can count on Park View Federal to be flexible and ready to help.
Rates are subject to change without notice and require a checking account with Park View Federal or enrollment in our automatic payment program. Final loan approval is subject to the bank’s appraisals and underwriting standards. Property insurance is required.

Loans for owner-occupied homes only. Adjustable mortgage rates are subject to increase after consummation. Initial discounted rate reflects a reduction in the effective rate until the first adjustment (i.e., one year, three years, five years). Afterward, payment and APR may increase or decrease annually over the remaining 348 months. Maximum 2% rate decrease or increase per adjustment. Lifetime maximum annual contract rate 6% above the initial contact rate.

* $50,000 minimum loan amount

** Assumes a 20% down payment and a minimum credit score of 740 or higher.

Better service from a better bank

REALTORS® are licensed professionals and this is what they do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR) website:http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients

Homebuyer Tax Credit Would Expand to Owners Under Senate Plan

Jim Norbuta — Thu, 29 Oct 2009 15:46:41 +0000

Oct. 29 (Bloomberg) — The $8,000 tax credit for first-time homebuyers would be extended and some people who already own residences could claim a benefit under a proposal by Senate Democrats.

An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.

“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.

Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.

The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law, Lachapelle said.

Operating Losses

The amendment on the homebuyers credit is being packaged with a separate proposal to extend and expand a tax break for companies with net operating losses.

Any legislation would have to be reconciled with a House unemployment measure approved last month that omits the homebuyer tax provisions and extends jobless benefits only in states with the highest unemployment rates.

House Speaker Nancy Pelosi, a California Democrat, is waiting to see the final Senate agreement before deciding whether to support it, said spokesman Nadeam Elshami.

More than 1.2 million borrowers through Oct. 9 have claimed almost $8.5 billion of the $13.6 billion set aside for “first- time” homebuyer tax credits this year, according to U.S. Treasury data.

Realtors and mortgage bankers said the credits, which are available for taxpayers who haven’t owned a home in the past three years, have helped stabilize housing sales this year.

“Already we’ve seen the impact of this credit in jump- starting the housing sector,” Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, said on the Senate floor. He said it would be a “great mistake” to allow the break to lapse. Dodd estimated that more than 70 percent of current homebuyers would be eligible for the break.

Reid Cites Support

While the tax credit speeds demand for homes from next year to this year, it won’t necessarily increase overall sales, said Scott Buchta, head of investment strategy at Guggenheim Securities LLC in Chicago.

“They do need to expand the credit to get more people involved, but at the end of the day you are paying people tax dollars to do what they probably would have done anyway,” Buchta said. “If it is passed, home sales of lower-priced homes should continue to hold their ground. However, if it is not passed we will probably see home sales slow down as we wait for natural demand to build up again.”

Reid, a Nevada Democrat, said on the Senate floor yesterday that there is significant support among both parties for the homebuyers’ tax credit. He said the other amendments sought by Republicans are unrelated to the unemployment bill and are designed to embarrass his colleagues.

Republicans want to vote on amendments on immigration and to bar funding for the community activist group ACORN.

Not Far From Agreement

Senate Minority Leader Mitch McConnell, a Kentucky Republican, agreed that most lawmakers support the unemployment and homebuyer measures. “We’re not that far away from an agreement,” he said yesterday.

The $2.4 billion unemployment measure would extend jobless benefits by 14 weeks in all states and provide an additional six weeks of benefits in states with the highest unemployment rates.

About 1.9 million Americans will exhaust their unemployment benefits by the end of this year unless Congress acts, the Labor Department said.

To contact the reporters on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.com; Brian Faler in Washington at bfaler@bloomberg.net

REALTORS® are licensed professionals and this is what they do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®

Accredited Buyers’ Representative (ABR)
website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients

WHAT TO AVOID IN SEARCHING FOR HOMES ON THE INTERNET: for Local and Relocation Home Buyers

Jim Norbuta — Thu, 29 Oct 2009 02:08:34 +0000

Most people start looking for homes on the internet. According to the most recent studies, approximately 87% of all Home Buyers are beginning their search on Realtor.com, ReMax.com, or any one of the hundreds of websites available to you.

As you look through the listings and find homes that are of interest to you, what is the first step you make toward beginning your search?

Many of you call the listing agent for the first property you find of interest.

THAT COULD BE THE BIGGEST MISTAKE THAT YOU WILL EVER MAKE IN BUYING A HOME OR IN FINDING AN AGENT TO REPRESENT YOU!!!

Please be aware that under Ohio Real Estate law, if you contact the listing agent about their listing, they are working for the seller, not you. What will that do for your negotiating power?

Here’s another important question: Is this random selection the best way to find a real estate professional to assist you?

WE STRONGLY RECOMMEND THAT YOU FIND YOUR BUYERS’ AGENT FIRST

For relocation: contact your home town real estate agent and ask them to refer you to a BUYERS AGENT in your new city(they have the expertise to do the research for you).

For local moves: do the same due diligence in finding a BUYERS AGENT as you would in finding a listing agent

Contact agents by e-mail or phone and check out their website and blogs.

REALTORS® are licensed professionals and this is what they do everyday. REALTORS® subscribe to a stringent code of ethics and standards. Most people buy and sell only a few homes in a lifetime. Even if you’ve done it before, laws and regulations change (and vary by state); that’s why having a professional REALTOR® on your side is critical.

Call us if we can help you with your home search or to assist you in finding a Buyers’ Agent.

Jim Norbuta, Realtor®
Accredited Buyers’ Representative (ABR)

website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients

GREATER CLEVELAND, OHIO 29 Acres of Prime Real Estate in Downtown Bainbridge Township

Jim Norbuta — Thu, 29 Oct 2009 00:04:58 +0000

GREAT DEMOGRAPHICS

29 Acres located in Downtown Bainbridge Township

Mailing address:   Chagrin Falls, Ohio 44023

Prime in town location, across from Town Hall and a Strip Shopping Center

See link for additional details: http://login.neohrex.com/Reports/ReportViewer.aspx?hidMLS=NEOH&emailReportRid=4973208&hidEntryPoint=ME

CONTACT US SOON

Jim Norbuta, Realtor®
website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

A Home Buyer’s Opportunity in Greater Cleveland, near Chagrin Falls ($400-600,000)

Jim Norbuta — Mon, 26 Oct 2009 00:16:32 +0000

In an area where homes are selling at and above County Appraised Values, there is one home for sale that is worth your attention. As we approach our tenth year as Realtors®, I can’t remember a single home priced this far below it’s appraised value.

This is not bank owned or a short sale to the best of our knowledge. It is currently occupied. The home is in a small development of upscale properties, there is a large neighborhood pond, sits on a 3 acre private lot, and is listed for $107,000 below the County Appraised Value….and this is the ASKING PRICE.

If you are looking for a beautiful home and a potentially terrific investment:

                                               CONTACT US SOON

Jim Norbuta, Realtor®
website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

A Question regarding Home Priced $107,000 under County Appraisal in Greater Cleveland’s Eastern Suburbs

Jim Norbuta — Sun, 25 Oct 2009 15:29:42 +0000

Here is an excellent question asked regarding our blog post on LinkedIn:

Hi Jim:

Since many appraisals were inflated, I’m wondering how much of a “fudge factor” there might be in that $107,000 swing? How about in other homes for sale that refer to a figure that’s under the appraisal?   What would be a conservative approach to looking at those figures?

Tim, Cleveland State University

Here is our answer:

Tim,You have a terrific question based on the information that was provided to you. Here are some additional facts that might help you in substantiating the value for this property.First, this 15 year old home has had only one owner. The appraisal was not done by a bank trying to sell a mortgage note, it was done by the county. Other homes in the area are selling near or above county appraised value.While looking at figures is one part of determining a “fair market value” for a property, viewing similar properties in the immediate area is essential in establishing an offer for a property. My clients and I have covered this thoroughly.In my opinion, what we have here is a more motivated seller than your average seller in this area. There are a few sellers who have determined that moving on is more important than making a profit, but not very many. Since this house was built 15 years ago, the asking price may be slightly above or at the original purchase price.

This home is stone on all sides. I can’t begin to tell you what the stone alone would cost today, but I’m guessing in the $100,000 range.

SOMEONE IS GOING TO GET A VERY GOOD BUY HERE….

Does this answer your question?

Many Blessings,

Jim

OUR ORIGINAL POST FOLLOWS:

NO, we are not trying to sell one of our own listings….it is not bank-owned or a short sale (to the best of our knowledge). It located in a small development of fine homes on a private lot, less than 5 minutes from the highway.

We recently showed this home in the Bainbridge/Chagrin Falls/Aurora area that far surpassed others available in this price range. Our clients decided to buy another property, even though we all agreed that this was, by far, the best value. It was their 2nd choice for reasons we can explain.

If you are searching anywhere near this area in the $400-600,000 price range, call us to see this home. You will be amazed.

Jim Norbuta, Realtor®
website: http://www.findingclevelandhomes.com

RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Relocation Question for Cleveland residential real estate agents, from LinkedIn

Jim Norbuta — Sat, 24 Oct 2009 13:49:12 +0000

This is a relocation question recently posted on LinkedIn:

Is there any market at all for ‘modern’ homes in Cleveland suburbs? My wife and I would love to build a home in a lake or geauga county suburb that looks like it belongs in LA, Miami, or NYC. Would a “highly-modern” home be hard to sell down the road given the real estate trends in Cleveland?

Here is our reply:

What a terrific question. We recently sold a home in the Bainbridge Township /Chagrin Falls/Aurora area that looked like it belonged near Biscayne Bay or North Miami. We will add the photo of the house to the front page of our website for your review: http://www.findingclevelandhomes.com/
The style is Mediterranean, and very unusual for the Cleveland Market. However, this builder has sold a number of homes of this style in our area. The interior features included a home theatre, wine cellar, audio system, zone heating…we could go on and on. It was green built and 5 star energy rated.
It was unusual for our community, but we wouldn’t call it modern. Oh, by the way, the exterior features include a covered veranda with fireplace and a 2 story water feature. It is a spectacular home and in a community of upscale homes, each with their own unique architectural design. We’ll be glad to take you to see this area. There are additional lots available.

We still haven’t answered your question…because we would have to ask you a few more questions about your definition of “highly modern”. However, caution would be advisable in the Cleveland market.

Their reply:   Interesting. Thanks for the insightful thoughts!

If you have any questions about real estate or relocation, you can e-mail them to us from our website. You’ll receive a prompt reply.

Jim Norbuta, Realtor®
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities of Greater Cleveland.

YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Cleveland’s Eastern Suburbs, Home Priced $107,000 Under Geauga County Appraisal

Jim Norbuta — Fri, 23 Oct 2009 18:35:37 +0000

NO, we are not trying to sell one of our own listings….it is not bank-owned or a short sale (to the best of our knowledge).

We recently showed a home in the Bainbridge/Chagrin Falls/Aurora area that far surpassed others available in this price range. Our clients decided to buy another property, even though we all agreed that this was by far the best value.

If you are searching anywhere near this area in the $400-600,000 price range, call us to see this home. You will be amazed.

Jim & Joan Norbuta

Realtor
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the Greater Cleveland communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

YourClevelandRealtors.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Improving Real Estate Market – What Every Home Buyer and Seller Should Know…FOCUS on AURORA

Jim Norbuta — Wed, 05 Aug 2009 03:12:56 +0000

(The following is specific to one area of Greater Cleveland. If you are a home buyer or home seller, and especially if relocation is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are buying or selling a home, this same type of analysis will be done for your community/neighborhood. )

44202    Aurora      44202

INVENTORY REPORT FOR July 30, 2009

Price Range                  Active&Contingent     Pending& Sold        Current Inventory

$150,000 – $300,000                 99                             31                           19 months

$300,001 – $500,000                 64                           26                           15 months

$500,001 +                             39                             4                            58   months

….TOTALS……..                        202                           61

Total Homes for Sale                  202

Average Sales/Month                  10.2

Months of Inventory                   20

This is your tracking report for Aurora. Yes, there are a lot of properties for sale, but things are improving. Improvement has been seen in Chagrin Falls, Solon, Bainbridge, Auburn, Twinsburg, Aurora, and Russell. If you need to know this information for your specific area, for developments like Laurel Springs, Barrington, and Canyon Lakes, give us a call. The above numbers may be eye openers for many of you. If you are currently selling your home, you may not be aware of recent changes. Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community. The numbers can change dramatically by location, even within your local community.

If you are looking to purchase a home in the next few months, please give us a call. We are in our show all properties listed by any real estate broker and most for sale by owner homes. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community facts.

If your interest is in homes priced above $500,000, the above chart indicates an inventory of 58 months. If you are ready to negotiate, there are still excellent values available in every price range.

For families and individuals involved in a relocation transfer, you’re timing is excellent. The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country.

YouClevelandRealtor.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Jim & Joan Norbuta

Realtor
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Also, visit our post, Signs that the Market has Turned: http://www.findingclevelandhomes.com/2009/07/14/signs-that-the-real-estate-market-has-turned%e2%80%a6/

IMPROVING CLEVELAND REAL ESTATE MARKET—WHAT EVERY HOME BUYER AND SELLER SHOULD KNOW (July 30 update)

Jim Norbuta — Thu, 30 Jul 2009 02:56:34 +0000

(The following is specific to one area of Greater Cleveland. If you are a home buyer or home seller, and especially if relocation is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community. If you are buying or selling a home, this same type of analysis will be done for your community/neighborhood. )

44022    CHAGRIN FALLS      44023

INVENTORY REPORT FOR July 30, 2009

Price Range                  Active&Contingent     Pending& Sold        Current Inventory

$150,000 – $300,000         185                              90              12 months/last month 15

$300,001 – $500,000        178                              65               16 months/last month 20

$500,001 +                      178                             34             31 months/last month 51

….TOTALS……..                     541                            189

Total Homes for Sale                 541

Average Sales/Month                 31.5

Months of Inventory                 17

This past month reflects tremendous improvement in the sale of homes in CHAGRIN FALLS. The same is likely to be true for Solon, Twinsburg, Aurora, and Russell. If you need to know this information for your specific area, for developments like Laurel Springs, Barrington, and Canyon Lakes, give us a call. The above numbers may be eye openers for many of you. If you are currently selling your home, you may not be aware of these recent changes. Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community. The numbers can change dramatically by location, even within your local community.

If you are looking to purchase a home in the next few months, please give us a call. We are in our show all properties listed by any real estate broker and most for sale by owner homes. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community facts.

If your interest is in homes priced above $500,000, the above chart indicates an inventory of 31 months, a dramatic improvement of 48 months  just 30 days ago. If you are ready to negotiate, there are still excellent values available in every price range.

For families and individuals involved in a relocation transfer, you’re timing is excellant. The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country.

YouClevelandRealtor.com website contains information on mortgage rates, lenders,and local community groups. Our services are designed for Executive Relocation & Luxury Home Market and are provided to all of our clients.

Jim & Joan Norbuta

Realtor
RE/MAX TRADITIONS
RE/MAX RELOCATION
OUR PEOPLE MAKE A DIFFERENCE ONE MOVE AT A TIME ®

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Also, visit our post, Signs that the Market has Turned: http://www.findingclevelandhomes.com/2009/07/14/signs-that-the-real-estate-market-has-turned%e2%80%a6/

Signs that the real estate market has turned…

Jim Norbuta — Tue, 14 Jul 2009 23:02:38 +0000

Yes, there are a lot of technical indicators that can tell you that our market is taking a turn for the better or a turn for the worse.

The key change, in my estimation, is what the sellers are doing with offers that come across the table.

Buyers and sellers (buyers agents/sellers agents) would normally use the same market facts to arrive at what they determine to be fair market value for a property. Somehow, and in about 90% of the cases, there would be a significant discrepancy in the values reached by buyer and seller.

In today’s market, sellers have changed. While still not willing to listen to low ball offers, sellers are now compelled to see the picture from the other side of the table. When they do, transactions have been the result.

That’s the way we find it in the suburban Greater Cleveland market.

Good reasons to buy now…low mortgage rates, home prices have dropped, tax credit for 1^st time buyers, more properties available, and MOTIVATED SELLERS.

Now is a great time to contact us…

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities in Ohio and beyond.

Open Sunday, July 12….. 2pm – 4pm, Lakes of Aurora-Beautiful Ranch Condo in Aurora, Ohio 44202

Jim Norbuta — Wed, 08 Jul 2009 17:49:18 +0000

Relocation

Fabulous Condo! Well-maintained! One-floor Plan! Vaulted Ceilings, Wood Floors, Terrific Master Suite W/Jetted Tub, Lots Of Storage, All Appliances. Come See All The Special Features Of This Home.                    $199,000

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Chagrin Falls Art Walk…Great Annual Event

Jim Norbuta — Wed, 08 Jul 2009 16:31:26 +0000

Celebrate Summer at the annual Chagrin Falls Art Walk
Thursday evening, July 9, from 4 to 9 pm
Friday, July 10, from 10 am to 5 pm
in our downtown business district

Chagrin Falls boutiques and galleries will host dozens of guest artists plus live music and entertainment, free raffle drawings, shopping, free refreshments and fun. Lolly the Trolley will be there on Thursday night to transport visitors about the Village and there will be free Horse and Carriage rides on Friday from 12:00 to 5:00 pm.

Scheduled Entertainment:

Thursday
Free Lolly the Trolley rides 5 to 9
John Tula (jazz) at 87 West Wine Bar
Steve Madewell (country/folk) at West End Bistro
Jim Snively (guitarist) at Stepnorth corner
Crusin’ Chagrin Car Show from 6 to 9 on N. Franklin St.
Emerald Frequency (Celtic/eclectic) in front of Geiger’s Ski & Sport Haus
Rock the House Entertainment – Aaron Lewis, DJ in the bandstand from 5 to 7
Jackson Rohm (country/rock & roll) for Chamber’s Concert in Triangle Park at 7
CandleLight Entertainment at KraftMaid Experience
Caricatures by Ron Hill ($5) at the Popcorn Shop
Dawn Bebout – children’s photographer at Offspring from 4 to 8 (fee)

Friday
Free Horse & Carriage Rides 12 to 5 at Township Hall
Sole Prerogative (rock) in Bandstand 1 to 5
Caricatures by Ron Hill ($5) at the Popcorn Shop
Howard & Jan Organ Grinders from 1 to 5 at Township Hall
Jim Snively (guitarist) in front of Geiger’s Ski & Sport Haus
Swifty the Clown at Offspring from 2 to 4
Silhouette & pastel artist at Imagery (fee)
Emerald Frequency (Celtic/eclectic) at Stepnorth corner
Dawn Bebout – children’s photographer at Offspring from 10 to 1 (fee)

Enter to win a free gift certificates and other prizes throughout the two day event at these participating merchants: Chentini Gallery, Chestnut Hill Home, Chuck’s Fine Wines, Deborah Nicholl Interiors and Company, Find Me, Fireside Book Shop, Geiger’s Ski & Sport Haus, Hedges Designs, Imagery Fine Arts, KraftMaid Experience, Lowe’s Audio / Video, Nola True, Offspring Boutique, Polly Brown, Chagrin Falls Popcorn Shop, Re/Max Traditions, Rugtime, Special Gifts, Stash Style, Step-In, The Gallery at Cuffs, The Hidden Closet, The Little Monogram Shop, three.home, Toni in Style, Village Herb Shop, Winds of Change Boutique and Yours Truly Restaurant.

Exhibiting artists will feature paintings, watercolors, oils, acrylics, folk art, pastels, sculpture, jewelry, ceramics, handbag designs, outdoor sculpture, wood carving, illustrations, silhouettes, photography, etchings, cartoon art and more. Featured artists include: Lisa Hannaford, Nancy Marino, Gary Kusner, Shannon Vance, Joyce Teeft, Phil Masturzo, Maryann Wohlwend, Mar Kat Designs, Kristi Lavell, Jan Leach, Aaron Hresko, Linda Fogler, Ellen Schmidt, Barbara Benedict Jones, Kristen VanderPeet, Lauren Mazar, Ron Hill, David Kadas, Robert Sitzwohl, Elaine Kabert, Susan O’Conor, Ann Beringer, Natalya Romanovsky. Mary Ann Boysen, Mary Hobbs, Dale Harsh, Lisa Eastman, Michael Prunty, Michael Nekic, Roger McAndrews, Kim di Lalla, Carol Medhurst, Susan O’Connor, Scott Burr, Gary Lockwood and Laura Centini Westropp.

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

July 4th Holiday Weekend Plans, Chagrin Falls

Jim Norbuta — Thu, 02 Jul 2009 16:13:02 +0000

Whether you have lots of activities planned for the Holiday weekend, or just plan some quiet relaxation, here are a couple of things you might want to add to your plans:

FIREWORKS

BAINBRIDGE TOWNSHIP INDEPENDENCE DAY CELEBRATION
July 5, 2009 – 6:30 PM
Festivities begin at 6:30 P.M. with Food and Entertainment. Fireworks begin at Dusk. RIVER ROAD PARK

JULY 4th CEREMONY

07/04/09            9:30AM – 10:30AM

Chagrin Valley Chamber of Commerce – Triangle Park

FAB 4th CAR SHOW AT THE FALLS

Triangle Park 12 noon – 3 p.m.

Look forward to seeing you this weekend.

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

If They Pass the $15,000 Stimulus, ARE YOU READY TO MOVE ???

Jim Norbuta — Wed, 01 Jul 2009 19:58:59 +0000

In case you haven’t heard, a bill has been introduced in Congress to increase the stimulus for the residentail real estate market.  In it’s currrent form, the incentive is for all home buyers and does not have income limitations. This means that everyone can benefit from this plan…even if you stay where you are.

Should this bill pass before Congress adjourns in August, will you be among the “movers and shakers?”

Can you think of anything else that would create more jobs?

Your response is important to us….

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

WHAT EVERY HOME BUYER AND SELLER SHOULD KNOW (June 30 update)

Jim Norbuta — Wed, 01 Jul 2009 01:17:18 +0000

(The following is specific to one area of Greater Cleveland. If you are a home buyer or home seller, and especially if relocation is the reason for your move, this detail is extremely important to you. Please do not make financial decisions without knowing the facts about your community)

44022    CHAGRIN FALLS      44023

INVENTORY REPORT FOR JUNE 30, 2009

Price Range                  Active&Contingent     Pending& Sold        Current Inventory

$150,000 – $300,000            167/17                     17/57                      15 months

$300,001 – $500,000            167/10                     12/40                      20 months

                                                                                                                                                                                                                            $500,001 +                         182/7                       4/18                      51  months

…………….TOTALS……..         516/34                     33/115                  22.3 months

                        Total Homes for Sale                 550

                        Average Sales/Month                24.6

                        Months of Inventory                 22.3



                        Pure and simple, there are a lot of homes for sale in CHAGRIN FALLS. The same is likely to be true for Solon, Twinsburg, Aurora, and Russell. If you need to know for your specific area, even for developments like Laurel Springs, Barrington, and Canyon Lakes, give us a call. The above numbers may be eye openers for many of you. If you are currently selling your home, you are probably very well aware of them. Most importantly, ALL BUYERS AND SELLERS should be aware of them for your street, neighborhood, and community. The numbers can change dramatically by location, even within your local community.

If you are looking to purchase a home in the next few months, please give us a call. We show all properties listed by any real estate broker and most for sale by owner homes. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community facts.

If your interest is in homes priced above $500,000, the above chart indicates an inventory of 4 years. If you are ready to negotiate, there are excellent values available in every price range.

For families and individuals involved in a relocation transfer, you’re timing couldn’t be any better. The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country.

Our website contains information on mortgage rates, lenders, local community groups, details about us and our services, and helpful information for living or moving to the Chagrin Valley.

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Weekly Mortgage Update

Jim Norbuta — Sun, 28 Jun 2009 03:07:39 +0000

Demand continues to be strong from the first time home buyers and FHA is still the dominant form of first time buyer financing. Interesting enough, I am also starting to work with quite a few more veterans and V.A. loans. A V.A. loan on average will cost the seller an additional +/- $950 – $1,050 to sell however in the current lending/home selling environment it is another good option to consider.

We have seen the interest rate market calm down in the last week where as 30 year money is back in the 5.25% – 5.375% range, 15 year 4.75% – 4.875%. I expect this trend to continue and we should see rates settle back to 5%. This past week we saw foreign investors purchase nearly 60% of the U.S. treasures or debt issued by the U.S. Government. That is a big number and a positive indicator for lower rates.

Demand Strong for Treasury Debt

With major economic data, large Treasury auctions, and a Fed meeting on the schedule, it was a busy week for mortgage markets. In the end, it was the Treasury auctions which had the greatest impact on mortgage rates. Demand was very strong at the auctions, which pushed mortgage rates lower. Wednesday’s Fed announcement and mixed economic data were roughly neutral for mortgage rates.

Much of the rise in interest rates we saw in late May and early June was due to concern about the enormous supply of debt the government needs to issue to pay for all the stimulus programs. The question was whether investors would require significantly higher yields to continue purchasing bonds. Strong demand from both domestic and foreign investors at this week’s Treasury auctions eased those concerns for now and helped mortgage rates to reverse some of their recent increases.

As expected, the Fed made no change in the fed funds rate. However, investor expectations varied widely for the Fed’s statement, but the statement revealed no significant shifts in policy. In particular, there was no change in the timing or the quantity of future MBS and Treasury purchases. In addition, the statement contained no discussion about exit strategies to eventually unwind Fed stimulus programs. Overall, the Fed simply held the course, and mortgage rates were nearly unchanged after the news.

In the housing sector, May Existing Home Sales rose 2.4%. It was the first time since September 2005 that Existing Home Sales increased for two months in a row. The inventory of unsold homes declined to a 9.6-month supply from a 10.1-month supply in April. A NAR survey revealed that 29% of sales were to first-time homebuyers, helped by the $8,000 tax credit, low mortgage rates, and favorable affordability levels.

Weekly Mortgage Update Courtesy Of:

Darrin L. Kresevic, Sr. V.P., Loan Officer, LPO Manager

First Place Bank          440 349 7550

6150 Enterprise Parkway – Solon Ohio 44139

Assistant – Janice Zabish Direct – 440 349 7562

Lending seventeen years of Mortgage Banking experience

To reach Darrin and many other outstanding business people in our community,

please look at our website:         business and services section

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Adult Living Center, Bainbridge Township, Ohio 44023

Jim Norbuta — Sun, 28 Jun 2009 02:47:02 +0000

Fabulous Location! Less Than 3 Miles From Chagrin Falls Village. 3 Minutes To Hwy 422. Assisted Living Facility Licensed Up To 16 Residents. Original Home Built In 1850. Major Addition & Updates 1995-1998. Fully Furnished Handicap Mod-chair Glide, Alarms, Detectors. 3 Acres. Owner will consider Creative Financing.     $625,000

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Lakes of Aurora-Beautiful Ranch Condo in Aurora, Ohio 44202

Jim Norbuta — Sun, 28 Jun 2009 02:42:00 +0000

Fabulous Condo! Well-maintained! One-floor Plan! Vaulted Ceilings, Wood Floors, Terrific Master Suite W/Jetted Tub, Lots Of Storage, All Appliances. Come See All The Special Features Of This Home.                    $199,000

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Incredible 29 Acres in Downtown Bainbridge Township,Ohio 44023

Jim Norbuta — Sun, 28 Jun 2009 02:33:59 +0000

Incredible 29 Acres Located on route 306, less Than 1/4 Mi From Route 422. Utilities On Property or at the street. Public Sewer at the street.   Currently Doing Business As A Nursery. Located only 35 minutes from downtown Cleveland and Cleveland Hopkins Airport. Family Compound? Business Opportunity?

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Gracious Southern Colonial,6 Car Garage, Bainbridge Township, Ohio

Jim Norbuta — Sun, 28 Jun 2009 02:17:48 +0000

Wonderfully updated gracious southern colonial located just outside the Bainbridge Township Historic District. Car enthusiasts and hobbiests will appreciate the 6 CAR GARAGE. This 3 bedroom, 1.5 bath home is charming throughout with hardwood floors, crown molding, open kitchen and dining room. Updates include roof, gutters and garage doors in 2009, siding and total kitchen remodel, downstairs bath remodel, new well pump and interior paint in 2008. Hot water tank in 2006, wrap-around composite porch 2004 and chimney in 2002. Set back on 1.5 acres, this charming home is a must see!    $239,000

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

25 Biggest Real Estate Mistakes

Jim Norbuta — Thu, 25 Jun 2009 03:02:45 +0000

HGTV has brought together some of the top real estate experts to compile the definitive list of the biggest mistakes we all make when buying and selling our homes.

Do not buy a house based on its current decor.

25. Buying a House for Its Decor

Remember that you are buying the house, not the things inside it, so make sure you see beyond the decorations and look at the bones of the home. Focus on the floor plan and the square footage. You also might want to measure the dimensions and graph out how that’s going to work with your belongings.

24. Not Providing Easy Access for Showings

Make your house easily accessible to potential buyers. If there’s nowhere to park or it’s difficult to get into, buyers may just skip it and look at someone else’s property.

23. Not Researching the Neighborhood

It’s absolutely critical that you research the neighborhood before you buy. Check out the area, amenities and the school system to be sure that your address corresponds with the correct school district. Also attend a community meeting, if possible. You’re not just buying a house, you’re buying a piece of that real estate and the land around it.

22. Losing Money With Auctions

While the starting bidding price for a house on auction might be a good deal, it doesn’t mean the final price will be. Make sure that you are very strict with your budget when you are bidding; do not go over your final price because you got wrapped up in the excitement of a bidding war. Another thing to keep in mind is that when you buy a property at auction, you aren’t able to get any of the warrantees or guarantees, and you are not able to do a home inspection. Find out if the auctioneer is going to add those charges on top of the sale price as well as if there are any liens on the property. You could be responsible for paying the property taxes on that house you just bought, which could make what looks like a good deal into a really bad deal.

21. Trying to Make the “Hard Sell” While Showing

If you are selling your house, you really shouldn’t be around at the open house. You might want to try to sell the place on all the reasons you think the house is great, but that might not translate to the buyer. If you leave, you allow the buyers to give unbiased objective feedback to the agent, which is only going to help you in the end.

You don’t have to wait until the weather is nice to put your home on the market. That’s a common real estate myth.

20. Waiting Until Spring to Sell Your House

Spring is the busiest real estate activity period, but that does not mean that people don’t buy houses 365 days of the year. That doesn’t mean you can’t emphasize your home’s seasonal amenities.

19. Treating Real Estate Like the Stock Market

When the real estate market is really hot and is appreciating really fast, people tend to look at it like it’s the stock market. But playing real estate is nothing like the stock market; when you invest in real estate, you really need to take a long-term approach.

18. Failing to Market Your Home in Different Ways

Don’t market your home with just a “for sale” sign. Explore other marketing tools as well. Talk to your real estate agent about the marketing that he or she will do. It’s something that should be set up from the initial signing of a contract with an agent. Some homes have virtual tours and photographs online. If you choose to go that route, don’t forget to include the floor plans. That way, people can see the layout of your home and know if it’s right for them.

17. Not Thinking About Resale

When you are decorating and renovating your home, you need to think about what is going to appeal to a broad section of buyers when it comes time to sell it. Buying houses and being in the real estate market is like chess: You always want to look two or three steps ahead in the game.

16. Buying Without Actually Seeing the Property

It’s really easy to buy a house without seeing it because of the Internet and virtual tours, but virtual tours can be deceiving. Plus, it’s really hard to actually get a sense and feel of a home by only looking at it online. You need to actually walk through the place yourself. If that’s just not possible, hire an inspector to go look at the property and provide you with an assessment.

15. Trusting Everything a Real Estate Advertisement Says

Don’t assume every ad is fact. Learn to decipher real estate lingo. For example, “cozy” means small, and “as is” means it’s a fixer-upper. If there are a lot of exclamation points in an ad, it’s because there is so little to say about the place. Follow the old adage: If it sounds too good to be true, it probably is.

14. Picking the Wrong Agent

Treat meetings with agents like a job interview because that’s really how it works. Keep in mind that the person is going to be working for you. Talk to your friends who’ve sold houses and had good experiences with their particular agent, and go to open houses and observe how that agent interacts with other people. It’s also a good idea to meet with the agent in their office. It allows you to see how organized he or she is, what kind of environment they work in and whether that’s conducive to being able to do a good job for you.

13. Not Hiring an Agent

There’s a lot more to selling a house than just putting a sign on the front lawn. If you don’t have an agent, you will not get on the multiple-listing service (MLS). That means that other agents are not going to know that your property is for sale. Another thing to consider is if you are willing to show the house each time someone wants to come by and look at it. If you do plan to sell your house on your own, be sure to have a lawyer present at the closing. It’s really important to have someone on your side who understands all the complexities.

12. Buying the Most Expensive Home on the Block

The most expensive house will only depreciate in value over time, rather than appreciate, which is what you want. Also, those houses are often not the first house to sell because they are usually overbuilt to the neighborhood. It’s absolutely critical that you research the neighborhood before you buy to find out what the price point should be.

11. Not Setting a Realistic Budget

Just because the bank prequalifies you for a loan amount of $400,000 doesn’t mean you can afford to make that payment every month. Before hitting the streets for a house hunt, you should sit down and make a monthly budget of what you spend every month. Come up with a number that you are comfortable spending on your mortgage payment, aside from those other expenditures. An easy way to do this is to take a third of your gross income and have that figure be the number you spend on the house. It is also a good idea to have six to nine months of mortgage payments in the bank, plus a little extra if you have any repairs that you might need to do.

10. Visiting the House Only Once

It’s important to visit a house more than once because the neighborhood itself may be very different, depending on the day of the week and the time of day. It’s also a good idea to go home and think about it, even sleep on it, before you go back again.

9. Not Being Pro-Active at Closing

The best thing to do when going into a closing is to get all the paperwork ahead of time. All that information should come from a mortgage broker or banker. They have what they call a HUD (Housing and Urban Development) One form that lists all the charges, and you can legally get it in your hands 24 hours before closing. Schedule the closing for in the morning, so you have a fresh mind and plenty of time to go over everything and to ask questions. The final walk-through is another imperative part of the process. You may want to have a home inspector accompany you.

Don’t feel like you have to tackle major renovations before placing your home on the market. Touch-ups here and there, especially outside the home, typically do the trick.

8. Doing Major Renovations/Remodeling Before Selling

Minor upgrades usually have a higher return on your money than tackling major renovations before placing a home on the market. The main reason? Huge construction projects always cost more than you think they will, and they also take longer than you expect. The best place to spend money is outside. Research shows that increasing the curb appeal often returns the most value on your money. It’s what gets buyers inside the house.

7. Skipping the Loan Pre-Approval Step

When you are pre-approved, the bank is saying, “we will give you a mortgage of up to this amount, so now all you have to do is find your home.” Some sellers only allow real estate agents to show their house if someone has a pre-approved letter. That indicates that the shopper really is serious about buying a home.

6. Falling in Love With the First Property You See

Many homebuyers, particularly first-time homebuyers, fall into the trap of falling in love with the very first house that they see. You need to at least look at three more houses in the area to get an idea of what the comparables are in that price range. You want your real estate agent to show you homes comparable to what you saw. At the end of the day, re-evaluate.

Be sure to hire a home inspector to thoroughly check out a house you are interested in purchasing.

5. Buying a Home Without a Professional Inspection

There are a lot of things a home inspection can reveal about a property that are not visible to the naked eye. Be sure to hire someone who comes with a good referral basis, who’s been in the business a while and knows what to look for. Look up the American Society of Home Inspectors and get a list of qualified home inspectors in your area. Once you find an inspector, insist that they compile a written report, complete with photos. Photographs are important because there are areas a home inspector will go that you might not look at.

4. Overlooking the Extra and Hidden Costs

Buying a home is not just about the money that you spend upfront; it’s about all the rest of the money you have to spend beyond that. Find out what the property taxes are, what your water bill might be and what a standard electric bill is in that home, especially if you have electric heat instead of gas heat. You also need to factor in furnishings you may need to purchase before you can move in.

3. Buying What You Want, Not What You Need

Look at the space that you are already living in. It will help you to realize what you have been missing and what you need in your next home. Make a list of those needs and then ask your agent to start shopping based on those needs. On average, Americans live in a house for about nine years. Remember, you can always trade up a few times before you find the ultimate home.

2. Setting Too High of a Sale Price

As a seller, it’s really important to do your research. To come up with your sale price, look up what comparable homes in your neighborhood have sold for. Figure out what the going price is and try to put yours right in the middle of that, unless you have something extra-special to offer. It’s always better to price a home that way than to start too high and have to reduce. Once you reduce, it always looks like something is wrong with the home.

1. Failing to Showcase Your Home and Making Small Cosmetic Changes

When you are selling your house, you have to really look at it objectively and think about it from the viewpoint of the house hunter. Make minor enhancements to the house and maybe hire a professional stager to come and arrange your furniture. Staging is about decorating your house for the buyers’ taste, not yours. A great place to start is with the front of the home and the main entryway. Home staging is designed to increase the potential selling price and reduce the amount of time the house stays on the market.

This is a very good article that we think you will find helpful. In our opinion, here’s one that they missed:

When shopping for a mortgage, be sure that you understand your total cost, not just your interest rate… and you don’t want any surprises 6 hours before closing. Ask a lender for a HUD-1 statement so that you understand the total cost of your loan.

Can you think of another that HGTV missed ?      We hope that you’ll share it with us.

Many Blessings,

Jim & Joan Norbuta

Realtor

RE/MAX TRADITIONS

Serving the communites of Aurora, Auburn, Bainbridge Township, Chagrin Falls, Solon, Twinsburg, and all of the Chagrin Valley. Call us for referrals to outstanding RE/MAX agents in other communities.

Home Sales Up in Geauga County

Jim Norbuta — Wed, 24 Jun 2009 19:00:23 +0000

Is it time to break out the champagne for Home Sellers ?

Today’s Cleveland Plain Dealer reports that home sales for May 2009 are generally lower than for May 2008, with Cuyahoga, Lorain, and Lake Counties showing a 7 to 9 % drop for the year to year comparison. The State of Ohio is showing an 18% decline.

Geauga County is the exception, posting a 15% increase over May 2008. Jonathan Hall, President of the Ohio Association of Realtors stated: ”With favorable pricing, attractive interest rates and sellers more realistic in their expectations, the market is poised for a rebound due to the ideal conditions that exist.”

Reports for Portage County-Aurora and Summit County-Twinsburg are inconclusive due to the merger of the data services of the two multiple listing services. These figures do include the Chagrin Valley areas of Chagrin Falls, Solon, Bainbridge Township, Auburn, South Russell, and Chesterland.

Contact us if you have any questions.

Jim & Joan Norbuta

Realtors

REMAX Traditions

Tax Credit for Home Purchase Could Rise

Jim Norbuta — Wed, 24 Jun 2009 17:54:52 +0000

More Stimulus for Home Buyers ???

Are you ready for this….it’s a possibility that we will see a $15,000 tax credit for ALL home buyers. As reported in USA Today, there are many potential changes to the housing bill that currently gives first time buyers an $8,000 tax credit, depending on their income.

The proposed bill would change the amount of the credit to $15,000, eliminate the income restrictions, and give access to ALL HOME BUYERS.

Along with the terrific interest rates that are still available, this would certainly give a boost to home sellers. We do business on the southeast side of Greater Cleveland (Chagrin Valley), focusing on Solon, Chagrin Falls, Bainbridge Township, Twinsburg, Aurora, and Chesterland. If you are relocating, check out the relocation section of our website. We can also refer you to outstanding REMAX realtors in any part of Greater Cleveland.

Contact us if you have any questions.

Tame Inflation vs. Economic Growth

Jim Norbuta — Sat, 20 Jun 2009 12:01:51 +0000

Tame inflation data helped mortgage rates move lower early in the week, but stronger than expected economic data turned them higher later in the week, leaving mortgage rates nearly unchanged from last week. The announcement of larger than expected Treasury auctions next week ($104 billion) also was negative for mortgage rates.

This week’s Consumer Price Index (CPI) and Producer Price Index (PPI) data indicated that inflation is not a concern in the short-term. A significant decline in energy prices from one year ago resulted in a very low overall annual inflation rate. Even Core CPI, which excludes food and energy, rose at a tame 1.8% annual rate. However, the benefits from the favorable inflation news was offset by stronger than expected economic growth data. In particular, the Philadelphia Fed manufacturing index showed surprising improvement. In addition, May Housing Starts rose 17% from April, while Building Permits, a leading indicator of future activity, also exceeded expectations. This week’s data sets the stage for next week’s Fed meeting. With inflation currently low but at risk of increasing if the economy continues to improve, the Fed may be reluctant to introduce more stimulus, opting instead to wait and see how the economy performs.

President Obama this week proposed broad new rules for regulating the financial system. One proposal under the Obama plan would create a consumer protection agency which would have the authority to set rules for the mortgage industry. The details may not be known for quite a while, as the plan now faces a lengthy debate in Congress.

Also Notable:

The -1.3% decline in CPI from one year earlier was the largest annual decline since 1950

Continuing Jobless Claims fell for the first time in twenty weeks

The Fed’s Bullard predicted that the economy will begin to improve during the third quarter

The Fed purchased $20 billion in agency MBS during the week ending 6/17

Week Ahead

With major economic data, Treasury auctions, and a Fed meeting, next week will be a busy one. Existing Home Sales and New Home Sales on Tuesday and Wednesday will provide a look at activity in the housing sector. Also on Wednesday, Durable Orders will be an important indicator of overall economic activity. Personal Income and the Core PCE inflation index will come out on Friday. There will be large Treasury auctions on Tuesday, Wednesday, and Thursday. The announcement from the Fed meeting will be released around 2:15 et on Wednesday. Investors are divided about whether the Fed’s next move will be to increase or decrease the level of stimulus. Even if the Fed takes no action next week, the wording of its statement will be likely to have a significant impact on mortgage markets.

Weekly Mortgage Update Courtesy Of:

Darrin L. Kresevic, Sr. V.P., Loan Officer, LPO Manager

First Place Bank          440 349 7550

6150 Enterprise Parkway – Solon Ohio 44139

Assistant – Janice Zabish Direct – 440 349 7562

Lending seventeen years of Mortgage Banking experience

To reach Darrin and many other outstanding business people in our community,

please look at our website:         business and services section

Interest Rates Climbing, Weekly Mortgage Update

Jim Norbuta — Tue, 16 Jun 2009 13:59:26 +0000

What a two weeks it has been! We have basically seen 30 year mortgage rates jump 1% in a short two week period. In my world that is a tough two weeks! There are many opinions as to why rates have increased…..

the recent economic data has shown some small signs of improvement

concern about inflation due to the substantial amount of debt the U.S government has issued / continues to issue

and lastly, the big concern which is not heavily publicized….foreign investment or the lack there of.

Did you realize that foreign investors, namely China and Japan purchase up to 40% of our debt (U.S. Treasuries). One of the major fears the past few weeks is that foreign investors stop buying our debt. As of yesterday we are starting to see some stabilization in the interest rate market which is helping rates ease back down. Current 30 year rates are averaging 5.625% and 15 year 5.125%. I am willing to go out on a limb and say we should see an additional .50% improvement in the coming weeks/months.

For my readers who are realtors you may want to check with the lenders on your deals to confirm the rate lock. If closing dates are missed (which I have heard some buzz it is happening more often) it is possible locks will expire AND rates will be adjusted up to current levels. Don’t get me wrong, current levels are still historically outstanding just not the 4.50 – 4.875% that many may have locked into.

Strong Demand for Treasury Auctions

After rising significantly over the last couple of weeks, mortgage rates moved higher again this week, but at a much slower pace. Strong demand for this week’s large Treasury auctions helped keep mortgage rates relatively stable. At current yields, both foreign and domestic investors showed above average interest in adding bonds to their portfolios.

Behind the recent rise in mortgage rates has been an improved economic outlook and concerns about the enormous supply of new debt needed to pay for government programs. This leaves the Fed in a difficult position. Fed officials would like to keep mortgage rates low to lift the economy. To accomplish this, however, the Fed would have to significantly increase its purchases of mortgage-backed securities (MBS), requiring it to issue even more debt and adding to inflation concerns.

Most analysts believe that the Fed is unlikely to expand its MBS purchase program. At the June 24th meeting, they instead expect the Fed to discuss an eventual exit strategy for the program, which might include stretching out their time frame for purchasing MBS. Reducing the weekly purchases would allow the Fed to gradually scale back its involvement in the market. The MBS purchase program has helped bring mortgage rates down since it was announced in November, but the Fed cannot continue to intervene in MBS markets indefinitely. Slowly reducing their MBS purchases may be the best way to minimize the impact on the market as they make their exit.

Week Ahead

The most significant economic data next week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of “intermediate” goods used by companies to produce finished products and will come out on Tuesday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Wednesday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, Industrial Production and Housing Starts will be released on Tuesday. The Empire State and Philadelphia Fed regional manufacturing indexes will round out the schedule.

Weekly Mortgage Update Courtesy Of:

Darrin L. Kresevic, Sr. V.P., Loan Officer, LPO Manager

First Place Bank          440 349 7550

6150 Enterprise Parkway – Solon Ohio 44139

Assistant – Janice Zabish Direct – 440 349 7562

Lending seventeen years of Mortgage Banking experience

To reach Darrin and many other outstanding business people in our community,

please look at our website:         business and services section