Dan Kilbane
Residential Relocation Specialist

CALL KILBANE AND LETS GET YOU MOVING!

Mayfield Village Office, OH
6501 Wilson Mills Road
Mayfield Village, OH 44143
(440) 461-0100

NOW IS AN EXCELLENT OPORTUNITY TO BUY A HOUSE…. OR SELL YOUR HOUSE.

HERE IS WHY:

INTEREST RATES ARE AT HISTORICAL LOWS!!!!!

FOR BUYERS: IT IS NOW MUCH EASIER FOR YOU TO AFFORD TO BUY A HOUSE WITH MONTHLY PAYMENTS THAT IN MANY CASES, FOR FIRST TIME HOME BUYERS, ARE BELOW WHAT YOU MIGHT ALREADY BE PAYING TO RENT. AND BY BUYING NOW YOU CAN BUILD EQUITY VALUE IN YOUR HOME AND TAKE ADVANTAGE OF ONE OF THE LARGEST FEDERAL INCOME TAX BREAKS SAVING YOU THOUSANDS OF DOLLARS IN TAXES. IF YOU ALREADY OWN A HOME BUT ARE LOOKING FOR A NEWER OR LARGER HOME THINK ABOUT THIS: IN 2000 THE INTEREST RATE WAS ABOUT 8.5% AND A MONTHLY PAYMENT OF $988 AFFORDED YOU A HOME WORTH $132,000. IN 2015 WITH AN INTEREST RATE OF ABOUT 3.8% AND THE SAME MONTHLY $988 PAYMENT, YOU CAN NOW AFFORD A HOME WORTH ABOUT $212,000! NOW THAT’S MOVING UP!

FOR SELLERS: TODAY’S LOWER INTEREST RATES HAVE GREATLY INCREASED THE AMOUNT OF QUALIFIED BUYERS WHO ARE NOW ABLE TO AFFORD TO BUY YOUR HOME. MORE BUYERS CAN MEAN INCREASED BUYER TRAFFIC LOOKING AT YOUR HOME, QUICKER SALES, AND HIGHER PRICES (THE AVERAGE SALE PRICE FOR ALL HOMES SOLD IN OHIO OVER THE PAST TWO YEARS IS UP 7.3%)

THE TIME TO ACT IS NOW! WHY? BECAUSE INTEREST RATES WILL NOT REMAIN THIS LOW. ALMOST ALL OF THE ECONOMIC INDICATORS HAVE RETURNED TO THEIR PRE 2008 RECESSION LEVELS. THE INTEREST RATE TODAY NOVEMBER 24, 2015 FOR A 30 YEAR FIXED MORTGAGE IS 3.88%. SEE THE CHART BELOW. THIS WILL NOT LAST MUCH LONGER!

http://images.dailywealth.com/images/mortgage%20rates.png

BUYING NOW CAN GET YOU THE HOME OF YOUR DREAMS AND SELLING NOW WILL MARKET YOUR HOME TO THE LARGEST POSSIBLE AMOUNT OF POTENTIAL BUYERS.

CONTACT ME AND LETS GET YOU MOVING!

DAN KILBANE

MULTI MILLION DOLLARS IN SALES

MEMBER OF OHIO ASSOCIATION OF REALTORS

MEMBER OF NATIONAL ASSOCIATION OF REALTORS

CERTIFIED RELOCATION SPECIALIST

GRADUATE OF MIAMI UNIVERSITY

HAVING LIVED IN EUCLID, UNIVERSITY HEIGHTS, CHAGRIN FALLS, GATES MILLS, AND MAYFIELD HEIGHTS I KNOW THE EASTSIDE!

CALL OR TEXT: 216-224-1027

EMAIL ME AT: DANIELKILBANE@HOWARDHANNA.COM


Specialties

First Time Buyers
Luxury Homes
Move-Up Home
Relocation

NOW IS A GREAT TIME TO BUY A HOME! INTEREST RATES ARE NEAR THEIR LOWEST RATES EVER!  AND, THE HOME YOU HAVE BEEN THINKING OF BUYING IS NOW LOWER IN PRICE AND MUCH MORE AFFORDABLE THAN IT’S BEEN IN A LONG TIME. QUALIFYING FHA LOANS CURENTLY HAVE DOWN PAYMENTS STARTING AT ONLY 3.5%. IF YOU ARE RENTING YOUR MONTHLY MORTGAGE PAYMENT COULD BE LESS THAN YOUR RENT! AND THE INTEREST PORTION OF YOUR MARTGAGE IS TAX DEDUCTABLE MAKING OWNING A HOME EVEN MORE AFORDABLE. IT IS POSSIBLE THAT REQUIRED DOWN PAYMENTS WILL INCREASE BY THE END OF THE YEAR. ACT NOW, LOW INTEREST RATES, LOW HOME PRICES, A LARGE INVENTORY OF HOMES TO CHOOSE FROM.  THE TIME TO BUY IS NOW. CALL ME AT 216-224-1027 OR EMAIL DANIELKILBANE@HOWARDHANNA.COM

 

Why rent when you can own?

                                Approximate

Monthly Rent       Purchase Price

     $700                       $100,000

     $800                       $115,000

     $900                       $130,000

  $1,000                       $145,000

  $1,100                       $160,000

  $1,200                       $175,000

 

Based on an interest rate of 3.875% APR of 4.8317%,

FHA loan 3.5% down payment. Taxes estimated at

1.65% of sales price.

 

 

Your Dream Home Is Out There!

 

As of July 10, 2012 Number Of At Least 3 Bedroom/2 Bath Homes

For Sale In…..

 

Mayfield Heights          34

Highland Heights         11

South Euclid               201

Richmond Heights      59

University Heights    117

 

I have the information on all of these homes: Pictures, histories, price changes, analysis for offer pricing. Contact me and let’s go find your dream home!

 

Ohio Home Buyer and Seller Statistics

All values are for home buyers and sellers in the State of Ohio in 2011.

Figures for FIRST TIME home buyers…

32% of all home buyers were first time buyers.

Average age of first time home buyers was 34.

Median household income of first time home buyers was $53,800

64% were married couples, 19% single females, 12% single males.

The median purchase price was $117,000 or $65 per square foot of home space.

 

Of all homes BOUGHT in 2011…

The typical home had 1,800 sf. of space, 3 bedrooms and 2 bathrooms and was built in 1974.

The median purchase price was $139,500.

88% of the home’s value was financed.

12% of homes purchased were new construction.

79% of home purchases were single family detached properties.

88% of home buyers used the internet to search for their home.

92% of home buyers used the services of a real estate professional to find and buy their home.

The typical home buyer searched for 10 weeks and visited 10 homes.

39% of all home buyers thought the mortgage application and approval process was more difficult than expected.

 

National Home Buyer

Statistics

Active home search (median):

·         Number of weeks searched: 12

·         Number of homes seen: 12

First-Time vs. Repeat Buyers:

·         First-time buyers: 37%

·         Repeat buyers: 63%

·         Median age of first-time buyers: 31

·         Median age of repeat buyers: 53

Buyers who definitely would use same agent again: 72%

Actions taken as result of Internet home search:

·         Walked through a home viewed online: 63%

·         Found agent used to search/buy home: 10%

·         Drove by/viewed a home: 63%

Information sources used in home search:

·         Internet: 88%

·         Real estate agent: 87%

·         Yard sign: 55%

·         Open house: 45%

·         Newspaper ad: 30%

·         Home book or magazine: 19%

Source: 2011 National Association of REALTORS® Profile of Home Buyers and Sellers

 

Avoid making some of these mistakes when buying your home!

1. Not checking your credit beforehand

Get preapproved for a loan before you start looking at properties so you don't set unrealistic expectations and eventual disappointment. A preapproved buyer has submitted pay stubs, bank statements and other paperwork and received a commitment for a specific mortgage amount from a lender. When it comes time to apply for a mortgage loan, some first-time home buyers may find themselves scrambling to fix their credit. Damaged credit can in turn harm your credit score, which could negatively affect your mortgage payments. Your best negotiation tool is being a preapproved buyer. In fact, many sellers will not even look at an offer that is not from a preapproved buyer. Which leads to….

2. Not knowing how much house you can afford.

Many home buyers spend a lot of time researching homes comparing kitchen layouts and backyard square footage but very little time researching their financing options. Without first figuring out how much house you can afford, you risk falling in love with one you can't.

Did you know Howard Hanna has an in office financial manager who can, free of charge, sit down with you and look over your finances to get you preapproved for a dollar amount you know you should be able to afford. You will also have an excellent idea of what home price ceiling you can afford. Contact myself or Joe Strumbly at 440-461-0100 to set up an appointment. Howard Hanna is also is one of the largest mortgage lenders in Northeast Ohio!

3. Not considering the future enough in their purchase.

Buyers should consider what they want out of a house not just for today but also five or 10 years down the road. Do they plan to expand their family? If so, they may need a bigger home and want a different location. Also, how long do they plan on staying at the home? That can help determine the type of mortgage that makes the most sense for them too.

4. Extreme Bargain-hunting

Potential home buyers who only want short sales and foreclosures because they are looking for a bargain could be making a mistake. Many don't realize that although the home is priced well under market value, the amount of money that it would cost them to repair the accumulated damage could become an unbearable burden on their finances. Not to mention the time and inconvenience countless contractors are going to cost you. Also, by focusing solely on short sales and foreclosures, you might miss out on the real bargains motivated sellers of owner owned properties have to offer.

5. None or just a bare bones home inspection

Many homes on the market today are distressed properties -- foreclosures and short sales -- and that only increases the importance of good inspections, according to David Tamny, president of the American Society of Home Inspectors. "The owners usually didn't have the money to keep up these homes," he said. " So there's a lot of deferred maintenance."  A home inspection can find problems with the foundation, electrical, plumbing, roof, attic insulation, and heating and air conditioning. Often homebuyers, who may be strapped for cash, stint on inspections and look for the cheapest way to go. That can lead to disaster. "The cost of repairs far exceeds the cost of inspection," said Tamny.

 

 

 

Who is a first time home buyer?

If you have either never owned a home OR have not owned a home for the last three years (36 consecutive calendar months) then you qualify as a FIRST TIME HOME BUYER!

Let FHA Loans Help You

 

 

 

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) � which is part of HUD � insures the loan, so your lender can offer you a better deal such as:

  • Low down payments
  • Low closing costs
  • Easy credit qualifying

What does FHA have for you?

Buying your first home?
FHA might be just what you need
. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

     

 

203(b) Mortgage Insurance

What is the purpose of this program?

To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

What are the eligibility requirements?

  • The borrower must meet standard FHA credit qualifications.
  • The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
  • Eligible properties are one-to-four unit structures.

For More Information

Contact FHA approved lenders in your area. Names of lending institutions can be found in the yellow pages of the telephone directory under the heading of "Mortgages." or you can search for an FHA lender on HUD's website:

Visit the FHA Resource Center for more information on all FHA programs at: http://www.hud.gov/offices/hsg/sfh/fharesourcectr.cfm

Have questions about FHA home financing? Contact me (Dan Kilbane) and I will walk you through it!

 
 

Have a question?
I can help.

Are you pre-approved for a mortgage?