You can't time the bottom...

You can pick a great house...

Here is the reality of the current Dayton Ohio Real Estate market.

• If you buy today there is a good chance it will be less a year from now.
• There is an incredible selection of Dayton homes for sale available now.
• Mortgage rates are still at all record lows.
• This is the best buyers market in decades.

So, if you are considering buying Dayton Real Estate this is a great time.  You may be tempted by the information above to try and wait till the "bottom" of the market.  Sounds like a good plan on the surface but what are the possible downfalls?

• It is very hard to time the "bottom" of the market and you just my miss it...
• It is even more likely that you will miss out on the right home for you...
• Even more likely... that mortgage rates in the Dayton Ohio Real Estate market will increase.
• With increased mortgage rates comes less buying power.
  • Follow this example.
    • You qualify today to purchase a $150,000 home at 6.25%
    • If mortgage rates increase to just 7% in the next year.
    • Then you would only qualify for about $138,000 home.
    • That is about an 8% drop in your buying power...
    • Dayton homes for sale may decrease in value 1-5% at most in the next year.
  • So, you are WAY ahead to buy Dayton real estate now rather than wait.

I know this is not what you may hear from your friend or on the news.  feel free to call and we can discuss this even more if you like.  Check out all the Dayton homes for sale here...

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

Dayton Ohio Real Estate and Your Divorce

What Options do I have for my real estate?

• Have one of the divorcing parties keep the real estate and pay the existing mortgage.
  
• Have the divorcing party keeping the real estate refinance the mortgage into only their name.
• Sell your Dayton Ohio area Real Estate.
• There may be other options but these are the most common.

Lets talk pros and cons for your real estate¦

Well if one party keeps the home in the divorce and plans to pay the existing mortgage there are many risks.  It does not matter at all what the divorce decree says about who is to pay the mortgage IF you both signed the original mortgage to purchase or refinance the Dayton Ohio area real estate.  If that is the case then the bank has a legal document saying that you both are responsible for paying the mortgage or they can foreclose and/or collect from EITHER of you..

This is by far the mistake I see divorcing couples make the most ofter.  All good intentions aside, things happen and if the spouse keeping the real estate in the divorce for any reason stops paying BOTH parties will have a negative impact on their credit reports. 

What should happen to the real estate?  Well if it were me I would require the party keeping the real estate, be it in Dayton area or anywhere in the state of Ohio, refinance the mortgage into their name.  Then once the divorce was final quit claim deed the real estate over to the other party.

What about Selling my House in Divorce? 

Read more »

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

Beginning March 7th there is new buying power in Dayton Ohio Real Estate.  The Department of Housing and Urban Development, HUD, has authorized the raising of loan limits to $271,050 to $729,750 in high cost areas.  Dayton Ohio Mortgage Brokers should all be able to offer these new limits to potential buyers.

Robert C Weaver Federal Building that houses HUD in DC

Dayton Ohio Mortgage Brokers See Increased Dayton FHA Mortgage Limits

The new loan limits will effect all counties surrounding Dayton Ohio.  Dayton Ohio Mortgage Brokers are now able to offer the following new Dayton FHA Mortgage limits for these areas:

• Montgomery County - $271,050
• Greene County - $271,050
• Butler - $337,500
• Warren County - $337,500

These counties will include these neighborhoods: Centerville, Springboro, Washington Township, Dayton, Kettering, Oakwood, Bellbrook, Sugarcreek, Beavercreek, Fairborn, Franklin, Middletown, Waynesville, Xenia and several more.  For a complete list of Counties in Ohio visit Hud's website.

For more information on several of these communities you can visit: Dayton Ohio Communities.

What does this mean for Dayton Ohio Real Estate?

This temporary increase in the Dayton FHA Mortgage limits should enable Dayton Ohio Mortgage Brokers to offer more stable loans to borrowers.  It will help to provide economic stability to Dayton Ohio residents and also hope to bring some much needed relief to the Dayton Ohio Real Estate Market.  This should inject much needed liquidity into the Dayton Ohio Real Estate market.

Read more »

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

We need to Stop Foreclosures...says Fed Chair.

Fed Chair Bernanke spoke today on the serious problems facing the national real estate market and his statements ring very true here for our Dayton Ohio Real Estate market.  You see the Dayton Ohio real estate market was 15th in the nation for 2007 to total percentage of households being foreclosed on.  The Dayton Ohio real estate market saw 14,285 foreclosure filings, up aver 145% over 2006.

Foreclosure impact on Dayton Ohio real estate:

According to Bernanke, the current mortgage delinquency rates have increased sharply and that is exacerbating the contraction in the housing sector.  So what can be done to reduce and stop foreclosure?

Read more »

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com