Real Estate

Covid-19 and its Impact on Real Estate in the Miami Valley

March 25, 2020 By Teri Lussier

During this unprecedented time, I wanted to share some of the real estate information and updates I have been receiving over the last week. If you are like many homeowners, I’m sure you have legitimate concerns about how the coronavirus pandemic is going to impact your home value and your mortgage, if you have one. I share those concerns and have been reading the best real estate information currently available, and wanted to share it with you. Obviously, this situation is fluid and rapidly changing, and as more news and information continues to come in,I will use this single post going forward to add any additional updates.

This could get lengthy so I’m going to break this information up into a few sections. First section will be help and resources. This will be where you can find updates on what mortgage lenders and the government are doing to offer respite to homeowners who are facing economic hardship during the pandemic. I will then share how real estate professionals in all aspects of the home buying and selling process are changing the way we do business in order to keep everyone protected. Finally, I will share some of the most up-to-date information about home values and what experts believe we can expect in the aftermath of this pandemic. There is no doubt we are in for some difficult months ahead and while no one knows for certain what the future holds, I think it is important to face the future with as much solid information and knowledge as we have available to us- that’s my goal. Let’s get to it.

Help and Resources

*It’s imperative for you to take action if you have been laid off. Contact your lender as soon as possible.

We recently got news of a respite for FHA borrowers. All foreclosures and evictions are being suspended for 60 days for homeowners with an FHA loan for a single-family dwelling.
From the FHFA website:

“To help borrowers who are at risk of losing their home, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage.”

In addition, FHFA is providing mortgage forbearance for borrowers impacted by hardship due to coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months.
You will need to contact your mortgage provider for details, and if you have been laid off, please don’t delay in contacting your lender.
You can read the entire FHFA press release here.

The Veterans Benefits Administration is encouraging lenders to offer mortgage relief programs to VA mortgage holders. You can read their press release here. If you are a VA mortgage holder facing economic hardship, please contact your individual mortgage provider to see what programs they might offer.

If you are a USDA mortgage holder, the USDA has informed lenders of a foreclosure and eviction moratorium for all USDA Single Family Housing Guaranteed Loans Program (SFHGLP) loans for a period of 60 days, in connection with the Presidentially declared COVID-19 National Emergency, read the press release here, and contact your mortgage provider for details.

Individual lenders have begun to post their own policies and ways for consumers to contact them for assistance, this is a list of known mortgage lenders and servicers who have set up programs to help homeowners. You will need to contact your mortgage provider or mortgage servicer directly for details, and if your provider is not on this list, but you are facing hardship, please contact them anyway as this list will be evolving.

Bank of America

Chase

Truist

Servicers (those who collect the payments for investors/banks and interact with consumers) are providing information for how homebuyers can reach out for assistance, I will add to this as I find more information:
Mr. Cooper

Flagstar Bank

How the Buying and Selling Process are Changing

*As I was writing this blog post, Governor DeWine issued a Stay At Home Order for Ohio. The impact this will have on the economy is unknown right now, still, as we learned from the foreclosure crisis, it’s important to remember people are moving- people will continue to buy and sell homes, but the process of buying and selling is going to change. Real estate transactions already in progress should be able to carry on, but expect some delays and changes in how certain processes get done. A few things you can expect- you are going to see increased use of virtual tours and 3-D tours, and tools like Zoom. If you do physically show up at a home, you are likely to travel in your own car, you might be asked to wear footies, you might be asked not to touch surfaces like light switches and doorknobs, your agent might be using gloves or wipes to open doors… It’s going to be different and we are all doing what we can to continue to protect the public as much as possible. Here in Dayton, we were still accustomed to Round Table closings where the buyers and sellers all sit across the table from each other and paperwork gets passed from one person to the other. This is changing. Title companies are putting safe closing protocols into place, and the federal government is expected to pass legislation allowing for remote online notarizations nationwide, and lenders are taking applications via Zoom. Please keep in mind, Realtors and people working in the real estate industry are problem solvers. If you have any unique concerns or needs, please discuss with your Realtor. We are here to help and believe me, we get special needs requests on a regular basis, so don’t hesitate to discuss your concerns.

This is probably a good time to mention another safety concern- electronic fraud. This has been going on for some time, but we know the scope and techniques are rapidly increasing. This is important- never trust wiring instructions sent via email or even voicemail. Cyber criminals are hacking email accounts and voicemail and sending emails and messages with fake wiring instructions. These emails, texts, and voicemails are convincing and sophisticated. What you must do is to always independently confirm wiring instructions in person or via a telephone call to a *trusted and verified* phone number. Never wire money without double-checking that the wiring instructions are correct.

Home Values

There’s no getting around this- we are living in an unprecedented time and we do not know for certain what the future holds. That being said, there are people who are looking at data from the past to recognize trends and there is some information we can use to try to determine what we are headed for. One of the best things we can do to ease our fears is to educate ourselves with research, facts, and data. Digging into past experiences by reviewing historical trends and understanding the peaks and valleys of what’s come before us is one of the many ways we can confidently evaluate any situation. With concerns of a global recession on everyone’s minds today, it’s important to take an objective look at what has transpired over the years and how the housing market has successfully weathered these storms.

1. The Market Today Is Vastly Different from 2008

We all remember 2008. This is not 2008. Today’s market conditions are far from the time when housing was a key factor that triggered a recession. From easy-to-access mortgages to skyrocketing home price appreciation, a surplus of inventory, excessive equity-tapping, and more – we’re not where we were 12 years ago. None of those factors are in play today. Rest assured, housing is not a catalyst that could spiral us back to that time or place.

According to Danielle Hale, Chief Economist at Realtor.com, if there is a recession:

“It will be different than the Great Recession. Things unraveled pretty quickly, and then the recovery was pretty slow. I would expect this to be milder. There’s no dysfunction in the banking system, we don’t have many households who are overleveraged with their mortgage payments and are potentially in trouble.”

In addition, the Goldman Sachs GDP Forecast released this week indicates that although there is no growth anticipated immediately, gains are forecasted heading into the second half of this year and getting even stronger in early 2021.Both of these expert sources indicate this is a momentary event in time, not a collapse of the financial industry. It is a drop that will rebound quickly, a stark difference to the crash of 2008 that failed to get back to a sense of normal for almost four years. Although it poses plenty of near-term financial challenges, a potential recession this year is not a repeat of the long-term housing market crash we remember all too well.

2. A Recession Does Not Equal a Housing Crisis

Next, take a look at the past five recessions in U.S. history. Home values actually appreciated in three of them. It is true that they sank by almost 20% during the last recession, but as we’ve identified above, 2008 presented different circumstances. In the four previous recessions, home values depreciated only once (by less than 2%). In the other three, residential real estate values increased by 3.5%, 6.1%, and 6.6% (see below):

3. We Can Be Confident About What We Know

Concerns about the global impact COVID-19 will have on the economy are real. And they’re scary, as the health and wellness of our friends, families, and loved ones are high on everyone’s emotional radar.

According to Bloomberg,

“Several economists made clear that the extent of the economic wreckage will depend on factors such as how long the virus lasts, whether governments will loosen fiscal policy enough and can markets avoid freezing up.”

That said, we can be confident that, while we don’t know the exact impact the virus will have on the housing market, we do know that housing isn’t the driver.

The reasons we move – marriage, children, job changes, retirement, etc. – are steadfast parts of life. As noted in a recent piece in the New York Times, “Everyone needs someplace to live.” That won’t change.

Bottom Line

Concerns about a recession are real, but housing isn’t the driver. And while there seems to be a lot of should-be and probably here, I heard an interesting comparison of what we faced in 2008 to what we face today and that is to think of 2008 as an economic tornado. We Daytonians know from first hand experience- a tornado comes in and destroys everything, and in the aftermath, everything needs to be rebuilt. That was the economic devastation we faced in 2008. What this pandemic is creating is more like an economic snowstorm. Things have shut down, we are certainly in for some difficult times, but hopefully once the snowstorm has passed, we can shovel out rather than rebuild everything. How deep will this recession go? How long will it last? Who exactly will be affected and how? No one knows for certain and we are only just beginning this process, but I can tell you from working as a Realtor during the 2008 recession- people still need and want to buy and sell homes, and there will be an end to this.

This is all a very fluid situation but we will get through this. I hope the information I have posted here is useful to you and your loved ones, and I will continue to update this post as things change, and if you have questions about what it means for your family’s home buying or selling plans, let’s connect to discuss your needs.

Stay healthy, stay strong, stay together!

10 Steps to Buying a Home

January 30, 2017 By Teri Lussier

While buying a home in Dayton Ohio is a process that tends to follow a predictable series of steps, some steps can be complex and may need more oversight to see them through successfully. Think of a real estate agent as a trail guide. They’ve been down this path many times before, they know where the tricky parts are and how to proactively navigate through those brambles. Having an experienced professional (that would be me!) guiding the process can help get your transaction completed smoothly. Let’s take a quick overview of each step:

Step 1- Find a Realtor You Can Trust
First things first- Trust! You have to find a Realtor who is going to really listen to your needs and who YOU feel comfortable with. When interviewing Realtors pay attention to what and how they are communicating with you. Is this transaction about YOUR needs and wants, or is it about a commission check for them? Of course we work to pay our bills just like you do, but YOUR needs come first. You should have no doubt that your Realtor is working in YOUR best interest, not her own. At our first meeting, we will sit down and discuss YOUR needs and wants, and I will briefly explain the buying process and my fiduciary duty to you.
A further discussion about Step 1, can be found here.

Step 2- Explore Your Financial Options & Get Pre-Approved
Can you afford to buy a home right now? And if so, how much home can you afford? How much home is in your financial comfort zone. You see, you might be able to afford a home, but maybe not in the neighborhoods you really want (I can tell you about some financial options if that is the case). Or financing a home is not the issue, but how big a mortgage do you really want? If you enjoy spending money on something other than a mortgage, I completely understand and won’t push you to buy more home than you are comfortable with. All of these questions need to be taken into consideration in order for you to be happy with your home. I don’t want you to happy with your home for the first month you live there, I want you to be happy for as long as you live there! Over the years I have worked with a number of lenders I can introduce you to, each one tends to specialize in a particular type or style of loan, that way, you can tailor your financing to help you meet YOUR individual needs and find a loan you can actually live with.
For more details about financing a home, check out the blog post, here.

Step 3- Exploring Neighborhoods
This is important. You buy a home, but your neighbors come with it. Don’t let other people tell you where to live- including a Realtor. Do your own due diligence when searching out neighborhoods. Here’s my tip- find out when the middle school lets out and park near a bus stop and listen and watch the middle school kids as they walk home. You will learn a lot about the neighborhood by observing middle schoolers- think about it. That age has no filter on their mouths. Stop by the neighborhood on a Saturday and talk to the neighbors- don’t be shy- neighbors are a wealth of information not only about what is happening in the neighborhood, but about any home you happen to be interested in. Utilize this excellent source of first-hand knowledge as most neighbors love to talk and welcome in potential new neighbors.
Find more detailed information about finding neighborhoods, here.

Step 4- Finding a Home, AKA The Fun Part
This is where the planning and research you’ve done in the first 3 steps pays off. Now we get in my comfy car and head out to explore the homes and indulge in some dreaming. I will set you up in the MLS so only the homes that meet your needs get sent directly to your inbox. We can discuss the pros and cons of each home. I will look for potential flaws- not to scare you away, but to make you aware of issues you might have to address down the road. Nearly every flaw that is found either by me, by you, or by an inspector, has a solution but the question is always- are you comfortable with it? So we will look at floor plans and how they might be a good fit for your lifestyle, but we will also try to find out if there is water in the basement or duct work, if the windows need replaced and are there HOA rules and regs that restrict the type of window replacement? Stuff like that comes up in almost every home. Remember, I’m the trail guide. I’m here to help you find solutions.
This step is discussed in more detail, here.

Step 5- Making an Offer
Not nearly as stressful as it may seem, I will give you stats on homes in the area, as much of the history of the home as we can find, and anything else that might help you determine not only what the seller might accept, but what you will be comfortable with, because sometimes those are two separate things, and if we can get to a meeting of the minds, then we have an accepted contract. The contract itself is one used by the Dayton Area Board of Realtors, approved by their cadre of legal experts, and used by agents in the general area. In brief, it describes the home, the offer you are making, and the timeline to be expected. This is a legally binding contract so it’s important that you understand it. We will take some time with this step because I will go over it with you clause-by-clause, discussing the ramifications of each item in the contract and answering your questions and concerns.
Details about Making an Offer can be found here.

Step 6- Negotiation Period
Stay calm. Most offers are not accepted without some negotiating between buyer and seller so we enter into a negotiation period where any number of things might need to be tweaked in order to make all parties happy. The typically negotiated items are price, seller-paid closing costs, and a closing date, but don’t be surprised if things like appliances, occupancy dates, and earnest money get changed. Everything is negotiable, so don’t panic, stay calm, and trust your Realtor (see Step 1!).
Negotiating an offer can be stressful, but knowing what to expect will help. Find out how to navigate the negotiation period, here.

Step 7- Inspection Period and Transaction Coordination Period
A lot happens behind the scenes during this time frame- typically about 2 weeks total. This is the time when you are contractually able to make any inspections you want to have made. Usually buyers start with whole house and wood destroying insect inspections and see where that leads them. We also need to get title work started and the lender begins working on getting the loan approved, appraisals ordered. Don’t panic, you have hired professionals, we do this work for a living so your Realtor will make contact with your lender and the title company you’ve chosen and we will get to work coordinating all those items. Your job at this point is to hire the inspector ( I can give you a list of the best in the area), go to the inspection to learn more about your home, cooperate with your lender to provide any additional documentation they might need as they work through the underwriting process, and to secure home owners insurance.
Inspections and loans and titles, oh my! Take a look at Step 7, here.

Step 8- Repair Period
Depending on what the purchase contract says, once you get the results of the home inspections, if there are any habitability issues that were discovered, you can decide whether you will ask the seller to make repairs. Like Step 5 when you made the offer, the repair period is usually done with some negotiating involved. If an agreement cannot be reached, again, depending on what your contract says, you have an option to terminate the contract. At this point, you’ve likely spent money on inspections and other fees so it’s not a small thing to walk away from the contract. One of the reasons I look for flaws when we initially see the home is that while I am certainly not an inspector, there can be potential problems that you might want to know about before you make an offer. This is also the time any title issues would be discovered.
Get the details on negotiating repairs, here.

Step 9- Clear to Close
At this point, all contract contingencies have been removed and the underwriter has okayed the loan, we have a clean title, and we are clear to close. You would schedule utilities to be transferred into your name, we schedule a 24 walk-through inspection to check that the home is in the condition it was when you wrote the offer, and we schedule the closing.
Almost there- Check out more about Step 9.

Step 10- The Closing
In Dayton, we often hold “round table” closings where all the parties still down at the same time and sign documents to transfer title, the final step to home ownership. By systematically and carefully working through the previous steps, we’ve successfully navigated the process and you are now ready to create memories in your new home. Congratulations- you did it!
What happens at the closing?

What Does It Mean To Invest In Community?

September 27, 2016 By Nikki Nett

So, I’ve done some research and I should probably share it with you. Look, I know it may be shocking, but hear me out.

As it turns out, binge-watching Flipping Out With Jeff Lewis, HGTV, and Rehab Addict does not make one a real estate expert. No matter how much you love those sassy Joshes from Million Dollar Listing, they may not be the best teachers of success in the real estate market, though I sure do like their parties. Tarek & Christina, Jonathan & Drew, et. al are probably not the ones to consult about real estate in the Dayton Ohio market. There is no amount of Shark Tank that sets you up for financial security, right here, right now. Yes, I know, I am just as surprised and disappointed as you are.

Ok then, we’ve established that we’ve gotta do more than build our Pinterest boards while binge watching. Reality tv isn’t making me a professional investor, flipper or rehabber (for real, keep me away from the spackle & grout), I don’t know about the housing market, but I DO know about Dayton. I know about marketing and how that works a little differently here in the Miami Valley. Most importantly, I know that we are protective of our communities around here.

So why the hell is any of this connected or relevant??

Frankly, I didn’t think it was until recently. I just started working with Real Estate U in Beavercreek. I’ve been up to my eyeballs in their branding, mission statements, processes, classes and more for the last few weeks. The more I am immersed in all things REU, the more I begin to understand what similar companies from out of town do.

As someone who has spent the majority of my life in the Dayton area, that pisses me off. As someone who, over the years, has been involved in all the Daytonish things, that really really pisses me off. Why, though? Because their investment in Dayton is not a long term investment in the residents of Dayton. Because they breeze in, make some promises and breeze out with our assets. Nah, no thank you.

We’ve seen the lists that Dayton appears on, and we get a little braggy when we hear that people all across the nation are talking about how affordable it is to live here. This is amazing! Right???

Wellllllll….yes and no.

Dayton is prime real estate right now. But that means more than just high income creatives moving into all the cool, historic neighborhoods. It means that investors across the country are sweeping in and buying up foreclosures. It means that Joe & Suzy Suburbs from Nebraska are looking at some of the older areas and seeing opportunities for a DIY house flip. It means that available money going into these homes, is ultimately leaving the area.

But we want to keep it here. Locally. In the Miami Valley where it can benefit our entire community. How’s THAT for Return On Investment?

Cool. So now what?

If you are interested in learning about real estate investing, rehabbing, flipping, rentals, and beginning to build generational wealth, then you have to attend one of Real Estate U’s FREE Real Estate Investing classes. REU is a nationwide company headquartered here in Dayton. At their free classes, REU teaches you how to find great deals, what areas in Dayton to avoid, where the sweet spots are, and even coaches you through the day to day activities of flipping a house.

There are classes this Thursday & Friday night, and they have added 2 more classes for Saturday. I added the Eventbrite link below so you can choose your time slot.

Maybe this isn’t your thing, that’s fine, but if you know someone of any age (over 18) that would like a jump start into this market, feel free to pass this along. Everyone is welcome, you don’t have to be a Wall Street banker to make this work for you. You just have to want to work…for you.

RSVP to this weekend’s classes by clicking here.

Find REU on Facebook by clicking here.

Double tap on the ‘Gram here.

See what the heck REU is all about here.

Won’t You Be Our Neighbor? … Again?

May 5, 2016 By Val Beerbower

Downtown Housing Tour takes place 1-5 p.m. Saturday, May 7.

It’s the start of the downtown event season! This week includes the kickoff for The Square Is Where as well as First Friday and the first in the DP&L Summer in the City signature series. In preparation for the May 7 Downtown Housing Tour, the Downtown Dayton Partnership is pleased to present two more resident profiles. The “typical” downtown resident is anything but — with ages spanning from young professionals to families to empty nesters, people are turning to downtown living not as a rite of passage but as a lifestyle choice. Residents choose urban living for its density and proximity of amenities, entertainment, and vibrant scene. Here are the profiles of two types of downtown residents, one at the beginning of his career, and a couple heading into their golden years. One rents an apartment in the bustling Oregon District, and the other is one of the first buyers of the new Monument Walk high-end townhomes nestled next to downtown’s performing arts district. You can see both locations on the free housing tour on May 7. Download the map and brochure online, or pick up a copy at participating tour locations and downtown businesses.

“There Comes a Time,” by Burt (and Alice) Saidel

Alice and I are Daytonians. We love Dayton and have made a great life raising our children, contributing professionally and civically, and relishing the rich arts life that surrounds us.

I am a Dayton native. I left after graduating Fairview High School to attend Haverford College, graduate school at Western Reserve University, and military service in the Air Force in Turkey and Italy. I returned to practice dentistry for 50 years, much of that as a partner with my father, Dr. Jack Saidel. That was always my intention and I have fulfilled it happily.

Along the way, I met my beautiful wife as a Smith College co-ed and convinced her to marry me. We did just that in Athens, Greece. After Turkey, we spent an idyllic year in northern Italy. These experiences have carried us since those halcyon days.

We designed and built our home on Nottingham Road in Oakwood. It is, to us and to many, a truly beautiful creation. We embodied much of the architectural beauty we loved in Europe and our French country-style home has been an inspiration to us.

Now, we have entered the age when down-sizing is becoming a cogent decision. Both of us have dealt with the concept of a smaller residence. We realized that Dayton’s arts are the center of our life’s activities. This made downtown Dayton a major choice for us. Our move downtown puts us at the epicenter of the arts, music, dining and friends.

We had requirements to match our new lifestyle. I am a major woodworker contributing many works of my art as donations to synagogues, churches, schools, symphony orchestras. I need a workroom, a wood shop.

We also need space for our relatives and children. We regularly fill our big home with their presence for family events. We also host many artists performing here for the opera, Vanguard concerts, etc. We knew a two- or even three-bedroom apartment would be too confining. Many visits to condominium-type dwellings yielded nothing that came close to our needs. We came upon an interesting concept, vertical rather than horizontal, that was advanced by Charles Simms in his design for Monument Walk.

The multi-floor aspect made a workroom, adjacent to the garage, an answer to the work space. Some rooms are possibly multi-purpose for visiting sleep-over guests. An elevator, planning for our inevitable infirmities of age, answered another forecasted need.

We know the Simms family well. Charlie, as the younger member, and his father Charles are experienced builders and good friends. And we know with Ann Simms looking over their shoulders, everything will be perfect.

Many of our friends now living downtown have rushed to greet and pre-welcome us. All are enthusiastic about the joys of central urban living. More amenities are needed and will be coming downtown. More fine dining options are a definite addition.

We hope we both live longer, love-filled and healthy lives in the core of our beloved city. Come and see us — but not for a while yet!

Making the Most of Live-Work-Play: Jon White

Cincinnati native Jon White wasn’t happy stuck behind the wheel of his car. When the 31-year-old landed a job in Dayton, he initially tried to commute from his new job in Dayton back to his home in Cincinnati. But spending hours on the road took its toll on Jon, and he decided to find a new home that offered more freedom and flexibility. “I didn’t feel healthy commuting like that every day. I wanted to live close to work and close to entertainment,” Jon said. The location at Dayton Towers apartment complex checked off Jon’s requirements for proximity for 9-to-5 and 5-to-9 activities. “I bike to work just about every day,” he said. “and I still have easy access to the highway if I need to travel somewhere, and it’s a quick trip to access the bike trails for recreation.”

Jon said he doesn’t miss yard work and home maintenance his Cincinnati residence required. The city planner for the City of Dayton also enjoys a more sustainable, eco-friendly way of life. “I have about a mile-radius carbon footprint,” Jon said. “I bike to work, I walk to bars and restaurants, my grocery store is just a mile away; you could live downtown without owning a car. I’ll go for a while without getting in my car. I fill my gas tank maybe once a month. It’s a simpler lifestyle for sure.”

Jon said one of the initial surprises he experienced upon his move to Dayton Towers and the downtown environment was the volume and diversity of people he met, both in his own apartment complex and his new downtown neighborhood. “It’s a change of pace if you’re used to a suburban environment where you drive everywhere, pull into your garage, and call it a night,” he said. “Here where the population is more dense, you’ll see more people, and when you walk or bike instead of drive, you have more interactions.” Within his own apartment building, Jon said he has met a wide range of ages and backgrounds of people who choose the convenience and excitement of downtown living. “There are families with kids, senior citizens, University of Dayton and Sinclair College students, young professionals like myself — people from all walks of life live here,” he said. “There’s a real sense of community.”

Mingling with other Dayton Towers residents is how Jon met his group of friends, who enjoy Dayton Towers’ proximity to Oregon District businesses as well as theaters, art galleries, recreational activities, and other amenities within easy walking or leisurely bike riding distance. Of course hanging out on the patio or balconies is a popular choice with the amazing city views. Regardless of how he now spends his additional free time as a downtown resident, Jon said he’s happy with his choice to ditch the commute and dive into the live-work-play environment his downtown address provides. “It’s a lifestyle I prefer to have.”

Let’s Talk About TRID

December 18, 2015 By Teri Lussier

We know from the real estate crash of 2008 that there were a lot of people who bought homes without a thorough understanding of their mortgage. We know that some lenders were not forthcoming about disclosing the details of mortgages to their clients. All that has created new lending regulations in which lenders are now required to disclose details, make certain that clients understand their loans as best they can, and have documentation that shows clients were given details of the loan requirements and penalties. That’s all well and good. What this means for you as a home buyer or seller, is that starting in October, loans might take longer to process than before, and you might need extra time to close the loan than real estate professionals are typically accustomed to. The changes are known in the industry as TILA RESPA Integrated Disclosure, but your lender and Realtor are likely to call this, TRID.

Real estate contracts have a closing date written into them. This date is negotiable, is typically based on time needed for buyers and sellers to move, and on the ability of the buyer to obtain financing. In the past, as a rule of thumb for the Dayton area, barring any moving deadlines, sale contingencies, or specific directives from a lender, we were able to plan on a cash purchase taking about 2 weeks, a conventional loan 30-45 days, and a standard FHA loan about 45-60 days. More complicated loans do exist and we would work closely with the lender to try to determine a closing date. Once that closing date has been agreed to, to change it requires more negotiating and new signatures of all parties. It can get very difficult to renegotiate this date once it has been agreed to so we need to be as accurate as possible about this from the beginning. Having a knowledgable and communicative lender is crucial to getting solid closing information from the start, and with TRID changes, having a good lender is even more critical.

What TRID changes is how the loan and all costs associated with it, are disclosed, how the lender complies with those new rules, and the timeline for final delivery of the loan details to the buyer. This timeline can be fluid, creating difficulty with moving dates, same-day closings, and other logistic problems, and that’s why Realtors and lenders are advising building in extra time for closing. Borrowers will have three days after receipt of the Closing Disclosure to review the information, any changes that need to be made will start a new three day period. This could get tricky and that’s why you need a lender who will be proactive, and communicative with you and your agent from the very beginning. Check with your Realtor to make sure they have a closing cushion in the purchase contract. Some Realtors, myself included, are using an addendum that speaks directly to TRID regulations and discloses that government regulations must be met and any lender-required extensions will be agreed to, but in the end, this will compel all of us to work more closely than we might have in the past, which is great for buyers and sellers, and having the loan details spelled out to you so can be as informed about it as possible is something that should have been done all along.

Originally posted at www.TheBrickRanch.com

(Illustration by NicName, used with permission, text added by author.)

FHA Rule Changes Make It Easier To Buy and Sell Condos

November 23, 2015 By Teri Lussier

The 2008 crash was tough on real estate, but for condo owners, it was even more of a nightmare. For condo buyers to get an FHA loan on a condo, the entire condominium development had to qualify under strict rules. These rules had to do with the number of units that were owner-occupied, the type of insurance the condo HOA carried, the number of condos in foreclosure, etc. Not only were the rules themselves strict, but the approval process took a lot of time and effort for the HOA. Many condo developments were unable to meet FHA approval so anyone trying to sell a condo in an unapproved project was prevented from selling to a huge portion of potential buyers. Well, good news for condo owners- last week the FHA relaxed the rules for condo approval.

The three big changes include:
-Expanding the HOA insurance coverages.
-Revising the definition of Owner Occupancy- a huge deal for those condos that are used as second homes.
-Streamlining the condo development approval process

If you have a condo in a vacation area, or your condo is likely to appeal mostly to 1st time buyers or moderate-income buyers, these rules changes should make it easier for you to sell your condo. In addition, your HOA should be able to get FHA approval in a more timely manner, with fewer restrictions.

As an aside, one of the reasons Charlie Simms has been able to develop and sell so many townhouses in downtown Dayton, is that those developments are technically not condominiums, but rather Planned Unit Developments or PUDs. It’s a technical and legal distinction that changes how mortgages are approved and has meant that these units have always been eligible for FHA loans. Smart planning!

Currently, these FHA rule changes are only in effect for one year, so if you are an FHA buyer who is looking for a condo, move quickly to find your perfect space.

Won’t You Be Our Neighbor?

September 17, 2015 By Val Beerbower

Downtown Dayton residents share their stories on why they moved downtown and why they love it!

Housing developments in downtown Dayton have never been more popular. It seems as soon as a new project is finished, another one is announced. Who’s buying or renting these spaces and what motivates them to seek this kind of city-centric lifestyle? The Downtown Dayton Partnership showcases three families who’ve made the move. Get a glimpse into the lives of people who live downtown—and a sneak peek into some of the residential complexes featured on the Downtown Housing Tour from 1-5 p.m. September 19.

Kelly, Mike, and Noah Romano, Patterson Place

When Kelly and Mike Romano began shopping for a new home, they didn’t set out looking for a new-build property. “(Mike) likes the really urban looks and historic homes, I wanted something simple,” Kelly said. When they stepped into a model of Patterson Place, it seemed as though everyone would win with this home. The Charles Simms Development units combine such “urban” aesthetic as lofted ceilings and exposed brick with minimalist, clean design. The Romanos fell in love with the space, but there were still potential road blocks the Vandalia family had to confront.

The couple’s 14-year-old son, Noah, had grown up in the Vandalia-Butler school system and wasn’t keen on starting fresh at a different school. Encouraged by a family friend whose child attended Dayton Public Schools, Kelly and Noah made a trip to Stivers School for the Arts, located less than a mile and a half from the potential new downtown home. “The school was smaller for sure,” Kelly said. “There are about 900 kids in the whole school (grades 7 through 12) versus about 300 students per class at Vandalia-Butler.” The benefits of a smaller school became apparent when Kelly and Noah visited the recording studio. “There was a group of students who showed (Noah) around the studio and really started talking to him, getting to know him,” Kelly recalled. “It was a defining moment, I think.”

Noah agreed and went on to describe how Stivers’ school pride impressed him. “The school had a gift shop; that was pretty different,” he said. One hurdle down: Noah auditioned and was accepted to Stivers’ choral program. He began his freshman year in August.

Finite space is another hallmark of city life. There’s not much room for sprawling McMansions in an urban environment, which is why many lofts, townhomes and condos employ a creative use of vertical space. Still, the Romanos had some downsizing to do before they could call their new urban digs home. “It’s definitely smaller than I’m used to,” Noah said. “But there are so many other things that are closer and easy to walk to bike to.” It’s true that what the Romanos sacrificed in square footage for their home, they gained in access to amenities. No space for a six-burner-stove and island prep in the kitchen? No problem—there are seven places to grab a bite to eat that are two blocks away or closer (hundreds more within walking and biking distance). Running out of room for guests at a party? Spill out into the parking lot instead. The Romanos can attest to the friendly atmosphere of their cozy dwellings. “We didn’t interact with our neighbors much (in Vandalia),” Mike said. “Here, you’re so close, it’s hard not to interact with your neighbors. It’s not uncommon to see several get-togethers blend into one big gathering (along the ground-level spaces, patios and access drive).

“(Living downtown) feels like an on-going party that doesn’t stop!” he said.

Beyond folding them into their social circles, the Romanos said their new neighbors made them feel part of the community. “Everyone’s been so supportive of us,” Kelly said. “They ask about Noah and school. He even picked up some odd jobs for our neighbors like watering plants and walking dogs.”

Downtown’s communal atmosphere is not all the Romanos love about their new home. “We definitely walk more than we used to,” Kelly said. “We’re members of the Dayton Racquet Club and we can walk to the gym. It’s an easy walk to stores and restaurants on St. Clair or the Oregon District. We just got our Link (Dayton Bike Share) passes and we can get from place to place quickly.” Noah chimed in that he can walk to his karate lessons in the Oregon District. The 2^nd Street Market, RiverScape MetroPark, and Fifth Third Field were other walkable destinations the family named among their most frequented places. “When we first moved here, our neighbors told us we couldn’t leave when there are festivals,” Kelly said. Mike agreed; “It’s so easy when they’re practically in your backyard! We go to practically every festival and every event downtown.”

The slower pace of walking and biking also presents new things to discover. “You find things you never knew existed,” Mike said. “We found Urban Krag (Climbing Center in the Oregon District) that way.” Kelly echoed that sentiment and added her affinity for the shops in the St. Clair Lofts—Salon J Ladner, Pi Style Boutique, Linwood Men’s Specialty Shoppe, and Twist Cupcakery. Several blocks away at the Cannery Building, Kelly and Mike said they discovered Sherwood Florist and The Black Box Improv Theater, where they have returned many times for performances.

Now the Romanos are sharing their downtown love with friends and family. “People were surprised when we moved here,” Mike said. Kelly agreed, and added that they are happy to share their positive experiences with visitors. “We had some friends who we took to the Dayton Racquet Club, and they joined,” she said. “I think the common reaction is downtown is cooler than they expected. It was even cooler than we expected when we moved here!”

Amy and Kevin Rehfus, The Landing

Having just moved to their new digs at The Landing in June, the Rehfuses are still pretty fresh to downtown, but they’re acclimating rather quickly, particularly to their new-found free time. The couple moved from a home approximately 3,300 square feet with a huge, rolling lawn down to about 1,500 square feet with a deck and patio. Amy and Kevin found the process to be quite liberating. “(Moving from the suburbs to downtown) was freeing, if anything,” Kevin said. Amy agreed: “(At the old house) we were constantly working on the lawn and maintaining the house. We don’t miss that at all! It frees up your time so you can actually do more.”

Originally from North Canton, Amy and Kevin said they always lived in the suburbs, and the transition from their home of five years in Troy to The Landing downtown was big, but nevertheless a change they made with a clear vision for the type of lifestyle they craved. “We had to think what we wanted out of a home and community,” Amy said. The couple wanted to live somewhere affordable where they could be less dependent on a vehicle, and they wanted nearby amenities that would complement reduce car-reliance. “Dayton checked off all the items on our list,” Amy recalled. “We were surprised!”

Even though their new apartment home is physically smaller than their suburban digs, they said they don’t feel cramped or that they lack space. “There are so many places to visit and they’re practically in our back yard,” Kevin said. Giving one particular weekend as an example, the couple recounted attending a Big Band Nights concert at RiverScape MetroPark on Thursday, The Square Is Where Goes Over the Edge Drop Party on Courthouse Square Friday, then on Saturday, they hopped on the bike path that runs behind their apartment building and rode to Tank’s and Carillon Park, and topped that all off with a walk back to RiverScape for the Hispanic Heritage Festival. “You don’t feel like you’re exercising when you’re just traveling from place to place,” Amy said.

From the Rehfuses’ home, perched on the banks of the Great Miami River, they will have front-row seats to watch more active lifestyle amenities come online. Construction has started on the new RiverScape River Run project, which will stabilize the banks of the river and enhance habitat. Flow control structures also will be installed, mimicking the natural flow of a healthy river. The structures will create two passageways for kayaks, canoes and other paddle sports. One will be a slow-moving channel for novice and leisure paddle sport enthusiasts, and the other will be faster for more experienced kayakers, who will be able to use the channel for dips, flips and other tricks. The removal of the dangerous low dam will create a 7-mile river trail where paddlers can put in at Eastwood MetroPark and float all the way down to Carillon Park. Construction is expected to take a year to complete.

Alongside the river, a new mural is being painted on the floodwall, adding beauty and visual interest to the cityscape. K12 Gallery, another downtown business, has been contracted to apply the design created by local artist Amy Deal.

Being so close to so many amenities and events has provided the couple with more activities than they could possibly entertain. “We’ve been so busy, we haven’t taken a vacation or even bothered to hook up the cable yet!” Kevin mused.

The abundance of action wasn’t the only surprise downtown Dayton had in store for the Rehfuses. “We didn’t think we would experience a lot of nature (being in an urban environment), but we encounter a ton of birds and squirrels and rabbits,” Amy said. Downtown’s less furry denizens got a nod, as well. “You know, sometimes you hear about city life and how people living there are more stoic and cold,” she said. “I was surprised at just how friendly people are who live downtown!”

Local shops and restaurants rounded out the Rehfuses’ list of aspects of downtown life they love. Whether it’s walking to dinner, riding their bikes along the largest bikeway network in the country, taking in the sights and sounds of cultural festivals, or any other downtown activity, Amy said the transition has been rewarding: “Our lives have completely changed — for the better!”

April Alford, St. Clair Lofts

April Alford came to Dayton by way of New Jersey. She was working for the U.S. Postal Service when the opportunity to transfer to a higher position came up. “I applied to lots of locations, and Dayton was the first to respond,” she said. Alford moved to Dayton and took up residence initially in Shroyer Park. But when she checked out the St. Clair Lofts during an open house, it was love at first sight. “I worked downtown and I had a friend who lived in the lofts,” she said. “I thought the space was great and it put me right in the middle of arts, culture, events, food – all within walking distance of my home and work.”

Now a downtown resident for four years, Alford said she was initially surprised at how outgoing people are. “In New Jersey, people are busy, and you don’t see your neighbors a lot or really talk to each other. Moving to Dayton, I noticed people are more friendly, especially downtown,” she said.

Alford still works downtown at the Board of Elections. When she’s not at work or hanging out in her funky urban loft, Alford enjoys all the amenities downtown has to offer. “You can find me at The Neon (movie theater), Oregon Express, and probably the Schuster (Center) or Victoria Theatre,” she said. “I love plays; each year I make sure I get my Passport to the Arts from Culture Works so I can get great deals on attending performing arts events!”

She also spends her down-time volunteering with another group close to her heart – Activated Spaces. Since 2011, the program has been filling formerly vacant street-level storefronts with art and Pop-Up Shops. The latest iteration of Activated Spaces introduced the Pop-Up Office concept. Activated Spaces is managed by the Downtown Dayton Partnership and run by a team of volunteers, mostly from the UpDayton, a nonprofit focused on attracting and retaining young talent through civic engagement and volunteer initiatives, and the Dayton Chamber of Commerce’s young professional organization Generation Dayton. “I started out as a volunteer with UpDayton and from there got into (Activated Spaces),” Alford said. “I love that I get to play such a direct role in making the city where I live a better place.”

Activated Spaces’ most recent Pop-Up Shops are two eatery concepts, frozen banana dessert scoop shop Fronana, and Twist Cupcakery, a café and full-service bakery that happens to be located in the first-floor of the St. Clair Lofts. The bakery joins another Pop-Up Shop alumna, Pi Style Boutique, and three other businesses, Anthony James Painting and Contracting, J Ladner Salon & Spa and Linwood Men’s Specialty Shoppe. Alford said she loves having shopping; hair, nail and spa services, and a lunch or dessert spot steps from her loft. But really, she’s invested her time in the program to encourage Dayton’s small business scene. “These are people with dreams of opening a shop, and those dreams are in our hands,” she said. “It’s important for me to volunteer because I can make an impact for the city and help (entrepreneurs) achieve their dreams.”

Alford invites anyone considering making a switch to living downtown to at least check out a space. “I love living here; it’s the complete package,” she said. “If you’re into the arts and culture, good food, exciting nightlife, and friendly people, come downtown!”

The Downtown Housing Tour takes place from 1-5 p.m. Saturday, Sept. 19. Start at any location, or at an info table. There will be an info table stationed on Don Crawford Plaza (Fifth Third Field) at Patterson Boulevard and Monument Avenue; at Monument Avenue and Wilkinson/Perry streets; and in the Oregon District at Fifth and Brown streets. See as many locations as desired. Walk or bike from spot to spot, or use the free hop-on, hop-off shuttle. More information is available at http://bit.ly/housingtour.

Centerville Icon to Close after 36 Years

March 27, 2015 By The Food Adventures Crew Leave a Comment

Tilton’s Marathon Gas station, a Centerville Icon for 36 years, will close on March 29th forever. Known for car repairs and a convenient fuel stop at 199 N. Main Street, it has been a Centerville fixture in the community. The gas station and car repair bays are located across the street from Benham’s Grove on State Route 48.

A sign thanking customers for their patronage was placed in the window a couple of weeks ago. Also pasted to the window is a personal letter from Ted Tilton, the owner, explaining that he has decided to retire. It also states that he had tried to sell the business recently, with no success. Ted again thanks his loyal customers and hints that he and his wife will continue to live in town.

We wish Ted and his family the best in his retirement. We will miss having our cars fixed at this iconic little shop.

[flagallery gid=144]

First Four Most Expensive Homes in the Dayton Area

March 18, 2015 By Teri Lussier

Luxury real estate is its own niche market, something most of us will only ever dream about. But it is still fascinating and a lot of fun to look at pictures, isn’t it? Everybody loves real estate porn. Dadaviz is a site that takes information and turns it into visually appealing and easy to understand infographics. This graphic from December 2014 shows the price of the most expensive home for sale in each state. Ohio is so affordable!

But let’s get our Dayton area real estate porn on. Checking the Dayton Area Board of Realtors site for homes over 1 million, as of the date this was written- 3-17-2015, the First Four Most Expensive Homes in the Greater Dayton Area can be found in the suburbs. Most were built after 1990, most are about 9000 sq ft, some are country club estates and one is a true country estate with multiple homes included.

Let’s start the list in Kettering with the oldest of our First Four. Built in 1928, this beautiful 9000 sq ft, 6 bed vintage home will only set you back 1.14 million.

Next up is the newest of the list. This impressive Mediterranean style home with 9,216 sq ft and 5 bedrooms is in Beavercreek’s Country Club of the North.

At 1.3 million, Bellbrook offers an 8,500 square foot Colonial style home with 6 bedrooms and 8 baths, a pool, and a pond among the many amenities.

Meanwhile, back in Kettering, Number 1 on our list is also the biggest of the First Four Most Expensive Homes has 9,449 square feet,
4 bedrooms, 8 baths, and expansive vertical windows with lovely views.

I know there are plenty of real estate porn addicts out there. Whether you like looking at dream homes, or are seriously looking for a place you can call your own,
you can search all homes currently for sale directly from the Dayton Area Board of Realtors website here.

Frigid Temps Could Mean Frozen Pipes for Hundreds in Dayton Area

January 10, 2015 By The Food Adventures Crew Leave a Comment

Randy Mount, Owner of Ram Restoration has some tips on dealing with busted pipes this winter.

With the cold, frigid temperatures of the past week, comes a problem many of us do not think about. It is the emergency of frozen plumbing pipes. As the temperatures rise back above 32 degrees,hundreds of families and property owners in the Miami Valley will be dealing with flooded rooms, caused by frozen pipes.

The Problem: As temperatures dip into single digits, many pipes in the home began to cool as well. Some pipes are susceptible to becoming fully or partly frozen. When the water in these pipes freezes and expands, it can cause cracks and breaks in some of the strongest pipes. As the pipes thaw, homeowners may find themselves in a situation with water literally coming out of the walls.

We sat down with Randy Mount, Owner and CEO of Ram Restoration of Dayton, who has over 12 years dealing with flooding, and solving such emergencies. “If a homeowner finds themselves dealing with flooding from broken pipes, it is important that they call a licensed restoration company to deal with the problem.” Such companies deal with situations like these every day, and they will work with your insurance agent to make sure things go smoothly, and your property is restored to pre-existing conditions, before the flooding. Randy says his faith based company finds satisfaction to helping those in need: “We show genuine empathy to these homeowners who are going through so many emotions during a difficult, even catastrophic time. We sympathize with their situation and assure them that everything is going to be alright, but it takes time.”

He goes on to say, “One of the most important reasons to use a certified company, is that you want to make sure they provide the proper expertise, equipment and follow through for the job.” Mount explained that if cleanup is not done properly, homeowners can then be subject to mold left behind, due to improper drying techniques. And as we have all heard, mold in your home can lead to a whole host of other nightmarish problems.

The first step is expert assessment of the situation. The next step is water extraction and drying of affected areas. Repairs to pipes are also done during these initial steps.

What the industry call “the putback” is the final step of the process. This includes any repairs to drywall, ceilings, carpets and flooring. In fact a quick response time may save items such the original wood flooring. Some restoration companies only offer water extraction, while others offer construction services too.

Frozen Pipes can cause Splitting, Resulting in Leaks and Flooding

Tips when your house becomes flooded, due to broken pipes:

1) Turn off the main water line as soon as you discover flooding/leaking. Everyone in your house should know where to find the main and turn it off. If it’s heated water that’s coming from the pipe, you should also close the valve attached to your hot water heater.

2) Call a certified restoration company to come to your house. There are even some companies that are available 24/7 and promise to have someone to asses the situation within an hour of the emergency.

3) Contact your insurance agent and inform them of the situation. Getting a claim number and knowing your deductible are important tools in the homeowner’s decision making process.

Are you Insured? Many homeowners may find out, they are not covered from such floods. That is why it is important to comb over your home owner’s insurance policy, and talk to your agent, to make sure you are covered. It is your right to hire whatever restoration company you desire to conduct the work, the insurance companies may suggest a someone, but ultimately, it is the homeowner’s call.

Hopefully you won’t have to deal with such a problem so soon into the new year. But for those who do, maybe you are a little more prepared for what may come.

[flagallery gid=130]