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Theresa Lussier's Blog

By Theresa Lussier | Agent in Huber Heights, OH
  • How's the real estate market in Fairborn Ohio?

    Posted Under: Market Conditions in Fairborn, Home Buying in Fairborn, Home Selling in Fairborn  |  July 7, 2013 12:17 PM  |  184 views  |  No comments

    Image shows residential sales for Fairborn Ohio for the month of June. Looking at real estate market reports can let us see trends for a particular area. People selling a home in a particular area can see what price they might be able to Fairborn OH home sales for Junereasonably expect, and home buyers can gauge what they might offer. Fairborn real estate market reports can be found here.

    These market reports can be considered a general snapshot of the real estate market for one month, year over year. It’s a broad picture, and please be advised that the real estate market in Dayton Ohio can vary wildly from neighborhood to neighborhood and even block to block.

    We can see trends in looking at a broad picture, but this is not going to tell you about your home and your neighborhood. For that, you need to contact me for a Comparative Market Analysis (CMA). That will give you an apples to apples idea of what your house is worth in the current Dayton Ohio real estate market, compared to other similar homes.

    What’s your Fairborn Ohio home worth? A complete, concise, and accurate CMA is simple enough for us to do! Just contact me, Theresa Lussier, Realty Central, at: 937.343.1411 – a few quick questions about your property, updates, upgrades, condition, etc. But the beauty part is, a Comparative Market Analysis represents no obligation to you.

  • Investors left out of the FHA 203(k) Renovation Loan

    Posted Under: Financing in Dayton, Investment Properties in Dayton, Home Ownership in Dayton  |  August 1, 2012 7:28 PM  |  199 views  |  No comments

    The FHA 203(k) loan is a great way to get owner occupants into distressed homes by allowing them to finance both the mortgage and the renovations on the home, into a single loan with a single closing (“owner occupant” is real estate speak for a home owner who is going to use that home as a main residence, as opposed to an investor who is purchasing a home for a rental). These 203(k) renovation loans are especially useful for someone looking for homes in first-tier Dayton suburbs like Centerville, Kettering, Englewood, Trotwood, Huber Heights, Fairborn, Riverside, Beavercreek, or the historic districts in Dayton. This loan is offered with a 3.5% down payment and can not only finance the purchase price, but also finance the renovations or updates to the home. But what about investors?

    The FHA 203(k) loan is an old program, although it is historically under-used for owner occupants as other options were available and more appealing. Investors used the program to pay for the cost of their homes and repairs, but in the mid-90′s investors were shut out of this program due to fraud and abuse; from a recent article at Lowe’s Inside Out Newsletter:

    For example, auditors found one investment group in Georgia falsified settlement statements to indicate an average cost of $123,000 apiece for houses it purchased. But, in reality, the investors had paid only about $80,000 per house on average, and pocketed a $1.14 million profit that triggered $966,000 in losses to FHA’s general insurance fund.

    In another case, Florida investors told FHA they paid $1.25 million for 52 houses to be renovated. In fact, the purchase was a quick-flip with fraudulently high appraisals. The investors actually had closed on the houses for just $715,000 hours earlier, netting a $533,000 profit — again endangering FHA’s insurance funds.

    In many of the investor-related fraud cases, auditors said, “inside dealing” was involved, with settlement agents, appraisers, loan officers and realty agents making money illegally. Critics in Congress charged that the 203(k) program’s design flaws were part of the reason investors found it so easy to steal money from the government, especially FHA’s ceding administrative control to lenders to handle much of the application, underwriting and approval process.

    Today, the investment market has changed and I am seeing smaller investors enter the market. These are folks who are using investments as supplemental income, investors who are purchasing a few properties for family members who have fallen on hard times, and local folks who are concerned about their own neighborhoods and want to maintain the homes around them. These are solid community members who are looking for ways to make their world a little better and would be good candidates for the FHA 203(k) loan, in fact, according to the Lowe’s article, the Mortgage Bankers Association has put forward their recommendations to prevent abuses of the past from being repeated:

    • Restrict investor participation to essentially “moms and pops” who plan to have an ongoing stake in the property and post-rehab rental activities.
    • Limit the number of properties per borrower to four single-family units. “Much of the waste, fraud and abuse to the program in the 1990s” was connected with investors “financing multiple (203(k)) properties,” sometimes 20 or more units, MBA said.
    • Charge higher risk-based premiums for 203(k) investor loans than on other FHA-insured products, something that was not done during the 1990s.
    • Require qualified consultants to monitor the rehab of all 203(k) loans, including the standard and streamline versions of the program now used by individual buyers.

    But for the time being, investors are shut out of the FHA 203(k) loan so it’s all yours. 3.5% down and less-than-stellar credit? This could be the loan for you. If you want to find out how this loan could help you purchase and renovate the home of your dreams, contact me- Teri Lussier, Exit Realty Central, 937.343.1411 and let’s talk about your options (and ask me how I can get you 10% off your next Lowe’s purchase)!

    Originally posted at TheBrickRanch.com, the secrets of where and how to live happily in Dayton Ohio. 
  • Memphis Belle Restoration Tours at Wright-Patterson Air Force Base

    Posted Under: Parks & Recreation in Dayton  |  June 23, 2012 3:55 PM  |  557 views  |  No comments

    The National Museum of the US Air Force, commonly called the Air Force Museum, will be the final resting place of the famed WWII bomber, the Memphis Belle. She's not quite ready for prime time, but visitors to the museum can see the restoration progress in a behind the scenes tour. From FoxNews.com:

    The plane will eventually be displayed at the National Museum of the US Air Force at Wright-Patterson Air Force Base near Dayton. But in the meantime, the public can see the progress of the Belle while museum staffers and volunteers finish the painstaking process of reassembling it over the next two years at the base. This is great news for military aircraft buffs.

    On most Fridays, museum visitors who sign up in advance online are bused over to the remote hangars for a three-hour behind the scenes tour that includes a number of planes being restored for display in the museum. The place looks like a boneyard for once-proud flying machines, strewn with fuselage shells, unattached wings and other pieces, but the tours led by volunteer guides who know their stuff bring the old aircraft to life. ...

    It's a very famous aircraft and is very historically significant, too, and it's really appropriate for us to have it here, said Greg Hassler, a restoration supervisor at the museum. For us to be able to honor what I consider the greatest generation, to restore an icon like this, is just a tremendous honor. ...

    The B-17F Flying Fortress piloted by then-Lt. Robert Morgan had its famous name before it left the U.S. mainland. Morgan, who died in 2004, said it was inspired by his sweetheart, 19-year-old Memphis resident Margaret Polk. The actual moniker came from a riverboat in a John Wayne movie called Lady for a Night that Morgan and his co-pilot saw the night before the crew voted on a name. The art was a copy of a pinup girl created by artist George Petty for an issue of the men's magazine Esquire in 1941. ...

    One of more than 12,000 B-17 heavy bombers built for the war effort, the Belle and its 10-man crew flew daring daylight precision bombing raids on industrial targets and submarine pens in Germany and occupied France from a base in central England. It was harrowing duty. Two out of three young men — their average age was 20 — who flew on those missions did not survive the war. The Memphis Belle and crew beat the odds in a big way.

    Read more: http://www.foxnews.com/travel/2012/06/11/tour-offers-access-to-memphis-belle-restoration/#ixzz1xa6novWI

    Planning your trip to Dayton's most visited tourist attraction? Visit the Air Force Museum online for full details, hours, and to sign up for a tour of the Memphis Belle restoration.

    Photo credit: Wiki Commons

    Originally posted at:

  • Why buy a home?

    Posted Under: Home Buying, Home Ownership  |  June 4, 2012 1:32 PM  |  185 views  |  No comments

    I contribute to a Dayton-area online magazine called DaytonMostMetro. One of my posts is called What's the single best reason for buying a home in Dayton OH? but it could be called, Why buy a home? Read on:

    Let’s say you are thinking of buying a house. You are probably watching the news for real estate market insights, you are listening to your friends tell you about their experiences- good, bad, indifferent. You might be a bit nervous and scared about buying right now and you’ve seen what has happened over the past decade so you are smart to be cautious. It’s difficult for even experienced Realtors to look into their handy-dandy crystal balls these days because we are seeing some unprecedented changes in the real estate market, coupled with unprecedented changes in the Miami Valley. Erring on the side of caution is wise under these circumstances so take a deep breath and understand that following your gut will keep you out of trouble.

    But still, you want a home of your own. You want to paint the walls with salmon-colored chalkboard paint, and put down exotic Brazilian hardwood floors. You have kids in 4-H and two horses you are tired of boarding. Or maybe you simply can no longer stand the thought of paying a cheap and stingy landlord for a roof over your head. Congratulations! You just discovered the best reasons for buying a home.

    Forget about the real estate boom. For hundreds and hundreds of years, people who were smart and competent and knowledgeable were buying homes primarily for those same reasons. They didn’t buy a home because real estate was a great financial investment, because it wasn’t. They didn’t buy a home because they thought they could make money from selling it in a few short years, because they couldn’t. They bought a home because they wanted a space of their own. A space where they got to call the shots, paint with the colors that made them happy, use the land the way they wanted, not beholden to a landlord, and put down roots in a community that they loved, and if we think about the lessons of the past few years, those just might be the best reasons for buying a home. 

    You can read the entire post here.

  • Domestic Partner Registry

    Posted Under: Quality of Life in Dayton  |  May 8, 2012 4:55 AM  |  206 views  |  No comments

    The City of Dayton now has a Domestic Partner Registry for unmarried couples without regard to sexual orientation. The purpose of the registry is to make it easier for hospitals, universities, employers and others to verify the relationships that are required for such matters as health insurance, hospital visitation rights and authorization to pick up children after school.

    The voluntary registry will help businesses that extend benefits to the partners of employees — straight or gay — by having a formal registry of such committed relationships. Couples do not have to live in Dayton to register, but they must first file a declaration of domestic partnership with the city. To qualify, the couple would have to show they share a residence; affirm they have a committed relationship; that neither is married; that neither is part of another domestic partnership; that each is 18 or older and not related by blood.

    A $50 fee is required to be listed on the registry and language is included in case the partnership should end.

    This was originally posted at TheBrickRanch.com by Theresa Lussier, Realtor, Exit Realty Central, 937-343-1411.

  • Real Estate Signs

    Posted Under: Home Selling in Dayton  |  May 3, 2012 6:09 AM  |  227 views  |  No comments
    What does a real estate sign do? Indicates a home is for sale of course, but it also advertises the agent and brokerage who are listing the home. Maybe there is a better way. What if the purpose of the yard sign was to advertise the home? Recently I listed a home in one of the historic districts in Dayton Ohio and had a custom built sign made:

  • 203k Renovation Loans in Dayton OH

    Posted Under: Home Buying, Financing, Remodel & Renovate  |  April 10, 2012 2:45 PM  |  281 views  |  No comments

    This was originally posted by me at TheBrickRanch.com- the secrets of where and how to live happily in Dayton Ohio.

    Dayton Ohio has been slammed with foreclosures, and there are indications that more are on the way. We are a “Legacy City“. We have a rich stock of beautiful historic and Mid-Century Modern homes, but as those homes age, are left vacant and fall into disrepair, the need for renovations and repairs becomes urgent. Enter REbuildUSA.

    REbuildUSA and its partners deliver the support, expertise and systems to allow you to more easily use the power of the FHA 203k loan to make those repairs and renovations to neglected homes and neighborhoods. Recently, I went through theREbuildUSA training to be in a position to-- help Dayton home buyers who otherwise wouldn’t be able to buy the home they want, at a price they can afford.  I can be cynical about these programs, but this one is exciting for home buyers. Take a look at the benefits of a FHA 203k loan for you:

    • Save Time & Money – Use one loan to buy and renovate a great home to meet your needs.
    • Get More Home for Your Money – Take advantage of the excellent prices for homes throughout the Dayton area that need repair and remodeling.
    • Low Down Payment – Enjoy the benefits of homeownership with as little as 3.5% down.
    • Easier Qualification – Less strict FHA qualification requirements benefit those with less than perfect credit.
    • Make the Most of Your Investment – rather than paying a premium for changes made by previous owners, invest in improvements that suit your personal tastes and lifestyle.
    • Earn Additional Equity – Professional installers do the work, and you can earn “sweat equity” in the process.
    • Greater Financial Stability – Rather than experiencing a strain on your budget for major repairs later, you can pay for these improvements over time at a more affordable rate.
    • Live in a More Desirable Location – There are many great homes in wonderful established neighborhoods throughout Dayton that offer perfect FHA 203k opportunities.
    • Invest in Your Future – You can use an FHA 203k loan to purchase a 1 to 4 unit property allowing you to renovate a home that also brings you rental income as an excellent long-term investment.

    The 203k is a great loan program, an old program in fact, but Lowe’s as well as other partners have created a way to bring it out, dust it off, use technology to network and train professionals in the benefits. As a REbuildUSA 203k Specialist™  I can provide expertise and support- tools, tips, and techniques- to help clients find a great home at a great price, and for the Dayton area, this means renovating and stabilizing neighborhoods. It’s a perfect storm for savvy home buyers.

    If you have been hesitant to consider buying a home in Dayton because price and condition seem to be prohibitive, give me a call.  Let’s see if we can make this happen for you. 937.343.1411

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