I just updated the Jan-Oct 2009 vs 2008 stats for the homes sold and the average prices for key school districts. Good News! The year-to-year decline was less than it was in June. I think the $8,000 1st Time Buyers Tax Credit helped as those buyers scrambled to take advantage of the credit before it expired.
While the districts still experienced some decline, the declines were modest.
Click to enlarge graph
Read More:
View Jan-Jun 09 vs 08 Home Sales Report
Read update on $8,000 First-Time Home Buyers Tax Credit
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Central Ohio · Home prices · Homes · Homes for sale · Housing stats · Schools
Tagged: Big Walnut school district, central ohio real estate market news, Delaware school district, Dublin school district, Hilliard school district, Olentangy school district, Westerville school district, Worthington school district
NEWS FLASH!! Homebuyer Tax Credit has been extended for 1st Time Buyers and expanded to include Current Homeowners who want to move!
Did you hear today’s news that government has passed an extension to the 1st Time Home Buyers Tax Credit AND have added another credit for current homeowners.
Here are some details that are the same for both segments of the bill:
- Both segments of the bill will be for transactions that go into contract between the date that Obama signs (Nov 6) thru Apr 30, 2010. The transactions must close prior to Jul 1, 2010.
- Income limits have been increased to $125,000 for singles, $225,000 for married couples.
- Limit on the price of the home is $800,000.
- Purchaser must attach documentation of purchase to their tax return.
Details for 1st Time Buyers
- Can receive up to $8,000 ($4,000 married, filing separate)
- Cannot have owned a home (principal residence) for the past 3 years
Details for Current Homeowners – NEW!
- Can receive up to $6,500 ($3,250 married, filing separate)
- Must have used their current home as principal residence consecutively for 5 of the previous 8 years.
- The new home you buy doesn’t have to be more expensive than the home you’re selling. In other words, you can downsize if you want.
While many 1st Time Buyers took advantage of the tax credit this past year, there was nothing to help the move-up market because those 1st Timers often bought REO, short-sale or foreclosed homes. The National Association of Realtors® and numerous real estate bloggers begged and pleaded for help with homes in the upper prices since they were often just sitting on the market.
This new program will benefit higher-priced buyers as well as help sell homes in the higher price ranges.
If you’re a higher-priced buyer, should you act now? Naturally, only you can decide that, but here are some things to consider:
- Interest rates have been hovering around 5%. Bernanke is watching for signs of inflation. If inflation begins to creep up, interest rates may be allowed to increase to stem inflation. They know that this could slow real estate’s recovery, and they really need the real estate market to improve, so it will be a tough decision.
- If this new bill works as we hope it will, increased demand may actually cause prices to rise somewhat.
- If you were thinking of putting your home on the market next year, you may want to move up your timing to take advantage of these tax credits both for you and for the appeal to your buyers.
- Also, if buyers act on this program by April, that may mean that demand will be lessened (exhausted) by the end of April. If demand decreases afterward, so will your potential price.
A 1-point interest rate increase will cost you far more than waiting for prices to decrease further
For instance in the example below, a $200,000 price with 3.5% down at a current interest rate of 5%, would result in a mortgage payment (P&I) of $1,036. At 6% interest, the payment would be $1,158. Over 30 yrs, that will cost you an additional $43,772. Even if the price comes down $10,000 to $190,000 but the rate increases to 6%, your monthly payment would be $1,100, costing you an additional $22,928. If the price increases just 5% and the interest goes to 6%, then you would pay an extra $179 per month.
| Home Price |
$200,000 |
| Price Chg |
-5% |
No Chg |
+5% |
| New Price |
$190,000 |
$200,000 |
$210,000 |
| 3.5% Dwn Pmt |
$6,650 |
$7,000 |
$7,350 |
| Mtg Amt |
$183,350 |
$193,000 |
$202,650 |
| P&I at 5% Int |
$984.59 |
$1,036.41 |
$1,088.23 |
| P&I at 6% Int |
$1,100.10 |
$1,158.00 |
$1,215.90 |
Naturally the higher priced the home, the greater the savings. Notice that the money coming from Uncle Sam hasn’t even been included in the above data. Interested or want more info? Give me a call and we’ll get your home on the market.
View comparison chart to the 2009 Tax Credit
Read FAQ’s for New Tax Credit
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Central Ohio · Home buying process · Home prices · Home selling process · Homes · Homes for sale · Housing stats · Sellers
Tagged: central ohio real estate market news, first-time home buyers, home buyer tax credit
Have you ever seen a wind turbine farm? They’re pretty impressive. I saw my first during a drive from Palm Springs to Los Angeles on a business trip years ago. I think the area is where the Santa 
Ana winds prevail, although I’m not sure. I do know that when we rounded a curve on the freeway east of LA, we saw mile after mile of probably hundreds of tall turbines. Some were turning while others were stopped. I learned later that whether they rotate or not, depends upon the demand for electricity.
When I visited Glacier Ridge Metro Park west of Tartan Fields, I noticed a tiny turbine that is used to power the park’s lights. It was so small, it almost looked like a toy airplane.
When I was young, it was common for farms to have a windmill to pump well water. The windmill at an uncle’s farm made a rhythemic sound when the blades would go round ‘n’ round. It was rather soothing, much like the clatter-clatter of the wheels of the old trains rattling on the tracks. These new wind turbines don’t seem to offer that charm but maybe we’ll get used to them.
Read more about China’s investment in a Texas wind farm.
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Central Ohio · Dublin Ohio · Franklin County · Technology
Tagged: Glacier Ridge Metro Park, wind turbines
Aside from the joys of owning your own home, there is the responsibility to continue to maintain it. Sometimes it seems we are in a war with critters who choose to make OUR home THEIR home.
Now, I’m not an entomologist, as I tend to categorize all insects into the “BUG” category, but I’m thinking BUGS are beginning to take over the world. I know that they outnumber humans in population. Normally I have a “live and let live” attitude and prefer to not use insecticides, but I’m rethinking that.
I suspect that the billions of bugs are laughing at us unsuspecting humans as they do their work in secret without us realizing it until the damage is done.
Yesterday I was cleaning up my yard, getting it ready for the winter, when I noticed that several rails of my split-rail fence have been ruined by what I believe is the powderpost beetle. As I said, I’m not an entomologist but I had to replace a rail a couple years ago, and the fence guy said that’s what it looked like. Well, this year I have about 6-7 rails that are toast. These beetles eat the wood from the inside until the outside finally collapses.
Since I have 225 ft of fencing with 3 rails between the posts, this can get to be expensive.
Let it be known that I’ve now declared war on these beetles. It’s too late this year to do anything, but they need to find someone else’s fence to destroy next year or THEY will be toast instead of my fence rails.
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Central Ohio · Delaware County · Fix-ups · Homes
Tagged: central ohio real estate market news, fence damage, powderpost beetle
Have you noticed it’s that time of year when unwanted guests are trying to move in with us for the winter?
If you live around an area with lots of trees, you’re apt to be plagued by the orange Asian lady beetles. Their official biological name is Coccinella transversalis. They were imported to help farmers with aphids on crops, but as so often happens, they have now become a pest. Plus, they stink and they bite! They’re just not desirable like the little red spotted ladybugs.
I was showing a home one time that had a mass of the Asian beetles in the basement near an incoming pipe.The cluster was about 14″ wide and a couple inches thick. There must have thousands of the beetles in the mass.
I found this other odd looking bug near my back door. I definitely didn’t want it to make its way into my home. Talk about UG-G-L-Y!
It’s a squash bug or also called a leaf-footed bug (coreidae). To me, it looks like a bug in a tuxedo with FlashDance-style leggings. Or else it’s dressed up like Lady GaGa. 
I think I need to spend the next sunny day going around my house to caulk all potential holes.
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Central Ohio · Delaware County · Fix-ups · Homes
Tagged: insects, lady beetle, squash bug
It’s the time of year when snowbirds are beginning to make plans for their trek south to warmer climates for the winter. Some go there at the first hint of cold while others wait till the holidays are over. Ohioans seem to favor Florida or Arizona for their winter havens.
Because these empty-nesters are on-the-go, active people they are prime candidates for trading in the “family” home for an easy-care condo. A condo is perfect for people who spend 6-months here and 6-months “there”. That way there are no worries about finding someone to mow lawns or clear snow while they’re gone.
If this lifestyle is appealing to you or if it has been part of your retirement plans, now might be a good time to purchase your northern condo. Since it’s the end of our buying season here, you might be able to get a better deal than if you wait till next spring. Sellers know that their season is ending, so they may be a little more willing to negotiate.
Right now there is a really good selection of condos in all price ranges, especially under $400,000. Here is what is on the market in southern Delaware County as of this morning:
- Under $200,000: In the Powell area there are 40 condos with an average size of 1584 sq ft and an average price of $171,000. In the Lewis Center/northwest Westerville area there are 56 condos with an average size of 1473 sq ft with an average price of $160,000.
- In the $200’s: In the Powell area there are 27 condos with an average size of 2155 sq ft and an average price of $239,000. In the Lewis Center/northwest Westerville area there are 21 condos with an average size of 2196 sq ft with an average price of $250,000.
- In the $300’s: In the Powell area there are 32 condos with an average size of 2658 sq ft and an average price of $348,000. In the Lewis Center/northwest Westerville area there are 7 condos with an average size of 2577 sq ft with an average price of $349,000.
- Over $400,000: In the Powell area there are 7 luxury condos with an average size of 3182 sq ft and an average price of $529,000.
If this lifestyle is in your plans, give me a call to review your next steps and to discuss what the options are that meet 
your specific needs and criteria. There is time to buy and move into your new place before you cast aside your winter coat in favor of those Jimmy Buffet shorts you have in the closet.
Oh-no … my eyes … my eyes!
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Central Ohio · Condos, patio homes · Delaware County · Golf Village, Kinsale · Golf course communities · Home buying process · Homes · Homes for sale · Lewis Center Ohio · Powell Ohio · Scioto Reserve · Wedgewood
Tagged: central ohio real estate market, luxury condos, winter snowbirds
There are a number of people on the Internet who profess to be real estate experts. A lot of them have never sold a home. They’ve never sat across the kitchen table with people planning to sell their home. They’ve never shown a home to buyers looking for a “champagne home on a beer budget”. Yet, they make a substantial income holding seminars to tell us (Realtors®) what we need to do to do it RIGHT.
Yesterday I attended such a class at our Board. In this case, the presenter actually was a real estate agent. His topic was Social Media Marketing, which means marketing ourselves and our listings, using such venues as Twitter, Facebook, LinkedIn, etc. He also spoke on the importance of photography and video in our marketing.
Because I’ve been using social media for over three years, much of what he said wasn’t new-news to me. I didn’t agree with everything he said, but I’ll allow that each market (and agent personalities/goals) are different so we adjust as needed. I DID like how he is executing and editing the making of videos and plan to incorporate that technique.
In following up with some of the information he gave us, this morning I checked out his web site and blog. There are several online analytical tools that I can use to measure the effectiveness of having my sites be crawled by Google, such that when someone performs a search for “homes for sale around Hoover Reservoir“, they find my blog on page one of the search results. At least that’s what I strive for.
Guess what! Both my web site and this blog outperform his web site and blog by a fairly wide margin. Also, Google hasn’t crawled his blog for a week, whereas Google crawled this blog today already. So does this make me an EXPERT? Should I go on the speaking circuit? Nah! I’m just glad to know that my marketing efforts are working, and that it’s helping to sell my listings and provide buyers and sellers with the info they need to make informed decisions.
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Advertising · Buyers · Central Ohio · Delaware County · Galena Ohio · Home buying process · Home selling process · Internet · Realtor® selection · Sellers · Technology
Tagged: central ohio real estate market news, Hoover Reservoir home for sale, real estate expert, social media marketing
Over 80% of the home buyers start their home search on various Internet sites. Sellers select their Realtor® based on how many Internet sites the agent displays the home. Conscientious agents make sure the home is featured in the best way possible by making sure the photos are as best as they can be. Now what happens when the most basic of information about the home is WRONG or MISSING?
Recently, I was pulling info for a specific neighborhood. I knew every home that was for sale in this particular community. However, when I did the computer search a full 25% of the homes were missing from the search. WHY?
I did some digging and found that there were errors or omissions to the original data entry into the MLS system that was incorrect and/or missing. That’s why it is important for an agent to actually print out a hard copy to make sure the spec sheet looks as we intend. Let’s face it … typos happen.
So, Sellers, ask your agent to show you the MLS spec sheet. Is all the data correct? Are there missing search fields and if so, should those boxes be blank or not? You can’t afford to miss showings in this market because of certain errors, so be proactive to make sure your home can be found by Internet buyers who might be searching for a home just like yours.
Buyers, as you are sitting in your jammies doing your home search, consider that your perfect home may not be showing in the search. That’s why it is important to work with a Realtor® who knows the area or knows how to search the data to override the chance that some homes might be missed by a typical computer search.
As the saying goes …GIGO … garbage in, garbage out. Computers only work as well as the agent who input the data.
Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Advertising · Buyers · Central Ohio · Delaware County · Home buying process · Home selling process · Homes · Homes for sale · Internet · Sellers
Tagged: Internet search for homes for sale
Elaine Reese
614-825-8860Real Living HER
House of Representatives Passes Health Care Reform Bill
11/08/2009 · Leave a Comment
This blog is for real estate and I intend to keep it that way. I don’t intend to turn it into a political blog but since our government is making decisions that affect the real estate industry, I’m finding that to keep you up-to-date on the real estate industry, I should advise you of those changes that impact your ability to own and keep your home long-term. I like to read “both sides” so I can be a better informed citizen.
Last night, the House passed a Health Care Reform bill. This morning there has been much discussion on Facebook and Twitter about the good or bad of the bill. I’m still trying to sort it out and determine how it will affect me. Maybe you’re trying to do the same thing.
So far, I’ve found a couple links … I’m sure there will be more, and as I find them I’ll add them here.
Here is an interactive map from the New York Times of how the Representatives voted by state. You can click over the map to see how your representative voted.
Here is a Wall Street Journal summary of some key points to the bill. Read through it to decide how it will affect your own life.
→ Leave a CommentCategories: Central Ohio · Commentary · Media · Newspaper
Tagged: central ohio real estate market news, health care reform bill