Central Ohio Real Estate Market News

A Realtor’s® Super Bowl Sunday

02/07/2010 · 2 Comments

Today was another of those “glamorous” Realtor® days we get to experience. I needed to check my listings after the big weekend snow storm.duck boots 

Put on my trusty duck boots and dachshund socks. I think I may have a problem with these boots in 14″ of snow. Normally they work very well because they’re easy to slip out of when going into homes, but they’re not great for trudging through deep snow. I suppose it would be futile to try to QUICKLY find taller boots in a nearby store after the weekend snow. 

snowy sidewalk in Westerville OH 43082 Drove to a listing to shovel the sidewalk so agents with buyers can get to the front door. Don’t want to miss a showing, you know.

Elaine Reese sold another home Drove to another listing to make sure my yard sign wasn’t snowed in. I shoveled out the snow at the base and tried to straighten the sign in the frozen ground. Then I put a new “SALE PENDING” sign strip in the top. YEAH! 

The neighbor was just finishing clearing the driveway with a Bobcat. That’s a real handy gadget for long drives. But getting through the deep piles of snow that he moved, meant I was up to my knees in snow. The duck boots are failing me big time at this point.
  
snowy deck near Hoover Reservoir, Galena OH 43021I took some extra photos while I was there simply because it was pretty. Not much fun to sit on this deck now, but it will be pretty the other three seasons. I would expect that the Kokopelli artwork (behind the chairs) wishes it was back home in Arizona.

snowy home in Delaware OH 43015
Came home to my snow filled neighborhood. I think our area had more snow than the other areas I drove through. Supposedly we got 14″. I judge the depth by the bird bath to the right of the big tree. I’m glad to see the ornamental tree by my front window survived. Saturday morning I feared it would split as all the limbs were bent down touching the ground.

Don’t you wish you could have had an exciting day Like I did?

Copyright © 2010. 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.

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Snow on the ground … snow on the ground …

02/05/2010 · Leave a Comment

snow on treesWe’re in the process of a getting a rather large amount of snow. Who knows what it will look like by morning. Delaware County is to get between 10-14″ by tomorrow night.

The WEENR-mobile is 4WD which certainly is handy. When I was out shoveling the drive … AND shoveling a path for The Murph, I could hear the unique engine sound of some snow mobiles.

This white stuff is pretty as long as we don’t have to drive in it.

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Don’t touch my Tort!

02/03/2010 · Leave a Comment

I learned a new legal term this week thanks to a LinkedIn discussion. While Realtors® cannot give legal advice, there are a lot of laws that we need to know and abide by. I knew that the issue being discussed was not legal but I didn’t know it had a special term.

I love it when I learn something new!

The term I learned is “Tortious Interference“.  So what does it mean to interfere with someone’s “tort”? :-)   Here’s what Wikipedia says:

Although the specific elements required to prove a claim of tortious interference vary from one jurisdiction to another, they typically include the following:

1. The existence of a contractual relationship or beneficial business relationship between two parties.
2. Knowledge of that relationship by a third party.
3. Intent of the third party to induce a party to the relationship to breach the relationship.
4. Lack of any privilege on the part of the third party to induce such a breach.
5. Damage to the party against whom the breach occurs.

Now you’re probably wondering what on earth this has to do with real estate. The term was referenced in a discussion about buyers asking for a portion, or reduction of, the commission that a seller agrees to pay the listing broker and Realtor®. Once in a while, a buyer may think that if they don’t use a Realtor® that they can expect to receive, or get a reduction to, the co-op portion that the listing broker may pay a buyer’s broker for helping to sell the home.

The Listing Agreement is a Contract between the Seller, the Listing Broker, and the Realtor® representing the broker. (That’s item #1 in the list above.) The Seller has contracted with the Listing Broker to market the home and to find a “ready, willing and able buyer for the home whether or not the buyer chooses to be represented by a Realtor®”.

I knew that the terms of one contract can’t be negotiated with the terms of another contract, i.e. a Purchase Offer that attempts to negotiate the terms of the Listing Contract. I just didn’t know it had a fancy legal name or that there might be legal consequences for the buyer.

So here’s a heads-up. If you’re a buyer considering asking a listing Realtor® to reduce their fee to the seller, you may want to discuss with your attorney to see if “tortious interference” applies in your area.

Copyright © 2010. 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.

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Good News for Upscale Sellers!

02/01/2010 · Leave a Comment

Real Living HER, Powell OH 43065Here’s some encouraging news early in 2010. Last year, we had trouble moving the housing inventory priced over $300,000. The 1st Time Buyer Tax Credit favored homes priced below $200,000. Many of those lower priced homes were owned by the banks (REO) so when they sold, there was no trickle-up benefiting the higher priced homes. It was a tough year for sellers who had upscale homes.

I spend Monday mornings checking the stats from the past week. This morning I noticed that for my office, 40% of the homes that are in-contract are priced over $300,000! One of those homes is my listing. This is terrific news for all these sellers!

Of course the Real Living HER Powell office is in an upscale suburb, and my fellow office-mates are accustomed to marketing high-ticket homes, but even so, it’s very encouraging to see these luxury homes find buyers.

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Learning to use my “Big Girl” camera

01/30/2010 · 2 Comments

I’ve made many references in various articles here about the importance of good photos when marketing a home for sale. Over the last few months, I’ve “put my money where my mouth is“. I bought what I call my “big girl” camera.

Sony A-300 camera

Photo taken with my Blackberry

Then I had to buy a book to figure out how to use it because the mini instructions that came with the camera assumed the user actually knew something about SLR’s. Then I found I really needed to buy a longer range flash attachment. Of course, I already had a tripod.

All told, I’ve invested about $1000 to take nice photos of my listings. I’m only about 1/4 of the way through the big book, so I’ve still got a lot to learn. AUTO is my favorite go-to setting right now, but I’ll get there.

This Sony A-300 is a great camera for a Realtor® because it goes down to 18mm, which means much more of the room can be in the photo. No it’s not a funny looking fisheye lens … it’s just a wider shot. The other handy thing is the LED viewing screen. It is movable up or down so if I hold the camera high over my head – because I’m not real tall - I can tilt the screen to still see the image. Or I can hold the camera low and tilt the screen up to see the image. That’s handy because getting down on my knees isn’t always convenient – especially outside in snow or mud.

The new flash attachment can be tilted to bounce the light off the ceiling, thus lighting the whole room or targeted to brighten a specific area. Its only negative is that the batteries can be drained when shooting a large home. I normally take 100-200 photos. The batteries last through the 100 photos but give out by the time I reach 200.

I still carry my little Nikon CoolPix2 in the car for quick shots or videos during my day, and of course, my Blackberry camera is ALWAYS with me. But for the serious stuff, my BIG GIRL camera gets to go along.

Now, if I could just figure out this ISO-thingey.

Copyright © 2010. 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.

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Shop Smart when selecting a listing Realtor®

01/28/2010 · Leave a Comment

When you hire a Realtor® to sell your home, will they really be earning as much as you think they are? Too often people look at the total number for the agent’s fee and assume the agent will take that check to the bank. Some people think this amount is too much and may ask the listing agent to reduce the fee. Before you decide to do that, it might be helpful for you to understand how that fee is distributed. Once you know that, then you can decide whether the listing agent is left with enough money to market your home as you want. Here’s what you need to know to make your decision.

Realtors® are self-employed

Each agent operates their own business. They are not employees of their brokerage and receive no reimbursement for their marketing or operational expenses. Rather, per State law, they must be associated with a brokerage. There are all sorts of plans that various brokers offer to agents. An agent may not pay a monthly fee but will be expected to generate a certain sales volume and will receive less of the commission at closing. Other agents may opt to pay a monthly fee in order to receive a greater portion of the commission at closing. Those monthly fees can easily be higher than the agent’s mortgage payment. One way or the other, the broker gets a good chunk of money from the agent.

The Listing Commission

The fee the Seller pays to the listing brokerage is payment for marketing the home and finding a “ready, willing and able” buyer. Most brokers agree to pay (via the MLS system) a co-op broker representing the buyer for finding a buyer to purchase the home. A seller can negotiate what the listing fee will be, and the listing broker can offer the buyer’s broker whatever fee they choose. However, the listing agent is not required to discount their fee if the services they offer are superior to the services offered by ordinary agents. As self-employed people, they are free to set their fees or run their business as they choose just as any other business professional can do, i.e. CPA’s, attorneys, dentists, electricians, etc.

Should you buy a Kia or a Lexus?

Just like deciding which car to buy, you should evaluate agents based on what you’ll be getting for your money. It takes a different skill set to be a listing agent than it does to be a buyer’s agent. Rather than just relying on what the agent tells you they’re going to do, check them out on the Internet to see what they are currently doing with their listings. Can you find their listings? If you can’t, neither can your potential buyers. What is the quality of the photos of their listings? Are they dark, blurred, crooked, or unstaged? Do you want the photos of your home to look like the photos the agent is currently taking? Read the descriptive copy they have written about their current listings. How much effort have they put into describing the features/benefits of the home or is it merely 3BR, 2.5 bath 2-story? Don’t be afraid to ask for examples of their marketing materials. Ask how many homes they’ve sold recently, what price those homes were, and just as important, how many expired or withdrawn listings they’ve had recently which can indicate unhappy sellers.

Run the numbers

If you expect your agent to implement a top quality marketing program, you need to consider whether they will actually be earning enough to pay for that program. While you won’t be privy to the commission split between the agent and their broker, you can calculate a range for their gross earnings. Start with the price of your home. Then multiply that price by 2%, 3% or 4% to reflect a total commission fee of 5%, 6% or 7%. Then multiply the 2-3-4% figure by 50% and 90% to get a potential range of the agent’s earnings.

Here’s a simple example: Assume your home sells for $200,000 and you want to pay a listing commission of 6%. The agent would gross between $3000 to $5400.  From that money, they must pay all the usual income taxes, their overhead costs, gas to travel to your home, marketing materials, print ad costs, and of course, receive payment for their time for the duration that it takes your home to sell.

Once you know the numbers, you can decide whether the agent will be able to afford to conduct the level of marketing or service that you want. You may find that you either need to lower your expectations or raise the amount you’re willing to pay. Likewise, the agent will be making a judgement as to whether listing your home is a good or bad business decision.

It’s like having a deck built

If you were to have a deck built, you probably would meet with 2 or 3 contractors to get their quotes. Each contractor will have differing levels of expertise. They will show you examples of past jobs. They all will tell you that they are the greatest thing since sliced bread. If one comes in with a quote that is much cheaper than the others, you would question as to what corners that low-bid contractor is going to cut in order to offer such a low bid. Do you use the cheapest dentist? OUCH! Or the cheapest lawyer? JAIL TIME! You should go through that same thought process when selecting a Realtor® as the same principles apply.

You get what you pay for … and you can’t buy a Lexus for the price of a Kia. Likewise, make sure you’re not paying a Lexus price for a Kia. Shop wisely.

Copyright © 2010. 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.

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Pristine Westerville OH condo is for sale

01/24/2010 · Leave a Comment

Have you been thinking of downsizing to an easy-care lifestyle? No grass to mow. No snow to shovel. Perhaps you spend only half the year here and the other half in a warmer climate.  If so, a condo offers you that type of lifestyle.

This new listing is in a popular complex surrounded by nice homes (Highland Lakes area) rather than commercial areas. With plenty of open green space you’ll enjoy taking leisure walks and meeting other neighbors. There is also a clubhouse with exercise equipment and an outdoor pool.

This condo is pristine, ready to move in to start your new lifestyle. All the colors are neutral and soothing, complimented with white woodwork to keep the interior bright and cheery. One of the nicer, less obvious, benefits of this floor plan is that the bedrooms are not open nor visible from the living room. Your privacy … or the unmade bed … are hidden from your guest’s view. The plan lives like a ranch with everything you use daily on the main level, but with expansion room on the second floor when guests visit.

Officially there are 3 BR’s with the owner’s suite on the main floor. A 2nd BR on the main floor would also make a nice den/office area. Upstairs is a large guest BR that could be used as a Family Room or play area. This upstairs room has custom built-ins accented with a terrific window seat. Who doesn’t love a window seat?

Priced at only $195,000, it’s a great buy. Plus, you may qualify for the $6,500 Tax Credit when you buy it. Google Map

For best viewing, click on the “FULL” icon on the bottom bar.

Copyright © 2010. 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.

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Tips for Home Buyers when writing Purchase Offers

01/16/2010 · 2 Comments

Home buyers & RealtorThe real estate market in central Ohio is heating up big time. Last night on Facebook, a local agent mentioned she was trying to set up showings for a buyer and 5 of the 6 homes that she wanted to show were in-contract even though the homes had been on the market for only a week.

If you’re a buyer, here’s some tips to help you have a better chance of getting a seller to accept YOUR offer versus the offers from the other two buyers that may also be submitting an offer.

  • A real estate contract must be a win-win for both parties. Unlike some other types of contracts, if your contract is too one-sided, you risk having a seller tell you to “go pound salt”. Consider what might be important to the seller, then include that in the terms of your offer. Give a little to get a little. If your offer only benefits you, then you may have a difficult time finding a seller willing to accept your offers.
  • Include a letter from your lender with the purchase offer. If you want the seller to take your offer seriously, then you need to demonstrate that you’re a serious buyer and have taken the necessary steps to make sure you’re likely to be approved for a mortgage. Sellers, as well as their agents, want to know who the lending institution is and whether it is a reputable company.
  • Don’t insult the seller’s home. This is so obvious, but you’d be surprised at how often it occurs. Don’t make statements like, “the home isn’t worth more than $XXX”, and don’t provide a list of all the things that you think are wrong. You must have found some value to the home otherwise you wouldn’t be making an offer.
  • Offer a fair price for the home. Your Realtor® will do comps for you to determine a competitive price for the home based on the features and amenities it offers versus others that have recently sold. Base your offer on this “fair” price. If that “fair” price is higher than the price your lender has approved you to buy, then you need to consider buying a home that’s closer to your approved price range. Your offer should be based on what the home is worth … rather than what you can afford.
  • write a noteInclude a “why we like your home” letter with the offer. This doesn’t happen as often as it should, but it can have a tremendous impact on the seller. If the seller thinks you’ll enjoy the same things as they have while living in the home, they just might be more willing to work with you on an issue that otherwise might be less acceptable to them.
  • Buying a home isn’t like buying a car. Some people like to think that “playing tough” on negotiations makes them a good negotiator. Remember what your Mom said about honey attracting more flies than vinegar. Don’t let your ego get in the way. Although a home is a tangible item like a car, far more emotions are involved. The seller has lots of memories from the home, so remember that comments on the home are comments on a part of the seller’s life.
  • Remember The Golden Rule. At some point, you’re going to be selling a home. Treat the seller as you would like to be treated. If you intend to low ball the list price, consider how you would feel if this were done to you. If you intend to write an offer that asks for everything except the seller’s first-born, consider how likely you would be to accept such an offer. Before submitting any offer, put yourself in the seller’s shoes and ask yourself if you were them, how would you feel about the offer. That’s not to say you can’t or shouldn’t watch out for your own interests, but perhaps a minor change might be enough to make your offer be THE ONE the seller accepts.

keysBuying a home isn’t merely a financial transaction. It’s highly emotional for both parties. Put a little compassion into your offer and you’re much more likely to get the home you always wanted and to have a more stress-free process until the BIG DAY when you’re handed the keys. CONGRATULATIONS!

Copyright © 2010. 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.

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Tee-Hee … no more robo calls for me!

01/15/2010 · 2 Comments

phoneI finally got rid of my land line phone. I had written about doing that last summer but I kept putting it off until I was REALLY, REALLY sure.

I haven’t had the land line for a couple weeks now. I stopped using the land line phone eons ago when I got my first cell phone. I kept it for my fax machine, which we now no longer use either. We use scanners and send pdf’s.

The only people who used my land line were the political robo calls. It really bothered me to pay a monthly charge just for the politicians’ benefit. I’ll be free of that nuisance come this fall, while the rest of you will be slamming down the receiver and saying not-so-nice things about their parentage.

I know that the number of people canceling their land lines is increasing. What I’ve wondered is what will the political polling people do? Obviously, as more people switch to cell-only, the polls will no longer represent the general populace. How will that affect the polling results? Which party do you suppose is more likely to go the cell-only route? Republicans? Democrats? Independents?

Won’t it be fun to have the politicians … AND the news media … to not have a clue on the results until the votes are actually counted! Tee-hee-hee.

SURPRISE!!

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The real estate market is heating up …

01/13/2010 · Leave a Comment

… even if our temperatures aren’t, although we’re supposed to make it to the mid-30’s this weekend.

I’ve noted in my past few blogs that the agents I talk with are all reporting being busy either with buyers or sellers planning to put their homes on the market … me included.

For just my Powell Real Living office, showings were up over 40% last week vs the prior week. That’s quite a hefty increase considering how cold and snowy it was.

Normally, we don’t get this type of activity until after the Super Bowl. We’ve never understood what the Super Bowl has to do with selling homes, but that’s the way it is. Apparently this year will be different. Most likely the increased activity is due to the two government tax credits. People are wanting to take advantage of either the $8,000 credit for 1st timers or the $6,500 for current homeowners.

Expect the inventory of homes on the market to increase somewhat this month. For buyers that means a broader selection. For sellers, it can mean a little less competition than they might see by waiting till April, plus, it gives them more time to find a home so they can take advantage of the $6,500 credit.

Remember, to take advantage of either Tax Credit, you must be in-contract on a home by April 30. Need help selling or buying … give me a call. 

Copyright © 2010. 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.

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