Monthly Archives: November 2010

Home buyers & sellers reveal their secrets

Realtor and buyers The National Association of Realtors has just released its 2010 Profile of Home Buyers and Sellers. As with past surveys, the data isn’t too surprising. Certain trends continue to reflect the changing real estate market.

The survey results are quite lengthy, but the highlights you might find interesting are:

  • 1st-time home buyers made up 50% of all home sales. That’s up from 47% in 2009.
  • Median age of 1st-time buyers was 30 with a median income of $59,900. They purchased a 1540 sq ft home costing $152,000. 93% of them took advantage of the Gov’t Tax Credit.
  • 58% of buyers are married couples; 20% are single women; 12% are single men; 8% are unmarried couples; and 1% are “other”.
  • The typical repeat buyer was 49 years old, earned $87,000, purchased a 2000 sq ft home costing $215,000.
  • The median age of home sellers was 49 and they moved a median distance of 18 miles. 50% moved up in size, 28% stayed with the same size, and 21% downsized.
  • The typical home sold for 96% of the list price compared to 95% in 2009.
  • How buyers FIRST learned of the home they purchased: 38% Internet, 37% from their agent, 11% yard sign or open house, 6% from a friend-relative, 4% home builders, 2% newspaper ad, 2% direct from seller, and less than 1% from home magazine.
  • Owners trying to sell their home themselves reached a new low, accounting for only 9% of the sales.

The two trends that most real estate agents are well aware of is the use of the Internet to search for homes increasing considerably, while use of print & magazines is almost non-existent. The number of single women buyers has been increasing over the years. Not sure why there is such a difference between female buyers vs male buyers. I have my thoughts, but I’ll keep them to myself. :-)

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.

Delaware County is a special place to live

New homes in Delaware County Ohio

New homes expanding into farmlands

For the past decade, Delaware County has led as the fastest growing county in Ohio, and one of the top in the Nation. Most of that growth has occurred in the southern half of the county which is primarily serviced by the Olentangy School District, but smaller portions serviced by Dublin, Big Walnut, Buckeye Valley and Westerville schools.

A recent article in This Week News Olentangy reported on the recent release by the Delaware County Regional Planning Commission’s annual report of demographic information. Here are some highlights from the news article on the annual report’s findings:

  • The population of the county in the 2000 Census was 109,989. In July 2009 the Bureau estimated the population at 168,708. (up 53%)
  • In 2004, 3411 building permits were issued. In 2009 only 622 permits were issued. The poor economy has had a major effect on the fast growth in recent years.
  • Of the 59,901 households, 44% have elementary-aged children.
  • Of the 108,899 people age 25 and older, 95% have graduated from high school and 48% have a bachelor’s degree.
  • The average household income is $103,382.
  • The average residential home is valued at $253,900.

In the Columbus Board of Realtors MLS system, the county is divided into 5 segments to make it easier for us to search for specific homes. Rt 23 provides the east vs west divider. Rt 36 provides the north vs south divider. When I do a search for single-family homes that have sold so far this year (Jan-Oct), there is a distinct difference in pricing.

  • Southwest (west of Rt 23, south of Rt 36): $386,354 avg price; 9 homes sold over $1 million.
  • Southeast (east of Rt 23, south of Rt 36): $310,602 avg price; 3 homes sold over $1 million.
  • Northeast (east of Rt 23, north of Rt 36): $195,354 avg price; no homes sold over $1 million.
  • Northwest (west of Rt 23, north of Rt 36): $180,338 avg price; no homes sold over $1 million.
  • Delaware city corp limits in the center: $152,172 avg price; no homes sold over $1 million.

Regardless of what part of the county people live in, I think most agree that it’s a great place to live with all the golf courses, the 3 water reservoirs, 2 rivers, the metro parks and, of course, the nationally-recognized Columbus Zoo – which is located here and not in Columbus.

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.

Should you buy or sell a home now?

2001-2010 Avg Prices homes sold for Jan-Oct in central Ohio
Click to enlarge, then click again to enlarge more

Last year buyers were hesitant to buy a home – even though interest rates were low – because they wanted to wait till “prices hit the bottom“. Real estate agents tried to explain that the only way a buyer could know when the market was at the bottom was when prices started to increase.

WELL FOLKS!
Have a look at this chart. It shows a 10-year pricing history for school districts in Delaware County with a couple in Franklin County. While prices haven’t increased to earlier years yet, most are seeing increases. Even so, with interest rates now about 1-percentage point below last year, the savings in interest would likely make up for the price increases. SO IT’S STILL A GOOD TIME TO BUY!

Sellers, the market may or may not be favorable for you, depending on when you purchased or the amount of equity you have in the home. If you’re in doubt about the price your home might sell for, contact your favorite Realtor® to discuss. Don’t have a favorite? 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.