Central Ohio Real Estate Market News

Entries categorized as ‘Buyers’

Mortgage Rates Dropped Today!

November 26, 2008 · No Comments

I’ve received email from lenders that the mortgage rates dropped like a rock today. They’re below 6% and some programs are …

5.5%

Call either one of these two lenders for more details.

  • June Zepp, Real Living Mortgage at 614-825-8806
  • Tony Butler, Equitable Mortgage at 614-764-5071

Categories: Buyers · Central Ohio · Home buying process · Home prices · Homes · Lenders

Real Estate Design Trends

November 21, 2008 · 2 Comments

Katherine Slant, author of The Brand-New House Book, issued some design trends that coincidentally fit with some the homes I currently have listed.

She said that homes with both a master and a second bedroom on the first floor are popular because they appeal to young couples (2nd BR serves as a nursery); middle-aged couples may put an elderly parent in the 2nd bedroom; and older couples like the design if their sleep patterns differ, making sharing a bedroom more difficult. See my Worthington listing that matches this description, plus it has 2 more large bedrooms upstairs with dormers and skylights.

Another design trend on her list involves offices. She said the newest variation of the home office is a completely separate office space, connected to the home by a hallway or a breezeway. See my Galena listing that has this type of private office with an exterior entrance in addition to the connection to the home.

Per Slant, kitchens are getting smaller, but they’re connected to larger dining areas, often with a center island where family members can sit while they have an informal meal. My Worthington listing (see above) has this arrangement, as does my listing in Stratford Woods.

Oversized family rooms with high ceilings are giving way to smaller, cozier rooms with lower ceilings. Again my Worthington listing matches this as does my listing in Brookfield Village in Hilliard.

Slant says that home theaters have lost much appeal because people don’t want to watch TV in a separate area. TV viewing is more informal with people doing other things while the TV is on. My listing in Stratford Woods has this floor plan as well as a finished basement for “real TV watching”.

So if you’re interested in buying a TRENDY home, I’ve got you covered. Just pick the trend you want, and I can help you buy it. Of course, you knew I’d say that didn’t you!

Copyright © 2008. 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 · Delaware County · Delaware Ohio · Franklin County · Galena Ohio · Hilliard Ohio · Homes · Homes for sale · Worthington Ohio
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Selling your home over the Holidays

November 11, 2008 · 4 Comments

Can you sell your home over the holidays and STILL handle showings PLUS enjoy the festive events with the family? Well, yes, but a little pre-planning may help you get through it.

First of all, communicate closely with your real estate agent to let him/her know what your schedule will be, such as when you have parties or dinners planned. The agent can adjust showing instructions to accommodate that schedule. However, this might be the year to not fill the calendar too full, so you don’t miss too many opportunities to have the home shown.

christmasDon’t bring out ALL the decorations. Keep them to a minimum … the KISS system. You can still give the home a seasonal look, without adding to the clutter. If you typically put up a large tree, you might want to pass on that this year, since often the tree requires moving furniture closer together and may block a window view. Perhaps, you can instead buy a small (3-4 ft) tree to accent the area. You won’t want your rooms to seem cramped and small.

Another reason to keep your decorations at minimum is that you don’t want the buyer to get the impression that you’re ENTRENCHED until the end of the year. It’s mid-November now, so a buyer may want to move in BEFORE Christmas so they can spend it in their new home. Having a tree with some packages underneath, sends a silent signal that YOU plan to be in the home on Christmas morning.

Do buyers actually buy homes over the holidays? ABSOLUTELY, YES! The Friday-Saturday after Thanksgiving can be busy showing days. People planning to relocate from another area might be in town to visit family, and want to select a home during those days. Local people may have those days off work, so they can fit the showings into their schedule during their “vacation” days. The week between Christmas and New Year’s is often busy with showings. Many agents have stories about putting homes in-contract on Christmas Eve. One year, I spent the better part of New Year’s Eve presenting a contract to my sellers, writing up a counter offer, and getting the counter back to the buyer’s agent. We put it into contract by New Year’s Day afternoon.

Remember, buyers shopping over the holidays

ARE SERIOUS BUYERS!

Here’s another reason the buyer may want to actually close on the home before the end of the year. They may want the tax deduction for 2008, rather than risk changes to the tax laws with the new political regime, which is an unknown at this point.

The holidays can be stressful under normal situations. If you keep it simple, plan ahead, be flexible, you’ll get through it … and you just might get your home sold! Now, won’t that be a great present!

Copyright © 2008. 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 · Home selling process · Homes · Homes for sale · Sellers
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How do you decide which real estate agent to use?

November 7, 2008 · 1 Comment

Let’s try another poll. This time you can register your opinion on what you think are the THREE MOST IMPORTANT traits/skills for an agent to possess. Think about the questions you would ask an agent, and which skills you would use to make your selection. There’s a box for you to add your own key trait at the bottom, if it’s not already listed.

This will be very informative for me as well as the other agents who read my blog. Be sure to click on “View Results” to see how your answer compares to others.

Copyright © 2008. 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 · Realtors® · Sellers · Surveys
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Will an appraiser sabotage your mortgage?

October 27, 2008 · 4 Comments

I just received a phone call that really disturbed me. I often get calls from appraisers asking questions about the past homes I’ve sold. They make these calls to listing agents when they are doing comps for a lender who is in the process of approving (or not approving), a mortgage for a buyer. The buyer will be paying the lender for this appraisal and hopes that it is accurate.

This particular appraiser was asking about a luxury condo I recently sold in Golf Village (Powell). I began asking her questions, because I know these appraisals can be flawed. She mentioned that she was unfamiliar with the complex and builder of my sold listing. She said she was also unfamiliar with the builder and the community of the condo for which she was doing the appraisal.

So WHY is she doing the appraisal!

Here are the issues that are are going to impact the quality of her appraisal:

  • One error dealt with the two builders. Her appraisal was being done for a Bob Webb condo. The Webb family has one of the best local reputations for high quality building construction of their condos, patio homes and single-family homes. Realtors® often use “Webb built” in their MLS remarks section. While my listing was built very well, and was a luxury condo, the Webb name itself can add $$$$ to the price. (”Gee, I didn’t know that!”)
  • The condo she was appraising is located several miles away from my listing. It’s too many miles to use as a comp. Same school system, but different schools, different city mailing address and different zip code.
  • The condo being appraised is located in a township whereas mine was in a city with an extra PUD tax assessment and an income tax. So there is a difference to the property tax rate as well as whether an income tax is charged. This could make a big difference to a retiree with no earned income. That can affect the price the retiree is willing to pay. The appraiser had no knowledge of this difference. (”Gee, I didn’t know that!”)
  • My condo sits on a golf course whereas the condo being appraised is in a more family-oriented neighborhood near a large park. Totally different setting. (”Gee, I didn’t know that!”)

The more I spoke with this appraiser, the more troubled I became. To say she was “clueless” is an understatement. I told her that if she used my sold listing as a comp, that her BPO would be worthless and VERY unfair to the buyer. She said she didn’t know what to do because she couldn’t find other comps.

So why not just explain that to the lender rather doing an error ridden appraisal!

I’ve often wondered how appraisers are able to make an accurate judgement on the price/value of a home a buyer is wanting a mortgage for, because seldom have they been in the homes they are comparing. They have no knowledge how buyers perceive certain features/upgrades in the home because they don’t interact with buyers. This is also a concern for sellers who are refinancing because the same type of appraisal is done as part of that process.

If this appraiser doesn’t change her BPO, there’s a chance that the home being appraised won’t comp out because there could be up to a $100,000 + difference … not exactly chump change. If it doesn’t comp, then the builder or the real estate agent in the transaction will have to spend time disputing the appraiser’s ”findings” and trying to convince the lender to disregard that report or have another appraiser do a 2nd opinion.

Buyers, if your chosen home doesn’t comp out, don’t be afraid to challenge it!

Copyright © 2008. 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 · Delaware Ohio · Golf Village, Kinsale · Golf course communities · Home buying process · Home prices · Homes · New home builders · Powell Ohio
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The financial mess … a true story.

October 16, 2008 · No Comments

In the past year, much has been written in real estate blogs or newspapers or on media web sites, about the HOUSING CRISIS and who is to blame for THIS MESS. Some say everybody shares some blame, and perhaps that’s true.

Ultimately, the buck stops with the buyer. They were the ones that wanted a house that was more than they could afford. They were the ones who decided to take on a mortgage payment that represented too high of a percentage of their monthly budget. They were the ones who didn’t plan for a rainy day with a savings account, or who didn’t consider what they would do if one of them lost their job or if they didn’t continue to receive increases to their salary.

When people ask me about how we got into this mess, I recite a situation that occurred several years ago. It really illustrates what occurred then and how it set the stage for so many failures.

A couple purchased a modest home for $137,000. They put 10% down leaving them with a mortgage of $123,000. Six months after living in the home they went to a major local bank to get an equity loan so they could by a new SUV - one that would have cost over $30,000. The appraiser for the bank said the home was worth $185,000. Based on this appraisal, the bank gave the couple a $50,000 home equity loan. So six months after buying a $137,000 home, they now owe $173,000 on it.

A year after they purchased this home, the husband had a new-job opportunity in another state. They set up an appointment with me to list their home. I always do a Net Equity Estimate to show sellers what their proceeds will be if they sell at such and such price. If the Estimate comes in negative, I make sure they have the funds to bring to closing, otherwise, because without those funds, the home won’t be able to close.

Naturally, the Net Estimate came in substantially negative. I covered the results with them. The first thing the wife said was that the equity loan was really a car loan. She didn’t understand that it was a lien against the home and would need to be paid off when the home closed. I then asked them if they had the thousands in cash to bring to closing. They didn’t. At this point the wife began to cry because it finally dawned on her that they were “trapped”.

  • They couldn’t take the new job because they couldn’t sell their home because they had no extra money to close.
  • They could sell the big SUV, but would be in the same situation of owing more than it could generate in trade-in value.

So what did they ultimately do, you ask? They took the new job in the other state along with the new SUV and walked away from their home leaving behind all the debt on it.

Who is to blame for this mess? Do you blame the buyer for being ignorant of good budgeting practices and for making poor financial decisions? Do you blame the appraiser for overstating the home’s value so he can continue to get jobs from the bank so he can make his own mortgage payments? Do you blame the bank for being greedy in wanting to make loans, so they perform well for their stockholders? Do you blame the stockholders who want to see increases to their portfolios and retirement IRA’s?

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Categories: Buyers · Central Ohio · Home buying process · Home prices · Home selling process · Homes · Sellers

The realities of today’s real estate market in Central Ohio

October 14, 2008 · No Comments

It’s the middle of October and we need to consider the cold, hard realities of selling or buying homes. There’s reason for buyers to be optimistic. Sellers, on the other hand, need to be realistic … in order to be optimistic. It’s time for both to take off the rose-colored glasses and get moving in a smart direction. I’m not going to review the issues in the economy and financial markets … you get that from the media on a daily basis. However, because of those events, here’s what you need to do RIGHT NOW!

Sellers

  • It’s October, and buyers will want to be in their new home before the holidays. That means your home must go into contract in the next couple weeks. If you miss that window, your home is apt to sit until next March.
  • If your home sits till March, you’ll sell it for a lower price - almost guaranteed. You might as well lower it now to get it SOLD!
  • If your home has been on the market for 3 months without an offer, your price is too high. Buyers are telling you that “something” is wrong with the home and they’re not willing to pay your price for it. You’ve got to lower your price to the point that a buyer is willing to overlook whatever the short-coming is. Remember, it’s how your home compares to other homes they’ve viewed and whether it offers a value versus those homes.
  • If you can fix the “short-coming” … fix it. If you can’t … lower the price!
  • Buyers don’t care what YOU want to sell it for.
  • Even if you have to lower your price, remember the home you want to buy will also be lower in price so you’ll still benefit.

Buyers

  • Visit your lender and get Pre-Approved first before you start viewing homes. The rules for issuing mortgages are totally different now than even a few months ago. You need to know how much mortgage you’ll be approved for. With that amount, plus your down payment amount, you’ll then know what price range of homes you can view.
  • Don’t view homes you can”t afford in the hope that you’ll be able to buy the home for the amount you CAN afford. That just wastes everybody’s time, including yours and it is so disappointing when you don’t get the home.
  • Buy a home to live in and enjoy for several years. You don’t buy homes the way you buy stock. Yes, you hope to have it increase in value, but your primary focus should be finding a home that meets your needs for location, schools, comfort and enjoyment.
  • Home prices are generally what they were in 2003-2004. Interest rates are still at historical lows. Inventories are down, but there are still lots of homes to select. If you have a down payment, it’s a good time to buy.
  • If you have a home to sell before you can buy, get that home in contract first. Don’t expect the seller to accept an offer from you that requires the seller to wait until your current home finds a buyer.

The GOOD homes that are priced right ARE selling to SAVVY buyers who are taking advantage of this good time to buy. Both parties just need to be realistic about their wants and needs. We had a slow 2-3 weeks with the hurricane and the financial market uncertainties, but showings have begun again so now it’s critical to take advantage of the timing.

Sellers … lower your price!

Buyers … buy now!

Copyright © 2008. 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 · Sellers
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Radon Testing is common in central Ohio

September 30, 2008 · 2 Comments

One of the inspections home buyers usually schedule in central Ohio is a test for radon. Radon is a naturally occurring radioactive gas produced by the breakdown of uranium in soil, rock and water. The test is done during the inspection phase of the Purchase Contract. The test will cost the buyer between $110 to $150, depending upon the company the buyer hires to do the test.

The inspector will place a small testing device (silver box in photo) in the basement for a 48-hour period. The device will periodically sample the air. At the end of the test, it will produce a graph of the readings, then average them for each of the two 24-hours periods. The overall average is then used to determine whether mitigation is recommended. The EPA suggests that people not have long-term exposure to radon readings at or above 4.0pCi/L. (non-scientific people shorten this to “4 pico curies”.)

If the reading suggests mitigation, then a company is hired that does such work. Costs vary according to the layout and size of the basement and the subsequent amount of materials required. The least expensive that I’ve seen a mitigation cost is around $1000.

In doing the mitigation, the company will seal the sump pump with a special cover, cover any crawl space with heavy plastic and perhaps, caulk cracks in the concrete floor. As shown in this photo, a plastic pipe will run from the pump to an exterior wall, then be extended to the exterior.

On the outside a fan will be installed that will be sucking out the air from the spaces that are likely to be contributing to radon entering the home. This is primarily the sump pump but a pipe may also be installed under the plastic in the crawl space.

The outside fan and piping is usually installed in a somewhat hidden location if possible. Sometimes there are options on placement of this equipment, so you want to discuss with the mitigation company what the location options are. Keep in mind that this fan runs all the time. While it’s not much louder than the fan on your furnace, you may not want to listen to it if it’s near your deck.

I’ve not included any of the scientific information on radon in this post. You can read to your heart’s content on this EPA page where there are many detailed articles. You can also view a U.S. map or an Ohio map (scroll down the page to see Ohio map) of radon concentrations.

Read more articles on home inspections.

Copyright © 2008. 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 inspections · Home selling process · Sellers
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Sellers … think buyers will think YOUR home is special?

September 27, 2008 · 2 Comments

With all the economical and financial news this past week, plus, some discussions of the have’s and have not’s, I was curious to see how higher priced homes were faring in sales this year. We know that the lower priced homes are facing more challenges to attracting buyers, but does the same hold true for the upper scale homes where “lack of money” may be less of an issue for potential buyers?

Normally the charts I prepare are for portions of Delaware County and Franklin County. I decided to use the ENTIRE MLS system for this review since some of the more expensive property may be located in outlying areas where ample land can ensure privacy. I also included condos … not just single-family homes … because there are some luxury condos being sold both in Powell as well as downtown Columbus high-rises. I wanted to know how buyers were spending their money regardless whether it was in a regular home or an easy-care condo or patio home.

This graph shows the NUMBER of homes SOLD by price range between Jan to today’s date.

Obviously, there are a lot fewer buyers buying this year than last, and remember this is for ALL the counties surrounding Franklin County where Columbus is located. Strangely the average price within each price range hardly changed from one year to the next. In other words, the average price in the $200-299K range was $241K for both years … there were just 62% fewer buyers.

Now back to the original premise of my purpose in doing this review. What’s happening in the luxury market?  I think the graph shows that upscale people are having the same thoughts as the “common folk”.

If your home is for sale, this should be a wake-up call to make sure your home is in absolute top-notch condition and priced right because your competition is fierce for the much smaller pool of buyers. I could also say that your choice of a Realtor® is very important as well to make sure your home receives the most exposure with the best photos … but then I hope you already know that! :-)

 

Copyright © 2008. 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 · Columbus Ohio · Delaware County · Franklin County · Home prices · Homes · Homes for sale · Housing stats · Powell Ohio · Sellers
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Home buyers … prepare for more scrutiny.

September 23, 2008 · No Comments

In this month’s REALTOR® Magazine, there was an article alerting us to a new direction some of the large brokerages are taking regarding the buyer’s financial approvals. Buyers, you need to be aware of this new direction prior to submitting a purchase offer on a home.

Our central Ohio Purchase Offer Contracts contain a paragraph regarding the date the buyer will provide the seller with a preapproval letter. The language in the paragraph is very specific as to what is to be included in the lender’s preapproval letter. Often times the preapproval letter that the lender provides is merely a form letter and upon close examination, doesn’t provide the exact info required in the contract.

Many times that preapproval letter isn’t sent along with the Purchase Offer. So the seller is being asked to enter into a contract with no knowledge of the lender or the type of loan the buyer will be using.

Sellers have the right to know who the buyer’s lender will be, what type of loan (Conv, FHA, VA), and whether the buyer is preapproved for the amount of the price of the home. In today’s financial market, this is extremely important as too often issues later arise with the buyer’s financing that cause the Contract to be terminated. That impacts the seller as they have taken their home off the market thinking they are in a bona fide Contract.

“We’re seeing a much higher incidence of buyers thinking they have financing and finding out either at the closing table or days before that the lender doesn’t have the money or has gone out of business,” says Jacelyn Botti, head of residential sales at Weichert Realtors® in Morris Plains, NJ.

Per the REALTOR® Magazine more and more brokers are working to “bulletproof” financing for buyers. One such brokerage’s program offers their sellers a “buyer’s verification”, which lets the seller request that buyers get a mortgage approval (at no cost) from the broker’s funding affiliate BEFORE making an offer on the seller’s property. If the buyers are approved, they are not required to use the broker’s funding affiliate, but it gives the sellers the added assurance that the buyer qualifies for a mortgage prior to entering into a Contract with the buyer.

From the seller’s perspective, this extra approval process gives the seller some assurances that a questionable lender won’t be doing some hocus-pocus financing. For buyers, while they may not care to go through the extra paperwork, it will offer a better chance that they will actually be able to go to closing OR it will alert them that they were originally planning to use a disreputable lender. This would be a good thing for both parties if the ultimate result is a completed transaction.

Buyers, if you want a better chance that the sellers will consider your offer, then …

  • Select a reputable, well-know lender. A local one is better (no online aggregators).
  • Don’t just get pre-qualified, get PREAPPROVED.
  • Send the preapproval letter with your offer.
  • Be prepared for the seller to ask for an alternative approval.

Copyright © 2008. 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 selling process · Realtors® · Sellers

Houses for sale … that are dog-friendly.

September 21, 2008 · 6 Comments

THIS POST IS WRITTEN BY GUEST WRITER … THE MURPH.

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There are DOG HOUSES, then there are HOUSES FOR DOGS. The first kind are dank, cold, uncomfortable fixtures in the backyard. Heaven forbid, I’m not talking about THAT kind of “dog house”. The kind of dog house I’m writing about are the kind that we share with our humans. The warm kind with lots of soft furniture for us to rest.

In February, Mom wrote about homes that might not sell because they are NOT dog friendly. Well, my fellow 4-legged friends need to know about homes that would be great fun for US to live in. So here’s my review of the homes Mom still has for sale that are dog-friendly.

This first home has a yard that a little guy like me or a medium-sized dog would like. (that’s me in the photo) It has a sun room where we would have easy access to the back yard from the kitchen. The sun room would give us a chance to wipe our paws just in case we get them dirty.

If we get too dirty or when it’s time for baths, there’s a big laundry room with a deep sink and counters for drying time.

There’s a chair-height breakfast bar that is the perfect height for begging for human food. After coming in from the cold and after our tummies are full, we can plop down in front of the brick fireplace to warm our toes and chase rabbits in our funny dreams.

If your human likes to take you for long walks or runs, the Antrim Park is a short car-ride down Olentangy River Rd. At this park, you can walk, run or maybe take a swim if you’re so inclined. I’m not too big on that - my legs are too short. Read more of Mom’s stuff on this home.

Calling all goldens, labs, poodles, boxers, and almost any other kid-owning dog … this is YOUR home. There’s a big deck for lounging in the sun. The fenced yard is perfect for playing fetch or Frisbees. No need to worry about the kids running away while you’re babysitting them.

There’s LOTS of dogs in this neighborhood, and they take their humans for walks in the evening, so you’ll have ample opportunity to meet, greet, and sniff.

The upstairs of the home has 4 bedrooms so it will be an easy jaunt during the night to move from one bed to another. That way all your humans will feel privileged to be graced with your presence. Read more of Mom’s stuff on this home.

Big dogs and hunting hounds will be thoroughly entertained in this yard. It has something for everybody … like a Disney World for Dogs! With 3 acres of land, the big guys can run in the flat front yard or get their cardio exercise running up and down the ravines in the back. The hounds can follow their noses to track rabbits and squirrels and what ever else needs investigation.

There’s even a small stream (which sometimes has water) for the water-lovers. It’s the right size of water for guys like me with the short legs - no big waves!

There are 3 decks and 3 patios on all sides of the home, so lounging in the sunshine won’t be a problem. For the senior citizen who may not be as nimble, there are walking trails and steps from the home down to the ravine, making it easier for an older dog to still have fun and recall their sprightly youth.

During the cold weather, there is a wonderful wood stove in the 2-story great room that will toast your tummy in fine order. If your humans allow, there are soft built-in couches close to the stove to enhance your ultimate comfort. Also, there are 5 doors to the outside and numerous dog-height windows, so no matter where you are in the home, you can put your nose prints on some glass. Read more of Mom’s stuff on this home.

Now, go tell your humans you want to check out some homes today … just as soon as you get up from your nap.

Copyright © 2008. 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 · Delaware County · Delaware Ohio · Dog Tails · Franklin County · Galena Ohio · Homes · Homes for sale · Worthington Ohio
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Home buyers & sellers … friend or foe?

September 13, 2008 · No Comments

Selling or buying a home can be a wonderful experience … or a troublesome one. It all depends on the parties involved. Naturally, having it be a wonderful, joyous, exciting time is the preferred outcome and that’s what happens in the majority of sales.

HOW TO BECOME A FRIEND

First of all both parties should rejoice in the fact that they share some things in common - they both like the house and they both want to move to a different home than where they are living now. Having a buyer choose a seller’s home is a complement to the seller. Likewise, having a seller trust the buyer enough to allow them to walk through the home and investigate its innermost corners during an inspection, is a complement to the buyer.

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Follow the GOLDEN RULE!
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Both parties should recognize that the Contract for the purchase of a home MUST be a win-win for both parties or it won’t become a Contract. The negotiation process to settle on the details of the Contract will attempt to find a common ground between the two parties. To some people, the closing/possession date is more important than the purchase price. To others the price may be more critical and they are more flexible on other terms. It’s a give & take to find which terms are acceptable to both parties. Keeping an open mind and looking for workable solutions during negotiations will result in both parties being satisfied.

What it really boils down to is having RESPECT for the other party. People that remember that the others are people as well - with feelings, emotions, and maybe some financial concerns - will usually do much, much better in the negotiation process. Often, when both parties work together and respect each other, good things happen. A seller may decide to leave something for the buyer that the buyer otherwise would have to purchase. The buyer may be willing to overlook some moving dust if events happen to cause the seller to run out of time during the moving process. I’ve even had sellers plan a neighborhood BBQ to introduce the buyers to their new neighbors. That’s wonderful!

HOW TO BECOME A FOE

  • Start out with an attitude of it’s MY way or the highway!
  • Make DEMANDS rather than suggest SOLUTIONS.
  • Treat the other side as if they were an inanimate object - not a real person with feelings.
  • If you’re the buyer and the seller gave you a good price for the home, add to the seller’s financial pain by submitting a 2-page list of remedies you demand be fixed.
  • If you’re the seller and the buyer paid full or nearly full list price, refuse to do ANY of the requested repairs even though they may be legitimate.
  • Threaten to pull out of the Contract every chance you get. That keeps everybody on their toes, keeps stress levels high and makes you feel powerful.

WHICH WILL YOU CHOOSE?

If you’re a seller and have friends in the neighborhood, do you really want the buyer telling your friends what an arse you were? Likewise, if you’re a buyer, do you want the seller to alert your new neighbors such they decide it’s best to not get acquainted with you or welcome you? Obviously neither is the desired situation. So go into your home buying or selling process with a positive attitude and you’ll eventually be so glad you did, when everybody has a great time at the closing table.

Copyright © 2008. 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 · Home buying process · Home selling process · Homes · Homes for sale · Sellers

Call your mortgage broker … NOW!

September 9, 2008 · No Comments

With the recent government takeover of Fannie and Freddie, mortgage interest rates have declined. If you have been considering buying a home, the time to act is now.

Don’t let this opportunity pass you buy!

  • There’s plenty of inventory of homes for sale, so you’ll have a good selection.
  • Sellers have reduced their prices to below market prices in many cases.
  • Low home prices combined with low interest rates is the best of both worlds for a buyer.

If you don’t already have a preferred mortgage broker, here are two that I highly recommend:

  • Tony Butler, Equitable Mortgage Corporation. Call him at 614-764-5071
  • June Zepp, Real Living Mortgage. Call her at 614-825-8806.

Get off the fence and act now or you’ll be sorry later.

Copyright © 2008. 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 · Home buying process · Home prices · Homes · Homes for sale · Lenders
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A day in the life of a Realtor®

September 4, 2008 · No Comments

I’m sure people sometimes wonder what a Realtor® does all day long. Many just think all we do is open doors for buyers and then make a whole bunch of money. Yeah, right!

Well, one of the nice things about the job is that everyday is different. There are NO typical days. We may plan a “to do” list in the evening for the next day, only to have the day completely changed due to an early morning email or phone call. Getting a contract in on a listing can change everything, since contracts take priority.

Carole Cohen, Cleveland, wrote about one of her days recently.

Paula Henry, Indianapolis, ask a question about how far Realtors® drive when working with buyers or taking listings. Based on the comments, it seems that agents who work in downtown urban areas seem to drive very little distance from their home. Agents who work in more rural areas must drive far more miles.

Yesterday happened to be the type of day that I refer to as “errand travel” days. Those are the days that I plan to complete several real estate tasks and of course, with the price of gas, I plan my route accordingly. I often refer to driving from one side of southern Delaware County to the other. Well, yesterday I did that PLUS I had to go down the east side of Franklin County as well.


View Larger Map

My day began with a visit to the Verizon store in Lewis Center because a piece broke on my bluetooth headset. Then over to a new development off Maxtown Rd (Westerville) to check the lot location of a spec home. Then to a listing in Galena to put an Open House sign strip on the yard sign. I took the scenic route south to Gahanna (through New Albany) where I had more investigations to do for a buyer client. Then further south to Blacklick to discuss the results of the investigations with the builder’s rep. I’m trying to get a price reduction on a new-build now that the builder has reduced prices on current inventory so I need FACTS.

Received a call that a security system was malfunctioning on a listing - so north to Worthington to look into that problem. The alarm was blaring while the poor showing agent was talking to me. I felt her pain as I did that ONCE. Problem solved, so next stop is to my office in Worthington to make copies of some paperwork for the office files.

Last on the ‘to-do’ list were some personal stops, the most important was to get The Murph more HeartGard medicine at his vet in Powell before they closed at 7:00. Gotta keep the little guy healthy!

Now wasn’t that day about as exciting as watching paint dry! :-) Oh, BTW, I put about 75 miles on the WEENR-mobile and didn’t make $1.

Copyright © 2008. 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 · Delaware County · Franklin County · Galena Ohio · Home selling process · Lewis Center Ohio · New home builders · Powell Ohio · Real Living HER · Realtors® · Sellers · Transportation · Worthington Ohio
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Survey Plats & Easements - how they affect you.

August 30, 2008 · 2 Comments

When you go to the closing table, the person from the title company will be covering all sorts of important documents with you. One of those documents will be a survey plat of the property you are buying. It will show you what - if any - easements are on the property.

There are several types of easements with the most common being utility easements. These easements give permission to utility companies, (such as electric, water, etc.) to come on your property to maintain or repair their lines. They don’t need your permission to do this or to DIG! If your prize roses or a fence are located in this easement, count on having them removed if the utility company needs to do so.

Sometimes there are drainage easements or identified preserve areas. What you can or cannot do in these easements are usually governed (explained) by the deed restrictions.

In the diagram to the left, I have highlighted in yellow the various easements on a particular property. It has more easements than is found in many plats, but it does a good job of showing the restrictions this particular owner will need to keep in mind when landscaping or building a deck or patio.

To the back of the property is a 20 ft preserve and drainage easement. For this particular lot, the preserve easement states that the owner can’t do anything to that section other than look at it. No mowing, no picnic tables, no plantings. Look but don’t touch. This owner owns the land but can’t use it.

Along the sides of the property, there are drainage easements. This particular lot is sloped so that means that the slope must be maintained such that if there is a very hard rain, any excess water has a natural flow back to the preserve area, to prevent flooding.

It’s not uncommon to have one plat have an easement that the neighboring plat doesn’t. As a buyer, if you are concerned by what easements might be on the home you are considering, you can ask the seller for a copy of the plat survey they were given when they closed on the home. Or you can visit the county Auditor’s office where you can see the plats for neighboring homes as well, to see the BIG picture.

Copyright © 2008. 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 · Home buying process · Homes · New home builders · Surveys
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