Central Ohio Real Estate Market News

Entries categorized as ‘Central Ohio’

Help the Mid-Ohio Food Bank

December 3, 2008 · No Comments

Real Living HER is partnering with the Mid-Ohio Food Bank with a food drive to help feed central and eastern Ohio’s hungry families during the holiday season. The Food Bank serves over 500 food pantries, shelters, and other sites around Ohio.

The goal is to “make food accessible to hungry people in their greatest times of need”. Real Living HER supports these ideals.

My office in Worthington at 6902 N High St (just south of I-270) will have a box in the lobby where you may drop off canned or dry goods. If you live in another part of town, you can drop it off at any of our other offices. (map of Real Living HER offices).

The food drive officially ends on Friday, Dec 19 when the food will be collected and taken to the Food Bank.

I’m sure that this year when money is much tighter for folks, anything extra donations you can provide will be greatly appreciated.

Categories: Central Ohio · Franklin County · Real Living HER · Realtors® · Worthington Ohio
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Do you agree with the 2008 Cost vs Value report?

November 28, 2008 · No Comments

Remodeling magazine and REALTOR® magazine have just issued the results of their 2008 Cost vs Value report. The survey was conducted last summer with 150,000 emails sent to appraisers, real estate agents and brokers. They received 4,500 responses.

In past reports, I have questioned the results as the dollars spent for the renovation seemed far higher than what clients have told me that they actually spent, even when having professionals do the work. I also wondered about the resale value that might be achieved when selling which also seemed overstated vs what I actually see when doing comps for buyers or sellers.

For example, in this year’s report, they indicate a sunroom, in the IN-IL-MI-OH-WI markets, would cost $71,591 to add. The resale value would be $36,740. Clients have told me that they spent around $20,000 to $25,000. Prices on homes with a sunroom might be $10,000 to $15,000 higher than those without. However, if there are other negative issues with the home, having a sunroom may not help a home to sell. If there are no other issues, then the sunroom “may” help a home to sell vs another similar home without one, making the addition of that room merely a tie-breaker. Bottom line, it depends on how important that room is to the buyer and how much extra the buyer is willing to pay for it.

But, this is just MY opinion … read further for the “official” report. You can get free city reports once you register at www.costvsvalue.com.

For the Columbus market …

  • A mid-range kitchen is estimated to cost $20,991 with a resale value of $14,734 for 70.2% recouped cost.
  • A mid-range basement remodel is estimated to cost $58,851 with a resale value of $33,686 with a recoup rate of 57.2%.
  • An upscale remodel of a bathroom is estimated to cost $50,598 with a resale value of $35,858 for 70.9% recouped.

Some common additions, upgrades, remodels for the E. North Central area (IN, IL, MI, OH, WI)

  • Wood deck addition: job cost = $10,534, resale value = $7,263, recouped 68.9%
  • Garage addition: job cost = $60,018, resale value = $33,559, recouped 55.9%
  • Basement remodel: job cost = $64,008, resale value = $37,851, recouped 59.1%
  • Minor kitchen remodel: job cost = $21,759, resale value = $15,038, recouped 69.1%
  • Roof replacement: job cost = $20,227, resale value = $11,056, recouped 54.7% (on this one I have first-hand knowledge. My home is just over 2000 sq ft, and the roof I had installed in August using 5-tab, dimensional shingles cost $8500 and that included a tear-off.)
  • Vinyl window replacement: job cost = $11,077, resale value = $7,429, recouped 67.1%

Before you decide you can’t afford to make some of these improvements, first check with your local, favorite contractor to get an actual cost estimate. I suspect you may be able to spend far less than this survey indicates. Also, keep in mind that you can’t add 100% of that cost to your base purchase price, because it may just be a tie-breaker feature versus another home on the market. For instance, I would not expect to recoup any portion of the new roof on my home because it falls in the category of “general home maintenance”. Buyers “expect” to buy a home with a roof that has all the shingles and doesn’t leak.

If you’ve made any of these additions or remodels, feel free to add your comments as to the price you paid, and how similar … or dissimilar … your costs were to the Survey’s findings.

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: Central Ohio · Fix-ups · Home prices · Homes · Sellers · Surveys
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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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Delaware County residents get CodeRED Reverse 911

November 13, 2008 · No Comments

Last summer, Delaware County called residents to notify us of a tornado warning, as part of their CodeRED® Reverse 911 warning system. I don’t recall getting such a call when Hurricane Ike’s winds came through, of course, those winds lasted for six hours and damage just kept building up and up.

The CodeRED® system is programmed to call phone numbers that are currently in the phone directory system. It can call up to 60,000 lines per hour. It can also be programmed to just call only those homes that might be in a tornado’s path. It will also be utilized if there is a hazardous material spill, or some other major emergency.

In a Delaware General Health District newsletter that we just received, we can now go to their web site to sign up for calls to be delivered to alternate phone numbers, such as our cell phones. When a call is determined to be needed per our home address, the system will automatically call BOTH numbers.

If you’ve changed phone numbers, don’t have a land line, or want your cell phone called as well, it might be a good idea to make sure your info is correct. Sign up on their web site at www.co.delaware.oh.us. I did it and it was very simple. Well worth the peace of mind.

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: Central Ohio · Delaware County · Homes · Safety
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How do you feel about hiring a part-time agent?

November 5, 2008 · 2 Comments

When you hire a real estate agent, are you sure they don’t have another job? Would you mind if they did?

The past two years have been challenging for agents to make ends meet. When times were good, a lot of people entered the business. If those agents didn’t develop the skills to manage their business, they may be having trouble now. Many have had to leave the business or take part-time jobs to help pay their bills. A few are even losing their own homes to foreclosure.

I recently heard that so far this year there was a 7% reduction to membership in the Columbus Board of Realtors®. The source of this information told me that they expect even more to get out of the business by the end of the year since our first invoice for 2009 dues was just received and half is payable the end of December. Our annual dues are just under $800.

Our job is a little like OB Dr’s … but without the big bucks. We’re “on call” 7 days a week, usually at least 12 hours a day. We work when clients do and when they don’t. We might get a phone call at 8:00 in the evening from another agent saying they’re faxing an offer. Then we must contact our client to review the offer with them. One year I even spent the better part of New Year’s Eve with my sellers going over an offer and writing up a counter offer.

When an agent has another job, they simply can’t be responsive to critical phone calls or managing the details of a home that’s in contract. When they’re at their other job they can’t receive or respond to faxes and may not be able to accept personal phone calls. If they do try to cram in a contract or counter offer in between jobs, they may be prone to making mistakes in the wording of the legal document. I’ve been on the receiving end of those, and they always require a counter offer from the seller to “clean up” the contract. The most frustrating aspect of being in-contract with such an agent is that it forces everyone else involved in the transaction to work around the schedule of the agent’s other job.

There ARE some agents who are supported by a spouse’s income, so they may “dabble” in real estate primarily working for family and friends. That’s a different scenario than having another job as they don’t have the time constraints.

If it’s important to you to have a full-time agent working for you, then be sure to ask if they have another job or think they may need to get one during the time they’re working for you. This is an issue that probably won’t go away anytime soon, as there are simply too many agents vying for the lower overall business that is available. Weeding out the less skilled, lower performing agents is viewed as positive for the industry. As with any industry, it’s Survival of the Fittest.

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: Central Ohio · Realtors®
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Spacious home for sale in Brookfield Village, Hilliard

November 2, 2008 · No Comments

This new listing has a great location in the popular Brookfield Village … convenient to downtown Hilliard, shopping and major access roads. Being a larger home (2368 sq ft), you’ll find plenty of room for entertaining guests or family activities, both in formal or casual areas.

The traditional floor plan has a formal living room with a bay window and nearby brick log-burning fireplace with raised hearth. Nearby is a formal dining room with a view of a large tree. The kitchen has plenty of cabinetry, including a pantry, making meal prep easy. All the kitchen appliances stay. You’ll love the large casual dining area with a bay window, and easy access to the backyard. A large 3-panel window brightens the Family Room, with plenty of space for a large TV and sectional sofa for watching football games.

Upstairs are 4 roomy bedrooms, with an extra spacious, private owner’s suite which has a walk-in closet, bath area, 2-sink vanity, glass shower stall, jetted tub and enclosed commode area. Also, on the 2nd floor is the laundry room for added convenience.

The finished lower level features three distinct areas, a half bath, and a small room with a sink … ideal as a wet bar. The backyard features a paver patio and is totally fenced for pets or kids. At only $194,900 it’s a fantastic buy for this terrific neighborhood! Google Map directions.

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: Central Ohio · Franklin County · Hilliard Ohio · Homes · Homes for sale
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Joe Testa reinvents the Auditor’s web site … again!

October 30, 2008 · No Comments

It’s been a busy week of meetings at the Board and with clients. One of the Board meetings was the Tech User’s Committee meeting, of which I am Vice-Chair. Tuesday’s meeting featured Joe Testa, the Franklin County Auditor. We invite him once a year to speak to our Committee and it always has the highest attendance since all Columbus Board of Realtors® members are invited to attend.

Because it’s the Tech Users Committee, the presentation is on the fabulous web site that he and his staff have implemented. Every year they improve it and it’s one of the best in the central Ohio area. They’ve worked on improving it even more in the past year, and the new version will go live in the next week or so. He gave our group the beta domain address and asked us to try it out and let them know if we found any bugs.

Joe said that they essentially reviewed the site by asking how they would design it if they were to start over to try to make it even more user friendly. Judging by the demonstration they gave, the site will have often used features more easily accessible with fewer “jumps” to other platforms. I think we’ll find it even easier to use with even more info available for us.

Since Joe’s department handles the property tax assessments, there was much discussion of what adjustments will be made to allow for the effect of foreclosures on a neighborhood’s property values. Per the law that they follow, they view assessments as a 3-year window. They also remove those transactions that didn’t sell as a normal “arms-length” sale. So it’s not likely that assessed property values will decline much, if at all.

Of course, Franklin County citizens can follow the procedures (see Joe’s web site) to appeal their own assessment to try to get it lower … but keep in mind they may determine that the value has increased, and if so, you’ll have to live with it. Oh, whoops!!!

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: Central Ohio · Columbus Ohio · Franklin County · Home prices · Homes
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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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Here’s a primer on being a Buckeye if you’re relocating here

October 23, 2008 · 2 Comments

Let it be known that if you relocate to the Central Ohio area, you WILL be expected to become a BUCKEYE! We’re passionate here about all things Buckeye … especially the football team. So get used to it.

Outsiders may not know what being a Buckeye means, so here’s some things to help you blend in.

The Buckeye tree is our state tree that produces a sorta round brown nut with a cream spot on the top. It obtained its name because it resembles a buck deer’s eye. The nut is supposedly poisonous to eat which is why “that-state-up-north” has some disparaging chants about it being a worthless nut. Never mind what “that-state-up-north” says, we Buckeyes are enterprising and make a delicious candy for game days that looks like the nut, but tastes like Reeses® Peanut Butter Cups.

TBDBITL stands for The Best Damn Band In The Land, and of course, refers to the OSU Marching Band. It’s pronounced “ta-bid’-al”. There’s nothing like being in THE SHOE when the band comes out from the tunnel and 100,000 people stand up to clap and cheer. It’s a spiritual experience and can be known to bring tears to our eyes for the shear magnitude of the response and the pride we feel for our Buckeyes.

THE SHOE is the Ohio Stadium, but it doesn’t look so much like the horseshoe anymore since they closed in the end zone and added on the press box. My fondest memories at The Shoe were the four years I watched Archie play all his home games there. I also went to all the away games that he played at “that-state-up-north”. (I won’t talk about the “yard marker incident” with Woody. Yep, saw THAT, too!)

BRUTUS is the mascot. While I’m sure that the new costume is much easier on the person inside, I have a soft spot in my heart for the original mascot. The original one was a big round fiberglass head with movable fuzzy eyebrows and movable mouth. When times weren’t going so well, that Brutus could frown with a furrowed brow. In the early 70’s, I made my own paper-mache version of that mascot. I had it autographed by Archie & Ray Griffin, Corney Greene, and Anne Hayes when they attended one of our Union County OSU Alumni meetings. It’s one of the few things I own that my daughters intend to fight over after I’m gone.

Shopping For Homes Here: It’s highly likely that you’ll find rec rooms decorated in scarlet & gray with OSU logos and paraphernalia stuck everywhere. You should view these rooms as “adding value” to the home, much like granite counter-tops or hardwood floors. :-)

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: Central Ohio · Columbus Ohio · Franklin County · OSU Buckeyes
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Zoom … Zoom … SCREECH!

October 20, 2008 · No Comments

In August I wrote about the city of Delaware evaluating the option of allowing golf carts to be driven on some city streets in order to save gas.

Well, the verdict is in. The little carts hit a brick wall. They weren’t approved because they don’t have seat belts and they only have rear brakes which makes them easier to spin out.

Don’t believe it? Just watch America’s Funniest Videos for funny clips of people being thrown out of them.

Guess the Delaware folks will have to stick with bicycles to save gas money.

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: Central Ohio · Delaware County · Delaware Ohio · Transportation
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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?

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 · 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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Do you rely on political polls to make up your mind?

October 13, 2008 · 2 Comments

Polls! Polls! Polls! Are you confused about what you hear or read in the media? One poll says that so & so is leading. Another poll reports just the opposite. In January, I wrote about the need to be careful in interpreting what the Talking Heads TV news anchors are saying and the spin that they try to put on events. To say that the media has influenced this presidential election is an understatement.

In yesterday’s Columbus Dispatch, there was yet another example. The headline read: “Obama,McCain in a dead heat in new state poll”. The secondary headline read: “Republican’s September lead disappears amid Wall Street meltdown, credit freeze“.

To get the real skinny on this poll, you would have had to read down to the 4th paragraph, where you would learn that this poll was based on the opinion of 876 LIKELY VOTERS. Now there are millions of potential voters in Ohio. Are we to trust that these 876 are “statistically representative” of those millions? And what does the word “likely” mean? Does it merely mean they are registered, or does it mean these are people who actually might get in their car and take the time to vote in this critical election? Given recent reports of ACORN voter registration fraud, I’d like to know if these “voters” are legit or fake or have registered multiple times, as is being reported.

In the 5th paragraph, we learn that the survey was done VIA PHONE, commissioned by the Ohio Newspaper Organization (remember newspaper editors/owners have their own agenda). Now I realize that the phone is the easiest and most expedient method to conduct surveys, but is it really a reliable way to judge opinions any more? I know many people who no longer have phone land lines, as they have switched totally to cell phones. Then we must consider the demographics of the person who is willing to answer a surveyor’s questions over the phone without hanging up. With so many reports of identity theft, who are these folks willing to talk to a telemarketer over the phone? Are they truly a representative sample of the general voting population?

In my last post on Fall Colors, I drove through many areas of Delaware County and Union County. I could do my own survey results based on the political signs I saw in people’s yards. Based on that “survey”, I would say that McCain is leading 3-to-1. However, I showed homes in Clintonville last week, and if I based my survey on that community north of OSU, Obama would be leading 3-to-1. Now we all know that neither of my surveys are correct, but unfortunately, they may be about as correct as the one touted in The Dispatch!

I think I’ll wait until Nov 5 to see what the REAL POLL said!

Read more on ACORN and voter fraud here and here and here.

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Categories: Central Ohio · Commentary · Delaware County · Franklin County · Media · Newspaper · Surveys
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Joy riding through the Olentangy River Valley

October 11, 2008 · No Comments

Today was certainly a pretty fall day. The Murph and I were out and about late this afternoon, and with the fall foliage beginning to turn colors, I snapped some photos along the way. We were in the Powell, Dublin and Plain City areas, and although there are tons of homes in these suburbs, they are intersperced with natural areas.

The Murph got to see his first horses. For a change, he didn’t bark at them. Guess he thought “those dogs were just TOO BIG to mess with”. We went by a farm with a bunch of cows by the fence. Murph’s nose was in overdrive as he got a whiff of fresh manure.

Tomorrow is supposed to be an equally pretty day. I recommend taking advantage of it by getting out to enjoy the scenery. It’ll be gone too soon and it’s a long time till March!

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: Central Ohio · Delaware County · Dublin Ohio · Franklin County · Powell Ohio
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