Entries categorized as ‘Homes’
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
Tagged: Remodeling magazine's Cost vs Value report
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
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
Tagged: Stratford Woods, central ohio real estate market news, Brookfield Village, housing trends, Hoover Reservoir home for sale
The real estate industry blogs were all abuzz this week reacting to a press release from ForSaleByOwner.com. The press release was later challenged as false and misleading and a retraction has been requested.
In the press release, FSBO.com said they were going to be adding their listings to the powerhouse search site REALTOR.com which is the search site exclusive to REALTORS® … the members of the National Association of Realtors®.
Needless to say, REALTORS® were very upset because we must pay huge fees to belong to the NAR, plus hundreds to thousands of dollars to upgrade our listings on REALTOR.com. The thought that a FSBO seller could have their listings there was just inconceivable. It was the principle … the FSBO seller has already indicated that they don’t want to pay for a REALTOR’s® services … but they want to derive a benefit from our national listing service … without paying for it.
It would be the same as someone being able to join the American Bar Association without having gone to law school, but buying the do-it-yourself Will papers at Staples or Office Max to avoid paying legal fees.
Fortunately, NAR and REALTOR.com have challenged FSBO.com and issued these clarifications:
- FSBO.com does not in any way enable home sellers to advertise their home on REALTOR.com without broker representation. Every property on REALTOR.com must be listed by a licensed real estate broker.
- REALTOR.com has not authorized FSBO.com to resell REALTOR.com’s Showcase Listings Enhancement package.
- There is no relationship between FSBO.com and REALTOR.com.
- There are no unrepresented homes on REALTOR.com - every property on REALTOR.com must be listed by a licensed real estate broker, and unrepresented properties would not qualify to be submitted to a Realtor® owned and operated MLS.
REALTOR.com has asked FSBO.com to issue a retraction. FSBO.com also did not request or receive permission to use REALTOR.com name in their press release. Tsk … Tsk!
Maybe FSBO.com should be more careful in making their unsubstantiated claims! Ya’ think!
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: Advertising · FSBO · Homes · Homes for sale · Internet · Realtors® · Realtor® selection · Sellers
Tagged: Realtor.com, central ohio real estate market news
This is for those sellers who have moved to their new location - in another city or state - and left behind a vacant home that is for sale. Of course, the home will have some type of lockbox on the front door so real estate agents can show it.
What sellers may not consider are the key(s) they’ve given to others, perhaps a trusted neighbor or friend. When deciding who to give a key to, please consider this story of what happened to one of my sellers a few years ago.
My client was to leave on Saturday, over Memorial Day weekend, to drive to his new state. He asked me to stop by on Friday to give my stamp of approval that his home was cleaned, ready for the closing that was to occur on Tuesday after the holiday. I gave it my blessing and he was so proud of the great job he had done. We were all set to close … or so we thought.
The buyers, who were moving in from another city, had scheduled to do their walk-thru at 9:00am Tuesday morning, then they would go to the title company to close.
Around 9:15, I received a call from the buyer’s agent, screaming at me about what a mess the home
was. It took several minutes for me to get a word in, but I managed to tell her I would come right over. Here’s what I saw:
- Plastic cups in EVERY room. Some were still filled with Orange Crush soda. Some had been used as ash trays, using the soda to extinguish the cigarettes. (thank goodness they didn’t set fire to the home!) Some cups were tipped over, spilling the orange soda on the white carpet. Several rooms had large orange spots on the carpet, including the stairs.
- The whirlpool tub had soap scum lining the sides.
- A window screen had been removed from a bedroom window and was laying, bent, on the floor.
- The kitchen counters had multiple microwave entree trays, with crumbs all around.
I was shocked because I hadn’t a clue as to what had happened between Friday to Tuesday. My client was a very nice, soon-to-be-retired gentleman, and definitely not the type to purposely do something like this. I tried to call him, but was unable to reach his cell phone.
Fortunately, a neighbor saw the flurry of activity at the home, and came to tell me that he had seen the neighbor’s teen daughter going in and out of the home over the holiday. He also saw some boys sneaking in as well. AHAH!!!! It seems my client had told that neighbor what the garage door code was so she could put his trash out on Tuesday. The post-it note with the code, was stuck on their fridge. The daughter saw an opportunity to have a holiday party!
I called the police to report the break-in and vandalism so my client could make a claim on his homeowner’s insurance. He was able to get reimbursement for the new carpet that was required when the carpet cleaners couldn’t remove the orange stains. The police took the girl, and later her friends, to juvy and they were charged with the crimes. I heard they had to spend some time in juvy-jail.
So, sellers think about this story when you decide you can trust your neighbor to “watch” your home. You may be able to trust the parents … but perhaps not their kids … especially when hormones are involved.
Oh, yes … we DID close later that afternnon … just had to hold back some funds in escrow for the new carpet.
Read these related posts:
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: Home selling process · Homes · Homes for sale · Realtors® · Safety · Sellers · Sellers
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
Tagged: CodeRed Reverse 911 Warning System
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.
Don’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
Tagged: Selling a home over the holidays
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
Tagged: central ohio real estate market news, Brookfield Village
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
Tagged: central ohio real estate market news, Joe Testa Franklin county auditor
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
Tagged: Bob Webb custom homes, North Orange Park, Orange township, Ohio
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
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
Tagged: central ohio real estate market
This new listing is the home you’ve been looking for … lots of space … big fenced backyard … in a popular neighborhood … at an affordable price.
It has many of the features that buyers want such as a vaulted Great Room, loft for a home office, deck for entertaining, a HUGE kitchen with LOTS of cabinets, and a nicely finished lower level. It’s in stellar condition so you can just move right in. Best of all, it’s a way to buy into Stratford Woods below $200,000 with a price of $194,900 for 1904 sq ft in this 3BR home.
Stratford Woods is a terrific location with easy access to Polaris, Powell, Dublin, Worthington or Westerville. For peace of mind, the sellers are providing the buyers with a home and gas warranty.
Other features: Ceiling fans in all upstairs rooms plus the Great Room; easy care laminate flooring; hot/cold water in the garage; kitchen appliances stay; wood playgym can stay or go.
Click to see location map.
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 · Homes · Homes for sale
Tagged: Stratford Woods, central ohio real estate market news
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
Tagged: radon in central Ohio
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
Tagged: central ohio real estate market news
Elaine Reese
614-825-8860Real Living HER
