Central Ohio Real Estate Market News

Entries categorized as ‘Homes for sale’

What’s your house personality?

July 11, 2009 · Leave a Comment

The suburbs around Columbus seem to have “personalities’. People gravitate toward one suburb or another based on the personality they perceive the suburb to have. Those perceptions may be correct or they may not. cookiesSome suburbs are similar, yet different.

People who like older homes with nooks & crannies may opt for Worthington, Upper Arlington, Clintonville or Bexley. Those who like newer homes may elect to live in Dublin, Powell or Lewis Center. A suburb like New Albany is for those that enjoy the East Coast Williamsburg look. Some people take comfort in buying a “normal” house that, while it may have some unique features, it’s not so different from others. The home conforms.

Then there’s the eclectic set of people. The “march to a different drummer” kind of folks. Cookie-cutter homes aren’t for these people. They view themselves as unique and want a home to reflect that uniqueness. The typical subdivision isn’t their style either because many subdivisions don’t allow uniqueness.

drumCurrently I have a listing that is one of these “different drummer” homes. Today I was checking inventory availability in the Hoover Reservoir area where this home is located. As I looked at the homes and their interior photos, it occurred to me that although the area east of Hoover Reservoir isn’t really like a subdivision, there was some commonality to the homes. The commonality to them is their “uncommonness”.

I began to wonder if people gravitate to this area because of the ability to live within a pastoral setting in a truly custom home that is unlike any other. Most of the homes are built to take full advantage of the outdoor view, be it trees, ravines or the reservoir’s water view. I suspect these are people who are comfortable in their own skin and confident enough to venture outside-the-box with their home’s architecture. Simply because of the terrain, they may also have an appreciation for nature or simply enjoy their privacy.

It’s interesting how birds of a feather flock together, isn’t it. Oh-h … and did I mention how many unique birds – those with actual feathers – flock to this east side of Hoover Reservoir as well?

If you’re the type of person with your own drum and want a home to reflect that, give me a call. I’ve got one that will knock your socks off!

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Delaware County · Dublin Ohio · Franklin County · Home buying process · Homes · Homes for sale · Lewis Center Ohio · Powell Ohio · Worthington Ohio
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Will you be visiting the BIA Parade of Homes?

July 8, 2009 · Leave a Comment

parade-of-homesThis weekend marks the beginning of the BIA Parade of Homes. It will be held at Tartan Ridge in Dublin and should prove to have the elegant homes of past years. There are eleven builders participating in this year’s event.

It’s always fun to visit the Parade to view new decorating trends or get ideas for our own homes. I suspect some “honey-do” lists get a little longer after the visits.

The Parade runs from July 11 through July 26. Hours are Mon-Sat 12pm-9pm; Sun 12pm-6pm. Tickets cost $12 and parking costs $2. Kids under 12 are free. Visit the BIA Parade web site for locations offering discounted tickets. Tartan Ridge is northwest of downtown Dublin, off Hyland-Croy Rd near Glacier Ridge Metro Park.

I’ll be there on July 18 working at the New England Homes model. This builder has won awards at past Parades, so be sure to visit it. If you’re there on the 18th, be sure to say ‘hi’. 

parade 004

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I went to the Parade location today to pick up my pass to work the New England home. Here’s a photo of the New England Homes model  where I’ll be on the 18th.

It’s very nice inside with a great floor plan. It’s already sold, but the builder can build one just for YOU!

 

parade 006  This is the Duffy home model. I thought it was a very appealing style, especially with the copper roof. I haven’t been inside as there were many workers there today making last minute preparations for Saturday’s opening.

Aren’t you excited just looking at these gorgeous homes?

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Delaware County · Homes · Homes for sale · New home builders
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Home Showings in Delaware County

July 1, 2009 · Leave a Comment

If your home is for sale, you know how important showings can be to actually selling the home. Usually the more people that view your home, the better opportunity you have to sell. It’s a numbers game.

Not getting showings? Then something is wrong. The photos? The price? The home? The area? Yes, there are fewer buyers than in past years, especially for higher priced homes, but showings are still occurring. Perhaps, you’re wondering how your showings stack up against others.

My broker, and numerous other brokers in the CBR MLS system, subscribe to Centralized Showing Service (CSS) to simplify other agents being able to set up showings. CSS just added a new feature that allows member agents to review the stats for other homes vs our listings. We can sort the data several different ways and it will be useful when evaluating a listing price or potential necessary price reduction.

I thought you might like to see the price ranges of showings that have occurred so far this year for four of the key areas in southern Delaware County: Powell, Lewis Center, Galena and Delaware city. The pie slices equal the percentage distribution of the showings for the given area.

Showings on homes in the Powell area which encompasses the southwest portion of Delaware County.

Powell showings

Click to enlarge chart

Showings on homes in the Lewis Center area which encompasses the southeast portion of Delaware County.

Lewis Ctr showings

Click to enlarge chart

Showings on homes in the Galena area which encompasses the east portion of Delaware County.

Galena showings

Click to enlarge chart

Showings on homes in Delaware city which encompasses the central portion of Delaware County.

Delaware showings

Click to enlarge chart

Showings on homes in all FOUR areas.

While the four above charts show the distribution of showings within each area, the total number of showings for each area differs quite a bit. The chart below shows the relationship of the number of showings for each area. Powell had nearly half (48%) of the showings.

Showings for Powell, Lewis Center, Galena, Delaware Ohio

Click to enlarge chart

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Delaware County · Delaware Ohio · Galena Ohio · Homes · Homes for sale · Housing stats · Lewis Center Ohio · Powell Ohio
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… but the home has a nice lot!

June 30, 2009 · Leave a Comment

Home sellers – head this warning. If the only positive thing that your agent can say about your home is that “it has a nice lot“, then you need to do some upgrading.

At our office meetings we are able to promote new listings. The office manager pulls up the listings on Real Living HER’s web site so we can view the photos while the listing agent discusses the features and details of the home. Sometimes the agent will mention other special notations about the listing without divulging anything of a confidential nature.

Because my office is located in Worthington many of the listings are in Worthington which has mainly old or older homes. A lot of  them haven’t been updated since they were built. “Hey, if it ain’t broken, don’t fix it”. The carpet may be worn. Some have wall paper that was popular eons ago. Appliances may be outdated – remember harvest gold and avocado green. Bathroom tile may be mint green or Pepto Bismol® pink. Basements may be finished with knotty pine paneling.

Because updating such a home is a major task and expense, sellers are often reluctant to want to spend the money to do it before putting it on the market. However, potential buyers feel the same way. They want to buy a home that they can immediately live in. They don’t want to spend thousands of dollars fixing up what someone else didn’t want to bother with.

Is this a good strategy? Generally not. First of all, the price will need to be low enough to reflect the cost of the upgrades, such that when the improvements are made, the resulting cost is AT the current market.

Home Price + Cost of Improvements = Market Price

Buyers often aren’t very knowledgeable about the cost to upgrade and generally will overstate the cost to make the upgrades. For instance, putting new carpet in a room may cost only $2000-$3000. Buyers are apt to estimate it to cost $5000-8000. If they do decide to write a purchase offer, they will use the higher figure when they discount the list price.

Market Price – Cost of Improvements = Maximum price to pay

Some of the homes mentioned in today’s meeting were in need of updating and the sellers were unwilling/unable to make the improvements. This left the agent to explain that the “home needs updating – but, it’s got a GREAT lot”.

If you don’t want your home to be described in this fashion, do at least some of the updates. It can be a well spent $5000-6000 because you’ll likely get it back with a higher price and a quicker sale.

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Advertising · Central Ohio · Fix-ups · Home selling process · Homes · Homes for sale · Internet · Sellers

Central Ohio home sales by subdivision for 9 suburbs

June 21, 2009 · Leave a Comment

I just updated the Sales By Subdivision section for home sales between Jan 1 thru June 20. I know quite a few of you have been checking to see if I had done it yet. Sorry I was so delinquent. That’s why I extended the date to June 20 rather than stopping at the end of May.

Categories: Central Ohio · Home prices · Homes · Homes for sale · Housing stats
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Will Hoover Reservoir be YOUR sanctuary?

June 14, 2009 · Leave a Comment

Central Ohio has two main lakes which are both man-made water reservoirs: Hoover and Alum Creek. For me, Hoover Reservoir is the “quiet one” and Alum Creek is the “bustling one”. Speed boats aren’t permitted on Hoover, so it seems more serene with the sail boats, kayaks, and small fishing boats casually floating by as many birds fly overhead.

On any given nice Saturday or Sunday afternoon, your likely to see bike clubs pedaling their way on the tree-lined roads that circle the lake. Red Bank Rd runs along the east side and Sunbury Rd along the west side. The terrain along the Red Bank side is more rolling and the homes that sit between the road and the lake are often hidden within wooded lots with many have ravines. Homes on the Sunbury Rd side tend to have flat lawns, fewer trees, and more unobstructed views of the lake. They also have more traffic as Sunbury Rd is the primary access to many subdivisions on the west side of the road.

Occasionally, there are luxury homes for sale in this Hoover area. It’s a very desirable location not only because of the views but also because of its easy access to the airport or downtown Columbus (~30 min). People can enjoy spending the day in the city, then come home afterward to their own quiet sanctuary.

Except for the lower southwest side of Hoover Reservoir, the area is serviced by the Big Walnut school district which has a report card rating of Excellent with the Ohio Board of Education. Another advantage to the area are lower tax rates than the neighboring Olentangy school district.

If this area sounds like a place you would like to call home, call me first and I’ll try to help you find the perfect place so you can start enjoying your own personal sanctuary.

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Delaware County · Galena Ohio · Homes · Homes for sale · Schools · Water fun
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So your Realtor® won’t let you buy the house you want …

June 13, 2009 · 4 Comments

As Realtors®, part of our job is to help our clients buy the home they want (assuming the home is within the approved financial means of the client). When we first meet with the home buyer, we talk to them about their basic criteria, their preferred locations, their “need to haves” vs their “want to haves”, and what they absolutely don’t want.

During the physical viewing process, a good agent will listen to the subtle comments a buyer makes as they’re viewing the various homes. Without realizing it, very often the buyer will reveal something about their “feelings” that’s not on the basic list.

I had some relocating buyers a number of years ago where we viewed quite a few homes that met their criteria list, but none of them were “the perfect home”. None had the special set of features that made the buyer want to buy. At the end of the day as we were assessing the homes and making plans for their next trip to the area, the wife said, “I FoyerViewOfBackwant a home that makes me go WOW when I walk in the front door”. Ah-ha! That’s a big clue. That’s what I mean by “feelings”.

So prior to their next visit, I previewed homes that met their basic criteria (on a golf course, 1st flr MBR, under $500K) THEN I looked for the WOW FACTOR. I found it … we viewed the home the following weekend … and they bought it. The view from the front door was of a curved staircase and wall, marble floors, AND a view of the golf course from the special windows in the Great Room.

Now what happens if, as a home buyer, you’re working with an agent that won’t let you buy the home you really want?

I once had a buyer’s agent tell me that although the buyer really liked the home, he wasn’t going to LET her buy it because he thought it was too big for her. SAY WHAT! He told me he had to keep holding her to the initial criteria she gave him and he wasn’t going to allow her change it. He felt she was selecting homes that were larger than what she really needed. In other words, he was deciding what home she should or should not buy based on HIS feelings … not hers.

If I had ever had an agent with that kind of opinion when I was shopping for any of the homes I bought prior to becoming a Realtor®, I would have fired that agent. It’s common for buyers to change or adjust their criteria while they’re viewing homes. It’s a learning process that can and should be allowed to evolve. It’s not uncommon to have a buyer fall in love with a home that met very little of the initial criteria. They fall in love with it because it just “feels” right.

The decision to buy a particular home usually ends up being an emotional one. We choose a home because we can see ourselves living in it. We can imagine where we’ll have our morning coffee, where we’ll relax at the end of the day, how we’ll celebrate holiday dinners, take Sunday afternoon naps, cozy up with a favorite book, etc.

So, pick a home YOU like and don’t let your agent pick one THEY like. This also applies to parents’ opinions … except of course, for my kids … where my opinion does count. :-)

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Golf course communities · Home buying process · Homes · Homes for sale · Realtors®

Should home buyers disclose their warts?

June 7, 2009 · 1 Comment

Should home buyers be required to provide a Disclosure similar to the Property Disclosure that is required of home sellers? This was a question posed by Jim Crawford, an Atlanta real estate agent in one of his blog posts. So far, the comments to that post have mostly been in support of the concept.

Currently home sellers are required to “tell all” about their homes – warts and all. Buyers have access to this information before they ever decide to write an offer on the home. Buyers can decide on their acceptance -or non acceptance – of those warts.

wartsThere is no such Disclosure required of home buyers. It’s not a level playing field, as Jim says. Should home buyers be required to provide home sellers with a Disclosure about the buyer’s warts BEFORE they decide to enter into a Purchase Contract with that buyer?

In real estate we use the term READY-WILLING-ABLE buyer. Should a Buyer Disclosure provide the seller with proof that the buyer truly is Ready-Willing-Able?

What might a Buyer Disclosure include?

  1. Readiness To Buy
    • Information on whether they have a home to sell first; whether that home is in-contract; the closing/possession date of that home’s contract.
    • If renting, information on lease commitments (month-to-month, 30- or 60-day notices, etc.).
    • Information on whether buyer has committed to a specific lender and will or will not be exploring other lenders for a better deal. (sellers need to know whether it’s a reputable lender since this is so critical to the actual sale of the home)
  2. Ability To Buy
    • Identification of the lender’s company that the buyer has committed to.
    • Information on whether the buyer has provided all required papers to the lender (a yes/no answer).
    • A Pre-Approval Letter that includes the maximum price the lender has approved the buyer to buy. (some buyers have been making offers on homes much higher priced than their approval and this causes later problems for all involved)
    • Identification of any buyer-related contingencies to that Approval (i.e. getting funds for down payment).
    • Information regarding the due dates the lender requires to execute a loan. (i.e. if a lender is taking 45 days to close, the buyer shouldn’t write an offer to close in 30-days)
  3. Willingness To Buy
    • The number of any previous Purchase Contracts entered into by the buyer and general reason as to why those Contracts were not executed. (can indicate financing issues or buyer’s remorse)
    • Identification of the intended inspections the buyer plans to have conducted and the name of the inspection company they plan to use. (will they use Uncle Charlie because he’s good at “fixing” things)
    • Is the buyer aware that they are entering into a legally binding Contract with potential penalties for non-performance?
  4. Awareness of the Home Buying Process
    • Is the buyer aware that they may be asked to forfeit their earnest money to cover the costs the seller incurred as a result of entering into the Contract with the buyer?
    • Is the buyer aware that there are no perfect homes and that all homes require routine home maintenance?
    • Why should the seller enter into a Contract with you? (an essay question)

One of the agents who responded to Jim’s post indicated he is already using a Buyer Disclosure. With Contracts falling out due to the buyer’s inability to secure financing or using a home inspection to get out of a Contract when they have “buyer’s remorse”, these Disclosures may become more customary to level the playing field between sellers and buyers.

Once burnt … twice shy

pay moneyIt may also become more customary for sellers to ask to have the earnest money paid to them if the deal falls apart, in order to cover the expenses they incur to store their furniture, make their own deposits on a new home or temporary housing, etc., plus, the lost opportunity they suffered by having their home off the market. In Jim’s post, I commented that having a seller keep the earnest money can be viewed as a “restocking fee” that some retailers charge when customer’s return merchandise. Adding this Term into the Contract places some risk on the buyer and might minimize the casualness that some buyers have when they enter into a Contract.

The majority of buyers take their home-buying very seriously. They’re excited about buying and thoroughly understand what is taking place. They do all their homework in advance of writing a Purchase Offer. It’s too bad that a few may be ruining it for the honest, truthful, serious READY-WILLING-ABLE buyers.

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Home buying process · Home selling process · Homes · Homes for sale · Sellers

You’re FIRED! Here’s your golden parachute.

May 30, 2009 · Leave a Comment

golden parachuteReal Living, the nationally recognized innovative real estate company, has taken a page from the automotive world and is offering a PEACE OF MIND PLAN for home buyers. If you’ve been hesitant to purchase a home now – even though interest rates and prices are quite low – here’s a program that just might solve your dilemma.

If your heart is set on a new home, but you’re stressed about the economic realities we all face, Real Living HER has your answer. The Peace of Mind Plan is designed to provide the comfort you deserve and the confidence you need to make your move a reality.

Be sure to click on the above Peace Of Mind link for more details (it IS an insurance policy afterall), but a quick version is …

One-Year Coverage

Use a Real Living HER agent to represent you when buying a home, finance your mortgage with Real Living Mortgage, and you can be covered with ONE YEAR of insurance benefit to cover a monthly mortgage payment of up to $1,500 for up to 6-months if you become “involuntarily unemployed” during the first year you are in your new home.

Two-Year Coverage

Once you qualify for the One-Year Coverage, if the home you buy is a Real Living HER listing then the Peace Of Mind Plan extends for a second year.

4570 Red Bank Rd, Galena OH 43021

I have an upscale listing that might be just the ticket for this type of program. At open houses that I’ve held for this home, some of the guests have been reluctant to move forward with purchasing, even though they really liked this home, because they were uncertain about the future of their employment. If those reluctant buyers are already working with one of the hundreds of Real Living HER Realtors® and they finance with Real Living Mortgage, then buying this home could earn them an extra year of coverage. Sounds like a winner to me!

Want to know more about this plan? Call June Zepp with Real Living Mortgage at 614-825-8806. She can give you ALL the details. Or call me at 614-825-8860 for assistance in finding YOUR next home or to learn more about this Hoover Reservoir home in the photo.

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Delaware County · Galena Ohio · Home buying process · Home selling process · Homes · Homes for sale · Real Living HER · Realtors® · Sellers
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A magnificent garden … recession or not!

May 27, 2009 · Leave a Comment

Have you planted your salad garden yet this spring? I noticed my neighbors added a small garden box a few weeks ago and were adding the plants over the weekend. I suspect more such gardens were created this year as people try to be more frugal AND to have better tasting veggies.

Vine ripened tomatoes and peppers simply have so much more flavor.

Now if you’re REALLY into gardening, you can build a large deer-proof enclosure if your deed restrictions allow, as this home has. This garden was designed by a landscape architect.

It contains raised beds for easier tending to the plants. Some boxes have covers that can be closed to protect early plants from late frosts that might damage them. That’s fresh spinach eagerly growing in the sunshine. The walkways between the beds provide mud-free paths.

April 26,09 005

The unique home that is connected to this magnificent garden also has a special plant preparation room complete with concrete floor and a sink for easy clean-up. Pretty cool, isn’t it!

April 26,09 003

There is also another room that provides a cool place to store the produce, such as potatoes and onions, for the winter.

If you’re into gardening AND looking for a spectacular home, give me a call. You’re going to love this setting!

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Delaware County · Galena Ohio · Homes · Homes for sale
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I’m Going To Wait For Housing Prices To Hit The Bottom …

May 9, 2009 · 6 Comments

In Central Ohio, real estate agents frequently hear home buyers say they’re going to wait until the market prices hit the bottom before they buy. Not a bad strategy since no one wants to pay a too-high price for anything – not just homes.

The big question regarding this strategy is “HOW WILL YOU KNOW WHEN THE MARKET HAS HIT THE BOTTOM“?

Even the economical experts don’t have a good answer on this. Bernacke recently said that he “expects” the market to improve by 3rd quarter. The 3rd Qtr is only two months away. If a home buyer starts their home buying process NOW – getting pre-approved for a loan, shopping for a home, entering into a contract to buy, waiting 30 days to close – then the two months are here!

The obvious answer to the “how will you know” question is ……. YOU’LL KNOW WHEN THE PRICES START TO INCREASE! Oops!

Market BottomSo let’s assume your price range is around $200,000. Right now, prices are depressed and interest rates are very low. Sellers are nervous and may be willing to negotiate to make sure they capture one of the few buyers that are shopping now.

The reason there are fewer buyers now, is because other buyers are sitting on the fence just as you are.

Builders have reduced the number of homes they’re building. Resale inventories are relatively low compared to past years. So overall inventory has or is, stabilizing here to more closely match the lower buyer demand.

We’re coming to the time of year when demand normally increases because families want to move during the summer months when kiddies are out of school. What do you think will happen when that demand increases?

  • The sellers may be less willing to negotiate because there are more buyers looking at their home.
  • The increased demand generally increases interest rates.
  • You’ll be competing with more buyers for the lower inventory and may need to pay closer to list price for the home.
  • Higher demand will increase prices. Remember your Econ 101 class!

The most important factor in the above is the increasing interest rates. You may end up paying $195,000 on either side of the curve but if the interest rate you pay is 5.5% on the rising side versus 4.75% on the declining side, then you’ve lost for the long term. A higher interest rate, spread over 30 years makes a substantial difference in your total cost.

Refer to the article I wrote a couple days ago to see that even though fewer homes were sold this past Jan-Apr, the prices didn’t decline nearly as much as the unit volume sold. If you wait hoping that prices will decline another 5%, you may just find you waited too long. Nobody knows.

The one thing we DO know is that you may have missed buying your favorite home and enjoying spending the summer living in that new home versus spending the time in that cramped apartment or too-small home.

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Home buying process · Home prices · Homes · Homes for sale
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Finally, positive national news on the housing market

May 4, 2009 · Leave a Comment

The stock market has reported gains this morning based on good news from the National Association of Realtors®. You can read the good news here. Now, let’s hope other national media pick up on the story and stop reporting the “doom & gloom”.
  • Nationally, Mar PENDING sales were up 3.2% from Feb and up 1.1% vs Mar 08.
  • South was up 8.5% vs Feb and up 7.7% vs Mar 08.
  • West was up 3.9% vs Feb and up 1.7% vs Mar 08.
  • Northeast fell 5.7% vs Feb and was below Mar 08 by 8.2%.
  • Midwest was down 1% vs Feb but up 8.2% vs Mar 08.

Categories: Homes · Homes for sale · Housing stats · Media · Television
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May Homes for Sale in Southern Delaware County

May 1, 2009 · Leave a Comment

Starting the first of May, there is still an ample supply of homes for sale to select from at a W-I-D-E range of prices. Here’s what is for sale as of this afternoon for a few school districts.

Homes For Sale as of May 1
School District/Area # Homes Highest Lowest Average
Olentangy/Powell 289 $2,450,000 $179,900 $546,444
Olentangy/Lewis Center 191 $998,900 $154,900 $327,001
Olentangy/Galena 77 $799,700 $254,520 $429,833
Olentangy/43015 116 $7,899,000 $124,900 $632,194
Dublin 372 $3,250,000 $115,000 $562,860
Big Walnut/Galena 61 $4,700,000 $89,900 $485,367
Worthington 213 $995,000 $119,999 $293,958
Delaware 182 $775,000 $57,000 $182,594

Luxury Homes Over $1 Million

If you’re in the market for a luxury home, there are quite a few available in the above areas. There are 37 homes priced over $1 million in the Dublin school district. There are 16 such homes in the Powell portion of the Olentangy district. There are 13 homes priced over $1 million in the 43015 zip code in the Olentangy school district. And in the Big Walnut district there are 2 homes priced over $1 million.

If you’re ready to buy your next dream home, give me a call and we’ll find your next home.

Compare to April 1 homes for sale

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Delaware County · Delaware Ohio · Dublin Ohio · Franklin County · Galena Ohio · Home prices · Homes · Homes for sale · Housing stats · Lewis Center Ohio · Powell Ohio · Worthington Ohio
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Is your safety being compromized by Zillow?

April 29, 2009 · Leave a Comment

Real estate agents who blog have been all abuzz today regarding a new I-Phone app from Zillow. The app allows someone driving through a neighborhood to gain detailed info on each home they are near … whether it is for sale or not. Some agents think this is a pretty cool app.

The home’s info is coming from public auditor’s site, so it’s available via a computer anyway. However, having it on an I-Phone really makes the info more immediate. Zillow will be promoting it as a benefit to buyers to learn what a home most recently sold for, what price the home is listed for (if for sale) the number of bedrooms, interior photos if it is for sale, with a phone number to call for the listing agent or the seller if they’re selling it themselves. Of course, the grossly inaccurate Zestimate will be shown as well.

Last June I wrote about Google’s Street View where cars with cameras drove streets taking a driving tour of the neighborhood. Zillow is taking that a step further with even more details on each home.

While this might be handy for legitimate buyers, I wonder if we, as regular homeowners, aren’t losing too much of our privacy. As we know, these things tend to be quickly picked up by “unsavory” characters.

How do you feel about having someone with an I-Phone sitting in a car outside your home pulling up the details of your home? What if your home is for sale … do you want them to be able to see your room arrangement, furniture, electronics, or where the kids’ rooms are?

This scares me. Does it bother you as well?

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Home prices · Homes · Homes for sale · Housing stats · Internet · Safety · Sellers · Technology
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Home buyers guide for making an offer to purchase

April 10, 2009 · Leave a Comment

In several parts of the central Ohio area, the market is beginning to pick up. Buyers are out shopping … and buying. New homes are coming on the market and some are going into contract quickly. Prices are stabilizing and increasing in some areas as sellers get multiple offers.

When home buyers have found their perfect home and are ready to make their initial offer to purchase, they may be unsure as to how much to offer. They may also have in mind what their top price is that they want to pay for the selected home based on the comps their real estate agent provided them. An important piece of this evaluation is the ratio of list vs sell prices that have actually occurred in the area. Armed with this info, you’ll have a better idea of the expected selling price that the seller is anticipating.

Step One: Calculate the list/price ratio for the area or neighborhood

I just checked the ratio of list-to-sell for some of the northern Franklin County and southern Delaware County school districts. Based on actual sales since Jan 1, here is the final percentage on average that buyers paid in relation to the list price.

  • Buyers paid 96% of the list price in these school districts: Delaware, Westerville, Worthington
  • Buyers paid 95% of the list price in these school districts: Dublin, Hilliard, Marysville, New Albany, Olentangy

Step Two: Consider your top Pre-Approval price

You know what limit your lender has placed on the “top” price that you’ll be approved for. You might be able to consider buying a home that is 2-3% higher than that, but that assumes you’ll be able to negotiate the seller down to a price within your range. That may happen or it may not if the seller knows they have other interested parties. For instance, if you’ve been approved for a top price of $200,000, then as a rule of thumb, you should confine your search to homes priced under $204,000.  Even then, enticing that seller to come down $4,000 in their price may be risky, plus, it puts you at the top end of your approval range which may not give you any breathing room on your mortgage payment.

Step Three: Estimate what the final selling price might be

In the above example, if you looked at and selected that home that is priced at $204,000 AND that home is in an area that typically sells for 96% of the list price, then you might expect to settle on a price near $196,000. If that price is substantially more than you want to pay for the home, then you probably should not be considering that home. It’s at this point that your agent needs to closely evaluate the neighborhood comps of homes that are very similar and offer similar amenities and floor plan. Is the home overpriced for what it offers or is it a “good buy” at the list price. If the home is a “good buy” at $204,000, then you may not be able to buy at $196,000.

Many homes on the market now are very well priced, so if you’re planning on buying a home much less than 94% of the list, you’re probably going to be disappointed and lose out on some good opportunities. This is central Ohio … NOT Florida or California. Our prices didn’t increase 20-30% each year in the past and they’re not declining by that amount either. You’ll need to be realistic during this Step 3 evaluation.

Step Four: Determine your initial offer

Now you should consider your total offer and what it might take to convince the seller to agree to accept your offer. It’s not always price that gets an offer accepted. The more you want the seller to lower the price, the more you may need to offer in other areas.

  • Can you be flexible on a closing date that fits the seller’s schedule or allows them to have a few days after closing to move their belongings out? Or are you going to insist on possession at closing, which may require the seller to have their possessions loaded on a truck prior to closing without be assured that you’ll get final loan approval to close?
  • Are you willing to offer more earnest money to show you’re really serious about buying the home? Offering too little earnest money sends a signal that you’re either cash-strapped or not quite serious about buying the home.
  • Do you have a pre-approval letter to attach to the offer to show the seller that you’re pre-approved to buy in the seller’s price range and is that lender reputable? The seller wants assurance that you’re likely to be able to make it to closing regarding your financing and underwriting. Plus, in today’s arena, the seller will want to know who the lender is and whether that lender is having financial difficulty.
  • Don’t base your offer on what you can afford. Your offer should be based on what the home is worth. If what the home is worth is more than you can afford, then you should be viewing lower priced homes.
  • For goodness sake, DON’T tell your agent to tell the seller all the things that are wrong with the home as rationale for your low-ball offer. Don’t insult the seller’s prized possession and expect the seller to negotiate to your benefit after doing that. Afterall, you’ve made the decision to buy the home, so it must have some redeeming value otherwise you would have selected another home.

Step Five: Keep negotiating

If you’ve followed the advice in Step 4, you may stand a good chance of getting your offer accepted as it was written, however, it’s very common that something needs to be changed. There’s no limit to the number of counter offers that can be done until both parties agree, so keep negotiating. Usually both parties come to some agreement that is acceptable to both of them. However, once in a while, the negotiations reach a stalemate and both parties decide to move on. That happens. Hopefully, your next offer on another home will be accepted and you’ll be able to become a new homeowner.

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Delaware County · Delaware Ohio · Dublin Ohio · Franklin County · Hilliard Ohio · Home buying process · Home prices · Home selling process · Homes · Homes for sale · Lewis Center Ohio · Powell Ohio · Sellers · Worthington Ohio
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