Entries categorized as ‘New home builders’
This 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’.
EDITED:
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!
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
Tagged: Tartan Ridge, Parade of Homes, Dublin Ohio, New England Homes
A recent CBR email contained links to a couple of interesting articles that I’ll pass along.
One link was to Wall Street Journal’s Market Watch article on the Top Ten metro areas for doing business. Columbus made it to the Top Ten this year. The article noted that Columbus has avoided the “Rust Belt” troubles of other Ohio cities, like Cleveland, but this has been the case for years thanks to Columbus’ more diverse economy. The article goes on to note that OSU is a primary reason, however, since the person making the claim is a dean at OSU, perhaps he’s not quite as objective as he should be. Being the State Capital with all the State government offices is pretty important and there are also a number of corporate headquarters located here as well. The quote from this dean, Steve Mangum, that many citizens would agree with is the personality of the city …
Locals like the intimate nature of the city. “It has a small-town feel to it, but it’s the [30th] largest city in the country,” Mangum said. “There’s something about the spirit of this place.”
The second link was to an article on the National Association of Home Builders’ web site regarding a survey conducted in conjunction with the AARP to determine Baby Boomer’s moving plans.
- 26% expects to move in the future, with the majority looking for a single-level home. (Did they need to do a survey to learn this? It’s our creaky knees, folks!)
- Boomer men are more likely than boomer women to believe they’ll move into a newer home (61% vs 42%).
- Boomer women are more likely to think they will move into a smaller home (54% vs 41%). (Maybe this has to do with housecleaning!)
At one point the article says that boomers will “reflect the patterns of earlier generations and mostly age in place”. I think that’s what I’ll be doing … aging in place … and I’m sure my daughters hope that as well rather than moving in with them! 
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: Columbus Ohio · Franklin County · Homes · Housing stats · Media · New home builders · Newspaper · Surveys
Tagged: National Association of Home Builders, Wall St Journal Market Watch
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, Ohio, Orange township
I’m sure people sometimes wonder what a Realtor® does all day long. Many just think all we do is open doors for buyers and then make a whole bunch of money. Yeah, right!
Well, one of the nice things about the job is that everyday is different. There are NO typical days. We may plan a “to do” list in the evening for the next day, only to have the day completely changed due to an early morning email or phone call. Getting a contract in on a listing can change everything, since contracts take priority.
Carole Cohen, Cleveland, wrote about one of her days recently.
Paula Henry, Indianapolis, ask a question about how far Realtors® drive when working with buyers or taking listings. Based on the comments, it seems that agents who work in downtown urban areas seem to drive very little distance from their home. Agents who work in more rural areas must drive far more miles.
Yesterday happened to be the type of day that I refer to as “errand travel” days. Those are the days that I plan to complete several real estate tasks and of course, with the price of gas, I plan my route accordingly. I often refer to driving from one side of southern Delaware County to the other. Well, yesterday I did that PLUS I had to go down the east side of Franklin County as well.
View Larger Map
My day began with a visit to the Verizon store in Lewis Center because a piece broke on my bluetooth headset. Then over to a new development off Maxtown Rd (Westerville) to check the lot location of a spec home. Then to a listing in Galena to put an Open House sign strip on the yard sign. I took the scenic route south to Gahanna (through New Albany) where I had more investigations to do for a buyer client. Then further south to Blacklick to discuss the results of the investigations with the builder’s rep. I’m trying to get a price reduction on a new-build now that the builder has reduced prices on current inventory so I need FACTS.
Received a call that a security system was malfunctioning on a listing – so north to Worthington to look into that problem. The alarm was blaring while the poor showing agent was talking to me. I felt her pain as I did that ONCE. Problem solved, so next stop is to my office in Worthington to make copies of some paperwork for the office files.
Last on the ‘to-do’ list were some personal stops, the most important was to get The Murph more HeartGard medicine at his vet in Powell before they closed at 7:00. Gotta keep the little guy healthy!
Now wasn’t that day about as exciting as watching paint dry! Oh, BTW, I put about 75 miles on the WEENR-mobile and didn’t make $1.
Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Central Ohio · Delaware County · Franklin County · Galena Ohio · Home selling process · Lewis Center Ohio · New home builders · Powell Ohio · Real Living HER · Realtors® · Sellers · Transportation · Worthington Ohio
Tagged: Blacklick Ohio, Gahanna Ohio
When you go to the closing table, the person from the title company will be covering all sorts of important documents with you. One of those documents will be a survey plat of the property you are buying. It will show you what – if any – easements are on the property.
There are several types of easements with the most common being utility easements. These easements give permission to utility companies, (such as electric, water, etc.) to come on your property to maintain or repair their lines. They don’t need your permission to do this or to DIG! If your prize roses or a fence are located in this easement, count on having them removed if the utility company needs to do so.
Sometimes there are drainage easements or identified preserve areas. What you can or cannot do in these easements are usually governed (explained) by the deed restrictions.
In the diagram to the left, I have highlighted in yellow the various easements on a particular property. It has more easements than is found in many plats, but it does a good job of showing the restrictions this particular owner will need to keep in mind when landscaping or building a deck or patio.
To the back of the property is a 20 ft preserve and drainage easement. For this particular lot, the preserve easement states that the owner can’t do anything to that section other than look at it. No mowing, no picnic tables, no plantings. Look but don’t touch. This owner owns the land but can’t use it.
Along the sides of the property, there are drainage easements. This particular lot is sloped so that means that the slope must be maintained such that if there is a very hard rain, any excess water has a natural flow back to the preserve area, to prevent flooding.
It’s not uncommon to have one plat have an easement that the neighboring plat doesn’t. As a buyer, if you are concerned by what easements might be on the home you are considering, you can ask the seller for a copy of the plat survey they were given when they closed on the home. Or you can visit the county Auditor’s office where you can see the plats for neighboring homes as well, to see the BIG picture.
Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Home buying process · Homes · New home builders · Surveys
Tagged: central ohio real estate market news, easements, plat maps, survey plats
A couple months ago, I met with a young couple who would be first-time home buyers. For certain reasons, they thought they only wanted to buy a new-build home. They had even met with a lender to become pre-qualified. They had very specific requirements for the floor plan of the new home and they knew exactly what section of southern Delaware County where they wanted the home to be.
Sounds like they’re doing everything right, doesn’t it! Well, yes, sort of.
The specific requirements they had for the new-build home and the location they wanted to be in, would place the price of the home about $25-$50,000 more than they had been pre-qualified for. There would also be an issue with how they wanted to use the home in that it would be forbidden by most new subdivision’s deed restrictions.
I suggested that they consider an existing home that is not located in a subdivision, because it might be more likely that we could find something more closely aligned to their budget and requirements – and not get them in trouble with their neighbors by violating deed restrictions.
During our discussion of “new vs existing homes”, I mentioned that many of the after-costs of a new build are avoided by purchasing an existing home. One of the first major expenses required in a new-build are the blinds or window treatments which can easily add up to thousands of dollars. Another unexpected cost may be the water bill required to keep the new sod alive until it’s well-seated into the soil. Want a garage door opener? It’s probably yours to put in after closing. Dishwashers come with the home since they’re built-in, but the range and fridge may not, especially if people don’t want them added to their 30-yr mortgage.
Most likely a resale home comes with all these items already installed. Plus, you may also get a deck or fence or mature landscaping. So overall, an existing home can offer a better value than the same-price new build home.
When I began discussing these after-cost differences of new vs existing, the expressions changed on this young couple’s faces. They said they had never considered the things they would have to add to a new-build after they moved in. So not only could they not afford the specific style of home they wanted, they couldn’t afford to live where they wanted, and they didn’t have extra cash to be able to add the necessary extras after they moved in. Obviously, it was a disappointing realization for them.
So, if you’re a first-time home buyer, meet with your favorite Realtor® early. Have your wish list in hand, but be flexible to fine-tuning based on your pre-qualification amount, and keep a substantial amount of cash behind in order to be able to add all the extras that make a house a home.
Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Home buying process · Home prices · Homes · New home builders
Tagged: buying a new build home vs an existing home
Well, I’m having to go through what a number of my clients – or others – have. One too many high wind gusts has deemed that I need a new roof. This past winter and spring’s big storms have finally done it in.
My home is only 13 years old and loosing shingles during storms with winds over 30 mph, has been a continual problem during the 11 years I’ve owned it. A couple years after buying it, I contacted the builder thinking it might be under warranty. They said it was out of their warranty and that I should contact the manufacturer of the shingles. That manufacturer said there was nothing wrong with their shingles, but that the problem was with the subs who installed the roof. So, I went back to the builder and they said they don’t track who the subs are on a given job.
Is anyone out there surprised that I got this run-around?
We had strong winds again a few weeks ago, so I lost a few more shingles. Once again, I called my favorite roofer. He promptly came out, but the news was not good this time. There were a lot more shingles missing that I couldn’t see, plus many of the tabs were lifted, meaning that the next strong wind would send THEM flying.
He delivered the bad news. IT’S TIME … I really need a new roof.
So I called my insurance agent and filed a claim – only my second one – after paying the insurance for 20 years of home ownership. The other claim was when lightening hit the home. No fire but it killed a number of appliances.
Today the insurance adjuster and the roofer came to do the inspection. Thankfully, the adjuster agreed that my roof was ca-put, so the next step is for him to process the claim and send the check so I can get the roofer started. Both guys said the original problem was that the roof was put on with staples, not nails. The adjuster said that using staples no longer meets building codes.
Gee, wish they’d changed the codes before my home was built.
When I took the photo above, I told them I wouldn’t do their job for ANY amount of money – don’t like heights. They told me they didn’t think they would like MY JOB either, given the real estate market in the past year. Oh, well … whatever floats your boat.
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 · Fix-ups · Homes · New home builders
Tagged: Benchmark Roofing, Building codes, State Farm Insurance
OK, by now you’ve probably mowed your lawn at least once. And just maybe you’ve noticed the house needs a fresh coat of paint. Oh, and those shingles that blew off during one of the winter storms, need to be fixed.
If you’d rather be spending weekends kicking-back or on the golf course, then perhaps it’s time to consider a lifestyle change to condo living.
But wait you say … we have all this furniture and we still want the kids to come home for holiday events.
Relax! Condos are no longer small converted rental townhouses with paper thin walls. Builders knew the empty-nesters didn’t want to give up their big rooms or decorating luxuries just to avoid exterior maintenance. Now you can buy large condos built specifically to address this consumer market.
Beginning this weekend, April 26, through May 4, the Building Industry Association (BIA) will hold their CondoQuest to showcase participating builder’s new-build condo complexes. Most likely, other currently-owned condos that are for sale will have open houses as well.
The Powell area has many such luxury condos available for sale – both new and resale. They are priced in the $300’s to high $400’s. For the above ground living space, they range from 1900 sqft to 3000 sq ft. Their price may or may not include a finished lower level. This is particularly true for the new-builds.
Here’s a chart that shows the condos that are currently for sale in the Powell area (near Sawmill Pkwy) and what size of home you might expect for the various price ranges:
Powell Area Condos For Sale
| Price Range |
# For Sale |
Avg Size |
Avg Price |
$/sq ft |
| $100’s |
26 |
1559 |
$178,094 |
$116 |
| $200’s |
29 |
1997 |
$248,833 |
$127 |
| $300’s |
16 |
2539 |
$342,563 |
$139 |
| $400’s |
7 |
2648 |
$453,720 |
$175 |
If you specifically want a large luxury condo with a finished basement for additional entertaining, then you currently have 9 homes to select from in the Powell area. They average around 2800 sq ft at an average price of $432,293. However, I must caution you in that the sq ft provided in the Board’s MLS system sometimes includes the finished basement and sometimes doesn’t.
I have a luxury condo for sale that offers 2750 sq ft above ground and an additional 1000 sq ft in the lower level. It’s priced at $409,900. Sometimes during open houses I’ve had guests mention that they can buy another similar sized condo for much less money. However, as we chat, I learn that it is a new-build where the finished basement ISN’T included in the base price they were quoted. Or we may determine that the sq ft includes the finished basement, meaning that the above ground living space can be quite small – less than 2000 sq ft.
So, it’s important to make sure you compare apples-to-apples, and relying on the MLS data or info on the Internet, is not very accurate. The upgrades included or as options differ quite a bit as well.
This weekend’s CondoQuest will give you a good opportunity to make all those comparisons for yourself. Be sure to include my listing at 7979 Hillingdon in the Village at Kinsale on your tour. It’s located off Sawmill Pkwy, just north of Rutherford Rd. It will be open both Saturday and Sunday afternoons.
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 · Golf Village, Kinsale · Golf course communities · Homes · Homes for sale · New home builders · Powell Ohio
Tagged: BIA, Building Industry Association, central ohio real estate market news, CondoQuest
With the interest rate drop this week, I’m sure there will be many first-time home buyers wanting to take advantage of this opportunity to buy their dream home. There’s ample inventory both in existing homes as well as new builds so it’s a good time to act quickly.
People that have owned several homes usually have a pretty set idea as to what features they want, or more likely, what they DON’T WANT in a new home. First-timers may not have such a clear-cut idea.
In such instances, I recommend they develop three lists under the headings of: (1) Must have; (2) Like to have; (3) Don’t want. Even experienced home buyers may want to create such lists as it helps prioritize their thought process.
When creating your list, consider your lifestyle.
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Envision what your weekday mornings are like and the steps you go through from waking, to fixing your coffee, to getting ready to go out the door to get into the car for work.
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Then reverse the process when you come home from work or carry in the groceries.
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What do you do after having dinner?
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Do you work on your computer and need space for a mini-office or a full-blown den?
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Does the entire family crash in the Family Room around the TV?
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Or do you want a quiet corner to curl up with a good book?
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Do you entertain often or just at the holidays?
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Do you like open, high ceilings or is a traditional floor plan more to your tastes?
I often find that experienced buyers have definitive opinions for the “less glamorous” areas of a home, such as where the laundry is located, or the separation of the owner’s bath from the bedroom, especially if one needs to wake and shower on a different schedule than the other person. People with children or pets have access and visibility to the backyard high on their priority list, AND whether the door to the backyard requires entry and exit over carpet.
You’ll also need to consider your budget in developing your list. Be realistic.
Another thing to keep in mind is that it is unlikely you’ll find a home that is 100% perfect. You might expect 80-90% at best. Try to find a home where the 10-20% that isn’t perfect are those things that you can change later. For example, if you have your heart set on hardwood floors, and the home has carpet, you can change that in the future. But if you want a first floor laundry and the current laundry is in the basement, that probably is something that can’t be changed.
Give your final list to your Realtor®. The agent can enter your search into the MLS to retrieve homes that meet your criteria. Some of the criteria may require viewing the interior photos to determine whether the home will be appropriate or not. Having your agent work with your list will save a lot of tiring time viewing homes that simply aren’t a good fit.
You’ll find your dream home much faster with much less effort using this method.
Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Home buying process · Homes · Homes for sale · New home builders
Tagged: first-time home buyers
Did you know that single women make up 20% of the home buyers nationwide? That’s according to the most recent issue of REALTOR® magazine, published by the National Association of Realtors®.
WE’VE COME A LONG WAY BABY!
They report that this up 50% during the past eight years. AND, 83% of those women are choosing single-family homes versus condos! That’s exciting news.
YOU GO GIRL!
I know I’ve read where females now make up more than half the college population, so with their higher-earning power, it stands to reason that they’re in better position to afford homes. They’re also more savvy with their finances, and more aware that it’s better to place their money in a home rather than “throwing it away” by renting.
My client base probably is similar to the 20% single women statistic. It’s especially fun to work with them as they buy their first home. I know how they feel, and share in their excitement.
BEEN THERE … DONE THAT!
I purchased/built my first home in 1987 and easily remember all the up & down emotions of going through that process. Signing the initial papers was easy and didn’t seem much different than buying a car. Reality set in when I stopped by the lot on the day they dug the hole for the basement. I stood there staring at the heavy equipment, thinking “OMG, I’m PAYING for that big digger! What have I done!”
I didn’t use a Realtor® (and wasn’t one at that time) so I had to “fight my battles” with the builder alone. That builder is no longer building homes, and that’s a good thing. Knowing what I know now, I wish I had thought to use a Realtor® to be there with me and to know what to watch for.
The other thing I didn’t know was that I could have a home inspection prior to closing. That would have been a good thing to do because I found out later that some of the subs were angry with the builder and sabotaged the home as payback. They plugged the outgoing sewer line with a soda bottle, which didn’t cause a back-up into the house until a day after closing as showers were taken. Three months later (in the Fall) when I couldn’t get the furnace pilot light lit, a neighbor who worked for the gas company found that a small slice had been made in the gas line. I could have gone
“POOF” had it not been for the neighbor. The builder did similar things to the other homes, so we were on the look-out for such things.
I now have a strong urge to break out with the Helen Reddy song ………..
Copyright © 2007. 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 · New home builders
There are many styles of condos in southern Delaware County so buyers are sure to find a complex that fits their style and price range.
I’ve written on some of the various styles in previous posts, but this new complex offers some nice differences to others.
When new housing developments are planned, it is common to place condos as a “buffer zone” to the single-family homes. Sometimes that means that the condos are closer to roads or commercial buildings. This complex is different in that it is to the BACK of the single-family homes and is secluded away from them. That’s a really nice benefit!
Location – location – location!
This complex also is situated in a wooded ravine portion of land in the southwestern portion of the county that approaches the Olentangy River. Therefore, many of the units have a pleasant view from their Florida rooms or their decks. Walk-out lower levels are also available on many units for extra entertaining space.
As with many condo complexes, there is an outdoor pool and a very nice 2-level clubhouse with gathering room and kitchen. The builder says that prices “start” in the low $300’s, but once options are added the price likely ends up closer to $400K.
I took these photos for a relocating client prior to their trip here. The photos show portions of three different floor plans. There are no bedroom photos because after all, a bedroom is a bedroom is a bedroom. I’ve included a couple of the bath photos but they don’t really illustrate how large these suites are. They include a huge closeted section as well as the bath area.
If you’re interested in more information on this complex, call or email me and I’ll help you.
Copyright © 2007. 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 · Homes · Homes for sale · New home builders · Powell Ohio
Based on the keyword searches that some visitors have used prior to visiting this blog, there are a few readers that are questioning whether they need to use a Realtor® when they are planning to buy a home from a builder.
Given today’s market and the issues in the mortgage world, it is even MORE IMPORTANT to use a Realtor® now! I’m not just saying that because I am a Realtor®, but because real estate agents can help you make good decisions – if you listen to us.
Three to four years ago, when builders began offering 100% financing with 3-5 year ARM’s, agents knew that there would be problems in the future if rates rose by the time those ARM’s became due. Many of us told our buyers to not plan on selling prior to 7-10 years because the prices wouldn’t have appreciated enough to be able to afford to pay the closing costs if they took out a 100% mortgage. We told them that their mortgage amount was higher than the value of the home because the builder added the cost of their financing to the price of the home.
Guess what? Buyers didn’t listen to us because they had stars in their eyes for that new home and only considered what their monthly payment would be.
You only have to watch TV or read the newspaper to know what has happened to many of those buyers nationwide. The Fed raised interest rates to curb inflation. The speculators who bought and flipped when prices were rising, pulled out as the interest rates rose. Their pull-out lowered the demand for the inventory of homes that were for sale. Excess inventory resulted in sellers needing to lower their price to attract the fewer buyers that were/are available. It is a typical Econ 101 supply-demand theory in action.
The builders are now suffering and are offering special discounts or incentives. They have reduced the quantity of specs they build. So it CAN be a good time to buy … but you need to buy SMART! Here’s how a real estate agent can help you do that:
- The sales rep that sits in the model home is an employee of the builder. While they are nice people, they are working for the benefit of the builder – not the buyer. Using a Realtor® means you have someone representing YOU.
- Your real estate agent will run comps for you regarding area prices of homes that have recently sold. The agent will know whether prices for homes in your buying area are holding steady, rising or declining. They also may know whether short-sales, sheriff auctions, or foreclosures are apt to decrease prices further in the development you choose. This information will let you know what price you should offer to pay for the home.
- Agents know what upgrades are important to buyers when you eventually plan to sell. Spend your money on items that can’t be changed later – like a full basement, fireplace or the woodwork. Save some money initially on items that you can change later as you live in the home like faucets, door hardware, or lighting.
- Your agent will push you to have a home inspection prior to your punch-out meeting with the supervisor. By all means DO THIS! (read this post for reasons why)
- Builders are notorious for missing due dates – their contracts are written to protect them if they do. Your agent will track the due dates and “try” to keep the builder on-track. The agent will also make sure you meet YOUR due dates.
- Your agent can help you sell your current home if need be, and will know what needs to be done to get your home in contract by the time the new-build reaches the cut-off stage of dry-wall.
And last of all, it doesn’t cost you any money – or said another way – the builder will charge you the same price whether you use a Realtor® or not. That fee is just a marketing expense. In fact, the sales rep may receive a bonus if you DON’T use a real estate agent. So you might as well get that FREE representation!
Copyright © 2007. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate,com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Home buying process · Homes · New home builders · Realtors®
Southern Delaware County is the fastest growing portion of any area in Ohio and one of the top 15 in the Nation. While growth can be good – bringing new jobs and assisting the economy – it can also have its painful side.
Such is the case with the southeast quadrant of Delaware County where much of the geography is within the Lewis Center mailing district. The addition of the new Polaris Mall and the HUGE banking complex, created the opportunity for extensive housing growth.This is very evident when driving north on Old State Rd. On either side of the road is development after development, with new ones in various stages of completion.
The subdivision in this photo has been in existence for around 10 years, and still has farm fields around some of its perimeter. However, buyers should be aware when purchasing such properties, that these golden fields of grain can one day be filled with other such homes.
The moral of this story is to do your homework if you’re considering the purchase of a home with a vacant lot in your backyard. Even then, recognize that zoning changes are a possibility if/when the land changes ownership.
It’s called Caveat Emptor!
Copyright © 2007. 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 · Lewis Center Ohio · New home builders
Tagged: Polaris mall, vacant land
Buyers … think you don’t need a home inspection on a new build?
I know my buyers often ask that question when they’re in-contract on a new build home. After all, they think since it’s new, it must be PERFECT!
Wrong!!!
I’ve found – and inspectors usually agree – that often there are more things wrong with a new build than with an existing home. Here’s what happens … Buyers who chose to not use an agent … shame on you … don’t bother to have a professional home inspector examine their home prior to closing. Instead, they erroneously believe that their walk-thru with the superintendent will suffice. The super always tells them that “if anything goes wrong” they’ll fix it within the year, and of course, there’s all those warranties the builder has told them about. All that is true, but what about those items that the buyer isn’t trained to watch out for?
The worst repair that one of my buyers learned about via the home inspection was that a couple of the roof trusses were split. Most likely this occurred when the trusses were off-loaded from the delivery truck. Even so, the contractors installed them. Without the home inspector climbing into the attic, the buyer would never have known about this flaw. That is until the buyer sells and the new buyer has a home inspection. Imagine being faced with making this repair when you’re trying to sell your home and it’s a couple weeks before closing.
I’ve had several sellers in this very situation. They didn’t use a realtor when buying from the builder and therefore, didn’t have a home inspection. But as a result of the home inspection THEIR buyers had, they learned that (1) there had been a small gas leak in the crawl space for the 3 years they owned the home, or (2) a vent pipe was improperly installed affecting the furnace performance, or (3) an AC unit was not achored properly. In all these examples, the seller had lived in the home long enough for all warranties to expire, which meant the repairs were their responsibility.
So if you’re planning to buy a new-build, first use a Realtor® – it won’t cost you extra for that professional representation, and have a professional home inspection, even though the builder will try to talk you out of it. It will be money well spent. Trust me!
Copyright © 2007. 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 inspections · Homes · New home builders
I’ll admit it … it’s fun to walk through builder’s models. They look so-o-o beautiful and we wish our own homes could look that perfect. Of course, there are no wee ones or 4-legged family members that live in those models, but it’s still fun to dream.
As you’re walking through the model … after you’re done ohh-in and ahh-ing, and before you decide that this might be the right home for you, you need to take off the rose-colored glasses. Remember, that model homes have been “staged” to look their best and to entice you to buy. You need to look beyond the staging to evaluate whether the home will “live” as you want to live. Here’s some of the tricks you might find:
These are just a few of the lifestyle items to consider when evaluating a new-build floor plan. Your Realtor® will advise you on others as well as which upgrades will bring you the best resale value when it comes time to sell.
Copyright © 2006. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate,com then the material has been stolen without permission. Violators will be reported.
Categories: Buyers · Home buying process · Homes · Homes for sale · New home builders
Tagged: builder's model homes
Elaine Reese
614-825-8860Real Living HER
