Central Ohio Real Estate Market News

Entries categorized as ‘Sellers’

Can we find good news in the Jan-Jun home sales vs 2008?

July 7, 2009 · Leave a Comment

The 2nd quarter homes sales data is now available for our review. I confess, I thought the numbers would be better than they are. Some agents are reporting that they are busy but when quizzed, those are agents selling a fair number of REO’s or low priced homes. The more expensive homes are still selling very slowly.

The following graph is an update from one I created in May. I’ve also added more school districts for a better comparison to the northern Franklin county/southern Delaware county areas. Although many of the school districts sold substantially fewer homes than in 2008, the average price of the homes sold has not declined nearly as much. For instance, 23% fewer homes were sold in the Olentangy school district but the price that buyers paid was only 2% lower than last year. The Westerville district saw a similar disconnect with 29% fewer homes sold at an average price that was only 9% lower.

This might be a disappointment for buyers hoping to submit a low-ball offer and then have the seller accept it. The disappointment for sellers is that if they plan to hold firm with their pricing, they may have their home go unsold given the limited number of buyers.

09 v 08 Jan-Jun Homes Sales in central Ohio

Click to enlarge chart

The good news – for sellers – is that for the past two months, average home prices in most of these school districts has been increasing somewhat each month. The good news for buyers is that these prices are still below what they were a few years ago. The “experts” predict that the current market is a “reset” and that it will be quite some time before we return to the higher prices that we saw in 2003-2005.

Recommended reading for home 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 · Central Ohio · Delaware County · Delaware Ohio · Dublin Ohio · Franklin County · Galena Ohio · Hilliard Ohio · Home prices · Homes · Housing stats · Lewis Center Ohio · Powell Ohio · Sellers · Worthington 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

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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Jan-Apr Comparison of Homes Sold & Prices

May 5, 2009 · Leave a Comment

Some of our subdivisions in Central Ohio aren’t doing too bad versus last year, but the home sales in total in the key school districts that I usually report on are still softer than last year. Far fewer homes have been sold Jan-Apr 2009 than were sold in the same period for 2008. However, the average prices in most of the districts are only slightly down. Remember, first-time buyers, who may buy less expensive homes, and flippers picking up REO or short-sale properties can reduce the average price of an area. If there are more of them than move-up buyers, the overall average will decline. That’s the problem with “averages”. Please, keep that in mind.

The following two graphs show the number of homes sold along side the average price (in thousands) for the YTD comparison of 2009 vs 2008. One chart shows the data for three school districts in Delaware County. The other chart shows the data for five districts that are primarily in Franklin County. The percent difference is provided for each of the appropriate columns.

Delaware County, Jan-Apr Homes Sold & Average Prices for 2009 vs 2008

09-v-08-jan-apr-sales-del

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Franklin County, Jan-Apr Homes Sold & Average Prices for 2009 vs 2008

09-v-08-jan-apr-sales-fra1

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Compared with the chart I provided in early May that showed the number of homes currently for sale, these results should indicate to buyers that they have a very good buying opportunity and to sellers that their home needs to be in top notch condition at very competitive prices.

It’s still a buyer’s market and with the very low mortgage rates, if a buyer is financially able to buy, they really should consider doing so. Feel free to call me if you have any questions.

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 · Galena Ohio · Hilliard Ohio · Home prices · Homes · Housing stats · Lewis Center Ohio · Powell Ohio · Sellers · Worthington Ohio
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New rules for home appraisals went into effect May 1

May 2, 2009 · 2 Comments

On May 1, the national rules for real estate appraisals changed dramatically for lenders who sell their loans on the secondary market. In order to sell their loans, they must conform to the rules set by Fannie and Freddie Mac. Those rules require a lender to adopt the HVCC – Home Valuation Code of Conduct.

The key changes required by the government are:

  • Lenders can no longer order appraisals directly from local appraisers that they’ve come to rely on and trust. Now they must order an appraisal through a 3rd party appraisal management company, who will order the appraisal.
  • Those 3rd party companies will in turn order an appraisal from their own network. Their network is made up of appraisers willing to work for far less than they normally receive.
  • Appraisers normally receive $325-$350 for their work. The management companies may only pay them $175. The difference is retained by the management company.
  • There may also be a change in the amount charged with one wholesale lender reportedly charging a flat fee of $455 through the 3rd party management company.
  • In the past, buyers (or homeowners refinancing) were able to pay the appraisal fee at closing. Now that fee will be required upfront.
  • If the 3rd party’s appraiser is unfamiliar with the local market and generates an under-valued appraisal, a new appraisal may need to be ordered. This will result in a second fee charged to the buyer (or refi-ing homeowner).

(The above information was provided by the Ohio Association of Realtors® May 2009 newsletter.)

Last fall I wrote a post about an appraiser who called me for info on a home. As you can read, that appraiser had no knowledge of the area or the home she was appraising because she was from Springfield. OH – not from the Columbus market. Because of her lack of knowledge of the area and the differences in builders, there was a good chance that her appraisal came in below the purchase price – causing grief for both the buyers and the sellers.

Adding to this predicament is finding appraisers willing to work for half the pay. Even if they do agree, one wonders whether they will do the same conscientious job as they did when they were earning more. Ask yourself how you would feel if your employer suddenly cut your salary so they could pay a “middle-man”?

While the intent of the government was to eliminate the opportunity for fraud being committed, as occurred during prior years, they are now punishing hard-working, honest appraisers and home buyers and sellers. If the out-of-area appraisers submit too many under-valued appraisals, forcing sellers to lower their price to keep the transaction in-contract, then ultimately we’ll see home values decline unrealistically. While we don’t support over-valued appraisals either, certainly there is a better way to ensure an honest, fair, and realistic appraisal without government intervention.

According to the OAR report, these rules only apply to mortgages that will be sold on the secondary market. If a buyer chooses an FHA loan or a lender who does not sell their mortgages, then the HVCC may not apply. When selecting your lender, you might want to discuss this issue with them so you’ll know what you may be facing as you go forward in the home buying process.

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 · Home selling process · Homes · Sellers
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The $8000 First-Time Home Buyer Stimulus seems to be working.

April 23, 2009 · Leave a Comment

The Columbus Board of Realtors® issued their monthly press release today, with home sale figures for March.

Drum roll please …

“Home sales continued to increase in March, marking the highest number sold in a single month since October, and a sign that first-time buyers are starting to come off the fence.”

Gary Parsons, president of the CBR said, “It appears historically-low interest rates, realistic sellers and the $8000 tax credit are positively impacting our market.” There were 1,360 homes sold in March … a 21% increase over February sales.

Affordability is still at record levels. The average sales price increased in March to $143,287. That’s the highest average sales price this year. “Prices are still favorable, but as more inventory is absorbed, prices will continue to rebound,” Parsons said.

This weekend is supposed to be VERY NICE! It will be a great weekend to shop for a home. If you’re in search for a luxury home near Hoover Reservoir, be sure to come to my open house at 4570 Red Bank Rd, Galena 43021.     Google Map

Categories: Buyers · Central Ohio · Home buying process · Home prices · Home selling process · Homes · Housing stats · Realtor® selection · Sellers
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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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Signs of a positive housing market turnaround

March 24, 2009 · Leave a Comment

I attended a meeting at the Board this afternoon. Prior to the start of the meeting, a number of us were chatting about business … as Realtors® always do. The first thing that was noticeable was how upbeat and smiling everyone was. The “down-in-the-dump” faces that were prevalent last fall were gone.

  1. People were smiling, joking, and saying how busy they were. How the phones were ringing with buyers FINALLY deciding that NOW really was a good time to buy.
  1. Those buyers who qualify for the $8000 First Time Buyer Tax Credit are deciding this deal, along with the low interest rates and prices, is just too good to pass up. As they buy homes, that allows those sellers to move-up to buy their next home – at a good price and good interest rate.
  1. My office has a calendar where we post upcoming closings so the processor can pull the files in preparation. The calendar has lots of closings on it for March. That’s a good sign.
  1. Open houses are being well attended, depending on the location. The best sign is that the buyer guests seem to be serious buyers, not just looking or thinking about it.
  1. We also talked about how low the inventories were in certain areas … about half the number of homes for sale that are usually available in those areas. Naturally, some of these areas are seeing new listings go into contract rather quickly because of the short supply.
  1. Traffic to web sites is up. Real Living just reported to us how much the traffic has increased for viewings on our listings. I’m seeing the same type of increase on my own listings on Realtor.com.

Several of the agents said they were expecting this to be a great year based on the start so far. As I said a couple days ago, if you’re thinking of buying and are in a position to, you might not want to sit on the fence any longer.

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 selling process · Homes · Homes for sale · Real Living HER · Realtors® · Sellers
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A new toy to benefit my sellers.

March 22, 2009 · Leave a Comment

I’ve written before about the importance of using a Realtor® that takes good photos of the home. I was even interviewed by ABC Ch6 on the subject. Well, to make sure that I put my “money where my mouth is”, I purchased a new camera over the weekend.

My previous camera was a Nikon CoolPix P2. Easy to use, did a pretty decent job, and was easy to fit in a pocket so I could always have it with me. It could also record movies with good enough quality for uploading to YouTube, since YouTube distorts quality anyway. Its big drawback was that it had a 35mm lens which meant it didn’t take the wide shot that is necessary when shooting a home’s interior.

For the past few weeks, I’ve been investigating cameras to find one that has a lower mm lens that doesn’t cost a small fortune. I found one that seems to be perfect for me. It’s a Sony A300 with a lens that goes down to 18 mm. It also has a wonderful flip-down LCD lens that will allow me to hold the camera higher or very low and still see what the photo will look like. It wasn’t as cheap as the CoolPix, but it was reasonable.

Now I just have to read and absorb the instruction manual, since it’s a SLR and allows more manual adjustments. Eager to try it out, I took it with me to my open house this afternoon.

bushko-054

Property of Elaine Reese

 

Here’s the Great Room photo (left) that I took with the Nikon 35mm camera. Notice that not much of the room is showing.

Property of Elaine Reese

Property of Elaine Reese

 

Now here’s a photo using the new Sony camera with the lens set at 18mm for a wider shot (right). My position in the room is the same for both photos.

Look how much more of the room I can capture with the new camera. I’m so excited because this is going to make my seller’s homes look so much better on the internet. Now, I just have to keep reading the manual so I can move away from the AUTO mode!

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 · Home selling process · Homes · Homes for sale · Internet · Realtors® · Realtor® selection · Sellers · Technology
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Did you see me on TV?

March 13, 2009 · Leave a Comment

ABC Ch 6’s Tom Bosco called me a couple weeks ago about a week-long series he was doing on the local housing market. He had visited this blog and wanted to include me for the “Photography” portion of his series. The intent was to discuss the importance of good photos for a home on the Internet. Since this is such a pet peeve of mine, I jumped at the chance. Good photos are so critical when marketing the home on the Internet.

We agreed to meet at my new listing in Galena, east of Hoover Reservoir, to do the interview. I hoped that it would give extra exposure for the home, but alas, very little of the home is shown. My seller agreed to be interviewed as well.

View Elaine Reese interview on ABC Ch6You can see the entire news segment via this link. Since the only way I could capture it was to video it from my TV, some clarity is lost due to the inability of cameras to record a different medium. (It’s why stripes appear on computer monitors when they appear on TV).

The interview includes another agent on a home in her market area, which is probably a small home in Clintonville.

I want to thank ABC Ch 6 and Tom for finally doing a POSITIVE local housing report. It’s much appreciated.

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 · Delaware County · Franklin County · Galena Ohio · Home selling process · Homes · Homes for sale · Internet · Media · Real Living HER · Realtors® · Realtor® selection · Sellers · Television
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Sellers … put your “fancy pants” on.

March 10, 2009 · 2 Comments

pantsTeri Lussier, a popular Dayton blogger, tweeted today that buyers were out shopping and that it was time for sellers to put their “fancy pants” on. That really tickled my funny bone.

Or could be that I’m just getting punchy.

Now, we could talk about your OUTSIDE pants or your INSIDE pants … but maybe that’s not going in the right direction. Not all analogies work quite the way we think they will, do they! I’ll be careful.

Your OUTSIDE pants need the lint removed:

  • Prune back overgrown landscaping
  • Cut off the ornamental grasses and dead perennials
  • Rake the neighbor’s leaves that blew into your yard (why don’t they ever keep going into the next neighbor’s lawn?)
  • Pick up all the shingles that blew off the neighbor’s roof into your yard during all the winds we had.
  • Winter doggie-do has got to go. There’s no 8″ of snow now so that’s no longer an excuse.
  • Don’t mulch yet until the ground is warm.
  • Once the “lint” is cleaned from the lawn, you can apply the first feeding of lawn fertilizer.
  • Watch the weather forecast, but as soon as possible, put a container of pansies near the front door. (they can take some cold weather).
  • Hang a springy-type wreath on the front door. (gee, maybe I should remove the one from Thanksgiving!)
  • Fill the bird feeders so buyers are greeted with the special songs bird sing in the spring.

Your INSIDE pants need …

Uh-h-h … here’s where it gets tricky. Maybe I should just say they need to be really, really clean … dare I say SPOTLESS!

Ok, I’ll stop now.

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 · Fix-ups · Home selling process · Homes · Homes for sale · Sellers

An ear to the ground for central Ohio real estate

February 25, 2009 · Leave a Comment

talkingI’m the chair for the CBR’s Tech User Committee. At the start of yesterday’s meeting, I ask the 40-some agents in attendance if their business was thumbs-up, thumbs-down, or were they working with “fence-sitters”. Probably a good half of them indicated a “THUMBS-UP”. They’re busy! A few others said they were working with the fence-sitters. Almost all agents felt that March was going to be a busy month … when the weather is less nasty.

Last night I received an email from the CBR President, giving January statistics for the entire MLS system.

  • 266 fewer homes were sold Jan 2009 vs Jan 2008. The Pres attributed it to the weather and the economy. (remember how bad/cold the weather was in December!)
  • More than 1,000 homes went into contract during Jan 2009, an indication that sales may be increasing due to the the 1st Time Homebuyer Tax Credit.
  • In January, there were 17.4% fewer homes for sale than in Jan 2008. That means a major reduction to inventory which is needed to create balance to supply-demand.
  • The average price of homes sold in Jan was $137,446. This could be due to sales of homes in trouble financially.

Busy Realtors® … low inventory … low interest rates … appealing 1st Time Homebuyer program … flat prices … ALL POSITIVE SIGNS!

I’ve written before how the media tends to put negative spins on stories because people are more apt to read those stories. When they do this, they are really doing a disservice to the industry or people they’re covering. Here’s how a local NBC reporter wrote up the above information. There are so many other headlines she could have chosen that would have better helped the local market of which she represents. And, this is from a station that is currently running a promo of “Where Accuracy Matters”.

We need the media to step up to the plate to help the nation OUT of some of the problems, not continue to propel us downward! OK, I’ll step off my soapbox now.

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 · Columbus Ohio · Franklin County · Home buying process · Homes · Homes for sale · Housing stats · Media · Realtors® · Sellers · Television
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How do you feel about the Stimulus Bill?

February 23, 2009 · Leave a Comment

Isn’t there some saying that goes something like, “Opinions … everyone has one“? I’ve been doing quite a bit of reading regarding the Stimulus Bill, trying to decide how it might affect home sellers or buyers. I’ve had some sellers and buyers ask me what they should do. Should they put their home on the market? Should they go ahead with buying a home? Some are on the fence, waiting to see if the Stimulus Bill helps with generating jobs and thus, reduces the fear of people losing their job.

Because it’s politically based, there are strong opinions. By now, we’ve all seen the rant that took place at the Chicago Mercantile Exchange. I would like to know how my readers feel. Here’s a poll where you can voice your opinion anonymously. Also, feel free to add a comment. All I ask is that you keep your comments “G-rated”.

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 · Commentary · Homes · Sellers · Surveys
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Buyers were upbeat at my open house

February 9, 2009 · 2 Comments

I didn’t hold any open houses in December or January due to the holidays and subsequently the cold, winter weather. Yesterday was a “decent” day and I had a VERY good turnout at my Worthington open house.

Aside, from the many guests, I was encouraged by a noticeable change in the guests’ attitudes. All last fall, buyers were thinking about buying but were holding off making any decisions because, in their words, “they were waiting for prices and/or interest rates to go lower”.

Yesterday’s difference was that buyers are “getting it”! They’re recognizing that …

  • it might be better to take a lower price on their current home now because it will allow them to buy the more expensive home at a great price and a lower interest rate.
  • it’s good time for first-time home buyers, for the same reason – low prices and low rates. They may even have a monthly payment that’s no more than their current rent, plus, they may qualify for extra tax credit depending on the government’s stimulus package.
  • they need to get their home on the market quickly, in order to capture what is apt to be a buyer surge in the next few weeks.

I was really heartened to hear such wise comments coming from the guests. Maybe it was due to the sunshine or a sugar high from the Valentine sweets I served, but their moods were far more upbeat than what I saw last fall.  Yes, it was very encouraging!

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 · Franklin County · Home buying process · Home selling process · Homes · Homes for sale · Sellers · Worthington Ohio
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