Archive for May, 2007
Columbus OH Area Home Sales April 2007 Part A
May 31st, 2007 Cartoons, Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats No Comments
—-I’m an impatient soul…. posting these communities one at a time isn’t working… let’s look at groups of sales:
For Homes with a Lewis Center mailing address:
28 Homes sold in the month of April 2007, with the average List Price being $273,642.00 and the average Sold Price being $267,173.00 or 97.6% of the List Price.
Looking at sales in the same period a year ago, 49 Homes sold in the month of April 2006, with the average List Price being $248,993.00 and the average Sold Price being $240,990.00 or 96.7% of the List Price.
Lewis Center- You’re Doing Good!! Or sort of…. average price is much higher than a year ago, but less homes sold….. a bit confusing, isn’t it??
For Homes with a Hilliard mailing address:
93 Homes sold in the month of April 2007, with the average List Price being $195,540.00 and the average Sold Price being $187,704.00 or 96% of the List Price.
Looking at sales in the same period a year ago, 93 Homes sold in the month of April 2006, with the average List Price being $195,504.00 and the average Sold Price being $186,467.00 or 95.3% of the List Price.
WOW Hilliard- those numbers were SO close that I had to go back and double check them! Things are virtually the same as a year ago… and who says the market is dreadful/in the tank/nothing selling?!?
For Homes with a Powell mailing address:
55 Homes sold in the month of April 2007, with the average List Price being $366,375.00 and the average Sold Price being $359,988.00 or 98% of the List Price.
Looking at sales in the same period a year ago, 65 Homes sold in the month of April 2006, with the average List Price being $321,958.00 and the average Sold Price being $313,643.00 or 97.4% of the List Price.
OK- Powell- 10 less homes sold, and a smidgen higher on the list to sale price for this year…. interesting….
For Homes with a Columbus mailing address:
730 Homes sold in the month of April 2007, with the average List Price being $131,837.00 and the average Sold Price being $128,022.00 or 97% of the List Price. The most expensive home sold was $995,000.00.
Looking at sales in the same period a year ago, 810 Homes sold in the month of April 2006, with the average List Price being $143,386.00 and the average Sold Price being $139,595.00 or 97.3% of the List Price. The most expensive home sold was $1,820,000.00
You’re a big city, Columbus- and you’ve had a big drop in number of sales and the average sales price. Bargains abound….. and sellers are frustrated.
For Homes with a Reynoldsburg mailing address:
56 Homes sold in the month of April 2007, with the average List Price being $138,648.00 and the average Sold Price being $135,414.00 or 97.6% of the List Price.
Looking at sales in the same period a year ago, 54 Homes sold in the month of April 2006, with the average List Price being $143,710.00 and the average Sold Price being $141,267.00 or 98.3% of the List Price.
Ouch, Reynoldsburg- you’ve had a good drop in your average sales price… this indicates a lot of inventory and not enough buyers. Buyers- there’s bargains to be had!!
Transparency in Real Estate
May 27th, 2007 Columbus Buyer Info, Columbus Seller Info, The Good 1 Comment
The war to transform the real estate market is waging, and the main weapon being used is described by the tech gurus as ‘transparency’. For those new to the battle, here’s a little analogy that will put all the pieces in place:
Once upon a time, Realtors were the Toymasters in the playroom. When a Buyer or Seller wanted to play, they had to ask a Toymaster for the toys, which the Toymaster doled out as he or she felt was necessary. Realtors liked being the Toymasters and having control of all the toys…..
Then the Toymasters found out they did not ‘own’ the toys. An evil villain (?) called the Internet told the Toymasters they had to share the toys, and not hoard them. They were to leave the toys laying around the playroom for Buyers and Sellers to play with as they wished. Over time, more and more toys moved from the Toymaster’s hands to the playroom floor.
Buyers and Sellers were elated. “Hurray!” they cried. “I can play anytime I want, with whatever I want. This is the best deal in the world!”
Old Toymasters (who loved the old ways) sulked and sat in the corner. “The playroom has gone to hell,” they grumped. “I just don’t want to play anymore.”
Both the new and more flexible Toymasters worked at adapting. Some even liked the idea of playing anytime with any toy. After all, they were around the toys all the time, and could give Buyers and Sellers good advice on which toys were the best to play with, and which ones were broken.
As in any fairy tale, there arose a Problem. Some of the Buyers and Sellers decided they could take the toys and leave. “We don’t need no stinkin’ Toymaster,” they said. “We’re smart enough to figure everything out… and if we do need a Toymaster’s advice, we don’t want to pay for it- we want it for Free“…
…And so it goes. The Real estate industry is struggling with (and frequently fighting) the unfolding business of our information becoming transparent. This transparency on the Internet is highly uncomfortable to most realtors. Of course, that’s Human nature… humans usually are resistant to change.
What’s also typical Human nature behavior is the knee-jerk reaction of some Buyers and Sellers who now feel they don’t ‘need’ Realtors or that our expertise holds no value. What these individuals forget is that they are new to the ‘playroom’….. and there are many pitfalls to finding the ‘perfect toy.’ Information and data will only take you so far. It’s the experience of interpreting this data, and the experience of seeing/touching/feeling/breathing many, many homes (toys) over days and months and years that has a value- and can allow the Buyer and Seller to make the perfect choice.
My advice?? Play with the toys; have fun. We all need to adapt to the new Toyroom, which is still changing. But when you’re ready to choose a toy of your own, get a good Toymaster whose advice and expertise will allow you to make the best choice…….
For another “Once Upon A Time” story, click here……
Westerville Ohio Home Sales April 2007 Update
May 27th, 2007 Columbus and Central Ohio Home Sales Stats, The Good No Comments
For Homes with a Westerville mailing address:
92 Homes sold in the month of April 2007, with the average List Price being $241,716.00 and the average Sold Price being $234,284.00 or 97% of the List Price.
Looking at sales in the same period a year ago, 112 Homes sold in the month of April 2006, with the average List Price being $233,312.00 and the average Sold Price being $228,004.00 or 98% of the List Price.
For Homes with Westerville schools and a Columbus mailing address:
14 Homes sold in the month of April 2007, with the average List Price being $142,057.00 and the average Sold Price being $138,867.00 or 97.8% of the List Price.
Looking at sales in the same period a year ago, 25 Homes sold in the month of April 2006, with the average List Price being $132,916.00 and the average Sold Price being $132,004.00 or 99% of the List Price.
Interested in knowing what’s going on in YOUR community? Contact Sondra… she’ll be happy to share!
Dublin Ohio Home Sales April 2007 Update
May 24th, 2007 Columbus and Central Ohio Home Sales Stats No Comments
For Homes with a Dublin mailing address:
90 Homes sold in the month of April 2007, with the average List Price being $326,472.00 and the average Sold Price being $313,678.00 or 96% of the List Price.
Looking at sales in the same period a year ago, 96 Homes sold in the month of April 2006, with the average List Price being $309,724.00 and the average Sold Price being $301,922.00 or 97.5% of the List Price.
For Homes with Dublin schools and a Columbus mailing address:
16 Homes sold in the month of April 2007, with the average List Price being $146,700.00 and the average Sold Price being $143,501.00 or 98% of the List Price.
Looking at sales in the same period a year ago, 14 Homes sold in the month of April 2006, with the average List Price being $138,314.00 and the average Sold Price being $135,342.00 or 98% of the List Price.
Got a question about home sales in your area? Contact Sondra for up to date information……
Home Search STEP ONE - TALK To A Lender
May 15th, 2007 Cartoons, Columbus Buyer Info, Down to Business, The Good 2 Comments
A common question I hear from first-time home buyers is “What do I do to get started on buying a home?”
Actually, your FIRST step is one most home buyers don’t think of– Get Thee to a Lender! You’re excited about the idea of owning a home… and you’re thinking what area of town you like, what style of home, the makeup of a home that fits your needs…. oh yeah, and the price range you think you can afford. You want to go see houses (lots of houses)– on the Internet, at open houses, and in person– and when you find the ‘perfect’ one, then it seems the idea of visiting a lender is a good one.
Sitting down with a lender (or several lenders for those of you looking for the perfect combination of lowest interest rates and closing costs) is critical– it will save you hours of time, reduce frustration, and allow you to present an offer that a home seller will like.
By getting pre-approved, you will know:
1. exactly what you can afford (this means how much money the bank is able to lend you)
2. if you have enough money for any down payment and closing costs
3. if you don’t have enough money, what your Realtor is going to have to ask the seller to help out with (this is part of the contract, folks, and it needs to be addressed at the very beginning)
4. if you have any ‘credit issues’ and what you might need to do about them in order to get a loan
5. the paperwork the bank is going to need to approve a loan
6. the time frame it will take to get a loan approved
Once you have this knowledge, you can then get a good idea of the area of town that has the type of home in the price range you are qualified for….and then the fun begins!
Getting the Best Price for Your Home
May 10th, 2007 Columbus Buyer Info, Columbus Seller Info, The Bad No Comments
A buyer recently told me he selected his Realtor based on the Realtor’s comments that she “was very aggressive on pricing to get the lowest price.”
Sounds good… doesn’t it?
When I told this story to a group of fellow Realtors, most shook their heads.
Why?
All these Realtors personally know of situations where this thinking had caused a buyer to lose their dream home.
Now… I know you’re thinking, “How? This doesn’t make sense… all I want is the best price.”
OK…. any Realtor worth their salt who is working for you has a fiduciary obligation to you to represent your best interests– and of course, one of those interests is getting the best price for you on the home you want.
The problem is…. it’s also in your best interest to get you the home you’ve chosen. And an aggressive, heavy-handed, low-ball strategy will often back fire- causing you to lose the home you wanted.
The art of negotiation is just that– an art. There are subtleties to the process… of which tops on the list is mutual respect and creating an agreement that both parties find acceptable.
Here’s an example of how a heavy-handed approach can go wrong: A 3 bedroom ranch is listed for $200,000.00. Sales comps show that similar 3 bedroom ranches in the area have sold from $175–195,000.00. The buyer’s Realtor suggests offering “$170,000.00, since one sold for $175,000.00, and your can go up from there.”
Sounds good….right?
Wrong. The problem is, upon more careful review, the home that sold for $175,000.00 backed to a busy street, had a small lot, and needed lots of TLC. The home the buyer wants has a great yard and lots of updates and improvements. The sellers see this offer as “Hello, we want to steal your house,” are insulted, and counter with only a $500.00 price reduction. Negotiations continue poorly after that and fall apart.
Or, add another twist to the scenario that we’ve all seen happen– another offer comes in during the first negotiation that is fair, and the sellers choose to negotiate to an agreement with the second offer– leaving the original buyers out in the cold. It’s a buyer’s market, but there are still multiple offers happening on good properties.
This tough-sell approach can also back fire for sellers, too. I once had a buyer client who made a good, fair offer (based on neighborhood sales comps) to a home seller. The Realtor representing the seller had a reputation as being difficult– and upon his direction, the seller counter-offered with only a $500 reduction in price. My buyer was insulted… and decided they didn’t want to work with this realtor in negotiations. They went on to buy another home. The original sellers would have had their home sold if their Realtor’s response had been more moderate.
So… how do you get the best price for your home? A good Realtor who truly represents your best interests will get you sales comps that will indicate a good market value, advise you on the pros and cons of the situation of the property, and discuss the best fair market price for you to present (based on all the conditions) that will not alienate the seller. That Realtor should be able to present a good case for your pricing (in sales comps and area information), and will also be able to ‘finesse’ the negotiation to your best advantage. When agreement is reached, both buyer and seller will be satisfied with the ‘deal’ they made… it will be a win-win for both sides.
How Are Home Sales Around Columbus, Ohio??
May 9th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, Columbus and Central Ohio Real Estate Tid Bits, The Good No Comments
Curious how the REAL numbers and home activity are doing compared to all the national hype?
Here’s a PDF chart of all the communities around the Columbus area, showing the ‘Sold’ stats for the first quarter of 2007 compared to the same time frame in 2006. I’ve gone to a PDF link because the formatting of charts really do not co-exist well with the blog format… we had chaos with the earlier charts that were posted. This will give you an easy to read comparison that can be printed out…. It’s quite interesting, really.. with several surprises. Look up your area of interest and learn…