Stress Reliever for Home Buyers and Sellers

September 27th, 2007 The Good No Comments

Here’s a great way to put a little fun in your stressful transaction…

Foreclosure Statistics in Columbus Ohio Area

September 18th, 2007 Bank-Owned/Short Sale Homes, Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Bad 2 Comments

We’ve heard the doom and gloom of foreclosed homes in this country. Here’s some real numbers and stats of what’s happening in Columbus and central Ohio, courtesy of the Columbus Dispatch:

For Franklin county and all the surrounding counties, there were 6000 foreclosed homes in 2005, 10,000 in 2006, and 8,485 for the first 6 months of 2007.

Percentage-wise, the biggest jump in foreclosures is Union County (197 through June 2007 compared to 80 for 2006).

The Top 10 Most Affected zip codes all have a portion of area in Columbus.  Seven of the Top 10 are south of downtown, running from the Hilltop/Franklinton area, down to Grove City, east through the Greman Villlage area and over to Reynoldsburg.

The hardest hit area south of downtown is 43207, which includes the Obetz area.  Obetz owners are hopeful that the bustling business growth in and surrounding the nearby Rickenbacker Airport will stimulate home buying and increase home values.

Within the city limits, the Linden area is struggling, with the zip code 43211 portion of the Linden area winning the number 1 spot in the Top 10 list.

Now…. some of these homes are in terrible condition; I have personal experience showing them. But… there are many of them that just need a little TLC to become fine, loving homes for families to grow up in.  And all have prices that are opportunities for buyers!

It’s a great time to buy a home. Period. Jump in the marketplace and see how the water feels….. get a search set up via email that allows you to test the waters and see what is out there for you….. you won’t regret it. (What is gloom to some people is opportunity for others…)

What?!? GOOD News in the Columbus Housing Market?!?

September 12th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Good No Comments

I know folks… it’s HARD to believe.  In spite of all the doom and gloom the national newsbies are crowing about at every turn in regards to home sales, mortgages, blah, blah, blah, our LOCAL housing statistics will add a spot of brightness to your day.

Columbus Ohio and area home sales increased 5% in the month of July– total sales were 2,398.  Homes that went into contract in August were 2% higher than August 2006.

Yes, the market this year has been challenging. Other areas of the country are experiencing extreme price swings.  But here’s an important reminder: All real estate is local. It’s not the national statistics that impact you– it’s really not even the city statistics.  It’s the market conditions in your area and your neighborhood. These sales stats and days on market are going to give you a true picture of what your home sale process will be.

Interested in what’s happening in your neighborhood? Any good realtor worth their salt will be happy to give you an accurate market report.  Call me with questions…. that’s part of my job.

Don’t let the media ‘talking heads’ determine your needs and choices. Get the information you need from a local expert.

What Could POSSIBLY Go Wrong With My Home Sale Or Purchase?

September 8th, 2007 Columbus Buyer Info, Columbus Seller Info, The Ugly No Comments

Ask that and ye shall receive. I’ve referred to this general story before, but this update from blogger Doug Quance is a great saga of how something that should be right can go so horribly wrong, and what the not-so-subtle impact of the developing mortgage drama is causing.

The bottom line:

1. If you’re thinking you’ll be merrily skipping along to your home closing WITHOUT good guidance or direction, there’s a good chance you’ll be disappointed.

2. People are buying homes, people are selling homes, and people are getting the mortages to do so. That will not change. It’s just getting a bit more complicated. A smart buyer or seller is going to look for those mentors who have the knowledge and experience to work through a sticky experience (better known at Realtors and Loan Officers).

3. While Doug’s story is the Queen Mother of what can go wrong, it gives a good perspective of the many potential road blocks that can – and do – happen. It’s critical to have a professional watching your back, communicating throughout, and working diligently to solve each issue as it comes up.

When Is The Right Time to Sell A Home?

September 7th, 2007 Columbus Buyer Info, Columbus Seller Info, From Professional to Personal 2 Comments

Teresa Boardman is a realtor in St. Paul Minnesota who also writes a real estate blog.  She’s posted a great article called ‘Timing Is Everything.’ Teresa writes:

“Somehow people have gotten the idea that buying and selling real estate frequently is a good idea, or even a way to get rich.  It didn’t used to be that way.  People looked at homes as a place to live.”

I agree. I hate to sound old… but when I was a kid, people bought a home expecting to live in it, pay off the mortgage completely, and changed the home only according to their tastes and needs.  (“That paisley wallpaper has been there for 25 years, and it’s perfectly fine for me… it goes great with the avocado carpet.”) It was a Big Event to move up to that second home in the Better Neighborhood.  Other than a Big Event, people moved when they were relocated due to job changes or other happenings in life beyond their control.

NOW the pressure is on to make your Fortune based on your home buying and selling savvy. Buy low, update and cleanup, and Sell High… buy and flip, buy and flip. Examine your home with a critical eye to find all those ways to change things that buyers will want.  We’ve got oodles of televisions shows showcasing how much money you can make– just gut the kitchen, add granite counters, and don’t forget the stainless steel appliances. People are being encouraged to view their home as an ATM machine that will of course be happy to spit out the money and profits we desire…..

There’s one teeny-tiny problem…. no one is talking about the time– and cost– to build the Equity we have been taught to crave. In the real world, you can’t buy a home, renovate it, and sell it 3 months later for a $60,000.00 net profit. It’s a wonderful fairy tale– and I’m sure there is a person or two who beat the odds and did it– but in the real world, it’s not going to happen.

I had clients who came to town a year ago, intent on making their Fortunes with a first home purchase.  They knew they would only be in the area for a maximum of two years.  They had virtually no money to put down on a home. On the few homes we viewed, they talked about the money they’d make by finishing off a basement, or putting in hardwood floors, etc.

I sat down with them and gently explained the realities of our market (at that time, a steady 3–4% appreciation in solid communities), and talked about the realistic closing costs when sold.  The bottom line was– after spending money for improvements and paying for closing costs, they would be in the red and losing money in a two year time frame. I helped them find a nice home they could rent– it was a good place to live.

Here’s 4 tips to keep in mind for your happy home:

1. Talk to your realtor about your expectations and timing before you buy. A good realtor is not going to pressure you into something that can harm you.

2. Buy your home because it’s a place to live– and enjoy it!

3. If you’re going to make improvements, know upfront it’s going to cost twice as much and take three times longer than you thought (if you’re lucky!) Now you’ve got a realistic picture….

4. Understand all the true costs to sell your home, and what the average appreciation is for homes in your area– and accept them.  Don’t scheme about how you’re going to beat the odds and save money where no one else could– you won’t.