Bad Columbus MLS Photo of The Week 12/30

December 30th, 2007 The Ugly, WORST MLS Photo No Comments

THIS beauty takes the saying of a drive-by shooting to a whole new level.. this condo has been For Sale for 150+ days so far, and this is the first photo the Internet buyer sees:

Want to guess why this property is still on the market?

Bad Columbus MLS Home Photo of The Week 12-17

December 18th, 2007 The Ugly, WORST MLS Photo No Comments

Sondra note: I’m starting a new category based on part fun, part frustration.  Yes…. this photo DOES exist in the Columbus MLS– part of a series of photos that is SUPPOSED to help ‘sell’ a home.

‘Fun’ because we can all have a good chuckle; ‘frustration’ because I’m tired of seeing hideous photos out there that guarantees the home does NOT sell.

Look forward for a new photo each week….addresses and agents will remain anonymous.  I’m not here to embarass anyone; just to say– WHAT were you THINKING of?

Sellers: You have the right to expect professional marketing of your home.  There are many good professional agents out there that will do a fine job.  Don’t accept bad workmanship– find a good Realtor that knows what to do to get your home sold.

So… to start this category off with a flourish, here’s a color scheme that may not be the most popular:

Columbus Ohio Real Estate and Economy 2007 Update- End of Year

December 13th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Bad, The Good No Comments

We’ve all heard the hubbub in the news about urgent housing issues… so how is the market really doing here in Central Ohio? Here’s a few points to help get a perspective:

Columbus’ unemployment rates are the lowest in the state, sitting at 4.7% at the end of October.

Statewide, Ohio has one foreclosure for every 290 households.  That means 289 homes have stable, healthy mortgages.

The new home construction market is struggling.  Housing starts are 50% less in Columbus since 2003.

We are having one of the best Buyer’s Markets that we will see for a long time.  That’s fabulous news for buyers, frustrating news for sellers. (Sondra note: I’m telling sellers that traditionally the thought has been to make your money selling your home; but in this market, the money to be made is on the buying end.  Do what you need to do to get your home sold, and look for the equity-gaining deals on the buying end.) Keep in mind this market will change.  For those buyers sitting on the fence, a word of warning: it’s not going to get better than this. There are wonderful bargains out there, and great low interest rates.

A Forbes.com study reported Columbus as the 3rd most stable housing market in America. Central Ohio has had a long history of stable, reliable housing values, and continues to do so.

The end of October was the third month in a row for home listings being added to the market to be down from a year ago (6.9% down for October). This is a good indicator that the market is making a correction. As the listing pace slows, inventory levels drop and home sale prices stabilize and start to rise.

The average sale price of a home in the Central Ohio area for the furst 10 months of 2007 is $173,122.00– which is 1.5% lower than the same time frame for 2006. Average Days on Market for a sale is 107 days.

For specific statistics on sales in your area or neighborhood, contact Sondra for more details.

Ohio FHA HUD Buyers Have a Great New Deal For Home Buying

December 11th, 2007 Bank-Owned/Short Sale Homes, Columbus Buyer Info, The Good 1 Comment

Looking for a great deal on a home?  Now Ohio homeowners can buy a HUD home using an FHA loan with only a $100 down payment.

A HUD home is a property that was financed through a bank with an FHA loan, and is now bank owned.  The Federal Housing Administration oversees the process of selling the home.  To purchase a HUD home, a Realtor must submit a contract for a buyer through the FHA online website.

The FHA-financed home buyer can also get a $2500 sales allowance that can be used for closing costs, or to make repairs.  (If you’re NOT using FHA financing, you can still qualify for a $1000 sales allowance to be used only for closing costs.)

This special incentive is good until September 30, 2008.

The $100 down payment is only for FHA insured sales to owner occupants– meaning you’ve got to live there (investors need not apply).  Mandatory down payments in the past were $500–$1000.

Interested?  Contact Sondra for more details.  HUD homes (as well as standard bank owned homes) vary widely in their condition; there are hideous ones and good ones.  All properties are sold ‘as-is.’  You can have inspections to determine issues, but it’s difficult to get any repairs done.  In some cases, there has been a pre-determined amount mandated by FHA of needed repairs that must be done by the buyer in order for the home to sell.  These repairs can be done after closing; but funds are placed by the buyer into a ‘repair escrow account’ and must be used in a certain period of time.