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Columbus
The Grass is Greener in the Columbus Real Estate Market
April 29th, 2008 categories: About Realtors, Columbus, Real Estate News, Real Estate Professionals
No, I am not talking about the long green grass we all have been mowing twice a week lately! I am talking about the Columbus Housing Market and some of the positives which seem to be repeatedly overlooked by the media bent on highlighting the negatives of our industry’s downturn.
Recently, The Columbus Board of Realtors, The Columbus Housing Partnership, and The Building Industry of Central Ohio have united to get the word out to the public about all the good things happening in the Columbus housing market. Through “The Grass is Greener Here” Campaign these organizations aim to inform the public about the reality of our current market through the following core points:
- The Columbus, Ohio housing market is healthy and stable
- It is a great time to buy
- Low interest rates are helping to keep the market strong
- There are many reasons to be optimistic
- Waiting too long to get a good deal could cost Homebuyers in the end
- Buyers and Sellers should talk to market experts and not allow the media to direct their housing plans
- Homeownership is still a great investment
Check out The Grass is Greener Here to get detailed information on each of these points and gain some insight into the Central Ohio Housing Market.
I will agree that the market has been tougher than in some of the glory days of the past, but homes are selling and Buyers are buying. The national media can not be all wrong, but it is critical to remember that real estate is very much a local business. There are always areas experiencing declines while others are seeing strong markets. Making generalizations on a national scale can be dangerous and serve to further erode confidence.
If Buying or Selling a home in the Columbus area may be in your future, get the facts, get a good real estate professional and get moving!
| Discussion: 2 Comments »
Selling your home in Columbus…the third time is a charm.
March 27th, 2008 categories: Columbus, Real Estate News
We have all heard that the housing market is tough right now. If for any reason you have not heard this, you should climb out from whatever rock you have been hiding under.
It is true, inventory and average days on market are up, prices are down and the mortgage industry is seeing some long overdue restructuring which is making it tougher for Buyers to obtain financing.
According to the Columbus Board of Realtors, there were 1459 homes sold in Columbus in February which was a 5.8% decline from the same month in 2007. The encouraging news is 1689 homes went under contract in February, up 5.6% from the previous February. The bottom line is that homes are still selling, though it is more critical than ever they be properly prepared for the market and priced appropriately.
If you are currently selling your home or considering a sale, you should know a successful sale will require you to sell your home 3 times. You must “sell” your home to:
- The Buyer
- The Inspector
- The Appraiser
The Buyer
Buyers today have the luxury of choosing between lots of homes. This can be a good thing, but can also lead to indecision and tends to focus Buyers on getting a “deal”. To combat this, be sure your home is in top condition and priced aggressively. Elevate yourself above the clutter of the current market and make it easy for a Buyer to say “yes” to your home.
The Inspector
The Home Inspector is hired by the Buyer to evaluate a home’s condition and to assess the need for future repairs and maintenance. Do not discount the power a Home Inspector holds in affecting a Buyer’s decision to move forward with a home purchase. If you have deferred maintenance, address the issues prior to listing your home. Having a transaction foiled by by poor inspection results can cost you time and money and is largely avoidable by addressing known issues up front.
The Appraiser
The Appraiser is hired by the lender to establish the value of a property. This is done to ensure the bank does not lend more money than the home is worth. With current market conditions and a decline in prices, I would anticipate Appraisals becoming more of a challenge. Historically, if the home was priced within reason in comparison to the recent market, the appraisal process was smooth. Given the recent woes in the mortgage industry one can assume lenders will be more and more cautious about lending. New standards are already in the works to ensure the integrity of the appraisal process.
In closing, do not let this post or the media banter keep you from selling your home. Just be realistic about your expectations, the time it may take to sell and the amount you may settle on. Check out What is your Home worth in today’s market? and What to do if you really want to sell your home for more information and contact us if you have questions or need assistance.
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Columbus Ohio Housing Market - Any Good News?
January 3rd, 2008 categories: Columbus, Local Communities
Well, if you read the paper or watch the news, you surely hear just how bad the housing market is all over the country. I won’t lie and tell you everything is just fine and it’s the best market we’ve seen. I will propose, however, that there are some positives.
If you have read my posts before, you know I try to put an upside slant to the housing market in general. I would be crazy not to as I make my living as a Real Estate Professional and do all I can to further the success of our industry.
I am not naive to the challenges facing the housing market, but feel obligated to fight back with what may be some hopeful news.
Looking at the chart below you will see a couple of statistics worthy of note. First, according to the Columbus Board of Realtors (CBR), the average sale price in November of 2007 was 2.1% higher than in November 2006. With all the talk of prices dropping so dramatically this should be a bit of an eye opener. On top of this it is worth mentioning that the year to date average sales price is down only 1.2% in the Columbus Multiple Listing service
CBR notes in a recent article that “the number of homes added to the market in November dropped almost 18 percent from the month prior. However, homes that went into contract or sold were only 13 percent lower than in October.”
Brad Bennett, the outgoing CBR President states - “Right now we have around ten homes on the market for every one buyer — a buyer’s market. A balanced market is about 6.5 or 7 homes for every buyer. So, a slowing in the number of listings added to the market is good news.”
Now for you Sellers out there, don’t be discouraged. Over 1,500 homes sold in November with another 1,500 + going into contract. Just be sure to prepare, stage and price your home properly.
If you are waiting to make a transition until your home’s value increases, keep in mind the value of the home you purchase will likely have increased as well. Be sure to make an informed decision about the right time to buy and/or sell.
To learn more about your options in today’s market and determine if the time is right for you to make a move please contact us now.
Relaed must reads: Columbus Housing Market is Stable, Spooky Real Estate
| Discussion: No Comments »
7540 Scioto Parkway, Powell, Oh. 43065
December 12th, 2007 categories: Columbus, Local Communities, Our Listings, Powell
Click here for more information or to schedule a showing!
This one has it all! Immaculate condition and great location in desirable golf course community. Enjoy the flow of this open floor plan with cook’s sized kitchen, vaulted great room, loft and professionally finished lower level with bedroom/den and full bath. Fantastic outdor spaces are accented by extensive landscaping, freshly painted deck and paver patio
The location offers convenient access to freeways, shopping, recreation and dining including:
- Columbus Zoo
- Scioto Reserve Golf & Athletic Club
- Kinsale Golf & Fitness Club
- Wedgewood Country Club
- The Memorial Tournament
- City of Powell – shops, dining and more
Price: $319,900
Bedrooms: 3 (Could have 4th in finished lower level)
Baths: 3.5
Garage: 2 Car attached
Schools: Buckeye Valley
Square feet: 2,919 per Auditor (does not include lower level)
Rooms:
- Great Room
- Eating Space
- First floor utility
- First Floor Den
- Loft
- Formal Dining Room
- Lower level family room and additional den or bedroom
Heating/Cooling: Gas/Central Air
Features:
- Spacious loft offering space for toys, media area or exercise space
- Deck and paver patio overlooking rear yard
- Wood floors in entry, dining room, kitchen and eating space
- Cook’s kitchen with eating bar open to the great room and breakfast room
- First floor owners suite with luxury bath featuring soaking tub and double vanity
- Lovingly maintained always
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| Discussion: No Comments »
Let it Snow!
December 6th, 2007 categories: Columbus, Local Communities, Real Estate Professionals, Westerville
As I was out and about this morning for the Northeast/Westerville Realtor Association Holiday Breakfast, I took a few shots to capture the morning sun and our first blanket of snow this winter. These are taken near Everal Barn and Homestead. My family and I love the snow. From skiing and snowboarding to winter hikes, snowballs and snow angels, we say “bring it on!”
For those of you who despise the white stuff, I hope you will at least enjoy the photos.
| Discussion: 2 Comments »
So You Want to be a Real Estate Investor? - Part 2
December 3rd, 2007 categories: Columbus, Local Communities, Real Estate News
In my last post I discussed the ins and outs of investing in real estate by renovating and re-selling properties to realize a short term profit. Today let’s look at the concept of investing in rental properties as a longer term strategy.
In recent years, many a client has come to me considering this avenue. Ups and downs in the stock market, high housing inventory and low interest rates can make income producing properties a good option. If you are considering the purchase of rental property, here are a few things to consider.
- How much money do you have to invest?
- What are your objectives? (i.e. long term equity growth, short term cash flow, etc.)
- Will you self manage the property or properties?
- What are the tax ramifications of your strategy?
- Is your spouse or partner on board with the plan?
Knowing how much money you have comfortable access to is critical to analyzing your purchase options and return potential. Please be conservative and do not enter into this lightly. Looking at rental properties as a quick source of income is a mistake. Understand the potential risks and how they could affect your finances.
Think carefully about your goals. Investing to help with your childrens’ education in 10–15 years is very different from building a large stream of income in a 2–5 year period. Both are achievable, but they likely will not go hand in hand.
Determine if you will handle all management and repairs or if you will enlist the services of a property management company. Though a property management company can provide a wide range of services, it will come at an expense and may not be justified for the small scale investor. If you plan to manage for yourself, be aware that most repairs and maintenance items will show up unexpectedly and may require swift attention.
Before you begin investing be sure to speak with an accountant to understand the benefits and drawbacks owning rental property may present. Each situation is different and you will want to have an idea up front of what to expect come tax time.
If you are not the only decision maker in the family, please be sure everyone is on board. I have seen many folks excited about the process only to learn that the spouse or partner was not at all supportive. Sometimes this is only a matter of education and understanding the true risks and rewards.
Don’t get me wrong here. I am all for real estate as an investment vehicle and am not trying to scare you. I just want to be sure you really think about your decision and make sure it is right for you. Many is the time I have heard someone say “I am tired of being a landlord”. I contend if you do your homework and know what your goals are it may be just the thing for you.
| Discussion: 2 Comments »
So You Want To Be A Real Estate Investor? - Part 1
November 26th, 2007 categories: Columbus, Local Communities, Real Estate News
With all of the press about the Columbus real estate market, foreclosures, mortgage crises, etc., it is no wonder many folks are jumping on the bandwagon to take advantage of opportunities a down market often provides.
In my humble opinion, real estate is a great investment, especially in a market where properties may be purchased at truly “wholesale” prices. If you are new to the world of investing in real estate, however, there are a number of things you should consider and understand before diving in.
For the sake of this post we will discuss the concept many “flippers” are focused on, which is purchasing and renovating properties to re-sell at a profit. Part 2 of this post will focus on acquisition of income producing rental properties.
I use the term “flipping” cautiously as it can have negative connotations tied to scams involving fraudulent lenders and appraisers over valuing properties and taking advantage of Buyers. Here it simply refers to buying a property below market, making improvements and selling for a profit.
A few rules to live by if this is where you are headed:
- You make your money when you purchase, not when you sell. Be certain you are getting a good value.
- Be conservative. It is better to overestimate improvement costs and underestimate sale price. Doing the opposite can have a bleak outcome.
- Know your numbers. Many beginners simply subtract their purchase price and improvements from the ultimate sale price and assume this is profit. Please do not forget costs such as utilities, insurance(very expensive on vacant homes), mortgage payments, taxes, Realtor fees, if any, and a line item for miscellaneous, just to be safe.
- Determine an acceptable profit margin and stick to it. If the numbers do not work, look for another property. This should not be an emotional process.
- Be comfortable with some level of risk and do not rely on the home selling to stay afloat financially. If you do this right, you should not lose money but there are many factors involved and surprises do come up. If you project a 3 month sale and it takes 6 months, your profit margin may look very different than you anticipated.
The ideas above should offer a good starting point, but be sure to do your research and know your limitations. If you are a good carpenter, but have little or no free time, maybe it is best to hire out the carpentry and budget for this. Often times people overestimate how much they can accomplish on their own and end up blowing their budget when they call in professionals.
Typically, the quicker a home is ready for the market the better, as you minimize any carry costs. Never, however, sacrifice quality for speed as you will lose in the end. Do things the right way and do not cut corners. I have seen many a home sit on the market due to an investor’s shoddy workmanship and “discount” materials.
| Discussion: 1 Comment »
What is Your Home Worth in Today’s Market?
November 5th, 2007 categories: About Realtors, Columbus, Local Communities, Real Estate Professionals
Whatever the market conditions at a given time in a certain area, Home Sellers (or those considering selling) always have to address the age old question of how to price their home.
Realtors, friends and neighbors, family and maybe even the mailman weigh in on what the right price is to affect a sale. I have a secret for you……None of these people determine the selling price for your home, it is always determined by a ready, willing and able Buyer.
Below are a few factors Sellers often consider which have little or no bearing on the ultimate sale price.
- What they paid for their home
- The cost to rebuild their home today
- What they would like to net from the sale of their home
- What they need to be able to afford their new home
- What they need to recover the cost of renovations and improvements
- What their friend, neighbor or co-worker says their home is worth
When we as Realtors assist Sellers with pricing a home we rely on data generated through a Comparative Market Analysis(CMA). A CMA uses recent sales, homes currently for sale, homes in contract or pending sale, and homes which were on the market but failed to sell. Especially during a shifting market, it is critical that the most recent data available is used to establish a pricing strategy.
In my opinion, a Realtor’s job is to properly educate Sellers such that they can price their home properly given current market conditions. We as Real Estate Professionals help analyze the data and pinpoint trends and strategies. Choosing the price is up to the Seller.
Never choose a Realtor based on the list price they suggest as they have little control over the final sale price. A good Realtor will always decline an overpriced listing knowing it is in no one’s best interest to waste time and money chasing unrealistic expectations. Choose a Realtor with experience, a system for getting your home sold, and an approach and personality you feel will best represent your objectives.
A few pitfalls to avoid include:
- Pricing with “room for negotiation”
- Setting the price high because “we can always come down”
- Ignoring deferred maintenance or needed upgrades which impact sale price
It is normal that we are proud of our homes, have a financial and emotional investment in them, and see them as desirable. It is important, however, when selling that we take a step back and really look at the situation objectively through a Buyer’s eyes.
Especially in today’s market:
- Get input from a professional on pricing strategies
- Make sure your home is in top showing condition
- Get moving!
Related must reads: Photos to Sell Your Home, Do You Really Want to Sell?
| Discussion: 3 Comments »
How Spooky is the Columbus Real Estate Market?
November 2nd, 2007 categories: Columbus, Financing, Local Communities, Real Estate News
This was the scene outside our house on Wednesday evening as we participated in the annual trick or treat ritual. I must say the creature I created scared his share of kids, thanks particularly to the loudspeaker and microphone which allowed me to act as his voice. It was a great time and I am sure kept some of the smaller children up that night long past their bedtimes. It was, as I had hoped, pretty scary.
But talk about scary, what’s up with the housing market? If you relied solely on the media to fill you in, you might think we are hurtling towards the end of the world and all of our homes will be worth nothing soon. Not so, I say!
Recently I wrote about a Forbes article selecting Columbus as the 3rd most stable housing market in the country. For me, this came as no surprise as Columbus has historically exhibited stability in terms of economy, housing and jobs without the wild home price fluctuations seen in some of the most troubled markets.
The table above showcases statistics for September 2006 vs. 2007 as well as year to date statistics vs. the same period last year. These are figures generated by the Columbus Board of Realtors. I will acknowledge that these are not what we would hope to see in a thriving market. At the same time, it could be much worse. Though total listings sold are down, so is the number of new listings which have entered the market.
As for a dramatic crash in home values, we have seen only 1.6% decrease in average sale price year to date. I fully believe this is indicative of a correction brought on largely by poor lending practices and people overextending themselves. As with any correction, it will take time, however it will also bring with it opportunity.
For Buyers this is a wonderful time to be in the market for a home with:
- Many homes to consider
- Low interest rates
- Motivated Sellers
For Sellers, as I have said for some time now, it can be a great time to sell if you condition your home properly and are realistic about price.
As far as what is to come, I think most real estate practitioners would agree the somewhat sluggish conditions we have been experiencing will not go away over night. But don’t scream and don’t shiver with fright. It’s just not that spooky!
Markets go up and markets go down. Be glad Columbus isn’t primed for the swings other markets see. Take what you read in the paper and see on TV with a grain of salt and if Buying or Selling is in your future, find a good real estate professional and learn the truth about the market as it relates to your objectives.
Related Must Reads: Columbus Housing Market, Buying a Home in Columbus
| Discussion: 1 Comment »
Give a Girl a Camera and Look What Happens!
October 28th, 2007 categories: Columbus, Local Communities, Music, Real Estate News
The following photos were taken by our daughter on the way to her drum lesson at Columbus Percussion. It is with pride that I share these amazing photos with you. After a gray and rainy day, this beautiful sight ushered in our evening and for that we were grateful. Since I try to take my camera everywhere I happened to have it with us on our ride and I told her to have at it and have some fun. She did and this is just a sampling of those results.
By the way, her drum instructor is none other than Ed Davis, who currently plays with Red Wanting Blue. Ed has been teaching our girl for two years - in between touring and playing locally. He graduated from Capital University Conservatory of Music and has a great way with teaching kids - and playing! If you’re interested in going to the largest gathering of percussionists and exhibitors, check out PASIC (Percussive Arts Society International Convention) to be held at the Greater Columbus Convention Center. Explore everything from cool sticks to the PASIC Indoor Marching Percussion Festival to an evening of incredible music at the Percussion Extravaganza held at the Columbus Music Hall. We went two years ago and were blown away by the talent contained under one roof.
While she’s away during her lesson I get a chance to play and here are a few goodies I came up with. Beauty can be found splashed across the sky or tucked away in a drum shop. It’s there, if you just look for it.
This week I also showed a couple condo conversions and single family homes in the same neighborhood as Columbus Percussion. I’ll be curious to see as the condos in these former multi-family rentals are sold, what the other multi-family buildings in the area will do. And when will they do it? To convert, or not to convert, that is the question. I am confident the trend of converting apartments to condos will be here for quite a while to come. It is a unique way to reinvent housing in some of Columbus’ greatest areas.
For many years the Clintonville/Beechwold area has had an active real estate market. Below is an overview of activity between $125000–175,000 since the first of August.
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Active Listings: 75 with average list price of $153,539
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Contingent Listings: 13 with average list price of $154,365
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Pending Listings: 8 with average list price of $144,262
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Sold Listings: 44 with average sale price of $148,728
If you have questions about these statistics or would like more information on homes in this area, click here.
| Discussion: No Comments »
