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Real Estate News
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 »
New Price for this Mid-century Brick Ranch in Arlington Schools
March 28th, 2008 categories: Buying a Home, Local Communities, Real Estate News
Okay, Folks! This incredible custom built ranch home with extraordinary features is conveniently located in Shelbourne Kipling – within easy walking distance to Lane Road Library, Thompson Park, as well as easy access to freeways, dining, shopping, recreation & more! If you’d like to see this impeccably and lovingly maintained home, just give us a call or stop by our Open House this Sunday, March 30, from 2:00pm to 4:00 pm.
Among the numerous high-quality amenities:
- Four Bedrooms
- Two full baths and one half bath
- Situation on a large 115’ x 145’ corner lot on a low traffic street
- New garage door for the two car attached garage
- Fresh paint in many rooms
- New carpeting throughout
- Some new light fixtures
- Full basement
- Electric range, wall oven, dishwasher, refrigerator and microwave included
- Central air and gas forced-air heating
- Upper Arlington Schools
Here, take a look inside see just how remarkable this home is:
The large foyer is inviting and graceful with travertine flooring, a new chandelier and large coat closet. This space is divided into two separate areas, the main entrance and the foyer, which is a great transitional space before entering the main living areas.
The large eat-in kitchen boasts immaculate custom cabinetry and a window over the sink looking out toward the rear patio and backyard. Tons of counter and cabinet space can be found here – in addition to a walk-in pantry. The adjacent eating space has a new chandelier andsliding door access to the rear patio as well as additional storage and counter space.
The amazing family room has a massive stone gas log/woodburning fireplace, thick, custom paneled walls and a sliding door leading to the backyard. The formal dining room has a new chandelier and large window facing the front yard. A sturdy pocket door separates this room from the kitchen, enabling privacy between the two spaces.
The massive formal living room is just off the entry and formal dining room and offers huge windows with a front yard view. What a great space to entertain or stretch out and relax!
Three bedrooms are located on the western side of the home. Now, the expansive owner’s suite has three (yes, you read it correctly) huge closets, new neutral carpeting and access to the large private bath. Two additional bedrooms offer ample closet space in each, pocket entrance doors (thereby saving interior space) and they share a second full-sized bath which can be accessed through the hall. The second full bath has a double-bowl ceramic-topped vanity, a separate vanity space and a shower/tub combination with glass door. A fourth bedroom can be used as a home office or creative space and it is located on the eastern side of the home within close proximity to the large half bath.
A first floor laundry is separated by a pocket door just off the eating space, fourth bedroom and half bath. It also has the entrances to the garage and basement and is large enough to also be utilized as a mudroom. A high quality utility sink with under-cabinet storage offers a convenient area to take care of muddy boots or stubborn stains.
YOWZA! While the wording above describes this home rather well, I can’t really say enough about the solid construction, the custom features, the absolute pristine condition and the soul of the home. This lovely space is ready for you to make your memories here!
Area amenities and websites to check out include:
Upper Arlington Community Website
Upper Arlington Chamber of Commerce
| Discussion: No 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.
| Discussion: No Comments »
Whoa! Stop the Car and Check Out this New Westerville Listing!
January 25th, 2008 categories: Real Estate News, Westerville
Now THIS Westerville listing will make your brakes squeal (in a good way).
You just might want to take a good look at this one. And after you do, just give us a call and we’ll make arrangements for you to see this impeccably maintained three-level split home located in Glengary Heights in the Westerville School District.
Some details regarding this sweet home:
Price: $137,900
Bedrooms: 3
Baths: 1
Garage: 1 Car attached
Square feet: 1,300
Lot size: 63′ x 115′ w/fenced backyard!
The high quality updates to this home are numerous and among them are:
- New carpeting
- Fresh coat of paint in every room
- New ceramic tile in the entryway, kitchen, bathroom and lower level
- New closet doors in hall, bedroom, and lower level
- New closet organizers/shelving
- New kitchen cabinetry, sink, counter-tops, lighting, stove, dishwasher and microwave
- New bathroom vanity, light fixtures, medicine cabinet, sink, counter-top, bead board, tub/shower surround and commode
- New exterior soffitts
- New exterior lighting
- New deck
- New fuse box
- Many new interior light fixtures
You didn’t think you’d have to update this, now did you? Thankfully, you can just move right in to this sweet home and start enjoying it immediately. Really.
Just to give you a peek at this three bedroom, one bath bi-level, below are some photos. Go on now, don’t be shy! You can even stop by our Open House this Sunday, January 27th from 2:00 to 4:00pm for an even better look!
And to give you an idea of the area amenities, go ahead and check out these links:
- Everything Westerville
- Award Winning Westerville Library
- Inniswood Park
- More to explore in Westerville
- Explore shopping, good eats, & great times at Easton!
| Discussion: 2 Comments »
Santa on a Pontoon Boat?
December 19th, 2007 categories: Entertainment, Local Communities, Real Estate News, Recreation
As seen at Indian Lake, about an hour Northwest of Columbus.
Let’s hope Rudolph and his pals can swim!
| 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 »
