February 2016 Dublin Market Report

March 23rd, 2016

February 2016 Dublin Market Report

Real estate market data for Dublin, OH  provided by Jim West of Keller Williams Capital Partners.

Dublin Ohio Home Prices

Home prices in Dublin and central Ohio have hit an all time high and don’t expect things to slow down anytime soon.  If you are considering buying a home you can still find deals on a house in Dublin but having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don’t overpay for your home, you’ll want to have an agent that does a thorough market analysis of the Dublin home on which you are making an offer.

If you are interested in how much current inventory is on the market in Dublin you can find that information by clicking on the link. Our inventory is at its lowest point since 2000. High inventory will suggest that homes are sitting on the market for longer. Currently in this area of Dublin, homes have a median time of 87 days on the market before they sell. This would suggest that sellers are in a great position to make stronger counters to offers on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Dublin has multiple offers coming in on homes similar to what we saw back in 2005. I wouldn’t expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise and inventory is down by 17.5% from the same month last year. Please see the chart below for current inventory level. P.S. We try to update the Dublin Market Report every month. Please let us know if you have any questions.

 

Points of Note:

  • 58 closed sales
  • 2.4 months supply of inventory
  • 87 days on market
  • $287, 037 average sales price

 

February 2016 Dublin Data

February 2016 Dublin Market Report

 

Dublin Ohio Real Estate Report Summaryfree-school-report

The median list price in December for single family homes in Dublin was $349,900.

The median list price at time of sale increased by a resounding 7.7% from the same month last year.

The sales price per square foot for listings in this area was $122.33, down 2.0% from same month last year.

The median sale price in January for single family homes is $246,500. The median sale prices was down by 7.0% from the same month last year.

The list price per square foot for sales in this area is $130.43.

Find Homes for Sale in Dublin Ohio

Visit my website to search for homes in Dublin or to be notified when new Dublin homes come on the market.

 

To find out what you home is worth in the current market email me or call 614-507-5732.   If you are looking to sell your Dublin home get your home’s value now! Instantly in 15 seconds!

February 2016 Hilliard Market Report

March 22nd, 2016

February 2016 Hilliard Market Report

Real estate market data for Hilliard, OH  provided by Jim West of Keller Williams Capital Partners.

Hilliard Ohio Home Prices

Home prices in Hilliard and central Ohio have hit an all time high and don’t expect things to slow down anytime soon.  If you are considering buying a home you can still find deals on a house in Hilliard but having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, most of Hilliard’s listings are selling within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don’t overpay for your home, you’ll want to have an agent that does a thorough market analysis of the Hilliard home on which you are making an offer.

If you are interested in how much current inventory is on the market in Hilliard you can find that information by clicking on the link. Our inventory continues to be at its lowest point since 2000. This low inventory will suggest that homes are not staying on the market for very long. Currently in this area of Hilliard, homes have a median time of 58 days on the market before they sell. This would suggest that sellers are in a great position to make stronger counters to offers on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Hilliard has multiple offers coming in on homes similar to what we saw back in 2005. I wouldn’t expect home prices to run up quite as fast as they did back then, as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise and current inventory is down by 27% from the previous month. Please see the chart below for current inventory level. P.S. We try to update the Hilliard Market Report every month. Please let us know if you have any questions.

 

Points of Note:

  • 80 closed sales
  • 1.0 months supply of inventory
  • $212,097 Average Sales Price 
February 2016 Hilliard Data

February 2016 Hillaird Market Report

Hilliard Ohio Real Estate Report Summaryfree-school-report

 

The median list price in January for single family homes in Dublin was $205,000

The median list price increased by 2.6% from the same month last year.

The sales price per square foot for listings in this area is $119.82.

The median sale price in February for single family homes was $181,500. The median sale prices was down by 0.3% from the same month last year.

The price per square foot for sales in this area was $129.47, up 3.8%.

Find Homes for Sale in Hilliard Ohio

Visit our website to search for homes in Hilliard or to be notified when new Hilliard homes come on the market.

 

To find out what you home is worth in the current market email us or call 614-507-5732.   If you are looking to sell your Hilliard home get your home’s value now! Instantly in 15 seconds!

Do You Have Equity In Your Home? Not Selling Because Of It? Think Again

March 18th, 2016

Do You Have Equity In Your Home? Not Selling Because Of This?Think Again!  

Are you not selling because you do not think you have equity in your home? Recently, the National Association of Realtors wrote a blog post (if you bought your home during these years you’re really hurting) and that post stated if you bought your home 8-10 years ago you will not have equity in your home. If you ask me, that is totally false! And here are my reasons why. Let’s take a look at this graphic: NAR showed this diagram making in that blog post and it would seem like those homeowners who bought during 2006-2008 do not have enough equity in their home to sell at the current time. Most homeowners on the market have owned their homes for 8-10 years, the exact time-frame stated in this article that says you can’t sell due to not having enough equity to pay all the fees associated with selling.

Tenure in home

Length of home ownership

Current reports from Corelogic state that only 37% of homeowners think  they have 20% equity when actually 74% actually do.

home-owners-who-have-significant-equity

Home owners who do have equity

As a matter of fact, as you can see in the graphs below, 86.9% of Ohio homes actually have positive equity in their homes and 62.7% have significant equity in their homes, according to a Fannie Mae & Corelogic study. You also may think that you need 20% or more for a down payment to even buy a home, when the average amount of money put down is 10% overall. In my opinion, the reason so many homes have significant equity in their homes because we did not see a huge appreciation before the home boom and did not see a significant decrease in home depreciation before the home bust.

Also, as many as 74% of homes actually have a significant amount of equity in their home.  We are using the term “significant equity” on homes that have at least 20% equity in their homes and that equity will allow current homeowners to do several things:

significant-equity-homes

20% equity will allow you to do these things

Buyers are out and looking for homes s if you are looking to sell, now is the best time and appreciation is going up at a rapid pace. Buyers frustration are running very high which leads to a rapid home sale. Most sellers may not be selling for the same reasons as 1st time home buyers, they do not have a home to go to if they sell. So if you are thinking about selling, make your move today and talk to a  professional who knows the market today. Call or text us today at (614) 507-5732.

12 Questions to Ask When Interviewing A Real Estate Agent

March 13th, 2016

With over 1.5 million real estate agents out there finding the right one for your transaction is tough. Interviewing potential candidates is the only way to select a Real Estate Agent with the personality, credentials and experience to really fight your corner.  Ultimately, the interview is about three things: how well the agent knows the local market, how effectively he will represent you, and whether you can work together, both practically and ethically.

Here are 12 questions to ask when interviewing a real estate agent or broker before you hire them to help with your home sale or purchase. When you are ready to be paired with a top notch agent in your area, use the form below to request a connection and then you can use these questions before making a selection.

1. How many years of experience do you have?

Experienced agents typically make better agents. Look for a real estate agent with at least five years’ experience in the local market. Check that they are used to dealing with properties that mirror yours in terms of size, style and price point. A seasoned agent used to selling deluxe golf estates may not be the best agent for selling a production starter home. Or if they have a higher selling price point that they work with, they will not have the buyers in their database that they can sell your home to. It will require them to do a different style of marketing to procure a buyer for your home, taking longer to sell and inconvenience you with continuous showings. 

2. Do you hold any special accreditations?

All real estate agents should be licensed by their local state regulatory board. Many real estate agents take their education further and earn advanced designations in specialties such as buyer representation, property management, second-homes and the seniors market. About half of all licensed agents belong to the National Association of Realtors. NAR members pledge to observe a strict code of ethics and continuous training that typically goes beyond that required by the state regulators. Advanced designations are not deal-breakers, but they do signal commitment to the profession. One specific acronym you are looking for is a CRS. This is called a certified residential specialist. This is like having a PH.D. in real estate. These agents have to take classes annually and pay a yearly membership fee to stay active, therefore, they will be more serious about their business than a typical agent. There are other acronyms such as an ABR (buyer), SFR (foreclosure & short sales), GRI ( graduate realtor), that are one time classes to get these and they do not even have to sell any homes to acquire these. accreditation’s.    

3. How many homes did you close last year?

A Marysville real estate agent with a stellar sales record likely is a knowledgeable expert with a significant profile in the local market. Who wouldn’t want to hire a hard-working, driven dynamo? But, hold up a minute. A solo agent who is selling two or three homes a week likely is not going to have time for you. You want a real estate agent that will hold your hand through the home selling process, not pass you to an assistant or be too busy to return your calls. Did you also know that an agent with less than 10 listings has better sales number than an agent with more.

You might like to read about that here! An agent’s workload will affect their sales numbers!

4. How many homes did you close in my neighborhood?

Real estate markets are incredibly local: so local, in fact, that one house may experience a different price point and absorption rate (time on the market), and attract a different type of buyer, to a similar house just one street over. A good agent on paper is no use to you if she isn’t doing active business in your local market. Exceptional agents typically specialize in just a handful of communities. That way, they can keep up to date with school rankings, crime rates, zoning policies, employment statistics, freeway expansions –  all the metrics that determine a property’s true value.

5. How many days does it take you to sell the average home? 

The real estate agent you interview should be able to tell you how long her listings sit on the market, and how that compares to the overall market. Also, the longer your home stays on the market, the less you will make, plus you keep living in a home that you do not want anymore! UGH!

6. What percentage of your homes sell at the full asking price? How close to the initial asking prices were the final sale prices of the homes you sold? 

This question establishes how skilled the agent is at pricing homes. Get the price point too high, and the home will be harder to market and sell; too low, and you’ll be out of pocket by many thousands of dollars. Also, ask them how many price reductions do they average on their listings. Most agents will brag about their sales price to list price ratio but if they have to reduce their listed homes 2 or 3 times to get them sold, then they need some training or experience on pricing your home. Agents will also take listings priced too high to work on another home down the street they have listed down the street to get a price reduction to sell that home 1st.

7. Will I be working with you directly or passed to a teammate?

Real estate agency teams are growing in popularity. Done properly, they allow people with different skill-sets to collaborate. A well-structured team frees the sales agent to do what she does best – sell your home – while the administration team shows houses and handles the paperwork. On the other hand, collaboration doesn’t work if the team behind the agent is poor, or you can’t connect with your primary agent. If you’re worried about being passed to an assistant, go with the solo player! Just make sure that solo agent’s workload isn’t too large as we mentioned that reason in #3 above.

8. Do you work full-time or part-time as a real estate agent?

In a market with that has homes selling in hours, not just days, with full prices and multiple offers like we currently are seeing, you can literally miss out on the home of your dreams due to an agent having a full time J-O-B! Deals can be won or lost in minutes. You deserve an agent who is dedicated full time to your home. Full time agents also have time to learn their craft better so they can negotiate and represent your interests much better. Agents will also say they are full time but have full time jobs elsewhere, so make sure you check their social media channels looking for an indication of having a full time job.

9. Do you own your own home?

Around 85% of real estate professionals are homeowners. An agent that has been through the process is more likely to empathize with your situation and soothe your worries respectfully. An agent who lives locally is more likely to have their finger on the pulse of the local market and can offer first-hand advice about the local community, such as the schools, restaurants, shopping, local events and transportation systems.

10. How will you market my home?

You don’t want an agent who’s going to put a poor quality photograph of your house on the company website and hope for the best. Good agents have aggressive and multi-pronged marketing strategies that adapt to a buyer’s or a seller’s market. Press for details. Does the agent keep a database of interested buyers? How will she approach them? Will the agent put advertisements in newspapers? How will she exploit the internet and social media? Will someone stage the home?

Get more details about good marketing ideas here. 

11. How often will I hear from you?

You’re both busy people, so you need an agent whose communication style fits well with yours. Do you prefer the agent to keep in touch through phone calls or e-mail? Do you expect a call after someone tours your house, even if the viewer is no hot prospect? Would you like twice-weekly updates, or just when there’s something to report? Make sure you and your agent are on the same page.

12. Why should I hire you?

This is a classic interview question that can take the wrong road unless the agent has done some thinking ahead of time. Don’t settle for someone who promises to list, market and sell your property: this is the basic level of service that every agent should offer. What you want to hear is, what makes this person stand out from the crowd? If the agent can’t sell herself, she probably can’t sell your home.

13. Ask the agent these key statistical questions. If they do not know these key stats then they may not be a good fit for you.

           How many of the homes that you listed, sold?

  • This will show you the probability that you home will sell. A lot of agents take a lot of listings but over price them and they either continue to sit on the market or they never sell at all. In today’s fast paced market, you do not want to be left out of the market when you have your eye on another home you want to buy.

For Sale By Owner: 8 Costly Mistakes Sellers Make

March 10th, 2016

thinking-of-selling-for-sale-by-owner

Just because you have a knack for peddling your goods on Craigslist doesn’t mean you should make the jump to the housing market.

Think you’ve got the chops to sell your house on your own? Think again. Many people believe they’ll save money by listing their home as “for sale by owner” (FSBO), and sometimes they do. But selling a home is a lot more complicated than selling practically anything else, including a car — which is certainly no walk in the park.

Think about it: This isn’t an agent’s first rodeo, but it might be yours. A good real estate agent knows how to price your home for sale in Marysville, OH, isn’t emotional about the sale, understands the amount of paperwork involved, and so much more.

Here are eight costly mistakes FSBO sellers tend to make.

1. They price it wrong

If you consistently beat everyone when playing along to The Price Is Right, you’re either a natural, or you study retail prices … a lot. Unless you devote time and usually money (hiring an appraiser) to figuring out the best price to list your home, chances are, you’ll get it wrong.

It’s common to think your house is worth more than it really is, especially if you’ve “improved it.” But not everyone appreciates a garage converted to a functional living space. They might prefer a garage to be a garage. And a pool doesn’t necessarily increase the value of your house either.

“On the other hand, some for-sale-by-owners shortchange themselves by underpricing their homes because they do not understand the current market,” says Matthew Korman of Douglas Elliman Real Estate Long Island. “I recently listed a [former] for-sale-by-owner and was able to obtain $50,000 more than they were asking.”

2. Their photos aren’t very good

Homebuyers shopping online want to see photographs, and if yours don’t impress, your home will likely be passed over. “Buyers are drawn to photos, and high-quality photos drive more showings,” says Joshua Jarvis, a Georgia agent.

Just because you can post photos online that you’ve taken with your phone doesn’t mean you should (no matter how fabulous that Instagram filter makes your backyard look). Your photos will be competing with professional ones, and it’s almost guaranteed that yours won’t look as good. In fact, amateur photos usually look “horrendous,” says Jarvis.

“Hiring a professional photographer will provide the best photos, videos, floor plans, etc., which buyers expect to see,” says Korman. Proper staging and decluttering is also part of the process.

3. They can’t (or won’t) make the time commitment

When people want to buy a home, they expect someone to respond to their inquiries and show the home when they want to see it. But many FSBO sellers show the home only when it’s convenient for them.

“Buyers want instant gratification and expect info when they want it,” says Korman. If you can’t communicate with buyers or show your home in a timely manner, expect the buyers to move on.

4. They don’t qualify buyers

You know the saying “If you have to ask how much it costs, you can’t afford it”? People often look at expensive products, including houses, all the time, even when they can’t afford them.

To weed out these unrealistic buyers, real estate agents get buyers’ financials to determine whether they’re creditworthy. But that doesn’t always happen with FSBO sellers. Plus, “Most buyers are [reluctant] to share their financial information directly with sellers, but they will work in concert with agents and their lender to validate their qualifications,” says Brian Koss, executive vice president of Mortgage Network.

5. They’re emotionally involved

When selling a home, it’s a good idea to bring out your inner Spock by using logic instead of emotion. Otherwise, you might not take a strong first (and possibly best) offer from fear of making a bad deal.

Your connection with the home can also get in the way. “Sellers think of their property as their home, not just another house on the market. They have an emotional attachment to it, and when they try to sell, the facts get lost in the emotion,” says Koss.

6. They’re bad at showings

You might know every nook and cranny of your home, and you might have given tours to guests. But that doesn’t mean you know how to show a house to prospective buyers. Some people, for example, don’t want to be led around. They want to look on their own and ask questions later.

And that brings up another issue: “Many buyers are not comfortable being candid with a homeowner about their concerns or issues with a home,” says Glenn S. Phillips, CEO of Lake Homes Realty. “This creates a communication problem, and the homeowner loses a valuable feedback loop on how to better show the home next time.”

7. They don’t market the home well

Putting up a For Sale sign in the yard doesn’t cut it when you want to sell your home. But “in some states, FSBOs won’t even be on The MLS,” says Joshua Jarvis. And even if you do use The MLS, “FSBOs don’t leverage it well. A good agent understands marketing and how The MLS works so that the most eyeballs are on their listing.”

FSBO sellers, says John Steele, a San Diego, CA, agent, might not take advantage of all the marketing options available, such as:

  • Websites (posting the listing and syndicating it)
  • Fliers
  • Door-knocking
  • Open houses
  • Caravans
  • Mailers

“It’s possible for FSBO sellers to take on at least some of these marketing strategies, but in our experience, a strong real estate agent is going to be able to market a property to a much wider, and more qualified, pool of buyers,” says Steele.

8. They don’t work well with buyer’s agents

Most homebuyers use a real estate agent. But buyer’s agents, for the most part, don’t like working with FSBO sellers, believing they’re “difficult to work with and require extra time over working with a listing agent,” says Phillips.

To top it off, some FSBO sellers don’t offer a buyer’s agent commission, or they offer an “extremely low commission,” says Mindy Jensen, a Colorado real estate agent who’s sold two homes FSBO herself. “If the agent isn’t being paid at all, or isn’t being paid very much, they have little incentive to encourage the sale.”

Have you ever tried to sell your house “for sale by owner”? Tell us your tips and experiences in the comments!

 

Rent or Buy? Put Your Housing Costs To Work For You

March 7th, 2016

Housing-Costs

There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home. As we have said before, mortgage interest rates are still near historic lows and rents continue to rise.

Housing Cost & Net Worth

Whether you rent or buy, you have a monthly housing cost. Also, rent rates continue to rise at an accelerated pace. You can see where rents have gone over the last several years.

Median Housing Rents

As a buyer, you are contributing to YOUR net worth.

Every mortgage payment is a form of what Harvard University’s Joint Center for Housing Studies calls “forced savings.”

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

The principal portion of your mortgage payment helps build your net worth through building the equity you have in your home.

As a renter, you are contributing to YOUR LANDLORD’S net worth.

Below is an example of the home equity that would be accrued over the course of the next five years if you had purchased a home in January; based on the results of theHome Price Expectation Survey.

Put Your Housing Cost To Work For You! | Keeping Current Matters

In this example, simply by paying your mortgage, you would have increased your net worth by over $44,000!

Bottom Line

Use your monthly housing cost to your advantage! Meet with a local real estate professional who can explain the opportunities available in your market. If you have questions about how to start when buying a home, get our Free Home Buyers Guide Now1

Guide To Buying A Home

March 7th, 2016

Home For Sale Real Estate Sign in Front of New House.

Buying a home usually represents your single biggest investment – and debt.

The home buying process is one of the most exciting, and frequently stressful, experiences you’ll ever go through. This holds true whether you’ve bought many homes or you’re looking to buy your first, whether you’re in the market for a new primary residence, an investment property or that perfect
vacation getaway.

Today’s real estate market can offer more opportunities, yet
 can be filled with more risks than ever before. There are a multitude of factors to consider and decisions to make. When buying, it’s crucial to have all the available resources necessary to make a well-informed decision, together with the time required to make use of them. It’s important to enlist the help of a trusted real estate professional who’ll be able to provide expert guidance at each step of the buying process.

Finding and purchasing a home includes the following steps, which we’ll examine in more detail throughout this booklet:

1.) Define your goals, research your options, make your plans

Given that buying a home is such a big step, it’s very important to educate and prepare yourself as much as possible. This means clearly determining the reasons you’re buying and what kind of home you’re looking for. Since buying and financing a home are so closely related, it also means examining your current financial situation and projecting how much you can afford. Once you’ve answered these questions, even tentatively, you’ll be in a better position to research housing and mortgage options, and create an action plan and timelines for moving forward. Although it is possible to do this yourself, you may benefit by consulting an experienced real estate professional right from the start.

2.) Contact a real estate professional

Buying real estate is a complex matter with many factors to consider since no two homes or transactions are alike. Moreover, with all the unique opportunities and potential pitfalls of the current market, it’s more important than ever to contact a real estate professional once you’ve decided
to buy. When choosing a real estate professional to guide you through the property search, financing, negotiation and transaction processes, you should consider their local market knowledge, experience, and track record.

3.) Get pre-approved for a loan

We recommend that you get pre-approved for a loan before you start viewing homes with the serious intention of buying. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination, the lender may provide you with a document detailing the amount you can borrow to buy a home. Consider looking online to see what different lenders offer, or contacting your local bank or credit union.

The benefits of pre-approval include:

You’ll know what you are eligible to receive and be able to plan accordingly
. As a qualified, motivated buyer you’ll be taken more seriously when you make an offer Lenders can tell you if you qualify for special programs that will help you afford a better home (particularly if you’re a first-time buyer).

Real estate financing is available from many sources, and an experienced real estate professional will be able to suggest lenders with a history of offering excellent mortgage products and services.
For more information about the benefits of pre-approval and the loan process in general, see -
The Loan Process – Financing Your Home Purchase, on page 14.

4.) View homes and select THE ONE

Simply put, the key to the home search process is knowing what you’re looking for. Among other things, that means distinguishing between “must-haves” and “like-to-haves”. To help you to target your search and define your home preference priorities, this guide includes a Home Search Worksheet on page 23.

That said, here are a few recent facts about the search process that might put your experience in perspective:

92% of buyers use the internet or mobile apps to search for homes. 
The typical buyer searches for 12 weeks and views 12 homes, 2
97% of buyers view real estate agents as important in the home search process.

There are many benefits to starting the search process at a real estate website like realtor.com®. You can view many homes and their details, take video tours and access neighborhood info.

However, it’s also important to view homes in person. While the property details may seem similar online, homes can be very different in terms of layout, design, workmanship and other aspects. Ideally, you should view homes with the help of an experienced real estate professional who’ll notice things you might miss, provide expert analysis, and act as an impartial sounding board.

5.) Make an offer and negotiate with the seller

Once you’ve found the home you’d like to buy, it’s time to make an offer. Your state or local real estate association likely has contracts that are generally used for transactions in your area. These contracts enable you to specify a sale price and also allow the inclusion of clauses specifying various terms of purchase, such as the closing and possession dates, your deposit amount, and other conditions.

You should carefully review these clauses with your real estate professional to be sure that they accurately express your intended offer. In addition to drawing up the contract, your real estate professional will be happy to address all of your questions about the offer process.* Once you’ve written the offer, your real estate professional will present it to the seller and/or the seller’s representative. At that point, the process will vary somewhat depending on the market you’re in.

Generally speaking, the seller can accept your offer, reject it, or counter it to initiate the negotiation process.

Successive counter-offers, with deadlines for responding and meeting conditions, may be exchanged between you and the seller until a mutual pending agreement is reached or the negotiations breakdown.

Negotiations involve many factors specifically relating to different market conditions, homes and sellers, some of which are examined in – Successfully Negotiating The Deal – on page 18.

6.) Secure your financing

Once you have a pending agreement, it’s time to return to your chosen lender to finalize mortgage details in order to close the deal. This means finalizing your down payment, interest rate, regular payment schedule and all other financial conditions associated with the closing. As the saying goes, ‘let the buyer beware’. Unfortunately, too many buyers suffer negative consequences from not fully understanding their financing decisions. Thus, it’s crucial for you to work with people you trust. In this regard, a good real estate professional can become a true friend for life.For more information on the loan process, see – The Loan Process – Financing Your Home Purchase, on page 14.

Close the deal 
if you’ve efficiently taken care of everything connected with purchasing your new home, taking ownership should be a positive joy with no surprises. Key steps to the closing, also referred to as the “escrow” or “settlement”, include:

Getting a title search – you will need a historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. It’s also necessary to purchase Title Insurance for protection in the event of errors in the records or mistakes in the review process.

The final walk through – you will be given the chance to look at the home one last time to make sure it’s in the same condition as when you signed the sale agreement.

The settlement – typically, on the Closing Date you’ll meet with a lawyer, real estate professional, or escrow agent to verify and sign all the paperwork required to complete the transaction. The settlement will include paying your closing costs, legal fees, property adjustments and transfer taxes. At that point, you’ll receive the property title and copies of all documentation pertaining to the purchase.

Oh, and one more thing – you’ll get the keys!

In most cases, Possession Date will fall within a few days, and you will be able to move into your new home.

Provided courtesy of Realtor.com

Click here to download the entire guide.

Is There Really A Housing Inventory Shortage? If So, Why?

March 3rd, 2016

The median price of existing homes is rising, but the increases don’t seem to be motivating many sellers or new-home builders, contributing to the growing lack of inventory in many markets. While NAR’s recent existing-home sales report showed January’s total housing inventory was up 3 percent from December, it was still lower than a year ago. “The spring buying season is right around the corner and current supply levels aren’t even close to what’s needed to accommodate the subsequent growth in housing demand,” says Lawrence Yun, NAR’s chief economist. “Home prices ascending near or above double-digit appreciation aren’t healthy – especially considering the fact that household income and wages are barely rising.” The Fiscal Times recently looked at the main reasons behind the lack of inventory. 1. Builders aren’t building new homes. Builders say that the cost and availability of labor is a huge factor in why housing starts are down this year. A recent Commerce Department report showed that housing starts fell 3.8 percent in January month-over-month. “The disappointing construction numbers reflect the loss of small builders and a shortage of construction labor,” says Yun. “Small construction companies have traditionally been the backbone of new-home building, but the difficult financing environment created by local banks since the downturn has thinned their ranks.  

2. A slowdown in the distressed market. Distressed sales are down from 11 percent compared to a year ago, and are at the lowest level since November 2007, NAR reports.   Percentage of Distressed   3. People are staying put in their homes. Why aren’t people interested in selling when home prices keep rising? There are a few reasons why they’re not budging. More than two-thirds of baby boomer owners, for example, are choosing to make renovations to their home so they can age in place rather than move. There’s also a decrease in people moving to a new area for a job, which previously was a big reason why new buyers would sell. Many owners are simply just stuck in their homes due to equity issues. According to CoreLogic, around 8.1 percent of homes are worth less than their mortgage. Finally, many owners are stuck because of the lack of inventory. Sure, they would be willing to sell, but then they face not having decent options in terms of buying. Number of Years Owning

January 2016 Marysville Home Sales Market Report

February 25th, 2016

January 2016 Marysville Market Report

Real estate market data for Marysville, OH  provided by Jim West of Keller Williams Capital Partners.

Marysville Ohio Home Prices

Home prices in Marysville and central Ohio have hit an all time high and don’t expect things to slow down anytime soon.  If you are considering buying a home you can still find deals on a house in Marysville but having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, most of Marysville’s listings are selling within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don’t overpay for your home, you’ll want to have an agent that does a thorough market analysis of the Marysville home on which you are making an offer.

If you are interested in how much current inventory is on the market in Marysville you can find that information by clicking on the link. Our inventory is at its lowest point since 2000. High inventory will suggest that homes are sitting on the market for longer. Currently in this area of Marysville, homes have a median time of 45 days on the market before they sell. This would suggest that sellers are in a great position to make stronger counters to offers on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Marysville has multiple offers coming in on homes similar to what we saw back in 2005. I wouldn’t expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise. However, inventory is up by 2 homes from the previous month. Please see the chart below for current inventory level. Some January 2016 Highlites

  • 31 new listings
  • 24 closed sales
  • 1.9 months supply of inventory
  • 45 days on market
january-2016-marysville-home-sales-market-report

Marysville Home Sales

P.S. We try to update the Marysville Market Report every month. Please let us know if you have any questions.

Marysville Ohio Real Estate Report Summary 

free-marysville-school-report

Free Marysville School Report

The median list price in January for single family homes in Marysville was $175,000.

The list prices are exactly the same as January 2015.

The sales price per square foot for listings in this area is $113.27, up 19% from January 2015.

The median sale price in December for single family homes is $169,950. The median sale prices were down by 13% from the same month last year.

The price per square foot for sales in this area is $118.46.

Find Homes for Sale in Marysville Ohio

Visit our website to search for homes in Marysville or to be notified when new Marysville homes come on the market. To find out what you home is worth in the current market email us or call 614-507-5732.

 

 

 

If you are looking to sell your Marysvill home get your home’s value now! Instantly in 15 seconds!

Thinking of buying a home? Don’t wait too long!

February 23rd, 2016
thinking-of-buying-a-home

Thinking Of Buying A Home

Call us today at 614-507-5732 to get started right away with your dream home search.

With spring right around the corner, you may be wondering if you should wait to enter the housing market. Here are four great reasons to consider buying a home today instead of waiting.

  1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

  1. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained below 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

  1. Either Way You Are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

  1. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Bottom Line

If you are ready and willing to buy, find out if you are able to. Meet with us today. Call us at 614-507-5732 and we can help you find your dream home.