Real Estate Information

by Lynn Nadler

Mark your calendars for the annual Pancake Day on Saturday, March 6, 2010 from 8-3 pm.  The event will be held this year at Worthington Kilbourne High School.  Tickets are $5 presale and $6 at the door.  This is the 9th year for Pancake Day which is a joint fund-raiser for both Worthington Kilbourne and Thomas Worthington High School athletic teams.

The money raised from this event helps the athletic teams purchase equipment that is not funded by the school district.  Wolves Inc. and Cards Inc, the umbrella organizations for the high schools, also use the money to fund large projects such as the moving sign outside Worthington Kilbourne.

Plan to attend this event which includes breakfast (or lunch), entertainment, a silent auction and a chance to visit with old friends and neighbors!

by Jo-Anne LaBuda

I was reading some information from Barbara Corcoran who owned The Corcoran Group (real estate company) in New York City and, in 2001, sold the company for $66M.  She appears regularly on NBC's "Today Show" and is an investor in ABC's "Shark Tank".  (She obviously is a savvy real estate entrepreneur.) Barbara is predicting that the real estate market will make up most of the loss of the last four years in the next 18 months.  I certainly hope she is correct, however I am not as optimistic.  I my experience, real estate prices go down quickly, but tend to go up slowly.

I do agree with her that the absolute best prices for real estate are available today, at least in Columbus, Ohio.  That, in addition to the current 5% interest rates, make it the best time to invest or purchase real estate here. 

Gary Keller, founder of Keller Williams Realty, has been saying for the past few years that the real estate market will begin to return to an upward direction when affordability returns.  I feel that we have affordability in Columbus.  I don't think this has happened yet in Phoenix, Las Vegas and some other high end markets. 

We are also observing a pent-up demand to purchase a move-up property for families hoping to purchase a larger home and also an increase in senior sellers who are looking to downsize.  Hopefully this is a perfect situation for both. 

The good news is this: Columbus, Ohio may not have skyscrapers or Broadway, but it is affordable and, as always, it is a great place to call home.

by Lynn Nadler

Changes are coming to the Worthington Middle School programs.   Beginning in the 2011-12 school year there were will be 3 instead of 4 traditional middle school programs.  Perry Middle school, which has been for the last few years both a traditional and alternative school, will now be solely an alternative program. 

Perry Middle School's innovative alternative program, known as the Phoenix Program, has become very popular with Worthington families and will continue to grow under the new plan.  Students who would have attended Perry will now attend McCord Middle School. 

The team-teaching method, which has been in place in Worthington's middle schools since the 1970s, will be discontinued. These changes are being made to save money.  According to a team of educators, who suggested these changes, this will help make the schools more effective and efficient.

What do you think of these changes?  We'd love to hear your comments!

by Nicki Campbell

I was going through some articles I had saved over the years and found this small sidebar from a larger article that appeared in the June 2005 issue of Good Housekeeping.  If everyone had read this back then and followed this excellent advice, many people would not be in the financial straits in which they find themselves today and the number of foreclosures might be greatly reduced.

I'm going to reprint the article exactly as it appeared back then.  It's worth reading.

Are you borrowing too much?

by Jennifer Wysmuller

If you need money, a home equity loan can make a lot of sense.  You tap the value of your home to get a cash infusion and the interest is tax deductible.

But it can be too much of a good thing.  Home equity borrowing is at an all-time high, and many people are getting in over their heads, jeopardizing their most valuable asset, says Karen Gross, a law professor who specializes in debt and other related issues.  What's more, banks and other financial companies are pushing these loans more than ever -- one bank intends to entice borrowers with free maid or lawn service.  Worse, some shady companies allow consumers to borrow as much as 125 percent of their home's value.  Here's what you need to know to make sure you don't get stretched too far.

Stick with the tried-and-true formula.  Conservative companies won't lend you more than 80 percent of the value of your home.  Borrow in excess of that, and you may find that you end up owing more than your home is worth -- a big problem if you have to sell unexpectedly in a down market.

Know your home's worth.  Some appraisers hired by lenders may inflate the value of your home.  If you have any doubts, hire an independent appraiser, for about $200 to $500.

Watch out for fluctuating interest payments.  A home equity line of credit usually comes with a variable rate; if interest rates rise, so will your payment.  Before you borrow, be sure to calculate what your highest monthly payment could be.

by Nicki Campbell

In case you are wondering if this is a good time to buy a home, this graph should help to put things in perspective!

To help you make a valid comparison, consider this:

Monthly payments on a $200,000 (30-yr) loan in 1981 at 16.5% would have been $2,770.  Today, at 5.09%, your monthly payment would be only $1,084.

Conversely, if you could afford a monthly payment of $2,770, you could have borrowed $200,000 in 1981;  today, you could borrow $511,000!  That translates to being able to buy a $555,000 house today with 10% down for the same monthly payment as a $220,000 home (with 10% down) in 1981!

This graph is courtesy of Brad Rich of Wells Fargo Mortgage.  You can reach him at 614-888-2038 or Brad.R.Rich@wellsfargo.com.

by Nicki Campbell

The massive snowfalls we have been experiencing over the past few weeks have turned Central Ohio into a winter wonderland.  Icicles hanging from trees create a magical effect, especially when the sun comes out (this actually happened on Sunday!) and makes the icicles sparkle.

But what about the icicles that are hanging from the eaves of so many of our homes?   Far from being magical, these can be signs of a phenomenon known as "ice damming", which can cause minor or major leaks resulting in roof and insulation rot, ceiling and wall damage, attic flooding, mold and more.

Ice dams usually occur after a heavy snowfall and several days of freezing temperatures.  Warm air that builds up under the roof or in the attic will heat the underside of the roof causing the snow or ice on the roof to melt.  The resulting water runs down the roof under the snow until it reaches the roof overhang, which is very cold.  The melted water then refreezes and forms a dam of ice, behind which the water ponds.  This ponding water can back up under the roof covering and leak into the attic or along the exterior walls.

Prevention

The way to prevent ice dams is to keep the entire roof of the house the same temperature as the outside, or the eaves.  This can be accomplished by increasing ventilation, adding insulation and sealing off every possible air leak that might warm the underside of the roof.  The general recommendation for proper insulation is 1 square foot of vent for every 150 feet of attic floor area.  (This can vary according to area of the country.)  Some experts recommend installing an electric vent fan that works on a thermostat.  The fan will pull outside aire into the attic to keep the inside temperature consistent .

What Not to Do

• Do not try to "chip away" the ice.  This commonly leads to shingle or gutter damage.
• Do not install heaters or mechanical equipment in the attics.
• Do not use salt or calcium chloride to melt snow on the roof.  These chemicals are corrosive and can damage metal gutters, downspouts and flashings, as well as nearby grass and plants.
• Do not get on the roof to try to remove snow or ice.  This can cause roof damage and it is not safe for you!

What to do if ice dams are causing water damage (short term solutions)

• Hire a qualified contractor to carefully remove most of the snow from the roof above the ice dam.  He should not touch the roof with equipment or walk on the roof, if possible.  Cold roofs are brittle and are prone to damage. The contractor may decide to create one or two grooves in the ice dam to allow the ponding water to drain off. 
• Make a "snow melt sock" by cutting the legs off a pair of pantyhose, filling with calcium chloride ice melter and laying it onto the roof so it crosses the ice dam and overhangs the gutter.  This should melt small channels in the ice, allowing runoff to occur.

For more information, the University of Massachusetts has an excellent article at  http://bct.nrc.umass.edu/index.php/publications/by-title/preventing-ice-dams/. 

Other sites with information are:

http://htoyh.com  (Mr. Fix-It Home Tips)

http://diylife.com

http://thisoldhouse.com

Although we believe this information to be reliable and accurate, we cannot guarantee it.  As always, consult an experienced contractor or other expert to determine the best solution for your individual situation.

by Nicki Campbell

I spend a lot of my time helping our clients "stage" their homes before putting them on the market.  This involves de-cluttering, deep cleaning, re-arranging furniture, painting, removing wallpaper, removing cooking, pet and smoking odors (as much as is possible) and more.  Some clients are open to this and others simply cannot be convinced that it is necessary.

I recently went out to the home of a friend who has lost her husband in the past year and was thinking of selling her large home in Worthington and moving to a cozier one in a different part of town.  She had already had a "feng shui" lady out to the house who advised her to paint accent walls, place furniture in a certain way, move pictures, etc.  I gave her suggestions that were quite different because I was looking at her home as a saleable property that would appeal to the largest possible cross-section of buyers.

My guess is that she will take the feng shui lady's suggestions, make changes that will personalize her home, and stay in it.  But the experience illustrates an interesting point:  there is a big difference between decorating a home for yourself and staging a home to sell it to others!  When you decorate your home, you are doing it to suit your taste and personality.  You will probably bring in colors, objects and patterns that you love.  Family pictures will be evident and personal tastes and hobbies will be on display.  You will feel comfortable and "at home" in it because it will reflect you.

This is the exact opposite of what you should do to prepare your home for sale.  Your first goal should be to "de-personalize" each room, i.e. to take your personality out so that prospective buyers can imagine themselves and their own possessions in the home.  Most of the family pictures should be packed away, wall colors should be neutral, decorative objects should be pared down and furniture should be arrange to make the room appear larger.  Walls should be painted in a neutral shade, carpets should be cleaned (or replaced), windows should be washed, woodwork touched up --everything should look fresh and new.

This is not to say that your home should be sterile and unwelcoming!  Although walls and floors should be neutral, a few carefully chosen accent pieces and bright throw pillows will help to make the home appear warm and inviting.  A breakfast bar or dining table might be set with colorful placemats and dishes, a basket of soaps and some candles might be arranged beside the tub, a book might be placed beside a bed or an armchair -- all to help buyers envision themselves living in and enjoying the home themselves.

If all this sounds too much to tackle or too difficult to figure out for yourself, that's why we are here!  We have been doing this for years and can recommend lots of things that will help make your house sell as quickly as possible.  (We can also give you the names of some professional stagers who will do an even better job.)

Unless, like my friend, you decide to stay in your home and decorate it just for you!

by Erin LaBuda

If you are "on the fence" about whether or not to sell your home in the Worthington area, here is some information that may help you with that decision.  I am currently working with several ready, willing and able buyers who would like to live in the Worthington area.  They are looking at homes priced from $100 to $300,000.

As of today, there are only 28 homes on the market in all of the Worthington School District priced between $200 and 275,000 with at least 3 bedrooms and 2 baths....Not very many considering the community has 23,500 households!

After looking through the total inventory of Worthington School District homes, I realized that the inventory is very light.  This indicates that there is a shift in this community towards a Seller's Market, one in which the demand far exceeds the supply.  This is great news for anyone who has been considering selling their home but was nervous after hearing the reports on the housing market (on a national level).  It would seem that here, in Worthington, those reports do not apply.

Feel free to give us a call or e-mail if you would like to see what is available in the Worthington market or would like a "Market Snapshot" of your neighborhood.

There is a new website that has been created to help homeowners maintain and improve their homes' value.  This site promises to help owners make wise choices about financing, taxes, insurance, maintenance and improvements.   The web site is www.HouseLogic.com.  Log on to gain great information that is very useful and helpful.

by Penny Gowin

Worthington Youth Boosters is a wonderful program for children who attend the Worthington school district.  My two children have been participating in programs offered by WYB for 5 years and we keep returning to the program.  My boys have learned skills and sportsmanship from volunteer parents who spare their free time to coach the children.  The program promotes positive participation from the athletes and parents alike.  WYB offers a wide range of sports including cheerleading, baseball, track, wrestling, football, basketball and more.  It is an inexpensive way for children to learn skills to build upon in middle and high schools sports.  The league also offers travel teams throughout the year for additional fees.   To find out more about this great organization you can visit the WYB website at www.worthingtonboosters.com