Real Estate Information Archive

At the annual Ground Hog's Day breakfast sponsored by the Worthington Chamber of Commerce, Chuck Gibson, Director of the Libraries spoke on the accomplisments of the libraries.

According to Gibson the libraries:

• Of 7000 libraries in the country, 85 are 5 star libraries--Worthington is one of those
• earned the John Cotton Dana Award for outstanding public relations
• Developed new community partnerships withe the Worthington Food Pantry and the McConnell Arts Center
• had over 7000 participants in the summer reading program
• had 53,396 program attendees for 2011
• 89,000 people have a Worthington Library card
• 3.4 million items were circulated in 2011
• there was a 146% increase in digital book use

The Worthington libraries had a great 2011 and are looking forward to more accomplishments in 2012!

At the annual Ground Hog's Day breakfast sponsored by the Worthington Chamber of Commerce, Tom Carter, President of Evergreen Strategic Ventures, LLC and the man behind the redevelopment of the mall, gave additional information about the direction of the mall.

According to Carter:

• The outside of the mall should be completed by June
• There is over 20 acres of area within the mall owned space ready for additional development
• The north end of the mall will soon see a fireplace area with seating and a "Johnny Appleseed"-themed children's park
• New stores that are coming include:  Panera, Everest Gear, Worthington Dental and an athletic footwear store
• The First Watch restaurant is #3 in the chain
• Talbot's is in the top 20 of the chain
• Pendelton's is the only store in Ohio
• Joseph A. Bank's is the largest store in the chain in Ohio
• The Baggerie store is the largest luggage store in Ohio
• Worthington Kroger is among the highest producing stores in Ohio
• Between Kroger and the mall there will be outside seating, opportunities for additional restaurants and great space for the general public to gather.

Carter and the city of Worthington, are very excited about the direction of the mall for 2012!

At the annual Ground Hog's Day Breakfast, sponsored by the Worthington Chamber of Commerce, Matt Greeson, City Manager, and Jeff Harris, Economic Director, gave presentations regarding future economic development in Worthington.

According to Harris, there is over 600,000 sq ft of commercial space in Worthington, primarily along High St, Wilson Bridge Rd and Huntley Rd.  Lease rates are at an average of $7.36 per sq ft, one of the lowest in the Columbus suburbs.  Currently, approximately  7% of the space is vacant.

The goals of the city for 2012 include: Redevelopment of the Wilson Bridge corridor, proposals for use of the United Methodist Children's Home site and development of a downtown community entertainment district

Plans for the Wilson Bridge corridor include further development of the Shops at Worthington Place, a recreational trail from the tennis courts  to downtown, and plans for redevelopment of the former James Tavern location, Mettler Toledo location and the northwest side of the mall.

The United Methodist Children's Home Site has been appraised at between $8 and $10 million.  This site is crucial to Worthington as it encompasses 38 acres and is in a prime location

As for the Entertainment District--the city is working with local politicians to begin this development.

There are major plans in the works for Worthington and lots of excitement about all these opportunities!

Often, when meeting with a new buyer, the first question is about opportunity.  For example, the question "Where are the foreclosures and how do I get one?" is an every week occurrence.  So, I thought it would be useful to outline the different terms and definitions of distressed housing opportunities in simple terms.

Short Sale. What is a short sale?  A short sale is when a Seller has contacted his mortgage holder(s) and negotiated to be able to sell their home for LESS THAN IS OWED on the property.  So, for example: John & Jane Doe own a home that they paid $300,000.00 for in 2005 and they did 100% financing.  The current market value is dictating that that home will sell at $275,000.00 yet they still owe $295,000.00 on the home plus fees.  The bank will ask for market data from the seller's Realtor and then determine if a short sale is an acceptable avenue for pay-off at a loss.  Then, once a contract from a buyer comes in, it will be negotiated between the buyer and seller and submitted to the mortgage holder for final approval which can take anywhere from 1-10 months from contract to close. 

So, the big question is, are short sales a good deal?  The answer is sometimes.  It is important to have a Realtor who knows the market in which you wish to purchase...Just because you're buying a house for (in this example) $25,000 less than what the previous homeowner paid for it, the neighbor who has lived in his home since 1987 may be able to part with their property at or below what the bank has negotiated with the buyer, which, may in fact, be fair market value.

Foreclosure.  A lot of people want to buy a foreclosure.  However, that word is often misused by the public.  A property is either in foreclosure OR is at sheriff's sale.  The only opportunity to purchase is during the time period in which the home has had all proper paperwork filed and the county will be putting it up for auction or rather, when it IS AT sheriff's sale.  The requirements at sheriff sales are different in every county in Ohio but in Franklin and Delaware County (again, unless otherwise dictated by court order) a buyer must bid on the property on the day and time that the house is up for auction, the minimum bid must be 2/3 of the appraised value, a deposit in the amount of at least 10% of the appraised value that must be submitted once the buyer "wins" AND you must be able to close in 30 days.  Just because these are the basic perameters, it certainly does not mean that the home will sell for only 2/3 of value.  Because the bank has initiated the foreclosure (many months before) it will often end up back in the bank's portfolio because the property is not deemed worth 2/3 of the appraised value by potential buyers and because most of us are just not that financially liquid.  At this point the property becomes an REO.

REO stands for Real Estate Owned.  This means that a bank has retained the house that they foreclosed on and it did not sell at sheriff's sale.  Each bank often has relationships with Realtors in each market with whom they will list the home.  This typically occurs shortly after the foreclosure process has concluded depending on what modifications (paint/landscaping/updates - this all varies according to the financial institution) the bank may need to make the home saleable. 

So the big question is are REO's a good deal?  Again sometimes.  If the bank does all of the right things and prices the home competitively, many buyers may be interested and the sale price will end up being fair.  In some cases, if the bank does nothing to the home and prices it competitively but will entertain low offers, a buyer may have a good opportunity to get a home "below" market value.

So, what's the bottom line.  It may sound obvious because of my profession but, GET A GOOD REALTOR!  It is impossible to know all of the ins and outs of real estate, inventory, sales prices, valuations for just one purchase.  A good agent does this for a living so makes it their job to be knowledgeable on market values, statistics, financing and opportunity.  If you have any questions about any of these terms, please call me any time at 614-316-2294, I'd love to help!

Most sellers try to put their homes on the market in the spring or summer.  There are several reasons for this:

1. The weather is nice and people are more likely to feel like house-hunting

2.  Families usually want to move their children in the summer so they can start the school year in their new school

3.  Houses tend to look better when the weather is warmer, flowers are blooming and the trees are leafy

4.  Everyone else does it, so it must be the right thing to do!

Here are some reasons to take a contrarian approach and try to sell your home in the winater:

1.  Inventory is low, so there is less competition.

2.  You can "get ahead of the market" and be there before the other signs go up.

3.  Winter buyers are more likely to be serious buyers who need or want to find a home quickly (perhaps they are being transferred).

We are working with a larger number of sellers than usual who are getting ready to put their homes on the market in January or February.  We'll see if being the early bird means that they'll catch the worm!

According to Freddie Mac, mortgage rates are great!  The average 30-year mortgage is presently at 3.91% matching an all time low.  This is the 5th consecutive week that mortgage rates have been below 4%. The average 15-year rate is at 3.23% when just 1 year ago, the average rage was at 4.13%.

What does this mean for home buyers?  If you are considering a move in 2012, now is a great time to meet with a mortgage banker and determine what you can afford.  Rates cannot contine to stay this low forever!  Make the most of this opportunity and buy your first home, your next home or your dream home! Get started today!  (Call us for a recommendation on a top-notch mortgage broker or lender!)

Do you know someone who knows someone who’s in the mortgage lending business?  Chances are you do.  But you may not realize that when it comes to purchasing a new home, you should be as choosy about your lender as you are about choosing your real estate agent … or even a home!

Many people assume that they’ll go straight to their “big bank” to handle their upcoming mortgage.  This is not a bad idea, but don’t forget that there are other options out there.  Community banks, mortgage brokers, and other mortgage companies may specialize in different types of loans that big banks can’t offer.  Consult your real estate agent to get his or her recommendations — you might find that another lender could offer you a better rate or a type of loan better suited to your unique situation.  (Which, of course could save you a lot of money — either up front or over a period of time!)

But that’s just the beginning.  Do you realize that there are many, many things that can go wrong before closing if you choose a lender that isn’t on his or her game?  What if your lender gets backlogged, or doesn’t fulfill their commitment to the loan by a certain date?  You could potentially lose the house you are set to close on … at the last minute.  A host of other problems could arise.  This is not what you want or need when it comes to buying your new home.  There are many lenders who offer many different services and options out there — talk to your real estate professional and “be choosy,” when it comes to your lender.  You deserve it.

by Erin LaBuda

Let me preface this with, I am NOT Suze Orman.  But, there is just over a week and a half until we ring in the new year and one of the biggest stressers that people resolve to solve are debt and financial hardships.  So, I got to thinking, that this resolution (or often, lack thereof) directly impacts my business as well as many of yours...if clients feel unable to get their finances in order they are less likely to buy a home or car, consume goods, shop at local stores, upgrade healthcare, buy insurance...pretty much you name it, if you're financially struggling, you can't afford it...

So, below are some key steps to take so that you can put the woes of financial hardship behind you and finish out 2012 in a new, financially stress free position.

Develop a Budget:  Look at what you spend in a month and cut out the items that are not necessary.  Stop eating out and start paying down your debt.

Contact your Creditors: Work with your creditors to try to modify your payment plan so that you are not continuing to miss payments or just ignore them.  If you can't possibly keep up with your debts, it may be time to contract a Debt Relief Service or Debt Management Plan (DMP).

Manage your Home Loans:  If your financial institution is unwilling to modify your loans it may be time to talk to a Real Estate Professional who is versed in handling short sales so that you can get out from under your debt and start rebuilding your credit. 

Stick to it:  Remember, nothing worth being done is easy.  If you can stick to your budgets, work with your creditors and modify or sell assets that are no longer working for you, you will be on the road to financial freedom...you just have to stick to the plan.

For more information check out:  http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm

And wishing everyone a safe and prosperous 2012!

 by Alex Dedels

Serenity Now!

Do you remember that old episode of Seinfeld?  Holiday stress alone can be enough to make you feel like Frank Costanza.  And if you are in the process of buying or selling a home during the holiday season, it’s easy to get overwhelmed.

But it doesn’t have to be that way!  Here are five ways to reduce stress around the holidays:

1.)    Make sure to take time for yourself and to time to spend with your loved ones. 

2.)    Take your mind off of real estate for a little while each day, and just enjoy the season.  Instead, try and do at least one “holiday” activity a day (like bake cookies, look at Christmas lights, or sing Christmas carols with your family.)

3.)    Do what you can.  Realize that you can’t do everything at once, but that life will go on and everything will work itself out.

4.)    Save money by enjoying free or inexpensive holiday activities.  Catch a holiday caroling concert at the mall.  Or, make some hot cocoa and watch all your favorite old holiday movies (“It’s a Wonderful Life,” “Miracle on 34^th Street,” etc.)

5.)    If you are preparing for a move, consider donating unused items you come across.  Remember how much joy you can bring to someone who could really use your gifts this Christmas!

by Nicki Campbell

Last week-end I discovered a wonderful Bed-and-Breakfast Inn about an hour's drive from downtown Columbus and it was so enchanting, I have wanted to share it with everyone I know.  I was entertaining a group of 5 old friends from college who are used to east coast amenities and it turned out to be the perfect place to get away and be pampered.

Located on a 140-acre estate in the Hocking Hills, which is southeast of Columbus, it was built to replicate an old Scottish Inn.  All the buildings have a charming old world architectural style, including the manor house, where the dining rooms, pub and parlor are located, the carriage house and 10 individual cottages.   We shared two of the cottages, both of which have living rooms with fireplaces, kitchenettes, and private decks with hot tubs.  You can also stay in guest rooms or suites.

The food is to die for.  Breakfasts are huge and fabulous and our Saturday night dinner was a seven-course gourmet feast.  Afterwards the chef came down to our private dining room to meet us -- one of the many personal touches we loved.  The county is dry, so you can bring your own wine or alcohol and they will serve it with no corkage fee.

And then there is the setting.  The estate is built on the Camusfearna Gorge, a breathtaking gorge with rock cliffs and waterfalls.  We hiked on the trail that runs through it and enjoyed its quiet beauty -- even in the dead of winter.  It must be gorgeous in the spring -- or fall. 

All this comes at a price, but it's definitely worth it.  So I'm saving up to take my husband!  For more information, visit www.glenlaurel.com.