Real Estate Information Archive

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.

by Lynn Nadler

It appears that homes sales for 2011 will be at least as good as 2010 if not slightly better.  Home sales in the Columbus area have exceeded 2010 for the last four months.  Home sales in October were up 8.6% over sales in October of 2010. 

The number of homes that went in to contract was up 46% from a year ago.  This makes the sixth straight month that that number has increased.  A great sign for the housing market! The inventory at the end of October was down 23.3%, which represents an 8 month supply.

The average sale price year to date for the single family homes and condominiums is $157,327, which is down 2.4% from last year.

According to Rick Benjamin, President of the Columbus Board of Realtors, "Affordability conditions this year have been the most favorable on record since 1970".

by Erin LaBuda

It was only 3 days ago that I was wearing a short sleeve shirt to work.  A warm spell in November caused me to think that the holidays were much further off than they actually were...That was, of course, until this morning. No more short sleeve shirts...in fact, the winter coat is out and being worn today and my thoughts have shifted from Fall to the upcoming holiday season.

So, to honor the chilly temperatures, I decided a list of the northern suburban tree lighting ceremonies would be a great reminder that Thanksgiving, Christmas, Hanukkah and everything in between is upon us...

Dublin: 

The City of Dublin is hosting the annual Christmas Tree Lighting Ceremony beginning at 6 p.m. Thursday, Dec. 1 at 62 W. Bridge Street.

This festive evening will kick off with musical performances from Indian Run Elementary and Riverside Elementary students, and will end when Santa Claus and Dublin City Council light the 40-foot Christmas tree with thousands of glistening lights and ornaments.

This event is free and open to the public. For more information visit http://www.dublin.oh.us/events/treelighting/

Powell:

Saturday, December 3, 2011
Noon – 5:30 p.m.
Village Green Park & Municipal Building and Downtown Powell

The event features a visit from jolly ol’ St. Nick himself, decorated shops with a delightful array of gifts, trolley rides, children’s crafts and activities, warm foods and more!

At 5:30 p.m., Santa Claus and Mayor Art Schultz will light the official City Christmas Tree! For more information visit http://www.cityofpowell.us/event-holiday-tree.php

Westerville:

On Friday, December 2, 2011, the city will host a tree lighting ceremony on the steps of City Hall at 7 pm.  There will be caroling and music and select Uptown shops will be open late.

For more information visit http://www.visitwesterville.org/homefortheholidays.html

Worthington:

Sunday November, 27, 2011 12:00 Noon to 5:30PM

Join in the festivities at this traditional holiday event. Stroll our sidewalks and enjoy musical entertainment. Stop and visit with Santa in front of the Worthington Inn. Have your child's picture taken with Santa. Food and beverages abound in our eateries while shops offer holiday snacks and exciting merchandise. Enjoy the entertainment of carolers. Take a carriage ride and view the Christmas decorations in downtown Worthington. Following this event the City of Worthington will have their annual Holiday Christmas Tree Illumination event on the south east Village Green.  For more information visit http://www.worthington.org/calendar.aspx

Wishing everyone a very happy Thanksgiving!

by Jo-Anne LaBuda

In a Sellers' Market, buyers cannot buy fast enough or pay a high enough price. Seller's markets are when we see multiple offers and over-list price offers being the norm.  Sellers' markets are, by definition, when the prices are the highest and the inventory is low, therefore the lease advantageous to buyers.

A Buyers' Market, on the other hand, occurs when there are great choices and a large inventory of homes.  This results in prices being lower than those in a Sellers' Market.

Very rarely are we in a neutral market.

If I were buying a home, I would be very happy if it were a Buyers' Market.  I wouldn't hesitate, waver, falter, pause or foot-shuffle.  I would purchase my new home because this is a Buyers' Market and it is most advantageous to me.

For those folks who are buying and selling a home, a good thing to remember is that you can't buy low and sell high in the same market.  That's just not the way it works!

by Lynn Nadler

If you are one of the thousands of homeowners facing a possible short sale, there are resources available in Columbus, Ohio that may be able to assist you.

Trying to work through a short sale can be a very challenging ordeal.  The good news it that we have learned of a short sale solution that can provide legal representation before, during and after the sale of your home.  There are referrals for credit counseling and resources for tax issues and protection against fraud.  The first consultation is free and the cost is minimal considering all the pitfalls that can occur during a short sale.

If you need help with this difficult process, please call us at 614-431-9111 and we will direct you to this excellent resource. 

by Jo-Anne LaBuda

I visited a couple the other day who have decided to put their home on the market.  As I was driving to the home, I noticed some things that I think are important to all home sellers,  not only those that have their home on the market, but those that will have their home on the market some day in the future.

As we know there are three things that affect whether a property will sell or not sell.  First is price, second is condition of the property and third is the sellers’ motivation, which, of course affects the first two things.

Price is affected by not only the condition of the property that is for sale but also the condition of other properties in the neighborhood.  So… I thought I’d put together a short list of things you can do which will help your neighbor get the best price for their home and ultimately, since appraisers and buyers use past sales to determine offers on properties, what you will receive on your home.

The neighborhood is VERY important to future residents.  The better your lawn and landscaping look, the better the price your neighbor will receive.    Keep your lawn trimmed, your garden weeded and your beds edged.  If it is Fall, try to stay ahead of the leaves.  Make sure your garbage cans are put away on the side of your house or in your garage.  Garbage pickup day always makes a neighborhood unsightly.

Cleaning your gutters at this time of the year helps keep your interior dry and keeps your home looking its best.

If you have been thinking of painting or replacing your mailbox, go ahead and do it.  If you have been thinking of a fresh coat of paint on your exterior, go ahead and do it.  It will save your wood and make your home more attractive.

Make sure your windows look tidy from the street.  Curtains that are crooked or mullions that are crooked, broken or missing give a negative impression. 

Pick up the kids toys and bikes if they are left in the front yard.

Keep your exterior lights sparkly, not only the glass but also the bulbs.

If your neighbor gets a good price for his home, it  is not only a good thing for him; it's a good thing for everyone in the neighborhood, including you.  Do what you can do help make the neighborhood look great!

by Erin LaBuda

If you're a newbie to real estate the first question you may have is, "What the heck is ROI?".  ROI stands for 'return on investment' and for any individual or family looking to purchase a home, the return on their housing investment is an important one.  Just make sure, when you are considering ROI, you are considering the facts, not the fears.

Let's start with fear number 1: The Real Estate Boom is dead and so is my investment.

It's true that the days in which housing prices were inflating at obscene rates are gone, but that doesn't mean buying a house isn't a sound investment.  Everyone always talks about the total value of the house and it's annual increase as their benchmark ROI but let's really break it down.

Let's say you are buying a $300,000.00 home.  In today's market, and at about 4% interest rates (that's pretty cheap money) you can put down as little as 3.5% to buy this home.  So, your out of pocket expense/investment on that property will be approximately, $10,500.  Then you make your payments (which you would be doing in a rental anyways) and your house increases below the north Columbus average (the northern Columbus suburbs average is about 3%) at 2% per year. 

And then, year 5, you get transferred.  You're sure you are losing your shirt because you just bought your house 5 years ago for $300,000 and your Realtor is telling you that your home should be listed only at $339,900. But you listen, price it right and you sell quickly at $335,000.  Your ROI (ROI = {gain on investment - cost of investment}/ cost of investment) should not be based off of the full $300,000...So, remember, your actual return after 5 years should be calculated off of your initial investment, the $10,500.  Therefore your ROI is 233%!  Think about it, there are not many investments where you can get that kind of return!  And sure, there are fees associated with a real estate transaction...as there are with any purchase...but you can see, negotiate and agree to Realtor fees whereas mostinvestment products and services are full of fees that are hidden and non-negotiable!  So even after you pay the 6% commissions you are still looking at a 44% return.  Not too shabby.

Of course, this scenario is just that, a scenario but owning a home can still be a smart and fun investment and fit in to your American Dream.

Speaking of the American Dream...

Fear #2: I can't possibly afford to buy a house because I have to sell this one first...

Yes you can.

To be continued....