Real Estate Information Archive

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....

by Lynn Nadler

As the season turns to Fall, now is a time to do some simple home maintenance and checks.  Regular home maintenance will help homeowners avoid expensive repairs or replacements.

The following list is useful to check at least twice a year:

• Check roof and siding for cracks and leaks
• Keep gutters and drains free of debri
• Have the fireplace professionally cleaned and close the damper in the Fall
• Clean out the dryer vent and stove hood
• Replace the furnace filter
• Have the furnace cleaned and serviced each Fall and the air conditioner cleaned and serviced in the Spring
• Drain the hot water tank once a year to remove sediment
• Check the basement floors and walls for dampness
• Clean the dehumidifier

Remember that a little bit of time and effort now may save you a lot of money later. 

by Erin LaBuda

It's that time of year again.  The leaves are starting to change colors, Buckeye football is under way, and the local apples and pumpkins are ready to be harvested.  If your family is looking for something to do outdoors that is fun and fruitful (haha!) then visiting one of the areas apple orchards/pumpkin patches/hay ride locations may be for you.  I have compiled a list of the most well reviewed places to visit that are within 30 minutes of the suburbs of Columbus and broken them down by county!  Happy Harvesting!

Franklin County:

Jacquemin Farms: 7437 Hyland Croy Rd. Dublin, OH 614/873-5725

Kuhlwein's Farm Market: 1859 Walker Rd. Hilliard, OH 614/876-2833

Licking County:

Devine Farms: 672 National Rd. Hebron, OH 740/928-8320

Lynd Fruit Farm (includes Wild West Corn Maze at Lynd's Farm: 9090 Morse Rd. SW Pataskala, OH 740/927-1333

Union County:

The Maize at Little Darby Creek: 8657 Axe Handle Rd. Milford Center, OH 937/349-4781

Champaign County:  (a little out of the way -probably 45 minutes to an hour outside of Columbus but their pies (sold at Weilands in Clintonville) are great!)

Stevens Bakery & Orchard: 7344 Thackery Road, Springfield, OH 937/788-2873

Delaware County:

Buckingham Orchards & Market: 8803 Cheshire Road, Sunbury, OH 740/965-2427

Freemans Farm: 6142 Lewis Center Rd. Galena, OH 740/548-7866

Hidden Creek Farms: 581 S. Galena Rd. Sunbury, OH 740/815-9371

Fairfield County:

Harvest Adventures: 1135 Locust Grove Rd. Bremen, OH 740/549-4997

Sharp Farms Market: 7129 Old Logan Rd. Sugar Grove, OH 43155

Pickaway County:

Circleville Pumpkin Show: (Oct 19-22) 159 East Franklin Street Circleville, OH 740/474-7000

Have a wonderful fall and remember to call your preferred location before you go to make sure that the activity you are interested in is available on the day/time you would like! 

by Lynn Nadler

The Franklin County Auditor has just released the new valuation for our homes.  If you want to see if the Auditor has determined that your home value has gone up or down, check out the web site at www.FranklinCountyAuditor.com.

All you have to do is put in your address and your summary page will come up.  On the top left side of that page is a button to see your new valuation.  If you're unhappy with your valuation, there is information on this site to help you contest it.

Many homes in the Columbus area will show that they have gone down in value and some have gone up. Either way, this is just one opinion of what is happening the in real estate market.  If you'd like another opinion or have questions, please don't hesitate to call us, The LaBuda Advantage Team at 614-431-9111.