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!

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!

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!

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!

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!

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!)

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.

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!

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!

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.

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".

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!

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!

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. 

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!

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. 

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....

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! 

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.