Monday, October 29, 2007

Columbus housing market statistics

The Columbus Board of Realtors has published an article with some of the statistics of the Columbus housing market and how it compares to the national statistics. Although home sales are down this year, the Columbus market is still very healthy and doing much better than the national average. Look at this link for the full story:

http://www.columbusrealtors.com/16206.cfm

Friday, October 26, 2007

Great Opportunity!

I have some very exciting news! Coldwell Banker has partnered with Portrait Homes to sell several of their condo communities in Columbus. I have been invited to sell their condos in Galloway called Gabriel's Landing. They are 2-3 bedroom townhomes with garages, lofts, and open floorplans. They are absolutely amazing inside and a great opportunity for first-time homebuyers. I am very excited to start selling them! Check out their website below:

http://www.pasquinelli.com/Columbus/GabrielsLanding.aspx

Tuesday, October 23, 2007

Open House

I'd like to invite you to my open house. It'll be this Sunday from 2:00 to 4:00 at 3319 Shattuck Avenue. I included a link with more details, pictures, and a map:

http://homes.realtor.com/search/listingdetail.aspx?zp=43221&mnp=20&mxp=19&bd=4&bth=4&typ=7&sid=ec38e2d377904f8bb89abd09bf48ffbd&lid=1090497183&lsn=5&srcnt=9#Detail

Tuesday, October 16, 2007

The Top Ten Reasons It's a Great Time To Buy Real Estate!

I found this article that I thought would be very helpful for you:


The Top Ten Reasons It's a Great Time To Buy Real Estate!
by Paul Pastore



1. Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.

2. No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.

3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.

4. Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.

5. Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.

6. There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.

7. Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.

8. Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.

9. Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.

10. Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!

Monday, October 15, 2007

rent vs buy calculator

If you are currently debating whether you should rent or buy a home, there is a good calculator from Yahoo Finance that can help you do the math to determine which is the better decision for you financially. It helps you to see the entire financial picture of renting or owning a home including some aspects that you may not have thought of, like inflation and taxes.

http://finance.yahoo.com/calculator/real-estate/hom-06

Thursday, October 11, 2007

Raising your credit score

Have you ever wondered how your credit score is calculated or how you can raise your credit score? It's like getting into shape, there is no quick fix to raise your score, but with time it will improve. First, make sure that there aren't any mistakes on your credit report. If there are, report them to the lender or credit reporting agency to have them corrected. Probably the best way to raise your score is to understand how it is calculated. Here is how your score is broken down:

35% payment history: Pay your bills on time!

30% amounts owed: It is best to have more credit than you need. Ideally, you should use less than 30% of your maximum credit limit.

15% length of credit history: Keep the same credit card for many years instead of opening new accounts.

10% new credit: When you apply for a loan or credit card, the inquiry shows up on your credit report. A lot of new accounts can look bad.

10% types of credit in use: It is better to have a mortgage than credit card debt.

Tuesday, October 9, 2007

credit report

Last night, I was teaching a first-time home buyer class and one of the students asked me a question about credit. When he applied for a loan, he found out that he was the victim of identity theft and that there were several companies on his credit report that he had never done business with. You have the right to know what is on your credit report and may want to check it a few months before you start looking for a house to make sure that there isn't any fraudulent activity that can lower your credit score so that you can clear up those blemishes before you apply for a loan. You can go to www.annualcreditreport.com and request a free credit report from all three credit reporting companies each year. You can either ask for all three reports at once or space them out over the year. The website even tells you how you can put a "fraud alert" on your credit report if you believe you were the victim of identity theft and requires creditors to verify your identity before extending credit in your name.

Friday, October 5, 2007

Columbus is a stable market

According to this article from Yahoo Finance, the median home sale price in Columbus is expected to increase during the next year because of lower than average inventory levels, little price volatility, and high job growth. This makes it the third most stable market in the U.S. compared to 40 of the biggest cities. Columbus didn't experience the housing boom during the past few years and now it isn't experiencing the bust. In this article, Moody's predicts that Columbus will have price appreciation of 3.49% in 2008! It's a great time to buy in Columbus!

http://finance.yahoo.com/real-estate/article/103630/America's-Most-Stable-Housing-Markets

Wednesday, October 3, 2007

Referrals

In the real estate profession, much of my business comes from referrals. The absolute finest compliment I can receive is a referral from my family, friends, past clients, future clients, and even loyal blog readers. Please keep me in mind the next time you hear of someone who is thinking about making a move! Also, if there is any way I can support you in return, please let me know!