Thursday, January 29, 2009

down payment grant money

The Ohio Housing Finance Agency (OHFA) has announced that it will be bringing back its down payment assistance program. Now, the minimum down payment on any loan is 3.5%. OHFA will give qualified buyers 2.5% so the buyer would only have to come up with the remaining 1%. There are no repayment provisions on the money. The details have not yet been announced, but buyers should consider the interest rate on these loans as they may be higher than FHA or conventional rates.

Sunday, January 25, 2009

home inspection

You're in contract on a house, now who should you hire to do your home inspection? It should be someone you can trust to give you an honest, well-educated opinion, right? Unfortunately, inspectors don't need to have a license to practice. So, anyone can call him/herself an inspector even without knowing much about houses. One thing you can do to protect yourself is to make sure that your inspector is ASHI certified. That means that they belong to the American Society of Home Inspectors. ASHI requires their inspectors to have inspected at least 250 homes, have passed an examination testing their knowledge of residential construction, defect recognition, inspection techniques, and report-writing as well as ASHI's Standards and Code of Ethics. They also have a list of items to inspect and report on, giving you a more thorough inspection. For more information visit www.ashi.org.

Tuesday, January 20, 2009

Troubled Asset Relief Program

Obama is proposing to use the $350 billion left in the Trouble Asset Relief Program differently from how Bush and Treasury Secretary Henry Paulson used the first half. These funds are used for mortgage relief, by lowering interest rates and reducing foreclosures. The TARP proposal would eliminate the repayment feature of the first-time homebuyer tax credit and expand it to all home buyers, reinstate the higher mortgage loan limits for FHA, Fannie Mae, and Freddie Mac, and lower mortgage interest rates through a buy-down program.

The National Association of Realtor's Chief Economist Lawrence Yun comments on the proposal. He says that with the tax credit an additional 2.22 million households would meet the income requirements to qualify for a loan, but only one in four would make a purchase, resulting in an additional 555,000 home sales nationwide.

Friday, January 16, 2009

Just sold!


I just helped a client purchase this house at 2218 Nottingham Road in Upper Arlington. I think this was the most well-maintained home for its age that I've ever sold. I think it'll be a wonderful home for many years. Congratulations, Steve! I hope you and Katie enjoy it!

Thursday, January 15, 2009

interest rate predictions

Dr. Ted C. Jones, the chief economist of Stewart Title has been known for his accurate 2008 economic predictions of the recession, interest rates, home price decrease, and local and national employment loss. He is predicting that interest rates will reach 8% within the next 24 to 36 months. If you have a 3.5% down payment, good credit, and steady income, now is the time to buy! The bottom of the market can only be found in hindsight. Don't miss out!

I'm famous!

I forgot to mention it earlier, but I was in the Columbus Dispatch last Sunday! The home I sold at 886 White Willow Lane was highlighted as one of the recently sold properties at the top of the real estate section.

Sunday, January 11, 2009

Village Communities

The Coldwell Banker New Homes and Condos Division has a new client! I'm now a sales rep at Kensale Village, a Village Communities condo complex twice a week. These condos are a really great opportunity! They are 3 bedroom condos with the main living area all on one floor. They come with fireplaces, attached two car garages, and have plenty of features that would be upgrades for other builders already included in the price, which starts at $190,000. Also, you get a pool, clubhouse, workout room, and a one year membership to the Kinsale Golf and Athletic Club. They are located within walking distance of all the Olentangy schools, at Sawmill Parkway and Hard Road. Come visit me there!

http://www.villagecommunities.com/communities/community.cfm?communityID=30

Showings are up!

This week the number of showings on Coldwell Banker listings dramatically increased. Buyers have some time on their hands again now that the holidays are over and are out and about. Last year the number of showings continued to increase until the middle of May then slowly began to decrease. If you are thinking about selling your home, now is the time to get it ready to put on the market!

Mortgage rates dip to new all-time low

The 30 year fixed rate fell to 5.01%, its lowest level since Freddie Mac started conducting its survey in 1971.

The 15 year fixed rate loan rate fell to 4.68% its lowest since 2003.

Mortgage rates have been declining for the last ten weeks since the Federal Reserve announced its decision to purchase mortgage backed securities from Fannie Mae on November 25, 2008.

Since November rates have dropped an average of 1 1/2 percent. That saves you $184 per month on a loan for $200,000!

http://money.cnn.com/2009/01/08/real_estate/mortgage_rates/index.htm?postversion=2009010811

Thursday, January 8, 2009

Columbus Real Estate Investor's Association

Last night I went to the Columbus Real Estate Investor's Association. I thought it would be a good opportunity to meet some investors and learn more about investing. Of course I knew some of the basics already, but they taught some really creative buying and financing techniques that I hadn't thought of. The guest speaker, Wendy Patton had some good points on how to help sellers who need to sell quickly (perhaps from having two homes) and buyers who wouldn't otherwise be able to qualify for a loan. The association really helps to teach investors new techniques and offers a great opportunity to share ideas with fellow investors and learn from each other. If you are thinking about investing in real estate, I would recommend it. Their website is http://www.columbusreia.com/. Don't forget about the Realtor who sent you there! :-)

Tuesday, January 6, 2009

10 Day Sale results

From October 10th through 19th Coldwell Banker held a national 10 day sale where participating sellers reduced the price of their homes by at least 3%. The properties were labeled as being on sale, increasing their exposure. Two-thirds of the participants reduced their prices permanently, revealing the difference between what they thought the house was worth and what the buyers were actually willing to pay. At the time about 32,000 homes were on the market and about 6% went into contract. The sellers were very pleased with the results, especially since that was the only good news going on in the marketplace at the time.

The sale resulted in increased press for Coldwell Banker as well. About 120 television clips aired about the sale and in Pittsburgh the sale was the top story on the evening news. The stories included a $24 million sale where a couple arrived with cash in hand during the event. Also, an agent walked into a Coldwell Banker office saying "My company is not doing anything for me; can I work for you?"