New Price!

40 W Deshler in the Brewery District has reduced their price to $264,900! It's a great deal in a fantastic neighborhood, Brewer's Gate. The location is amazing because you can walk to German Village and Brewery District shops, restaurants, and bars. It is easy to get on 71, 315, 670, and 70 to get around the city quickly. It is also right by the bike path to ride downtown, to OSU, or even all the way to Worthington! Enjoy Schiller Park, Lou Berliner Park, or the little park right across the street. It has a beautiful interior with 3 levels of living space that shows like a brand-new model home! It has plenty of windows to view the sunset, lots of storage space, and high-end finishes and appliances. The seller is highly motivated to move and ready to negotiate, so don't miss out on this deal!

How Buyers Find an Open House

More than 90 percent of potential home buyers plan to attend open houses as they look for a home to buy, according to a survey conducted for Trulia.com.

Here's how they find out about properties open to view:

• 62 percent use online sites to find open houses.
  
• 53 percent use information provided to them by real estate professionals.
  
• 36 percent use neighborhood signs.
  
• 31 percent use information in the newspaper or other printed source
  

"We used to see home buyers walk into open houses with a newspaper in their hands," says Aman Daro, vice president of Integrated Marketing at McGuire Real Estate in San Francisco.

"Now they walk in with printouts of their search on the Web."

Source: Trulia.com (05/28/2009)

Real Estate Brokers Shifting to Online Focus

Coldwell Banker is shifting its marketing strategies online where the buyers are looking, while also saving money and becoming more lean in these slower economic times.

Major real estate companies have cut back significantly on conventional advertising, turning instead to less-costly alternatives, including blogs and online video tours.

For instance, Realogy Corp., parent company of Century 21, Coldwell Banker, Sotheby's International, and Better Homes and Gardens Real Estate, spent 31.7 percent less on newspapers, outdoor and television in 2008, according to TNS Media Intelligence. Spending dropped to $129.3 million from $189.4 million in 2007. At the same time, it upped its Internet spending 29 percent to $8.6 million.

Newspapers in particular are the losers as the industry moves online. Christina Lowris, executive vice president of marketing and advertising at the Corcoran Group, says, "It is very antiquated to think that people are opening up the Sunday paper and looking for real estate. It just doesn't happen anymore."

Big winners include Google and YouTube, where the real estate advertising presence is growing daily.

Putting ads on YouTube is "game changing," says Michael Fischer, Coldwell Banker's senior vice president of marketing. "With video, we can really show a property off."

Existing Home Sales increase in April

The number of U.S. home buyers who purchased a previously owned home in April was the largest monthly jump in eight years. The National Association of Realtors announced its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts' forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.

Could the market be turning around? Interest rates are creeping up, also a sign that the market may be improving. If you are thinking about buying a home, don't miss out on the low rates!

Half Million First-Time Home Buyers

Almost a half million (455,000) first-time homebuyers purchased during just the first quarter of 2009 according to the National Association of Realtors. They took advantage of the tax credit, low interest rates, and low prices.

Tax Credit Guidance for FHA Loans Announced by HUD

In his speech at the National Association of REALTORS® Housing Summit on May 12, 2009, US Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced a program that allows borrowers to use the first-time homebuyer tax credit for a down payment or closing costs on a FHA-insured mortgage. The Secretary said “We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit.”

The details of the program were announced today in Mortgagee Letter 2009-15. A government entity and instrumentalities of government may provide a second mortgage. Currently, 10 state housing finance agencies offer a product buyers can use that will effectively monetize the tax credit for down payment purposes. These states are Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee. State Associations are encouraged to work with their respective housing finance agency to implement similar programs. The 3.5 percent down payment may also be a gift from a family member, employer or nonprofit, charitable organization.

The original guidance permitted lenders and HUD-approved nonprofits and lenders to offer bridge loans via second lien financing or short term loans. Guidance released today allows lenders to offer the monetized tax credit for down payments in excess of 3.5 percent, closing costs and interest rate buy downs. Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers. Lenders will need some time to develop documentation for what will effectively be personal loans to the home buyer.

http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2009_MORTGAGEE_LETTERS/09-ML-15%20USING%20FIRST-TIME%20HOMEBUYER%20TAX%20CREDITS.PDF