What Makes Selling Your House in Winter a Good Idea?

Selling your home during the winter offers many advantages that I want to talk about today.

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Typically, the winter doesn’t seem like a good time to sell a house because the weather is cold and dark. Most people think it’s better to wait until the spring. However, winter is actually a great time to sell your house, and there are eight reasons why:

1. There is less competition. Most sellers don’t put their homes on the market during the first or last couple months of the year. If there are buyers in your local market, you may be at an advantage by selling while others wait.
You may be at an advantage by selling while others wait for spring.
2. You have more time to get top dollar. Because you’re marketing your home early, you may be able to secure a higher price. While a typical buyer might have 30 homes to compare and choose from in June, there may be only 10 homes that fit their criteria in January.
3. January is the biggest transfer month. Did you know that corporate moves and job relocations happen more in the month of January than any other month? These transferees can’t afford to wait until spring; they need to buy a home now.
4. You will have more serious buyers. This means you won’t need as many showings and the buyers that show up will be far more qualified.
5. It might give you first dibs on the spring inventory. You’re set apart from the pack in this scenario because you’re not worried about your house selling.
6. Homes show better during the holidays. The fact that your home is (presumably) decorated for the holidays will increase it’s potential to give off a warm impression on buyers.
7. You have more showing flexibility. People understand that you might be entertaining over the holidays, so you can control the traffic that comes in and out of your house. However, keep in mind that relocation buyers work on a limited timeframe.
8. Changing dynamics in home buyer searches. People typically justify not listing in the winter because there are fewer daylight hours and bad weather inhibits buyers from wanting to see homes. This line of thinking isn’t as relevant as it has been in the past, though. According to the National Association of Realtors, nine out of 10 home buyers search for homes online at their workplaces, on their smartphones, and from within the confines of their own homes after dark. Time and time again, we see online traffic surge during January.

If you have any questions or are thinking about selling, please don’t hesitate to reach out to us so we can show you the latest technology we use to get our sellers top dollar in any market. We look forward to hearing from you!

Trends and Patterns From the October Market

Today we'll discuss the market stats and trends that we just received for the month of October. You might be interested to see what's happening if you're a buyer or seller.

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I wanted to drop by with an update on the Central Ohio real estate market.

In October, there were 2,574 homes and condos sold in our market, which is a 5.4% increase over the same time last year. However, this marked a 10.3% decline from this September. This decrease is due to fewer homes for sale on the market, not because of softening demand or higher interest rates.

In October, the median home sale price was $169,000, which was a 9.4% increase over the previous year. Remember, the median is the midpoint, meaning half the homes sell for less, while half the homes sell for more. That means that more higher-priced homes are selling this year. The median is a better storyteller than the average.

However, if you're concerned about the average, it went up to $199,000. That's a 9% increase over last October. The number of homes for sale in our market was 5,963, which was a slight decrease from September and a 22.4% drop from the same month last year. We desperately need inventory!

Decrease in sales is due to low inventory, not softening demand or higher interest rates.

There were 2,831 homes and condos added to the market this October, which marks a 2.2% dip, and there are still plenty of buyers out there who want and need good inventory to choose from. It's just another good reason to sell this winter. During October, homes and condos spend an average of just 37 days on the market, which is only three days longer than in September and 13 days fewer than last October.

If you have any questions about our market or you'd like more information about your specific neighborhood, give me a call or send me an email. I'd be happy to help you out.

Are Rental Properties a Good Investment?

You don’t need to be wealthy to start investing in real estate. In fact, purchasing investment property is possible for most people.

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We’re often asked about the concept of owning rental property, which may range from a residential double to a small multi-family building. People often ask whether it is something only the wealthy can afford or something that anyone can.

Honestly, the purchase of additional property for investment purposes is attainable for most people. The criteria for lending is a little different in that a larger down payment is required and the qualifying ratios are a little different, but with regard to other factors like interest rates, investment property rates are roughly the same as those offered for owner-occupied housing.

Mortgage companies will generally charge fees that are higher than residential transactions to compensate for the additional risk involved, but in the end it’s a small price to pay for all the benefits.

Investing in real estate is for everyone.

Another question we are often asked by investors is, “Who will take care of the property and how do I get tenants?” There are different answers for this depending on the personal time and effort you want to put into the property. Many first-time investors are DIY-ers in that they will advertise for tenants, do all of the maintenance themselves, and are generally very hands-on with the property.

Others prefer to hire a property management company to take care of everything. This does add an extra layer of cost to ownership, but it puts a professional in charge of the day-to-day operations. Since we have members of our team that belong to the local commercial real estate exchange and have full access to the local MLS system for investment real estate, we can set you up with searches that match the criteria of the kind of property you are looking for.

If you have any questions for us or would like to have a consultation to discuss investment strategies, give us a call or send us an email. We would be happy to help!

What You Should Know about Real Estate Surveys

Whether you’re buying a home or selling one, real estate surveys are an important part of the property assessment.

A real estate survey is the assessment of property lines performed to determine the exact amount of land that a homeowner owns. Surveys bring to light any easements or encroachments on a property that may be noted on a title of the home. It’s important to get a property survey after an offer is made (on either the buying or selling side) in order to ensure that any issues with the easements or encroachments are documented on the title and are resolved before closing.

The survey will be completed by a licensed surveying company. For buyers getting mortgage financing in Central Ohio, their lender will order the survey before closing; the buyer will not be involved in the survey process at all.

The title agent will then review the survey with the buyer’s attorney, if they have hired one, and determine whether there are any encroachments. At closing, the title agent will review the survey with the buyer and the buyer will get a copy of the survey in the paperwork that they receive at closing. It’s a good idea for the buyer to keep this document handy as a reference to address any questions about boundary lines they may have once they are an owner.

$150 is a small price to pay for full title coverage.

A survey is optional for buyers paying in cash; however, not completing a survey could compromise the buyer’s title policy coverage. I would advise all buyers to spend the $150 that it costs to have a survey completed in order to retain full coverage. It’s a small price to pay.

For sellers, the buyer’s lender will perform the survey before closing. You can’t and don’t need to prepare for the survey. You can expect it to occur after the appraisal and before the closing, but since this work is done on the outside, there will not be a set appointment with you for the survey. If you happen to be home at the time of the survey, please know that the survey is brief and you need not participate in it or interact with the surveyors.

If you have any other questions about real estate surveys or anything else related to real estate, please don’t hesitate to give us a call or send us an email. We’d be happy to help you!

Tips for Marketing Your Central Ohio Home

Everything moves fast in the world of marketing. What was popular yesterday is old news today. That’s why simply putting a ‘For Sale’ sign in your yard is not going to cut it anymore.

When you sell your house, marketing is imperative to get you the price you want for your home. The most effective way to market your home is to promote it all over the Internet and social media. Here are a few tools we use to sell properties:

1. Professional photographers to portray your home in its best light.
2. Professional stagers so potential buyers can imagine your house as their home.
3. Printed materials, such as brochures and property cards, are made so that people can take information with them and not forget what they just saw.
4. We feature your listings on websites such as Zillow, Trulia, Realtor.com, and, of course, the MLS. Your house will be seen everywhere online.
5. We also use social media to market your home on Facebook, Twitter, Instagram, Pinterest, and our blog.

Online and social media marketing are the most effective for your home.

These tools are just a few examples of our proven home selling strategy. If you have any questions, give us a call or send us an email. We would be happy to help you!

3 Mistakes Central Ohio Buyers Should Avoid

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I want to point out the three biggest mistakes that buyers make in a seller's market in order to help you avoid them.

We're currently in what we call a seller's market; high demand and low inventory have given home sellers the upper hand. There are typically multiple buyers for every home, creating a lot of competition and urgency. Buyers don't need to panic, though, as interest rates are still at record lows, making it a great time to buy a home.

Here are the mistakes to avoid to help you win in this competitive Central Ohio seller's market.

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Making any of these mistakes can 
cost you the house you love.

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1. Not getting pre-approved. Buyers make the mistake of looking at homes before getting pre-approved for a mortgage. The last thing you want to do is fall in love with a home and not be ready to make an offer. Sellers want buyers that are serious, prepared, and organized.
2. Not making your first offer your best offer. You'll be faced with the urge to offer below asking price. However, in a seller's market where competition is fierce, you risk missing out on your ideal home when you don't present your best offer first. Sometimes you only get one shot. Make your first offer a good and strong.
3. Not committing to a real estate agent. If you're not willing to commit to an agent, you can't expect that agent to commit to work for you. Once you make a commitment, that agent becomes your advocate, fighting for your best interests.

For more advice, or to learn more about how working with an agent can benefit you, send us an email or give us a call. We hope to hear from you soon!

Open Houses Are Still a Valuable Tool for Sellers

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With houses selling so quickly in the Columbus real estate market, many are wondering if open houses are still a strong marketing tool.

They absolutely are, because even now in a fast seller’s market, it’s important to have strategic marketing. Properly executed open houses get you more money for your house.

Firstly, advertising and building up the open house create both excitement and urgency for your property. 

Planning and advertising a showing in advance is a great way to have more than 100 showings in two hours. Many buyers like open houses and actually prefer them because they don’t have to seriously engage an agent to see the property.

Most importantly, a good open house helps sellers control the sales process.

Third, sometimes neighbors are sheepish about seeing your house, but we want them to come by. Many times your neighbors may have friends, family members, or coworkers who want to live nearby. An open house is a great opportunity to see your house and promote it to their circle of influence.

Thanks for watching today. If you have any questions about real estate, please contact us.

Why Buyers Need to Work with an Agent in Central Ohio

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Our current market moves very swiftly, making people think it’s easier than ever to dive into the market on your own. Actually, the market is more difficult than ever for buyers, and there are a few reasons why you should commit to a real estate agent when buying today:

First of all, you need an agent who is committed to helping you. You need either a verbal or written agreement with an agent, because you never know when you will need help with something. Once you are committed to an agent, they will work hard to make sure your real estate goals are met.

Once you commit to an agent, you will get a very quick response. You need someone who can write offers on the fly and get electronic signatures in order to keep the transaction moving. It’s also important to work with someone who is tech-savvy.
You also need an agent who knows your needs. That way, they can quickly assess properties and neighborhoods in order to find the right fit for you.
Finally, you need an agent who has experience winning properties. These agents know the property clauses to write into a contract and will get you to the closing table.
If you have any questions, give me a call or send me an email. I look forward to hearing from you!

Can I Get a Mortgage If I Have Student Loan Debt?

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Today we are here to talk about how student loan debt affects your affordability here in Columbus. To help us go into further detail about this topic, we have invited Noah Brader of Concord Mortgage to join us and explain.

Student loan debt is a big deal for a lot of people. Most college students have debt, and when you’ve graduated and are working to buy a home, it’s natural to wonder how it might affect your ability to purchase one. Buying a home is one of the best ways for you and your family to build wealth, so it’s an important investment to make.

As a lender, Noah is going to primarily look at your monthly payment on student loans, not the overall dollar figure that you owe. If you’re already making payments, Noah will count that in the approval scenario. If your loans are deferred, however, and you aren’t making payments now, he will ask you to log in and print out a projected payment for your loans. The bottom line is, don’t be overly concerned with the total amount, just the monthly payment.

If you have any questions for Noah, he can be reached at (740) 815-1573 or by email at noah@condordmg.com. If you have any other real estate questions, feel free to give us a call or send us an email. We look forward to hearing from you!

How Susanne Casey Helped Eugene by Being Positive and Open

"She was great to work with and, with her team, it was a coordinated effort. It was just a very positive experience overall. Susanne was very good about keeping in the loop with showings and kept things positive, open, and very forward. She saved us a lot of money on our condo!"

What Improvements Will Add Value to Your Central Ohio Home?

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Today, we’ll discuss which home improvements you should spend your tax refund on this year. According to a recent impact report by the National Association of Realtors, home improvements are not created equal. Some will add more value to your home than others. Here are the top three projects that will positively impact your home value in a major way.

1. Add curb appeal. A new front door or a new garage door can bring a crisp, fresh look to your house.
2. Moderately remodel the kitchen. Kitchen updates don’t need to be expensive. Paint the cabinets, replace brass light fixtures, and invest in some stainless steel appliances. These simple projects can change the look of the whole space. Be resourceful!
3. Add outdoor living space. A great patio or deck can expand your living area. Think of entertaining all your friends and family outdoors!

If you are unsure what materials to choose, how to plan a project, or who to hire, give us a call or send us an email. We offer complimentary advice and resources at your disposal. We would be happy to help you!

Put Your Tax Return Towards a Central Ohio Home

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Did you know you could buy a home for as little as 3.5% down? If you’re receiving a tax return, consider putting your refund into a down payment for a house. Here’s why.

1. Build your own wealth. Right now, you’re paying rent that goes right into your landlord’s pocket. Why not put that money towards your own mortgage?
2. Owning is a form of forced savings. Each month, when you make a payment for your mortgage, you are building equity.
3. There are substantial tax benefits for owning. You can deduct mortgage interest and property taxes yearly on your tax return.
4. Property is a smart investment. Real estate is predicted to outpace the stock market and other investments in 2016, making it a safer place to build wealth.

Keep in mind that when we talk about real estate appreciation, that’s based on the total value of the property. That means you get appreciation on the $200,000 house, not just on the $10,000 down payment. You can’t do that with any other investment.

Ultimately, homeownership makes sense and it makes a long term impact on wealth. If you have any questions, give us a call or send us an email. We would be happy to help you!

How Appraisals Affect Ohio Real Estate

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A property appraisal is performed by an objective, third-party appraiser. When an appraisal is performed in a real estate transaction, it's ordered by the buyer’s lender. This ensures the house costs, at least, the amount of money the buyer will be lent. Often, the appraiser examines properties that have recently sold locally. However, there are a few problems with the appraisal process.

• The comparable sales are from the past. In our appreciating market, some values come in short because prices increase.
• Appraisers are human. They’re prone to mistakes.

• Internet lenders may hire an unqualified appraiser. They might hire someone that isn’t familiar with the neighborhood, for instance.
• The mortgage industry is incredibly conservative. Increased government regulation has increased scrutiny on sales. This includes additional repairs or inspections that delay the process or pose financial burdens for both buyers and sellers.

Despite a low-value appraisal, it still might make sense to buy a property. It’s important to openly communicate with your Realtor to weigh your options and understand any possible complications. If you have any questions, please contact me. I'm always available to help!

Where Are Mortgage Rates Headed in Central Ohio?

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Interest rates have been sitting at historic lows for some time now. They're so low that they really can't drop any further, and that has people worried that they will be rising soon.

Your interest rate has a direct correlation with your monthly mortgage, and just a slight increase could cost you thousands of extra dollars over the life of a loan. On a $300,000 home loan, an increase from 4% to 5% will cost you an extra $263.57 per month!

Rates are currently sitting at about 3.75%, but they could shoot up to 4.6% by the end of 2016. This is according to a prediction made by Freddie Mac. Core Logic's latest home price index shows that homes have appreciated by 6.4% on average from this time last year. Homes are expected to appreciate by 4.7% in 2016.

The bottom line is that even a minuscule increase in rates will damage your purchasing power and limit your home buying options. To plan for this market shift you should set up a consultation with me so that we can find you the best home for the best price.

I look forward to hearing from you!

Why Earnest Money Matters to Central Ohio Buyers and Sellers

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Earnest money is a deposit made by the buyer that shows the seller they are serious about purchasing the property. When the transaction is finalized, the funds are put towards the buyer's down payment. If the deal falls through, the earnest money may go to the seller.

Earnest money is important to buyers and sellers alike. Here's why.

Last year, I received several offers from other agents without earnest money. This is disturbing! Recently, I asked an agent why they didn't include earnest money in the offer. Why omit something so important? They replied, "It's a pain to collect and the buyer just gets it back, anyway."

Even though it's a pain, it's still important. Earnest money shows that the buyer is serious about purchasing a property. If you submit an offer without earnest money as a buyer, consider what kind of message you're sending. You can also make your offer more appealing if you offer more earnest money than what is typical. Doing so gives you an edge over other buyers.

As a seller, you should absolutely never accept an offer that doesn't have earnest money from the buyer. In Central Ohio, our typical earnest money deposit ranges from $500 to $5,000, depending on the price of the property.

Earnest money is an important part of the contract that sends an important message, and it shouldn't be overlooked. If you have any questions about this topic or more, give me a call or send me an email. I would be happy to help you today.