Submitted by Vicki Owens, ABR, RSD, RECS, Andy & Associates, Realtors
As of July 12, there are 200 homes available for sale. Prices range from $18,300 for a mobile home to $975,000 for a large estate on acreage. The averages are 2138 square feet for a list price of $203,070. There are currently 38 homes reported as in contract or contingent on sale. Inventories are down in the under $150K price range and these homes have been selling faster than other ranges. The $8000 first time buyer tax credit, low interest rates and special loans available in our area could be a good reason for that. The inventory is moving quickly which is an indication that we could have very well "bottomed out" and we will see prices begin to recover a bit. The market is showing about 35% of available homes are "challenged" sales, which means foreclosed or 'pre-foreclosure' short sales. More of these homes will likely come available on the market soon now that the moratorium on foreclosures has been lifted by the government.
From January 1 thru July 12 of this year, there were 150 homes sold. The average days on the market was 97 days, the average square footage 1,810 with an average list price of $158,044 and average sale price of $151,262. Only 4 of those sold properties were over the $300,000 price range, and 25 sold between $200,000 & 299,999. So 121 of the homes were sold at $199,999 or less and within 96% of their listed price. The least sold price was a mobile home sold for $10,000, the most, a large home with acreage at $385,000. These statistics are taken from Tempo MLS service used by the Columbus Board of Realtors.
Historically, compared to the same time in 2008, there were 180 homes sold, 30 more than the same time this year. The average days on the market then was 118, the average square footage 1935, with the average list price being $176,637 and sold price of $169,879. 12 of those were sold for over $300,000, and 37 between $200,000 and $299,999. So 131 were sold at $199,999 or less. The least reported was a mobile home sold for $9,500, the most, a larger new home at $635,000. Again, these statistics are from the MLS as reported by real estate brokers in the Marysville School District only.
Overall, sales volume and prices are down. However, the good news is, days on the market are 97 vs' 118 the same time last year. Again, less inventory and more buyers entering the market due to incentives is a good sign that the market is beginning to recover. Keep in mind, historically prior to 2006 appreciation rates in our area were only 2.5-3%. Also, our market has not been hit the hardest by the real estate downturn. Average prices in the Hilliard, Delaware and other Columbus areas have taken a larger hit and are now reported to be below $140K. Many of those areas enjoyed 5-8% appreciation back in the top end of the market 3-4 years ago.
Financing is available but has shown to be a longer closing time for buyers due to the lenders demands for documents and paperwork. There are still 0% down programs on low fixed rates, FHA raised down payment requirements earlier this year to 3.5% down. PMI guidelines have also tightened and have caused some delay and even denial of some sales for programs where it is required. Appraisers are now under strict guidelines and must consider current market conditions closely adding additional work and sometimes delays with appraisals. Investors have been put under pressure with new guidelines limiting the number of homes they can purchase as investments and commanding 20% down payment. There are homes that need a lot of work at very low prices that are not finding buyers in part due to these rules. Homes with safety issues or in need of expensive mechanical systems (septic, well, HVAC, roof) are challenged to find an investor or bank that can or will finance them.
With questions, or help with buying or selling your home, contact Vicki Owens of Andy & Associates, Realtors locally by phone at 937-644-3385, cell: 614-440-5174, via email at vicki_owens@hotmail.com or visit her website www.movetomarysville.com. She is a native of Central Ohio and a 10 year resident of Marysville, operating her local office in the McCarthy Financial Advisors building at 127 W 5th Street uptown. Serving Marysville/Union County, Ohio since and selling over 12 Million in sales volume 2003. Also serving Franklin, Delaware, Madison, Logan and Champaign county areas.
You are hearing a lot of "lingo" in the media and may be skeptical that now is a good time to buy. But here is the skinny on what is happening in the central Ohio market in March 2009.
Home buyers ARE
Some of the best buys are the "short sales" or pre-foreclosure listings. Many of these homes have been well maintained and can be purchased below market price. Patience is a virtue with it though. Even though the term "short sale" sounds fast, the banks that are agreeing to forgive some of the seller's debt are backed up with requests for review on these offers and it can take 2-3 months or more from offer to close. But my buyers taking advantage of these will tell you "good things come to those who wait". And that same term applies if you have been "Looky Lou or Lucy" dreaming online about your home for the last 1-3 years. You've waited - start taking some action and find a good loan rep and buyer's agent to assist you and get moving now! If you do not, you will see the prices start to go back up again and realize that you missed out on some great opportunities.
If you have no idea about the benefits of having the service of a buyer's agent work for you, see the Buyer's Resources page of my site www.vickihelpsu.com With a home purchase being such a huge investment for you as well as a place you will spend many years making memories, you deserve to be represented and the cool part is that in most cases (and with my company and services) that service is free to you as a home buyer.
Have questions about these items or other real estate related questions? Write Vicki at vicki_owens@hotmail.com or call 614-440-5174.
Submitted by Vicki Owens, ABR, CRS, GRI, Branch Owner/Agent, Andy & Associates Realtors, Marysville Office
As of February 14, 2009, there were 215 residential properties listed for sale in the Marysville Exempted Village School District. There are 35 homes reported to be in contract and pending the close of the sale. Year to date, 20 homes sold since January 1.
From January 1-December 31, 2008, 331 homes sold for the year. The average list price of a home was $169,047 and sold price $162,889 with market days for sold listings averaging 107. Homes are selling within 96% of their listed price on the average.
Compared to 2007, 385 homes sold . The average list price for 2007 was $171,078 with the average sold price of $165,113. Days on the market average was 111 days. In review, 44 less homes were sold in 2008 than in 2007 and for about $3700 less on the average taking just a few less days to sell. These statistics used are per the Columbus MLS for homes listed in the Marysville Exempted School District only, not including all of Union County. They are a compilation of listings through the Columbus Board of Realtors as reported by agents and participating builders.
Comparatively speaking, even in other market areas of Central Ohio, we have weathered the market downturn quite well in the past 3 years. There is no question that now is a great time to buy with mortgage interest rates now around 5% and tax incentives! Qualifying for a loan still remains more difficult than prior to 2007. If your FICO score and debt ratios show evidence of responsible spending and steady employment, there are still solid programs to choose from. Many Union county properties qualify for USDA financing at low rates and zero down payment. Ohio Bond Money down payment assistance for first time home buyers is also available again soon. VA programs offer no money down programs. The most popular FHA programs now require a 3.5% down payment. If an FHA loan is utilized for a HUD owned property, there is a $100 down payment program available. Ask your banker or Realtor for more details!
The number of foreclosed homes for sale has remained steady since 2007. We have seen an increase in the number of pre-foreclosure sales (short sales). These homes are all competition for the pre-owned home market and have resulted in lower home prices overall. Buyers contemplating the purchase of a home should seek the assistance of an experienced real estate agent to guide them through the process. There can be a sea of paperwork and waivers involved and when making an investment in property, it is important for the consumer to be aware of exactly what and whom they are dealing with in a purchase. If a buyer is seeking a move in ready property, foreclosed homes may not be the best buy-there are many homes in great condition for sale at very competitive prices.
For more information about our market, if you have a home to sell or are looking to buy, Vicki Owens of Andy & Associates, Realtors, is our area's only Certified Residential Specialist (CRS) and the WSYX/FOX28 TV area specialist offering highly recommended services in Union County since 2003. Also assisting clients into Franklin, Logan, Champaign, Madison and Delaware counties. Contact her locally at 937-644-3385, visit her website at www.movetomarysville.com or email Vicki at vicki_owens@hotmail.com Copyright 2009 Vicki Owens, Andy & Associates, Realtors
Submitted by Vicki Owens, ABR, CRS, GRI, Andy & Associates, Realtors, December 2008
With the market as tough as it has been, I have received yet more calls and emails from people who have had a lot of difficulty with their lease purchase arrangements. It unfortunately seems this always comes after the fact and always reiterates the reason why I always advise against these sort of agreements.
One gal contacted me who was at the end of her 2 year agreement. I spoke to her way back in 2006 when she was contemplating a home purchase. At that time, she had been visiting many open houses and could not seem to get the price that she needed for a house the age, size and quality that she wanted. She went to a For Sale By Owner open house and the owner offered her a lease purchase agreement. Because there was no way at that time she could quality for a mortgage on the home at an asking price of $235,000, she loved the house and the idea she could move right in and signed right up.
She actually called me the week after she had signed the agreement back in 2006. I was familiar with the home which had been on the market for nearly 2 years and listed on and off with a variety of agents to no success. At that time, I commented that the home was priced awfully high for the area compared to others that had recently sold on the block, but welcomed her to the neighborhood. I was happy that she found something that she liked and wished her and her family all the best.
In her call now, two years later, she explained that she was at the end of her lease agreement and now it was time to purchase. She had now been approved for the loan! But the bank, after appraising the house recently, would not approve a loan for the contracted amount. The appraisal was just too low even after she had paid the owner nearly $35,000 (at $1400 a month and a deposit) and the sale price was still what it was when she signed the document 2 years before. She had redecorated, put in carpet, finished a room in the basement. The owner will not lower the price to what the bank would agree to finance for the home, now valued at under $200K due to declines in the market. He cannot afford to. He had 2 mortgages and the rent she pays covers just the first. After expenses to sell, even without a real estate agent, he would have to bring funds to the closing table to clear the liens, he just will not do that.
Now she is struggling to decide to stay and see what happens or go forward to buy another home. And she is actually leaning toward buying another home with the prices and interest rates so low now, but troubled about all that she spent on this one. In the meantime, the homeowner is getting lots of nice work done and gaining equity on the home as he makes payments. Hope he does not decide to take out yet another equity line of credit, or worse, quit making payments. Guess we will see what she decides and how it all shakes out.
Then an email recently. Another gal who signed a lease purchase agreement that was based on the fact that she could be financed once her home (that was on the market in another state) sold. Well, the home has still not sold and her year is up. So she is now moved out from the home that she had intended to purchase. She had put $1200 into new carpet and done some other renovations and redecorating in the home and made all of her monthly payments on time to the owner. In this case, an agent was involved representing the home seller attempting to sell the home with the sale of her current home a contingency to go forward with a true purchase. She did not mention what she was paying per month, but my guess is that she probably had spent $12000 minimum plus some sort of up front deposit/down payment.
Upon her move out, she had a walk thru with the agent that was assisting the seller who stated the home was in good condition and she moved on. Well, low and behold she has a bill at her new address from the owner wanting money for the renovations that he is now doing to get the home sold. My advise was that she needs to have her own attorney look over the agreement that she signed to see if in fact she is responsible and if she has any rights to recovery of the money that she spent. She admitted that she was more focused on the sale of her current home and relocating her family than what she was signing to get into this one.
Circumstances and emotions can be distracting, and a good buyer's agent or real estate attorney can be worth their weight in gold to avoid bad situations that can cost literally thousands for an unsuspecting home buyer. Slow down and get some professional advise BEFORE you sign because "hind site is 20/20".
Copyright 2008 Andy & Associates, Realtors. About the author: Vicki Owens is an experienced real estate agent in the Central Ohio area. Highly trained as an Accredited Buyers Representative, Certified Residential Specialist and Graduate of the Realtor Institute. An award winning multi-million dollar agent for Ohio and the Columbus areas and highly recommended locally. These opinions and experiences shared are from the standpoint of a Realtor and are meant as education for the public. None of the information within her articles or blogs should ever be considered as legal advise, an attorney should always be contacted regarding any real estate transaction. Email her at vicki_owens@hotmail.com and visit her website www.vickihelpsu.com for more blogs, professional assistance and information about her services. Cell direct 614-440-5174.
Submitted by Vicki Owens, ABR, CRS, GRI, Andy & Associates, Realtors Marysville
Here it is, another holiday season. If your home is or has been on the market this year without an offer, you are not alone. So what does it take to win over that buyer in today's challenging market?
· See Your Home from the Buyer's Eyes by asking yourself one of the toughest questions that you can. If you were on the market to buy, what would you pay for the home today? Forget your memories there and the money you've spent to maintain or update. What would you honestly pay? Look at it as your product to market, not your home.
· Do Your Homework by looking at what homes comparable to yours, in your neighborhood or vicinity and what they have sold for in the last 90 days. Not last year, not the last appraisal, but what buyers are truly spending now for a home reasonably comparable to yours. (And yes, bank, corporate owned and short sales DO make a difference on where yours will be priced to win)
· Make It Sparkle by doing the hard things that no one wants to do. Wash the windows, pull the weeds, clean the basement, get rid of the clutter and junk. Buyers want a home that they can move right into. You may have to remove the wallpaper, paint, clean carpets, and store away some of your furniture. It needs to show like a model home that the owners have taken great care of.
· Get Quotes if your home needs repair. Take a good look at the roof. If it needs replaced, call a roofer and get a quote. If it needs windows, carpet or flooring, get a quote. Have in writing and face what needs to be done head on.
· Know Your Competition by looking at what is currently out there on the market that buyers will be touring when they come to see yours. Look at how long those homes have been on the market and keep in mind that you want yours to be the one they pick to offer on.
· Face Reality On the State of the Market and know that the prices have declined by as much as 20% in the last 3 years. If you purchased your home in 2004 or 2005, you may have paid more then than the market will bare today. You may only be able to get what you paid for the home or even less. If you have little equity and are not in a position to sell now you may want to wait longer with plans to move on if you can. Pricing your home too high by just a few thousand in this market can lead to disappointment. In fact, if you are ready to move fast, you may want to price a few thousand lower than your competition and showcase your home beautifully. Again, what would you buy??
· Call Some Professionals, have the home inspected by a home inspector for condition, termites or gas leaks. Call an appraiser to have the home appraised at today's fair market value. An appraisal by a qualified home appraiser who does work for the banks should be able to provide an unbiased assessment of your home's value. The appraisal you had done for a refinance or second mortgage a few years ago is not one that would be accurate for resale of your home and is only good for up to maybe 180 days.
· Talk to Several Agents to see what their strategies, track record and experience has been in servicing your area. Find agents that know the area, have experience with today's market, know the pricing, market aggressively and are currently selling homes.
Regardless of the peppered opinions of the press, the American Dream is still alive and being a homeowner is still desirable. Yes, many potential home buyers have been on the fence for quite awhile waiting to see what is happening with the market. They fear paying too much for a home, or worse, facing foreclosure. There are still many able folks out there who want to be the owner of a home but have been jaded by the media.
Keep the faith that this will change. Home prices are low and so are interest rates and they will find when they start their research that this is a great time to be buying. Homes are still selling, banks ARE still lending and buyers are buying, just at a slower pace. Patience is a virtue, but your home can be positioned correctly to sell and win in today's market. Your commitment to be a winner is essential to captivate the right buyer, unfortunately, that may mean some sacrifice for you to succeed in this market.
Vicki Owens is a top selling, full time real estate agent with advanced education, successful track record in our local market that comes highly recommended by clients. For a positioning analysis of your home call her at 937-644-3385. For more information, visit her website at www.movetomarysville.com Listed before and considering trying again? See www.listitagain.com
Copyright 2008, Andy & Associates, Realtors
Agent specializing in Marysville, Ohio real estate. Also assisting clients to sell and buy in Hilliard, Delaware and north west Columbus.
If you take a drive into Marysville from Columbus, Honda or Milford Center/Springfield/Mechanicsburg you cannot miss the roadside billboard ad campaigns driving traffic into the website. Please see www.movetomarysville.com to see why so many homes list with me and buyers visit the site regularly. The recognized source of Marysville area real estate all day, every day!!My Mission: To offer honest, friendly, responsive and responsible professional residential real estate services to both buyers and sellers in Marysville and areas into the Columbus metro area.
Please see the "What My Client's Are Saying" page of the www.movetomarysville.com website for loads of recent client testimonials that are updated regularly. And visit my profile thru www.linkedin.com/in/vickiowens
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