Vicki Owens, ABR, CRS, GRI, SFR

Submitted by Vicki Owens, ABR, CRS, GRI, SFR, Best Homes Real Estate, Marysville, Ohio

Heads up to owners with homes on the market or anticipating a future sale in 2011. If you live in a newer home in a subdivided community, you may want to read the fine print from your builder about transferrable warranties as well as from your Home Owners Association about transfer fees.

If you live in a community that has a Home Owners Association, you may be paying fees annually, quarterly or even monthly to your association to care for common areas of your neighborhood. But did you know that when you go to sell your home, your association may likely charge a "transfer fee"? For years this has gone on with condominium communities and was expected. As more and more neighborhoods turn over responsibility for the operation of their association to professional property management companies, we are seeing these fees be put into place. Anywhere from $50 to $300 that will be the responsibility of the home seller. For what? To change the owner name in their database. Also, with lenders being more stringent in underwriting, we are seeing more and more fees also charged to them for documents held by the association, like rules, covenants and insurance policy records. If you receive notice about your home owners association, you may want to check this out and get a run down of extra fees they may have in place. If you have a recent addition of an HOA in your community, it is important that you read the fine print and details. It may sound like a drop in the bucket right now, but when you start adding up the costs to sell your home, this can make a difference.

Do you have a transferrable builders warranty? Some builders have recently put into place a transfer fee for the new owner to take over the warranty. Typically, the new owner would complete a card or go on line and register as the new owner with the home builder at no charge. These warranties are generally 20 to 30 years from the date of build and cover the structure and sometimes dry basement. A nice peace of mind thing to have and valuable selling tool for an owner. Now, a seller may end up spending $200-300 to transfer this warranty. It is worth making a call to your builder's warranty department to find out if there will be a fee. Certainly you do not want a detail like this to hold up the sale of your home.

If you are a home buyer, especially if you are looking at foreclosed properties, you want to check into these things where community and warranty are concerned. With home owners associations specifically, many do not file liens against the property that can be found by a title company prior to the home sale. So later, you get a letter or even a certified letter or a lien from an association that you may not have known even existed. They could be expecting you to pay transfer fees, back dues, late fees, etc. after you are in the home. We are seeing this more and more where new owners get this unwelcomed surprise. The banks have new owners sign many waivers and will not take responsibility to disclose this information to the buyers. And since a lien is not filed, it would likely not be covered by title insurance. Know that back association dues are a risk taken with foreclosed and short sold properties. Even agents have no true way to find out about this prior to the close of sale. Do your research on the neighborhood if possible prior to closing and see if funds can be escrowed for these fees and fines. In addition, do not assume that a builders warranty will automatically transfer with the home. If it is newer and you think their may be a warranty still in place from the original builder, call their service department directly to question this and find out about transfer and if there are any fees for that. Many home sellers may not be aware that there is any fee for the transfer leaving it to the buyer to pay after the sale to continue the warranty.

It is a jungle out there. With sales down and companies looking for new income streams, it is always good to do your homework so as a seller or a buyer, you are an informed consumer. There is little regulation on these types of fees, if any. And when it turns into a considerable amount that is in question, it can become a real headache that may even land in court. Real estate contracts become more and more complicated every day especially with a variety of attachments. You should consult with an informed real estate attorney when you are selling or buying to be aware of the details. Attorneys can interpret for you the fine print within contracts, waivers and addendums so that you are sure you are well informed of all costs and risks involved. Your Realtor should always advise you of your rights of attorney review and keep your best interest in mind.

Vicki Owens, ABR, CRS, GRI, SFR is a trusted resource in the Marysville, Ohio area and owns and operates the branch office of Best Homes Real Estate. Since 2003 she has been serving the Marysville and Central Ohio areas both as a listing agent and buyers agent. A multi-million dollar producer, Vicki actively stays in touch with the local market and changes effecting the industry. Contact her by phone at 614-440-5174 or 937-644-3385, A native of the Columbus area and Marysville resident since 1999. You can find reliable, informative resources on her website www.movetomarysville.com

Submitted by Vicki Owens, ABR, CRS, GRI, Best Homes Real Estate

Want to make that sale finally successful in 2011? Perhaps you have tried in the past years to sell with no luck or have been "waiting for the market to bounce back" to make your move or you have a need to sell due to personal circumstances. If you are reading this, chances are you are seriously considering making your move this year.

Contrary to bad media static or conversations with friends, family or neighbors, if you have a strong desire to change your lifestyle and move on, your home can be sold. Preparation and patience are a virtue. There is no doubt the competition is tough. Banks are releasing foreclosure properties at rock bottom prices, short sales are abundant and it is likely that you are seeing neighbors walking away leaving an empty home that at some point will be more competition. Just setting a random price and putting a sign out in your yard is likely not going to get the job done.

First and foremost you must check your finances. The balance of your mortgage loan may tell you that you need to stay, consider refinancing, or work out a way to get that balance to a level that will cooperate with the market. Agent success fees are not the only expense you will have as a home seller. In our market sellers are expected to pay for title insurance, search and closing fees, warranties as well as a pro-ration of property taxes due at the time of closing. With inspections and any repairs, it is best to think of that number as 10% of the selling price. In many successful sales, Sellers are assisting Buyers with $2000-3000 in closing costs as well. AND how much from the sale do you need to move on to your next home if you plan to buy? Consult with your local mortgage loan banker to see how you qualify. Being informed of the numbers is definitely the best step you can initially take to avoid being disappointed.

Look at your home from the Buyer's eyes. Think about what made you love your home when you bought it. Was it the location, floor plan, décor? Go onto the web and search sites like zillow.com, realtor.com, trulia.com and some local agents websites. Look at the photos and virtual tours. Check the prices. Which homes similar to yours do you think look appealing and which ones would you rule out? The hard question is realistically, how much would you pay for your home in today's market? Take inventory of the improvements like carpet, paint, flooring, fixtures that it would take to get your home into a condition where is might compete with a new home for sale, or some of the best that you see on line. Are you ready to start looking at your home as a product instead of as the place you live?

Consult with several agents. There should be no charge for a consultation. A full time real estate agent who is actively working your market area should be able to provide you with information about what has sold in the last 60-90 days, advise you on what you are competing with, and give you an estimate of what you can expect financially when your home sells. In addition, many times agents can recommend reliable lenders, technicians and resources to help you prepare. With such a big decision, surprises are not welcomed. Do not be shy to ask questions about the agent's track record, training, and fee flexibility especially if it is someone that is new in the business or unfamiliar to you in your market area. The marketing of your home is just the beginning and a part of the process. You will need assistance for every step and communication during the process. Do you trust that the agent you pick will work in your best interest and will really work with you to meet your goals?

What will it take for you to be "the one" that a home buyer chooses in this market? Keep in mind that today's home buyer typically does a lot of research. With access to public records it is likely by the time they come in to take a look that they know what the county auditor has on file including how much you paid and what the value for tax currently is. Likely that potential buyer is touring multiple homes and may have been for several months. Not only are they looking for the perfect place for them to settle in, but the best price available. Buyer's can choose to purchase a home that needs work and get loan options that assist with this. They are likely to add up any work that needs or has been done and consider that in the price. There are LOADS of fixer upper homes. If you feel yours has issues, price it accordingly. Allowances and excuses do not work well for buyers who want a move in ready property. In other words, a move in ready price requires a move in ready condition in order to succeed. Even builders are discounting and offering financial incentives for Buyers, so keep in mind you will be competing with them as well.

Something else to consider is the appraisal. Nothing is more disheartening as to get the offer you have been waiting for to find that the Buyer's lender will not approve the amount. Appraiser's for the banks will look at sold comparables when arriving at the value of your home. The value you place on granite or a finished lower level may not match the value an appraiser gives it. Not because you did not do a great job, but because of what other homes are actually selling for in the last 6 months. Chances are that you can lose your buyer if you cannot match the appraised price. Buyer's are unlikely to pay more than appraised value. Would you? You can hire a licensed appraiser to provide you with a market value before going on to the market. However, the appraisal at the time of sale may not match another appraisal at a later date. Appraisals essentially are only good for the date and time they are performed.

Want to know more? Contact Vicki Owens, ABR, CRS, GRI, SFR with Best Homes Real Estate of Marysville. Highly recommended in the area and successfully assisting 40-50 clients a year with selling and buying residential property, Vicki can provide you with the information you need to plan and succeed in selling your home. Visit www.movetomarysville.com. Call 937-644-3385 or 614-440-5174 or email to movetomarysville@gmail.com

Submitted by Vicki Owens, ABR, CRS, GRI, SFR, Best Homes Real Estate, Marysville, Ohio

Whether it's email, texts or phone calls, I get so much communication from clients, their friends and community residents alike who are seeking to know exactly what they can expect from the market. "Where are things really? I know that you shoot from the hip and will tell me the real story on what you are seeing out there in the trenches".

For Buyers: What a load of opportunity for first time buyers and those who have their home sold or have been paying out to that landlord for awhile and have maintained great credit. Your rewards are coming! The banks are FINALLY releasing many of the foreclosed properties that they have sat on for months or even years here! There are a lot of homes that need some TLC and ready for the right buyer. The USDA funds are back in Union County, which means you can get a home in great condition for $0 down and NO PMI in the payment! Move in ready motivated seller homes are out there and plentiful as well. If you want to buy a fixer upper, you might look in to Fifth Third Bank's 203K Streamline program. This one will allow a considerable amount of fix up money and do this all with one easy step with an estimate from Home Depot. The rates are still even below 6% on these types of programs that can cover appliances, flooring, and really turn a fixer upper into a move in ready place. Buyers, the early spring market is ripe and ready for you to get out there and start finding that home that you have been waiting for!! Sure enough wait till late spring and you will see some "not as motivated" sellers with pricing that may be a bit higher than those who have worked hard waiting for you this cold, long winter! We have seen MANY price reductions and a short sale that is in good condition could be well worth your wait for approval and get a lot of home for your dollar.

For Sellers: There is no doubt about it that if you need to sell you are going to be competing with A LOT of foreclosures and short sales this year. Your advantage is that if you have the ability to price your home competitively and are really motivated by that lifestyle change, you may be able to get into that next home for far less than you expected. So many people who have to make a move are considering renting the property. If you can find a great renter who will care for your place like it is their own and are underwater in the mortgage, it may be a good option. The key is to search your soul about being an "accidental landlord". Maintaining that property for tenants and making sure that you get a deposit that would be enough to replace things like carpet and re-paint are just 2 things to consider. If you do not have equity in the home and can wait a year or two, that may be an option.

For years now with the declining prices we have seen MANY sellers bringing cash to closing. When you look at your price, you will want to be sure that fees and all liens can be covered for your selling price. A good agent can give you a pretty solid estimate on what that would be so there are no surprises in the end. Nothing is more disheartening for sellers and buyers as not being able to close after all the steps of a transaction, or worse, legal trouble over it. For success, you must PREPARE, PREPARE, PREPARE. Financially & condition.

To compete, you want the buyers, who have SO many choices, to pick YOURS!! Check out the prices that new homes are selling for today, and look at what has actually SOLD in the last 30-60 days. Take a look at your home from "the buyer's eyes" and make it a place that you would buy all over again. Is it a lot of work? YES So only you can decide if you are up for the challenge of getting in the race. If you are relocating, find out what that new employer might do to assist you in the sale. Some programs may even cover some of the expenses you had in making improvements to the home over the years.

Whether you are buying or selling in 2011, your commitment truly needs to be your lifestyle/location choice as it is likely sacrifices will be made. Only you can decide if the time is right and you are ready to roll up your sleeves for the work, whether it is the load of paperwork the bank will ask of buyers, or the whipping the home into shape and finance issues faced by sellers. One thing is still for sure, the American Dream is alive and kicking regardless of all of the static in the news media. Home IS where the heart is and most folks really want a place of their own to settle in to.

Vicki Owens, ABR, CRS, GRI, SFR, with Best Homes Real Estate has been serving Marysville in Central Ohio since 2003 selling over 17 million in residential real estate. Visit her website at www.movetomarysville.com. Vicki offers free services to home buyers showing any home available, staging services & professional consultation to home sellers and FREE use of her moving truck for all clients within Ohio. Full service and reliable resources for clients. Call or text to 614-440-5174 or direct call to 937-644-3385. Email: movetomarysville@gmail.com

Submitted by Vicki Owens, ABR, CRS, GRI, Best Homes Real Estate

This year has proven to be an interesting one for single family home sales within the limits of our school district. As of 12/28/2010, there are 245 single family homes listed for sale. There are 39 homes indicated as pending sale or in contract. A little over 16%, or 44 of the 289, are indicated as either bank owned (foreclosed homes) or short sale properties (pre-foreclosure). The average days on the market for homes currently listed is 155 with an average list price of $202,516.

Closed and successful sales year to date show an average list price of $167,050 and average selling price of $161,230 with days on the market being 93. Of all 245 sold, 20.4%, or 50, are indicated to be bank owned or short sale properties. 135 of these homes closed by 6/30/2010, in time for the government stimulus offered for home buyers.

In comparison to 2009, the good news is that the average sold price improved a bit in 2010. However, the volume of sold homes declined. In 2009, for the same time periods 1/1-12/28, 301 properties had sold. The average list price was $161,218 and average sold price was $155,717, with days on the market averaging 88.

In comparison to 2008, the good news is that the days on the market improved in 2010. However, the volume of sales declined in 2009 and then again in 2010. In 2008, for the same time periods 1/1-12/28, 312 properties had sold. The average list price was $171,954 and sold price $165,863, with days on the market averaging 107.

It's interesting to note as well that no homes sold over for a price of over $400K in 2009 or 2010. In 2008, 4 homes had selling prices of over $400K with the highest being $635K that had a list price of $699K and was on the market 594 days. The highest price listing sold in 2010 did have a list price of $417,900, however was sold for $355K.

In all price ranges in the last 3 years there has been quite an adjustment compared to 2002-2007. In 2010, 56 fewer homes sold than in 2009 but at a 3.4% higher average selling price. The list price to sold price average remained a steady 96% in all 3 years (meaning that homes that did sell sold within an average of 96% of their listed price).

Experts are predicting that we will continue to see recovery of the market in 2011. Although the volume of sales were lower in 2010, the sold prices were a little higher. In our area, we are looking to some job growth and in 2010 did see a few more employee relocation packages for those owners leaving or moving into the area.

Location, location, location. Our location is just 20 minutes to the Dublin business district, in comparison to Hilliard, Dublin & Powell, area property taxes and average home prices are more affordable, good school & low crime ratings, a smaller population and a fairly easy commute for those wanting to leave the congestion of the larger city. In addition, the availability of the USDA financing program is a plus! It makes sense to many potential home buyers that a move to Marysville is a great decision.

Statistical data deemed reliable but not guaranteed from Columbus MLS for the Marysville Exempted Village School District for dates 1/1-12/28 for years 2010, 2009 & 2008. Vicki Owens, ABR, CRS, GRI, Realtor & Owner of the Best Homes Real Estate Marysville Branch Office at 127 West 5th Street in Marysville has served the Marysville area since 2003. A top ranking agent closing over 16 million in residential real estate transactions assisting both home buyers & sellers within a 30 mile radius of the area. A Marysville resident since 1999. To learn more or discuss your real estate goals, feel free to call her at 937-644-3385 or 614-440-5174, email to movetomarysville@gmail.com or visit her website www.movetomarysville.com for more information.

For 2010, statistics for home sales in the Marysville School district offers a mixed bag of news. Historically, from January 1 until September 7 of 2009, stats show that 210 homes were sold with an average list price of $158047, sale price of $151938 and market days of 95. For the same time period this year in 2010, 189 homes have sold, however the average list price was higher at $165324 with a selling price of $160005 and market days of 89. So less homes have sold, but in less time at a better price. It is undetermined as to whether the increase in price and shorter market days is due to the first time buyer tax credit that expired in April 2010.

As of September 7, there are 297 active listings for sale, 42 in addition to those are indicated as in contract. In years past, inventories within the district rarely indicated they were above 230. The more interesting part of this statistic is that of the 297 active listings, 52 are indicated as bank owned or short sale properties. So 17.5% of the current listings are a result of financial challenges. It is estimated that there are at least this many properties currently unlisted or "shadow" inventory. Homes that may or may not have foreclosed but that are yet to be listed for sale at some point and time. Sheriff's Sales are indicating that twice per month there are 10-20 homes on the docket and most are being re-purchased by the mortgage bank. We are seeing these homes put on to the market as REO or HUD properties at well below market prices months and sometimes even move than a year after the auction. Appraisers try to utilize "like" sales for appraisals for home owners, however, with the influx of foreclosures and challenged sales, this is getting more and more difficult and unfortunately has affected values compared to a few short years ago.

With so much inventory available, it is imperative that an owner that truly wants to get an offer from a qualified buyer in a reasonable amount of time (within 80-120 days) in this market must have the home in excellent condition and be prepared to get a little less for the home than they may have anticipated. With so many choices, home buyers can buy a "fixer upper" in reasonable condition or spend a bit more for a home in move in condition. Some sellers are disappointed that they may counter offer a buyer's offer and find that the buyer may just decide to walk away and go on to their next choice in a home. This happens especially in neighborhoods of production homes that seem to be hit the hardest with foreclosures.

Interest rates for home buyers have continued to come down, however, qualifying for a mortgage loan has become more stringent even within the last few months. This has resulted in a few "accidental landlords" or those who need to move from the area that are able to rent the properties to a buyer who cannot achieve a loan today. Many owners are in hopes of an increase in market values, some are contributing to the monthly payments on the mortgages after rent is collected due to high mortgage payments. This is not always a good option if the home is not maintained well or is damaged during the time a renter is in the home. Sometimes those owners end up with a home to sell in need of repair that they may or may not be able to facilitate in a market that may not have increased in price. Truly a gamble.

With an average list price overall of $205191, and an average selling price of $160005, it indicates that there are some owners "testing" the market to see if they can get an offer on there home and may not necessarily have to make a move. These owners may feel discouraged and have little traffic even though they themselves would like to take advantage of lower home prices to get to their next home. Buyers seem to be waiting on the fence for price reductions and are cautious about paying more than market price for a home. And because it has gotten more difficult for an owner to find a buyer, those owners who would buy a move up or move down property cannot go forward financially until they have a buyer for their current home. Real estate sites like zillow.com that show current market value changes daily seem to be getting a great deal of traffic and more and more smart buyers are seeking value information from county auditor records. Buyers in this market truly have to do their homework and provide what seems to be endless documentation to get approved for a home loan.

Employers do seem to be offering relocation packages again which is good news for the economy. In addition, we are seeing more cash buyers that may have had quite a bit of equity in the home they recently sold or are utilizing other cash resources, such as retirement savings, to purchase a home. Regardless of what the media is stating about the home market, people still have a need to move around, up, down, or want to enjoy the pride and benefits of home ownership. There are many wonderful homes available for today's savvy buyer enjoying the record low interest rates!

Vicki Owens, ABR, CRS, GRI, SFR is the owner/agent of the Marysville Branch office of Andy & Associates, Realtors serving Marysville and areas within a 30 mile radius since 2003. A multimillion dollar producer that comes highly recommended in the area for her track record and knowledge of the area's market. See www.movetomarysville.com and call her at 614-440-5174 or 937-644-3385 for assistance with buying or selling.