THE CONDOMINIUM MARKET IS ALIVE AND TRIVING
IS NOW THE TIME TO BUY A CONDO?
In Central Ohio condominiums now make of over 10% of the resale home market. In the past 5 years condos have kept pace with or often outpaced the sale of single family detached homes, showing annual appreciations of 3-6% and turning over inventory 2.5 to 3 times annually.
Other info extracted from a recent article
· Single females make up 42 percent of condo buyers. Single males make up 20 percent, while married couples constitute 30 percent of condo buyers.
· NAR's Profile of Home Buyers and Sellers 2006 says that condo buyers (median age: 43) are older than single-family home buyers (median age 41.) "The median age of condo buyers skews older because condos attract the bookends of the housing market -- first-time buyers, and empty-nesters (boomers) and retirees, who no longer need a large single family home but like lots of amenities in a simpler lifestyle," explains Molony.
Read the entire story by Blanche Evans in Realty Times at:
http://realtytimes.com/rtapages/20070529_sellcondos.htm
The Central Ohio real estate market has been showing a good level of buyer activity in the past few weeks. We are all hoping that gas prices and rising interest rates result in little or no impact.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
Tuesday, August 28, 2007
NAR Market Update
National Association of Realtors Second Homes Report Shows Investors and Others Still Buyingby Blanche Evans
Not surprisingly, the National Association of Realtors' annual Investment and Vacation Home Buyers Survey showed that homes purchased for investment or perhaps speculation slowed in 2006, but eyebrows may bolt upwards upon hearing that second home purchases set a new record -- up from 2005, what many call the end of the so-called housing bubble.
NAR says that second-home sales were mixed in 2006, with the combined total of vacation- and investment-home sales accounting for 36 percent of all existing and new residential transactions -- down from 40 percent of sales in 2005, according to the National Association of Realtors®.
Read the entire article in Realtytimes by Blanche Evans at:
http://realtytimes.com/rtapages/20070501_investorssecond.htm
Locally, the number of single family homes sold was down 16.5% from April 2006, (single family April 2006 sold 1918 vs April 2007 sold 1601) while condominiums were also down 18.5% (condominiums April 2006 sold 329 vs April 2007 sold 268). The figures for April 2007 are preliminary data from Columbus Board of Realtors MLS data.
Year-to-date sales for single family are down 9.5% while condominiums are down 5.8%.
The current active inventory of single family homes for sale is now at 15,248 with condominiums at 2,882. Inventory continues to grow with slower sales and spring time new listings. Inventory levels continue to indicate a 10 month inventory of homes. In 2005 that level was 5 months.
Homes properly priced and in excellent condition are selling at close to ask price and in reasonable time.
The market is still recovering from the larger than historically levels of repossessions, foreclosures and short sales. Lenders overburdened with repo inventory are dumping homes at prices well below the expected market price and impacting the homeowner attempting to sell at their expected price level.
Want information on your home and the market in your neighborhood?
Jim Lubinsky
Re/Max Affiliates
614-766-5330
Not surprisingly, the National Association of Realtors' annual Investment and Vacation Home Buyers Survey showed that homes purchased for investment or perhaps speculation slowed in 2006, but eyebrows may bolt upwards upon hearing that second home purchases set a new record -- up from 2005, what many call the end of the so-called housing bubble.
NAR says that second-home sales were mixed in 2006, with the combined total of vacation- and investment-home sales accounting for 36 percent of all existing and new residential transactions -- down from 40 percent of sales in 2005, according to the National Association of Realtors®.
Read the entire article in Realtytimes by Blanche Evans at:
http://realtytimes.com/rtapages/20070501_investorssecond.htm
Locally, the number of single family homes sold was down 16.5% from April 2006, (single family April 2006 sold 1918 vs April 2007 sold 1601) while condominiums were also down 18.5% (condominiums April 2006 sold 329 vs April 2007 sold 268). The figures for April 2007 are preliminary data from Columbus Board of Realtors MLS data.
Year-to-date sales for single family are down 9.5% while condominiums are down 5.8%.
The current active inventory of single family homes for sale is now at 15,248 with condominiums at 2,882. Inventory continues to grow with slower sales and spring time new listings. Inventory levels continue to indicate a 10 month inventory of homes. In 2005 that level was 5 months.
Homes properly priced and in excellent condition are selling at close to ask price and in reasonable time.
The market is still recovering from the larger than historically levels of repossessions, foreclosures and short sales. Lenders overburdened with repo inventory are dumping homes at prices well below the expected market price and impacting the homeowner attempting to sell at their expected price level.
Want information on your home and the market in your neighborhood?
Jim Lubinsky
Re/Max Affiliates
614-766-5330
Please Pass the Mold
Please Pass the Mold
We recently encountered a mold issue in a listing which, in part, led to the loss of a buyer for a property. Seems we have all become super sensitive to the issue. Everyone has heard of the “black mold” that kills. The article below expands a bit on what you should look for and how to avoid having a mold issue in your home.
Mold, a Growing Problemby Phoebe Chongchua
Mold is often a silent but costly roommate. Sometimes homeowners aren't even aware that there's an issue until the problem has progressed to a more serious level.
"If someone has a water intrusion which could come from many different sources, has had an indoor humidity problem … or possibly a building defect … and they don't deal with it within the first 24 to 48 hours to get it dried out effectively, then a problem can initiate," says William Salesky, Co-CEO Sherlock Healthy Homes, Inc.
Read the entire article by: Phoebe Chongchua at:
http://realtytimes.com/rtcpages/20070402_moldgrow.htm
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
We recently encountered a mold issue in a listing which, in part, led to the loss of a buyer for a property. Seems we have all become super sensitive to the issue. Everyone has heard of the “black mold” that kills. The article below expands a bit on what you should look for and how to avoid having a mold issue in your home.
Mold, a Growing Problemby Phoebe Chongchua
Mold is often a silent but costly roommate. Sometimes homeowners aren't even aware that there's an issue until the problem has progressed to a more serious level.
"If someone has a water intrusion which could come from many different sources, has had an indoor humidity problem … or possibly a building defect … and they don't deal with it within the first 24 to 48 hours to get it dried out effectively, then a problem can initiate," says William Salesky, Co-CEO Sherlock Healthy Homes, Inc.
Read the entire article by: Phoebe Chongchua at:
http://realtytimes.com/rtcpages/20070402_moldgrow.htm
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
New Build Tax Proration Adjustment
Get Money Back On A New Home
Post Holiday Rebates Pay the Bills
Last month we sent over $7,500 to new homeowners. It was a fun time in our office.
The traditional property tax pro-rations done at closing on new build homes are nearly always inaccurate and unfair to the buyer. To help rectify the situation, we include a clause in each contract calling for a “post-closing adjustment”. When the true property tax bill is available the following year, we collect the information and forward our calculations to the building company. The result is a rebate to our client in amounts that have range close to $2,000 each.
Seems that 90% of home buyers are not aware of the issue and fewer even remember to go back and collect the adjustment, since six to twelve months have passed after their closing. Also, the property tax bill is paid by the lender and the new home buyer has forgotten about the adjustment that is due to them.
So each year we collect the information from the county auditor, prepare a summary of the adjusment and submit the request to the building company to obtain a reimbursement for our “new build” clients. Imagine the surprise of receiving a check for $1,750 that you did not expect.
This is just one of the services we provide that is “over and above” expectations.
If you or someone you know (friend, relative, co-worker) are considering buying or selling real estate consider the advantages.
Call
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
Post Holiday Rebates Pay the Bills
Last month we sent over $7,500 to new homeowners. It was a fun time in our office.
The traditional property tax pro-rations done at closing on new build homes are nearly always inaccurate and unfair to the buyer. To help rectify the situation, we include a clause in each contract calling for a “post-closing adjustment”. When the true property tax bill is available the following year, we collect the information and forward our calculations to the building company. The result is a rebate to our client in amounts that have range close to $2,000 each.
Seems that 90% of home buyers are not aware of the issue and fewer even remember to go back and collect the adjustment, since six to twelve months have passed after their closing. Also, the property tax bill is paid by the lender and the new home buyer has forgotten about the adjustment that is due to them.
So each year we collect the information from the county auditor, prepare a summary of the adjusment and submit the request to the building company to obtain a reimbursement for our “new build” clients. Imagine the surprise of receiving a check for $1,750 that you did not expect.
This is just one of the services we provide that is “over and above” expectations.
If you or someone you know (friend, relative, co-worker) are considering buying or selling real estate consider the advantages.
Call
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
Insurance Policies Hold Surprises
Insurance Policies Hold Surprisesby Broderick PerkinsRealty Times
Most homeowners and renters wouldn't mind paying more to insure their home but, ironically, most of them don't have enough coverage to protect them from risks they face.
Read the entire article at:
http://realtytimes.com/rtcpages/20070809_insurepolicy.htm
We have a client who experienced water damage from a broken pipe in his mother’s home, which he had just inherited. The insurance company disallowed coverage on the $25,000 in damages because: “a clause in the policy excludes water damage on vacant properties”. Imagine his surprise.
We always highly recommend turning off the water and water heater during absence from your home. Especially necessary for vacant homes that are on the market for sale. You also do so while taking short trips away from home for more than 1 day.
A client living in Michigan ignored our recommendation and incurred substantial damage when the water heater (located on the first floor) broke and was discovered by the buyers just before closing. We almost lost a buyer. Another person traveling in Europe for 2 weeks experienced $50,000 in damages from a broken pipe. Recently one of our listingclients awoke in the morning to a leaking water supply line on the toilet and damage was minimized by quick discovery. This was a 3 year old home, so new homes are not immune to broker water lines.
What does your homeowner’s insurance cover? Want a review of coverage or a comparison of rates? Call our friend Keith Hughes at American National Insurance 614-895-3220.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
Most homeowners and renters wouldn't mind paying more to insure their home but, ironically, most of them don't have enough coverage to protect them from risks they face.
Read the entire article at:
http://realtytimes.com/rtcpages/20070809_insurepolicy.htm
We have a client who experienced water damage from a broken pipe in his mother’s home, which he had just inherited. The insurance company disallowed coverage on the $25,000 in damages because: “a clause in the policy excludes water damage on vacant properties”. Imagine his surprise.
We always highly recommend turning off the water and water heater during absence from your home. Especially necessary for vacant homes that are on the market for sale. You also do so while taking short trips away from home for more than 1 day.
A client living in Michigan ignored our recommendation and incurred substantial damage when the water heater (located on the first floor) broke and was discovered by the buyers just before closing. We almost lost a buyer. Another person traveling in Europe for 2 weeks experienced $50,000 in damages from a broken pipe. Recently one of our listingclients awoke in the morning to a leaking water supply line on the toilet and damage was minimized by quick discovery. This was a 3 year old home, so new homes are not immune to broker water lines.
What does your homeowner’s insurance cover? Want a review of coverage or a comparison of rates? Call our friend Keith Hughes at American National Insurance 614-895-3220.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
Homestead Tax
NEW HOMESTEAD TAX BREAK EXTENDED
Effective today, anyone 65 years of age as of 12/31/07, or permanently disabled as of 1/1/07, is eligible to receive the homestead reduction if they owned and occupied the residence as of 1/1/07 . For more information and to fill-in an application online click here or download a form.
Above message from Joe Testa, Franklin County Auditor.
REDUCED PROPERTY TAXES
The program is applicable to everyone owning the home they live in anywhere in Ohio.
Who do you know that is or will be 65 years in 2007? Notify them to apply. They have until October 31, 2007 to make application for reduced property taxes.
Questions, call your county auditor or me
614-766-5330 ext 119
We recently assisted one of our clients in getting a copy of her deed and in completing and filing the application form. We are here to help you, your family, friends and neighbors.
Columbus Market
Preliminary Stats for July
Not too bad considering the news on the national front.
July of 2007 was down in number of closed listings from 2006 by 3.5%
Average sale price for July 2007 vs 2006 was off approximately $2,600
Year to date 2007 vs 2006 number of closed sales is down 6.8%.
Average sale price 2007 vs 2006 was down $2,700.
An improvement from the June report which had number of sales down 10%
The big issue is the inventory size currently at 16,681 with average days on market at 113. Based on number of sales in the first 7 months of 2007, we have a 9.2 month inventory of homes.
The above was taken from the Columbus Board of Realtors MLS system data on August 6, 2007.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
Effective today, anyone 65 years of age as of 12/31/07, or permanently disabled as of 1/1/07, is eligible to receive the homestead reduction if they owned and occupied the residence as of 1/1/07 . For more information and to fill-in an application online click here or download a form.
Above message from Joe Testa, Franklin County Auditor.
REDUCED PROPERTY TAXES
The program is applicable to everyone owning the home they live in anywhere in Ohio.
Who do you know that is or will be 65 years in 2007? Notify them to apply. They have until October 31, 2007 to make application for reduced property taxes.
Questions, call your county auditor or me
614-766-5330 ext 119
We recently assisted one of our clients in getting a copy of her deed and in completing and filing the application form. We are here to help you, your family, friends and neighbors.
Columbus Market
Preliminary Stats for July
Not too bad considering the news on the national front.
July of 2007 was down in number of closed listings from 2006 by 3.5%
Average sale price for July 2007 vs 2006 was off approximately $2,600
Year to date 2007 vs 2006 number of closed sales is down 6.8%.
Average sale price 2007 vs 2006 was down $2,700.
An improvement from the June report which had number of sales down 10%
The big issue is the inventory size currently at 16,681 with average days on market at 113. Based on number of sales in the first 7 months of 2007, we have a 9.2 month inventory of homes.
The above was taken from the Columbus Board of Realtors MLS system data on August 6, 2007.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
Optimistic Stock Market
Optimistic Stock Market Investors Could Spill Over Into Housingby Blanche Evans
This week, the Dow Jones Industrials reached 14,000 points, testing a new psychological barrier. To put the index into perspective, think back to July 2006. Housing was widely recognized as slowing, gas prices were rising, and the DOW was straining to reach 11,000. Since then, the Dow has risen well over 30 percent. That's a good year for equities investors, who may decide that now's the time to trade up to that bigger, better home.
Right now, the picture is fairly rosy -- unemployment is held to 4.5 percent. Gas prices are stable, but set to rise, which could throw a damper on things. But if the stock market is anything like it's been in the past, we'll soon have a number of investors looking to cash out and reinvest their newfound riches.
Read the entire article published by Realty Times at:
http://realtytimes.com/rtapages/20070717_optimisticmarket.htm
Locally
We are seeing more multiple offers on listings, especially those listings priced a bit below the market.
Lenders who now own homes due to foreclosures are pricing the properties below market prices to stimulate interest and to generate multiple offers. The lender receives several offers thus creating a bidding situation which results in the “final sale price” often very close to or sometimes above the original “asking price”.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
This week, the Dow Jones Industrials reached 14,000 points, testing a new psychological barrier. To put the index into perspective, think back to July 2006. Housing was widely recognized as slowing, gas prices were rising, and the DOW was straining to reach 11,000. Since then, the Dow has risen well over 30 percent. That's a good year for equities investors, who may decide that now's the time to trade up to that bigger, better home.
Right now, the picture is fairly rosy -- unemployment is held to 4.5 percent. Gas prices are stable, but set to rise, which could throw a damper on things. But if the stock market is anything like it's been in the past, we'll soon have a number of investors looking to cash out and reinvest their newfound riches.
Read the entire article published by Realty Times at:
http://realtytimes.com/rtapages/20070717_optimisticmarket.htm
Locally
We are seeing more multiple offers on listings, especially those listings priced a bit below the market.
Lenders who now own homes due to foreclosures are pricing the properties below market prices to stimulate interest and to generate multiple offers. The lender receives several offers thus creating a bidding situation which results in the “final sale price” often very close to or sometimes above the original “asking price”.
Jim Lubinsky
Re/Max Affiliates
614-766-5330 ext 119
What Happens When a FSBO Deal Goes Bad?
What Happens When a FSBO Deal Goes Bad?
Homebuyer Regrets Going "FSBO"by Blanche Evans
Homebuyer Alan Jacobson wants to tell the world, "Always use a Realtor." After weeks of disputes, he outlines his side of the case on a website called FSBOgonewrong.com where he and the seller are now in a spaghetti western standoff.
Read the entire article at:
http://realtytimes.com/rtapages/20070629_regretfsbo.htm
Who do you know that is looking for a home and considering the purchase of a “for sale by owner” without having a Realtor represent them? Call me now. Jim Lubinsky 614-766-5330 ext 119
Columbus Real Estate Sales performance:
Single Family Homes sold
January 1 – June 30 2006 11,455
2007 10,380 preliminary count
change -10%
Condominiums
January 1 – June 30 2006 1,909
2007 1,829 preliminary count
change - 4.4%
The Columbus Real Estate market is still well and homes are selling. We have seen several multiple offers on properties lately. Columbus has traditionally outperformed the national market and continues to do so.
Sellers – your home must be in top condition and priced right OR priced well below the market if you don’t want to prepare it properly.
Buyers – don’t expect major concessions from sellers. Offers at 10% or more below ask price are likely to be rejected. Be realistic in your expectations and don’t be swayed by media and national statistics.
Homebuyer Regrets Going "FSBO"by Blanche Evans
Homebuyer Alan Jacobson wants to tell the world, "Always use a Realtor." After weeks of disputes, he outlines his side of the case on a website called FSBOgonewrong.com where he and the seller are now in a spaghetti western standoff.
Read the entire article at:
http://realtytimes.com/rtapages/20070629_regretfsbo.htm
Who do you know that is looking for a home and considering the purchase of a “for sale by owner” without having a Realtor represent them? Call me now. Jim Lubinsky 614-766-5330 ext 119
Columbus Real Estate Sales performance:
Single Family Homes sold
January 1 – June 30 2006 11,455
2007 10,380 preliminary count
change -10%
Condominiums
January 1 – June 30 2006 1,909
2007 1,829 preliminary count
change - 4.4%
The Columbus Real Estate market is still well and homes are selling. We have seen several multiple offers on properties lately. Columbus has traditionally outperformed the national market and continues to do so.
Sellers – your home must be in top condition and priced right OR priced well below the market if you don’t want to prepare it properly.
Buyers – don’t expect major concessions from sellers. Offers at 10% or more below ask price are likely to be rejected. Be realistic in your expectations and don’t be swayed by media and national statistics.
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