This Blog Has moved to its new Home

UPDATE: This post is several years old now. I'm Joe Peffer - a Realtor in Columbus Ohio and I've opened my own brokerage which you can find at http://www.DeliciousRealEstate.com.

No matter what I do, this post always seems to be the first search result for my name, Joe Peffer so also know that you can find my personal take on Local Columbus Real Estate markets at www.ColumbusHomesBlog.com
where you can read all about home buying, home selling, the greater Columbus Real Estate market and more.

Thanks so much for visiting.
Joe Peffer
joepeffer@DeliciousRealEstate.com
614-940-9100

Mortgage Rates drop -again - a bit - for now

I don't pretend to be the Chairman of the Federal Reserve board or have a Masters degree in marketing.I am pretty knowledgeable when it comes to Mortgages and home buying/selling money matters but let's face it, it's not my area of expertise.

That's why I occasionally post things like this. I think it's important that buyer's be aware of what the rates are but not panic or become overly concerned with rates.
They go up. They go down.

What do you want in a home and how much are you comfortable paying every month on your mortgage -- that's where I always start.

Speaking of mortgage expertise, I will be bringing on a regular contributor to the blog who does have expertise in the mortgage area -- Jeremiah Arn, of First Place Bank, will be writing regular contributions to the blog regarding home financing.
He will shed some light on major and typical issues buyers and sellers might want to know about and probably quite a few issues they never thought of but find extremely useful -- not unlike how I hope my Columbus real estate postings are regarded.

In the meantime, here's the news of the day---

"Long-term mortgage interest rates sank further Wednesday, and the benchmark 10-year Treasury bond yield dipped to 4.96 percent.The 30-year fixed-rate average fell to 6.14 percent, and the 15-year fixed-rate dipped to 5.84 percent. The 1-year adjustable held at 5.42 percent.The 30-year Treasury bond yield decreased to 5.05 percent.Rates are current as of 7:15 p.m. Eastern Standard Time.

Why might rates fall? Maybe it's the economy. . . . .

Mortgage rates fell for the second consecutive week as slower economic growth eased inflation concerns, according to surveys conducted by Freddie Mac and Bankrate.com.In Freddie Mac's survey, the 30-year fixed-rate mortgage dropped to an average 6.63 percent this week, down from last week's average of 6.72 percent. The average for the 15-year fixed-rate mortgage also sank from last week, falling from 6.34 percent to 6.27 percent.Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.3 on the 30- and 15-year loans.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.27 percent this week, with an average 0.4 point, down from last week when it averaged 6.35 percent.
The one-year Treasury-indexed ARM averaged 5.69 percent, with an average 0.7 point, down from last week when it averaged 5.78 percent."Second-quarter Gross Domestic Product (GDP) came in weaker than the market had expected.

This means inflation is less of a threat, and that translates into lower mortgage rates," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement."Although lower rates are a welcome sight, we still feel that the 30-year fixed-rate mortgage rate will drift up and down somewhat over the next few months, but will average less than 7 percent for the year."In Bankrate.com's survey, mortgage rates declined for the third time in the last four weeks on the heels of slower second-quarter economic growth.

The average 30-year fixed-rate mortgage fell to 6.65 percent, the lowest since April 26, and these loans had an average of 0.3 discount and origination points.The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.3 percent, according to Bankrate.com. On larger loans, the average jumbo 30-year fixed rate declined to 6.86 percent. Adjustable-rate mortgages also declined, with the average 5/1 ARM sliding to 6.36 percent, and the average one-year ARM retreating to 6.03 percent.Validation that the economy did indeed grow at a slower pace pushed mortgage rates lower this week, Bankrate.com noted.

The initial Gross Domestic Product for second quarter revealed a growth rate of 2.5 percent, but mortgage rates have fallen by one-quarter percentage point in the past month on mounting evidence that the economy is downshifting. Slower economic growth increases demand for long-term government bonds and reduces fears of inflation over a long horizon. Both send Treasury yields lower, and mortgage rates are closely related to yields on long-term Treasury securities.Bankrate.com noted that fixed mortgage rates are nearly three-quarters of a percentage point higher than one year ago.

One year ago, the average 30-year fixed mortgage rate was 5.91 percent, meaning that the monthly payment on a loan of $165,000 was approximately $980. With the average 30-year fixed rate now 6.65 percent, the same loan originated today would carry a monthly payment of $1,059. Despite recent increases, fixed mortgage rates remain an attractive refinancing alternative for adjustable-rate borrowers facing sharp payment adjustments

Transitioning the blog

I am in the process of transitioning this blog to a new address that will be able to stand on its own and still be more integrated into my suite of websites.
When it's done, the address will be ColumbusHomesBlog.com.
While isn't quite ready yet, you can take a sneak peek at it here:
www.ColumbusHomesBlog.com/index.php

Soon I will be posting to that site only (and it may already have some other specific postings this site doesn't) but I will never delete this site.

I anticipate using the new site exclusively By August 1, 2006.

Taxis, Fares, Downtown Columbus

One of my main gripes about downtown and Columbus in general, is the lack of public transportation. While Cota does everything it can, it's not easy to catch a bus on the weekends. There's no train, there's not a good way for convention center visitors to get out of their immediate area.

I'm more concerned with the transportation issues of people who live downtown. Again, it all comes back to quality of life. IF you live downtown, and if you work downtown and if you shop dowtown, could you truly live your life carless in dowtown Columbus?

Midwesterners like us don't get the concept of not having a car, that's why people bristle at condo projects with no parking. Cabs are a very important part of life in a metropolis. Taxis often go unnoticed but I am positive they will begin to play a much bigger role downtown as more and more people move there.
That said, I have noticed an increase in taxis patrolling the downtown area. Not too long ago, you'd have to hoof it to a taxi stand if you needed a lift as opposed to sticking out your arm and flagging one down. Blue Taxi in particular seems to have really stepped it up downtown. I noticed this especially when walking through downtown on the way to and from Comfest a couple weeks ago.That bodes well for the future of downtown.

Sure, streetcars aren't a bad idea-- but hey, hop into a cab and you're off. Cabs exist now. Cabs aren't too expensive. A marketing campaign from a smart cab company would cost a lot less than the materials and infrastructure for streetcars that won't even go East and West of downtown - the two areas that need residents and businesses the most

.Excerpts from today's dispatch. . . .
Meter running on request to raise taxi fares
City Council to decide Monday on first rate increase in 6 years
The council in February 2000 approved a dime increase for every two-ninths of a mile that the passenger travels, at a time when gas was around $1.40 a gallon.
Given that gas is now closer to $3 a gallon and the cost of living is undoubtedly higher, cabdrivers and company officials are trying to increase the cost of a cab ride in Columbus. The cabbies are asking that the basic fee for a cab ride start at $2.75, which would be 75 cents more than the current $2 rate.
They also want fares to go up from that by 45 cents, instead of 40 cents, for every two-ninths of a mile driven. "I’ve heard no objections. This is a very appropriate and important increase," Councilman Mike Mentel said.
"Sometimes we (forget) how important the cab industry is for local business." Columbus has 17 areas, the majority of them Downtown, where a few drivers can wait to pick up fares, . . . .But there should be more . . .

"I think we’re the only city in the world with a convention center that doesn’t have a cab stand at the center," he said before the hearing. "The nearest cab stand is at the Hyatt.
It’s crazy."Many times, cabdrivers are ticketed for driving too slowly as they wait for fares, said James Stofer, president of the Yellow Cab Co. The $35 tickets each add two points on a driver’s license.The council will vote on the increase Monday.
If approved, it would take effect 30 days later.
Friday, July 07, 2006
Jodi Andes
THE COLUMBUS DISPATCH
jandes@dispatch.com

Downtown Residence Inn construction starts after 18-month redesign delay

This is from today's Business First.
I didn't realize this building by the corner of Gay and High was slated to be a Residence Inn. That's great news for the vitality of downtown since it's more central than most downtown Columbus hotels and close to some downtown Columbus condominium projects.
Additionally, they're saving an historic building and the hotel itself will be urban-cool because of the architecture.


Suite hotel finally gets off ground

Business First of Columbus - June 23, 2006
by Brian R. Ball
Business First
A North Carolina hotel developer and operator has begun the long-delayed conversion of the old Buckeye Federal Savings and Loan building in Columbus into a Residence Inn by Marriott.
Concord Hospitality Enterprises Co. and development partner Lubert Adler Real Estate Funds of Philadelphia expect to open the 126-suite hotel at 36-42 E. Gay St. by mid- to late-summer 2007.

Debra Adcock, Concord's vice president of operations in Ohio, said Columbus-based Ruscilli Construction Co. started the $23 million project June 19 after climbing development costs forced a redesign of the project over the last 18 months.
"The sheer complexity of redeveloping an 80-year-old building and increases in construction costs made us rethink and reinvent the design," Adcock said. "It took a significant amount of time to do that."
The partnership earlier completed demolition and removed asbestos from the building.
"The tough part is over," Adcock said. "Now we're into the fun."
The Residence Inn, she said, should complement the business Concord Hospitality does at the 149-room Courtyard by Marriott business-class hotel it has owned and operated at 35 W. Spring St. since 1994.
The Courtyard "is designed for business and leisure travelers staying for less than five nights ... whereas the Residence Inn is designed for customers staying five or more nights," Adcock said.
The Residence Inn has studio rooms, and one- and two-bedroom units.
The rooms include kitchens and living rooms.
"It's apartment-style living," Adcock said. Meeting the market
Construction of the Residence Inn starts two years after the former Adam's Mark on North Third Street was turned into a Renaissance Columbus, another Marriott-flag luxury hotel.
Real estate consultant Eric Belfrage said the addition of an all-suite hotel downtown will round out offerings for travelers.

"I think it's a fabulous addition to the market," said Belfrage, a lodging specialist with CB Richard Ellis Inc. "There's nothing like that downtown."

The Residence Inn will mark a 4 percent addition to the 3,151 hotel rooms downtown, meaning it should have little effect on center-city hotel occupancies, he said.
Belfrage said renovation of a historic building will add a cosmopolitan dimension to the downtown lodging market.

Adcock said a few details of the project remain in flux.
For instance, the size of the hotel's convenience store is not set, she said, and the developer has yet to secure a restaurant operator for an area off the lobby.
"The most difficult part of that is having the (restaurant operator) see the space," Adcock said. "They want to visualize the space before they commit to it, so we really need to get into construction."
The chief executive of the region's convention and visitors bureau said he welcomed the hotel's progress.
"We were a little concerned it might not move forward," said Experience Columbus CEO Paul Astleford.
He said the hotel, once complete, will add to the mix of hotels available downtown even if it's not close to the Greater Columbus Convention Center.
"I think it will get good play from convention groups because it's a good name and it's a good product," he said.

Stainless and Granite, blah blah blah

Is is just me or does everyone and their mother have stainless steel appliances and granite countertops these days. It's become so in tune with "the hot new look" that I think it's neither hot nor new.
Yes, I still love the look and Yes I do consider it somewhat timeless but perhaps there'll be a day when today's stainless steel becomes yesterday's avocado green.

What ever happened to quartz becoming the new granite? Isn't it non-porous, essentially maintenence-free and has great depth and clarity? Just once I'd like to see a Columbus home advertised with quartz, even cement or soapstone countertops and stainless.

Yes, I have granite in my kitchen and it needs some maintenance and could be stained by wine, acids or oils. As much as I love my granite, I'm just looking for the next thing in Columbus Ohio real estate ads. I do like seeing non-black granites used in kitchens since black is far and away the color granite of choice. It seems to class up a kitchen a little if it's a lighter color.

Fastest growing cities are suburban; big cities lose population

No surprise here. Big cities have been losing to smaller, blossoming suburbs and newer cities for years. Mostly for schools, services and organized green space. At the same time however, I thing it's fair to say that over the same last 5 years, central cities across the country have been seeing an increase in population and billions in upgrades. Here in Columbus, we are somewhat isolated from mass exodus due to the lack of blue collar jobs that could potentially be lost, the many colleges and universities, and the ease of life and cost of living here.

Some excerpts from today's AP story in the Daily Reporter . . . . .

STEPHEN OHLEMACHER
Associated Press Writer
06/21/2006

WASHINGTON (AP) - Elk Grove, Calif., wasn't even incorporated six years ago, and now it's the fastest-growing city in America.Bigger, older cities are losing ground.The Sacramento suburb grew by 11.6 percent last year, to 112,000 people, typifying the nation's appetite for open spaces, affordable homes and suburban living.
Once a rural farming community, Elk Grove has given way to sprawling development, fueled by a short commute to Sacramento and local employers such as Apple Computer

Americans have been moving west and south for decades, and last year was no different. All but three of the 50 fastest-growing cities from 2004 to 2005 were in those regions of the country, with many in California and Florida, according to Census Bureau estimates Wednesday. The estimates were for cities with populations of 100,000 or more.

Elk Grove was followed in the top five by North Las Vegas, Nev.; Port St. Lucie, Fla.; Gilbert, Ariz., and Cape Coral, Fla.All five are suburban, and all have fewer than 200,000 residents."We have a pattern that is consistent across the country," said Hans Johnson, a research fellow at the Public Policy Institute of California. "Families choose to move to areas where they can buy more housing for less money and often with better schools."

Americans also are moving away from many of the nation's biggest cities, though the reasons vary with the cities.People are following jobs out of struggling Midwestern cities. Others are leaving expensive Northeastern and Western cities in search of more affordable homes. And people are fleeing big cities everywhere in search of better schools.

New York remained the nation's largest city, with 8.1 million people. The city has added 135,000 people since 2000, but it lost 21,500 from 2004 to 2005, more than any other city.Detroit, with its struggling economy, has lost 65,000 people since 2000, the most of any city. Philadelphia, which has lost about 50,000 manufacturing jobs since 2000, has lost 54,000 people during the same period.

On The Net:Census Bureau: http://www.census.gov

Victorian Village in the short North to get some good looking homes

The former parking lot never looked so good. I'm always amazed by how much can go in a tight spot. Urban Density is a good thing for Columbus.
excerpts from today's Daily Reporter article. . . . .

A new Plaza Properties development will bring 86 condominium residences to Victorian Village in the next year and a half.

The firm's latest undertaking, The Valerian in Victorian Village, will occupy a 1.7 acre site on Starr and Third avenues, on land that formerly was home to a parking lot used by the staff of the nearby Victorian Village Health Center.

Plaza acquired the property from Third Apollo Co. on Dec. 5, 2005.The Valerian will consist of four distinct housing segments.

-The Homes at The Valerian will feature five, three-story, two family duplexes. The 10 residences - 1,500-square feet each - all have two to three bedrooms and two-car garages with private entrances.

-The Crescent at The Valerian will be comprised of 30 two-bedroom residences fronting Starr and Third avenues. Six street-entry flats will measure 1,200-square feet each, 14 "crescent" flats and 10 top-level flats will be 1,075- to 1,600-square feet each. Eighteen units will have one bedroom, while the remainder will have two bedrooms.One parking space will be reserved for each of the street-entry and crescent flats, while the top-level flats each will have two spaces per unit.

-The Flats at The Valerian will consist of 30 common hall units, ranging in size from 825- to 1,120-square feet each. The building will have elevator service and each residence will have one parking space.The Carriage Houses at The Valerian, to be located behind the Homes, will consist of eight townhomes measuring 1,200-square feet each and eight flats at 900-square feet each. All the townhomes will have one-car garages with private entrances.

All the buildings are brick and stone, and several feature gables and large front porches - features that are popular in Victorian architecture, said Shane Bell, project manager at Architectural Alliance, The Valerian's architect of record.

A contractor for the project has not yet been chosen.The Valerian is expected to break ground in the fall, with construction completed in late 2007. All residences at The Valerian are expected to range in price from $180,000 to $375,000.

(picture curtesy of the Daily Reporter via artists rendering belonging to Plaza Properties.)

Section of Hamilton Rd. to get more lanes

Gahanna is still continuing to grow and this can't be a bad thing for this particular stretch of Hamilton.

Increasing traffic in Gahanna prompts call to expand road
Tuesday, June 20, 2006
Jim Woods
THE COLUMBUS DISPATCH

The last two-lane stretch of Hamilton Road in Gahanna will disappear around 2012 and could have either roundabouts or a median strip.
Gahanna City Council voted 6-0 last night to move forward with expanding Hamilton Road to four lanes between Clark State and Johnstown roads.

In 1997, residents were successful in persuading the Gahanna council not to widen their road.
But the city continued to grow and a recent traffic study found the traffic count rose from 15,100 vehicles daily in 1997 to 18,800 vehicles a day in 2004 . And there are more vehicles coming, with projections of 34,000 daily by 2032.

jwoods@dispatch.com

Groups hope idea of public art takes root and spreads

Speaking of Quality of Life issues while living in the big city of Columbus . . . .

Sculptures, murals enhance area’s image, backers say
Tuesday, June 20, 2006
Debbie Gebolys
THE COLUMBUS DISPATCH


Art in the Short North isn’t just for the galleries that line N. High Street.
Now, sculpture and murals are in a few nooks and crannies of the neighborhood and in little "pocket parks." But more public art could pop up soon in as many as 20 spots between Ohio State University and Downtown.

It’s the next stage in the upward transformation of neighborhoods including Victorian Village, Italian Village, Dennison Place and Harrison West. The effort instigated by a handful of residents and business owners is drawing backers like moths to a flame.

"Public art can give our city an identity," Wood told a recent Columbus Metropolitan Club luncheon audience. "We want to jump-start the whole city of Columbus."
Wood is one of the leaders of the Short North Neighborhood Foundation, a coalition of eight neighborhood groups that wants to raise $750,000 by 2008 for public art installations. One year into the campaign, they’ve passed the halfway mark with $390,000.

Rick Livingston, associate director of Ohio State University’s humanities institute, said he admires the grass-roots effort and will bring OSU’s backing to a public art summit this fall.
He hopes to draw as many as 80 participants from places including the Columbus College of Art and Design, the Columbus Museum of Art, Columbus Metropolitan Library and elsewhere. Among discussions will be whether the city should establish a public arts office, an idea that the Columbus City Council tabled most recently in 2003.

"I want to spread the word, beat the drum a little bit and get people excited about the possibilities," Livingston said. "I think it really is a rising tide and is an opportunity for people around the city to pull together and get things done."
dgebolys@dispatch.com

Dog park on tap for city; leash laws on pause

Tuesday, June 20, 2006
From today's Dispatch. It should be noted that their is a Downtown Dog owners association rallying city hall for a dog park downtown. The city is considering donating some land to the cause but nothing is in stone yet. Ask me about where to make a contribution.
Also, it should be noted that this is a real story about real city life. People like to have pets and they like to take their pets to parks, it is absolutely a quality of life issue and it's important for those considering moving to Columbus, Ohio as well as those moving within Columbus.

East Siders, you’ll soon have a fenced dog park in Big Walnut Park to let your pooch run free.
But next year, dog owners likely will have to leash their dogs in Columbus parks during certain times of the day.
On July 12, the city’s Recreation and Parks Commission will consider administrative rules that would address leash laws for the parks and require dog owners to clean up after their pets there. Those rules would go into effect once all of the city’s dog parks are open, which should be in about a year, said Wayne Roberts, recreation and parks executive director.

The City Council voted yesterday to spend $250,000 to contract with Brookside Lawn Services to install fences and signs at Big Walnut, and pave areas.
The first city dog park, 3 acres north of E. Livingston Avenue and east of Hamilton Road, should be open by September, Roberts said.

The city also is considering dog parks at Three Creeks Park on the South Side and Big Run Park on the West Side.
The Clintonville Area Commission in March recommended a dog park for Anheuser Busch Sports Park on the Northwest Side, but Roberts said nothing has been decided about that location.

Mark Ferenchik THE COLUMBUS DISPATCH

What can go in a purchase contract and what cannot?

A lender friend, Jeremiah Arn from First Place Bank, sent this:

What’s up with Realtors who want to put a $1,000 seller credit on the HUD for (something ridiculous)!?! I have a deal right now and (an) agent is ready to lose the deal rather than give up . . . (the ridiculous thing). Do they think we give loans for (something ridiculous), or painting, or appliances, or cars, or trailers, or….? I can understand wanting to have that in a contract because transactions outside closing or under the table aren’t enforcable. But if you want market rates (by securing a Fannie Mae-salable loan) you have to play by the rules. . . .

It can be surprising to find the vast array of things that find their way to the purchase contract. If it's in writing, has signatures and deadlines and specifics, then itenforceableble. But lenders don't want financidecisionsons about home decor, landscaping, and credits for this and credits for that taking up space on the final HUD statement. They are concerned with details of the property transaction and the fees associated with the lender and title companies. The buyer and seller want a nice clean final statement too -- it benefits everyone.

I'll try to get some definitive statement from a title company representative on what can and what cannot appear on a final statement.

City Hop coming up after Saturday's Condo Hop

City Hop

The Columbus Landmarks Foundation hosts the 7th annual City Hop on Saturday June 17th. Festivities kick off on the 16th with a Brewery District tour and kickoff party.
This year's City Hop will feature 19 stops, some essetially at one location, from condos for sale, to condos being built to apartments to a giant decorating store, Grayson's Living Ideas.

In addition, City Hop will feature "Lofty Ideas — a day-long series of short talks about how to create dynamic living spaces in old building lofts. Held in various City Hop tour stop locales and led by local artchitects, designers and other professionals. Topics include space design, urban gardening, storage and entertaining.

Cowtown Condos own monthly Condo Hop has visited most of these sites in the past and will visit others in the coming months. Don't be confused, the monthly condo hop is put on by me, Realtor Joe Peffer of Coldwell Banker King Thompson. If you haven't yet attended one and are interested in downtown columbus condos and dowtown columbus living, you should check us out the 2nd Saturday of Every month. As always, we leave cafe Brioso (corner of Gay and High) at 10 AM.

Who, then, is the Columbus Landmarks Foundation? -" Columbus Landmarks, the organization that produces City Hop, was founded in 1977 by a dedicated group of historic preservationists and local residents who were committed to preserving Columbus' architectural heritage. Since that time, Landmarks has played an integral role in educating the community, encouraging responsible public and private sector enhancement of historic areas and structures, and promoting the highest standards in the design and construction of new buildings and spaces. For more information, click here to get to our home page or call the Landmarks office at 614-221-0227. "

All this rain makes for a great time to see a home!

It must be time for the Memorial Tournament and the Columbus Arts Festival.
The weatherman predicts a gorgeous weekend though, so hang in there.

In the meantime, I should point out that looking at homes during a downpour (as I have the last couple days) is a great time to discover some basic truths. It's especially nice to take a look at basements and discover the truth to the seller's property disclosure statement that reads something like this: "During very heavy rains, there is a small trickle of water that runs to the drain from the southwest corner of the basement."

Of course you have to take them at face value if you see the home on a nice sunny day and only discover after you move in that the trickle is more like a torrent of water that moves your dryer three feet.


Take a look in the attic too. If you are especially interested in the home and access is available, take a look in the attic crawl space and look for any signs of water intrusion.

Formosan Termites - An urban legend?

Sort of.
No doubt many of you received that infamous email about these termites being embedded in hundreds of thousands of bags of mulch from trees downed by last falls southern hurricanes.

While it is true that this larger species of termite is more pesticide-resistant than domestic termites, they are definitely not included in bags of mulch from Lowes or Home Depot and couldn't survive a winter here in Ohio if they were somehow transported here.

They were introduced to Gulf port states some 50 years ago on ships from East Asia and although they can migrate on their own, they are usually spread primarily through human transport.

Your garden variety termite is still a big deal though. Termites do more than $1 billion in damage each year and not a week goes by when I don't hear a story that has to do with termite damage. Most lenders require a termite inspection prior to authorizing your mortgage. Even if it isn't a condition to your mortgage, have a termite inspection done by a certified inspector. This picture shows what termite damage may look like in a floor joist or ceiling beam.

Single Women Make up 21% of all buyers

I mentioned here about 15 months ago as I noticed that a good amount of my clients the previous year were single women. It turns out 21% of all home buyers last year were in that category. That's more than twice the rate of single men across the country, according to the National Association of Realtors.

Low mortgage interest rates, lots of homes on the market and higher earnings may be some of the reasons why women are buying homes but I've not read or heard the answer to the obvious corollary -- why don't more single men buy homes for themselves? Is it just some sort of natural phenomenon? Are single men home-adverse? Are they financially unstable or uninformed?

Here's something that may explain a little of that: Maybe it's because of the 4.3 million Americans age 25-34 who are still living at home with their parents, about 63% are men.

According to a Sears study, about 85% of women have been, are, or expect to be soley responsible for a house within their lifetime.

It's planting time: Columbus Ohio Gardening 101

It's time in Columbus to put the vegetable and other gardens in. The potential for overnight frost is all but gone.
I am a big fan of a backyard garden, though I admit it's harder and harder to find the time to devote to such indulgences.
If you're not sure what to do or how to go about it, the HGTV link below takes you to a good basic Q&A page with lots of great advice and hints for the beginning or experienced gardener.

A perennial flower/tree/shrub garden with lush landscaping is a big attraction to home buyers who won't have to do much but wait for mother nature to do her thing. If you don't have one but are considering selling your house in a couple-few years, then it might not be a bad idea to start one this year.
Make sure you have color from early spring to at least late fall. Also make sure it isn't too intimidating to potential home buyers to keep the garden going.

While I'm at it, I'll come out of the closet on HGTV. I'm a sucker for a couple of their shows, especially House Hunters. Sad but true. I do it all day long and then I come home and watch other people do it on TV. What can I say, I'm a real estate junkie. Of course, that's not a bad thing for my clients.

Basics - Gardening for Beginners, Tips, Videos & more : Home & Garden Television

Absorption Rate - How long will my house be on the market?

Although many sellers expect Realtors to carry around a crystal ball and peek into it when setting prices and setting expectations for the sales process, the truth is we can only rely on what the market tells us, experience and knowledge.
One tool sellers can use to estimate time on market and temper expectations is Absorption Rate.

To calculate Absorption Rate, divide the number of listings by the number of sales during the last month. Currently, the Columbus real estate market has 17,186 homes and condos on the market. From April 17th to today, 2197 homes or condos have sold, making the absorption rate 7.82. While certainly not scientific, it is a decent off the cuff barometer of what to expect in a market. An average seller in Columbus can expect that, if there were no more new listings, that it would take 7.82 months to sell all the current listings on the market. That's up an entire month from about 45 days ago when there were about 1200 fewer homes available.

Let's take a quick look at the absorption rate for some different markets:

Upper Arlington ohio homes - 6.28
Bexley ohio homes - 5.8
Greater Olde Towne East homes - 10.63
Westerville ohio homes - 6.49
Worthington ohio homes - 6.59
Grandview ohio homes - 3.5
Downtown Columbus Condos for sale - 5.75

It goes without saying that all homes are not created equally. Nor are they priced equally well. In today's tougher seller's market, Sellers must have realistic expectations of selling price, time on market, and what to expect throughout the process. Their homes have to be clean, clutter free, smell free and as well cared for as possible.

The state of the state of the market?

Let's use Clintonville as example. Considering Clintonville proper and using more or less Glen Echo to Morse Rd and the river to the tracks, there are about 200 homes for sale.

Three are above $500,000---529, 835 and 1.195 mil
22 homes are listed between $309,900 and $459,00
81 listings in the $200s from 204,900 to $299,900

That leaves 93 listings under 200 thousand dollars.

44 properties have gone into contract this month
5 of those had home sale contingencies
while 12 more moved from a contingent status to a firm "under contract" status.

So, Of all the properties that could be on the market, 23.4% of them are in contract.
Of the 29 properties that have a contingent status (upon financing or inspections usually) the average days on market are 50 days and the average price per square foot is $145.42

In May of 2004, during a great time to be selling a home, the average days on market for this same area was 58 and the average price per sq.ft. was $136.03/sqft. Add two years of appreciation at aprox 3.5%/per year and account for the current stiffer market facing sellers and there you have it. The more things change, the more they stay the same.

Is the market tough for sellers, yes. Is it good for buyers, yes. Are sellers having to sacrifice like crazy, not always. Are there homes going into contract quickly, yes--this month some Clintonville ohio homes for sale went in to contract in 4, 6 7, 8, 9 and others under 30 days. You need a good agent to get those too, by the way.

What does it all mean? While Clintonville may not be the perfect example market, the point is that despite all the hype of a real estate bubble and the housing market being soooo soft, it's a good time to be buying or selling a home in columbus, ohio.

Fed raises interest its target for the federal funds rate by 25 basis points to 5 percent

It was announced today that Ben Bernanke and company raised the rates again, for the 16th time in a row.
The raise applies to the amount of interest banks can charge each other for overnight funds, but indirectly impacts other interest rates as well.
It seems many people believe that this means you'll pay more every month for your mortgage starting tomorrow. There is a trickle down effect that touches everything from the greater economy to your car loan to your mortgage payment. It's gradual though.
You can walk into any bank today and receive a mortgage, assuming decent credit history and moderate income, with about 6.5% interest.
What does that mean to you every month?
Each ten thousand dollars worth of home will cost you about $65/month in a mortgage payment. So, to extrapolate, a $200,000 home for sale in Bexley will cost about $1300 principal and interest. Of course taxes and insurance are tacked on.
Taxes differ by municipality and insurance is generally less than most people think, usually under $100/month.

IRS Rules Downpayment Assistance Programs Essentially Illegal

This is a big deal and a bit of blow for those who need to use the looser debt to income ratio and income guidelines that FHA allows.

I was a little surprised to learn that about 1/3 of all FHA loans use these types of programs. The best known include Ameridream, Nehiamiah and Neighborhood gold. I agree that it's always been a joke that these "non-profit" organizations take a big fee and exist only to be a loophole for these buyers to obtain the best financing possible in ways they otherwise couldn't. On the other hand, I've seen them help my buyers buy a home for sale in columbus.

In a nutshell, the seller pays around 3% of the contract price to buyers for their downpayment and around $500 of that goes to the program. the Buyers are get around not being able to have a Gift for downpayment and the seller sells their house.

IRS Revenue Ruling Restricts Nonprofit Downpayment Assistance Programs Funded by Property Sellers

On May 4, 2006, the Internal Revenue Service released Revenue Ruling 2006-27 which will eliminate the 501(c)(3) status of a large number of nonprofits who receive funding from property sellers in providing downpayment assistance to FHA borrowers.

FHA regulations require that nonprofits providing a downpayment gift have an IRS 501(c)(3) exempt status. Due to the ruling, the IRS has indicated that it is investigating 185 organizations that provide downpayment assistance.

Nonprofits that receive funding from parties interested in a home sale, and who receive payments from home sellers correlated with the amount of down payment assistance, are most vulnerable to losing their tax-exempt status.

Conversations with FHA have indicated that they will insure loans with DAP assistance provided that the homebuyer has entered into a contract of sale (including any amendments to purchase price) on or before the date the IRS officially announces that the charitable organization's tax-exempt status is terminated. FHA will recognize the gift--if made to the homebuyer and properly documented--as an acceptable source of the downpayment.

FHA seems to believe this policy avoids harm to any homebuyer who, in good faith, has a contract of sales and anticipates receiving a gift for the downpayment from such a charitable organization.

Currently, about one third of FHA single-family purchase loans have the type of downpayment assistance that the ruling may affect. Such downpayment assistance programs have served FHA's primary clientele: first-time homebuyers, low- and moderate-income families, and minorities.

The IRS ruling makes passing the flexible downpayment provisions of H.R. 5121, "The Expanding American Homeownership Act of 2006," more urgent if FHA is going to continue to provide these targeted populations with affordable financing.

Buyers Regret Not Asking: Anyone Die Here?

I ran across this today from the national association of Realtors. There is always some lively discussion when it comes to the question of divulging things that may have happened to people in the house. Murders, suicides, other crimes, or just someone passing away of old age is it obligatory for the listing agent/seller to disclose this to the buyer? My experience is that it would never have mattered to the homeowner had they not known.
But knowing something happened in the home does freak out some people and it sends others away no longer considering the house as a viable option.
Just last month I closed on a condo with a great young woman, it's her first home. All we knew was that an elderly woman lived there and that she was the original owner. AT THE CLOSING TABLE, we find out that the woman was agoraphobic and NEVER left the house in 30 plus years and died in the home. My buyer was asked to sign a sheet of paper saying as much. It didn't bother her too much but she'd rather not have known.
Funny thing. Many people believe that if the incident in question was public knowledge, then the seller does not have to disclose. I'll post some authoritative opinions soon. In the meantime, here's the article which is pretty vanilla:

REALTOR� Magazine Online -Daily News- Buyers Regret Not Asking: Anyone Die Here?

Selling & Buying in Columbus? Some things to think about

The daily reporter today had a great article about selling your home and buying your next home and the stress that goes with it.
The way I do things is like this:

• Take the sellers out and show them some homes they might like
• If they find some they like, chances are they'll find some when it's REALLY time to look
• List their home -- Assign them the task of finding their new home with my tech tools and just driving around, looking at open houses, etc.
• Put their home in contract
• Go look at homes they already are ready to see because they've been watching the market
• Put new home in contract
• Close on old home
• Close on new home

Of course, if they've fallen in love with the 'new' home, a bridge loan sure comes in handy. You should see what lenders can do with bridge loans these days too, unbelievable. I like them most for people moving into Columbus or people moving out town.

Here are some highlights from the article ----

Putting a house up for sale can be a stressful experience.
According to RealEstate.com, the endeavor is even more taxing for those who are simultaneously selling their home and buying another, prompting the home listings provider to survey 550 such homeowners about the unique challenges they face.

"Many people underestimate the emotional overload of selling one home and buying another at the same time," said Holly Slaughter, consumer experience expert for RealEstate.com."That sense of uncertainty, which is always present to some degree during a home sale or a home purchase, is basically doubled for bridging homeowners," she said.

"The only antidote is to spend some time planning for contingencies and to set your expectations realistically."

Forty-two percent of respondents said the uncertainty of knowing how quickly their home would sell was difficult or more difficult than expected.

Nearly 70 percent said they were "worried" during the selling and buying process and 67 percent said they were "hesitant."

Most people do not buy and sell houses every day, so their unfamiliarity with the process tends to get the best of them, said Chris Reese, president of the Columbus Board of Realtors."That's why they need to get in contact with a Realtor to get that series of events in place," she continued.

Sixty-two percent of those surveyed were successful dual-closers, meaning they were able to close on their existing home and move into their new home without a significant lapse in time. The remaining homeowners either had sold their homes but had not yet closed on a new one, or had closed on a new home but had not yet sold their original home.In addition, the survey revealed that 48.2 percent of all respondents agreed or strongly agreed that the dual negotiation process was taxing.

About 53 percent of those respondents were women, while 42.2 percent were men."For most bridging homeowners, success means moving seamlessly from one residence to another, since most of us don't want the hassle of living in temporary housing or the expense of paying two mortgages," Slaughter said.

Nearly half - 47.1 percent - of respondents agreed or strongly agreed that getting their home in sale-ready condition took more time and energy than expected.Once owners begin sorting through all the things they have collected over the years - the first step to getting a house in order - they can begin to feel overwhelmed about moving out, Reese said.

The majority of the bridging homeowners surveyed, 78.2 percent, had no regrets about the process. However, if they had to do it again, 9.9 percent of men vs. 8.8 percent of women, were more likely to say they would have sold their existing home before making an offer on a new home.

"For bridging homeowners, there are a lot of moving parts," Slaughter said. "But the good news is, there are some simple things they can do to smooth the process."

The full article can be found here:
CENTRAL OHIO SOURCE - The Daily Reporter, Inc.: "Bridging homeowners face unique challenges when buying and selling
Bridging homeowners face unique challenges when buying and selling MELANIE MCINTYREDaily Reporter Staff Writer05/04/2006

Freakonomics Blog � Realtors Get a Blog

Another stat from NAR, one in which they led off the introduction of their own blog with.

Real estate professionals do more for sellers than make the transaction easier. They make them money. In fact, the average seller who uses a real estate professional makes 16 percent more on the sale of their home than do sellers who go it alone. That’s an average of $31,800 per home.
That’s one reason the level of unrepresented sellers has declined steadily in recent years. Despite five consecutive record-breaking years for home sales from 2001 through 2005, the level of unrepresented sellers has dropped from a cyclical peak of 18 percent of the market in 1997 to a record low of 13 percent in 2005, according to the 2005 National Association of REALTORS® Profile of Home Buyers and Sellers.
Real estate professionals assist both sellers and buyers with the services necessary for a successful real estate transaction, especially pricing and marketing. Real estate pros can help price the property accurately and market it successfully using the variety of tools available today -- Internet, print, word of mouth and more. REALTORS® know best how to prepare a home and maximize value, provide broader exposure to the market and are more likely to generate multiple bids than a seller on the own.
In addition, REALTORS® are experts in attracting qualified buyers. A professional can show a home more objectively than can a seller who may be emotionally attached to the home, and who might become unnerved by prospective buyers’ critical comments. The real estate pro also checks the financial capability and bona fides of buyers before allowing them onto a seller’s property.


Every market is different and it'd be hard to know the accuracy of the study because you can't sell the same house twice in the same market. Ask any For Sale By Owner (FSBO) though, and they'll tell you what a hard and almost impossible job it is to go without a Realtor.

Notes from Online Real Estate Studies

According to a California Association of Realtors 2005 paper,
21% of on Internet buyers expect a real estate sales associate to respond instantly to an inquiry.
23% Expect a response within 30 minutes or less

But, According to Realtor.com, only 27 percent of practitioners responded within EIGHT hours to an inquiry from Realtor.com and a stunning 46% of inquiries NEVER received a response.

Wow. Right about now you may be thinking, "Boy am I glad that I'll be using Joe Peffer to help me buy or sell a home in Columbus." While I can't always guarantee an immediate response, I will guarantee that I'll get back to you within the hour if at all possible and never more than 24 hours from your inquiry.

I am very technologically tuned in. I believe it helps my business, promotes my professionalism and keeps my clients more than satisfied. They are the reason I spend the money every month to have a blackberry. Client calls and client emails, along with email inquiries from would-be clients are answered ASAP.

Of course there are times when I am with my clients, showing homes, explaining offers, making offers, attending closings, etc. The only time I answer the phone when I am with a client is if I think it has something to do with that particular client. For example, if I never heard back from a broker regarding whether or not I can show a house while we are out looking at another house, I'll take that call.

technology skills, communication skills, marketing know-how, an empathetic go-getter . . . . why would you use any other Columbus Realtor?

Mortgage Credit Certificate Program

This is a super deal that sounds too good to be true. In reality though, it's the real thing. If you are buying a home, especially in a targeted area, be sure to ask your lender about this program. Fist come, first served, I believe.
As always, use programs like these responsibly.


2006 MCC Tax Program
Mortgage Credit Certificate Program

How the program works

The MCC increases a household’s disposable income by reducing its federal income taxes. A reduced tax burden will free up more income to help households qualify for a mortgage loan and meet loan payment requirements.

With an MCC, 20% (25% target areas) of the mortgage interest is a tax credit – a-dollar-for-dollar reduction of income tax liability for the life of the loan. The remaining 80% (75% in target areas) mortgage interest continues to qualify as an itemized tax deduction for the homebuyer.


For example:

Targeted Area: $100,000 x 6.5% x 25% credit = $1625 year or $135.42/mo

Nontargeted Area: $100,000 x 6.5% x 20% credit = $1300 year or $108.33/mo

Income and sales price apply call me for details

This amount we can take off of the borrowers payment to qualify them.

For additional information call Randee Estep – Branch Manager

Randee Estep
Branch Manager
Colony Mortgage Downtown
781 E. Main Street
Columbus, Ohio 43205
614-221-2100
614-402-0140

Invisible Fences shouldn't be an invisible Problem at closing

A discussion broke out in my office yesterday regarding invisible fences. You know, the kind you use to keep your dog in the yard. The dog wears a special collar and receives a small jolt of electric shock when he gets too close to the "invisible fence" which is a wire buried a couple inches below the surface of the yard.
The wire and control panel have to be considered part of the house and would, therefore, convey with the property. The dog collar, contrary to my instincts, is personal property and does not convey with the house. For health reasons it makes sense; you don't want some mangy mutt's collar on your precious dog. I have to tell you though, without the collar, the fence is a mute point.
In my mind, it's similar to taking the garage door opener with you when you move. The obvious difference is that the opener won't work with your new garage door but the old dog collar will work with a new dog system - you simply adjust the frequency. Depending on the size of the dog, these could run a couple hundred bucks so either use me to help you buy or sell your home since I think of everything, or tell your Realtor to be sure to spell out in the contract which dog gets what. That goes with dog houses too.

April Flowers Bring May Closings

Is your magnolia tree blooming? Are your Tulips coming up (if the squirrels didn't get them over the winter).
Buyers love this and it helps set your home apart. If your home has been listed for more than a couple weeks, take some new pictures of the outside and tell your Realtor to put them on the MLS, better yet, have them take the pictures. Better yet, call me and I will come over and list your house and take the pictures.
And buyers, pay attention to what is seasonal and what comes up year after year. You don't buy a house for the landscaping but it sure helps.

The Columbus area Real Estate Market

yep, it's still a buyer's market.
A couple years ago, sellers were getting some out of this world deals but now they are competing tooth and nail for every buyer. Spring is here and along with the flowers, for sale signs are sprouting up everywhere making an already crowded market into a veritable smorgasboard for buyers.
Smart sellers are pricing their homes exactly right, there is no room for markups in this market. Thinking of putting your home on the market? Think about having more than the next guy--more spotless, more organized, more clutter-free, maybe a wine fridge, maybe a new countertop, maybe a new vanity or new high efficient furnace.
If a buyer perceives more, more is good. As long as the accompanying price tag is not more. For the same money, Why not go for the house with the . . . . . . .(fill in the blank).
Don't blame the messenger, I'm just telling it like it is.

FHA Loans are now a little easier to get

This change was made as of Jan. 1, 06 but I still see some of these conditions having to be repaired as part of the FHA process. I know lenders are mostly aware of this as are most appraisers. To you, the home buyer or seller, it means being able to buy a house without having to negotiate repairs such as paint, handrails and cracked sidewalks and being able to sell your home to more people without the hassle of having to fix the nit-picky items FHA used to dwell on.
This is direct from the FHA to lenders:

FHA PROPERTY INSPECTION REQUIREMENTS

EFFECTIVE WITH APPRAISALS COMPLETED JAN 1, 2006 AND LATER, FHA NO LONGER REQUIRES THE FOLLOWING MINOR CONDITIONS ON EXISTING PROPERTIES TO BE REPAIRED.

* Missing handrails
* Cracked or damaged exit doors that are otherwise operable
* Cracked window glass
* Defective paint surfaces in homes constructed post 1978
* Minor plumbing leaks (such as leaky faucets)
* Defective floor finish or covering (worn through the finish, badly soiled carpeting)
* Evidence of previous (non-active) Wood Destroying Insect/Organism damage where there is no evidence of unrepaired structural damage
* Rotten or worn out counter tops
* Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post – 1978
* Poor workmanship
* Trip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)
* Crawl space with debris and trash
* Lack of all weather driveway surface

It is strongly recommended that a Home Inspection be done (approximate costs $250.00 - $450.00 that Borrower is responsible for). If any of the above items or additional repairs/conditions are found during a home inspection, these must be addressed between the Borrower/Seller prior to closing the loan.

FHA no longer mandates automatic inspections for the following items and/or conditions in existing properties.

* Termite Inspection (unless Appraiser notes active infestation)
* Well Test (individual water system) unless required by the Appraiser
* Septic Test (unless Appraiser notes evidence of system failure or use of a Water purification system due to presence of contaminants)
* Flat and/or unobservable roof or 3 layers or more

If the Appraiser requires any of these inspections they must be completed prior to closing and the cost will become part of your closing costs.

You may request any of the above inspections to be done prior to closing. These inspections must be signed off on as “acceptable” and the cost is your responsibility.

Your Lender, will assist you in the financing of your home, however, we are not responsible for any repairs/conditions related to the property. Therefore you should take all the necessary steps to assure you are satisfied with your purchase including a home inspection and other inspections.




Borrower Date Co Borrower Date

*Thanks to Randee Estep of Colony Mortgage for providing this form

Renovating & adpating old spaces for new living expectations

Saturday, April 1, 10am - 4pm

St. Paul Episcopal Church,787 E. Broad St.

$50 per person, $75 per household

This daylong hands-on workshop teaches property owners how to restore and reuse old homes, from tackling do-it-yourself projects to finding a contractor. Learn about masonry repair; plaster restoration; wood restoration for windows, doors, and floors; roofing and drainage systems; and more.Registration includes lunch, a current directory of contractors who specialize in renovation and restoration work, and 6-month memberships to both Columbus Landmarks and Heritage Ohio.Space is limited. For more information or to register, contact Columbus Landmarks at 614.221.4508 or email lbidwa@columbuslandmarks.org.

While you're there, drink in this beautiful church that has an unsure future since its flock recently left.

Showings - Listen Up Sellers, Agents

As the market begins to heat up, I have been out with more buyers lately looking at more homes. Overall, I have been pretty impressed, not so much with the homes themselves, as the sellers who go to great pains to make their home presentable and sparkling for my buyers.

It is not easy to have your home for sale and to keep it in tip top shape so that when a showing comes around a quick once over will make it shine-- it is an arduous task. I especially feel for those selling their home who have children. Having a few myself, I can't imagine keeping your home in great shape for showings and dealing with any number of kids. And yet, families make it happen, homes get shown, offers get written and homes sell everyday of the week. The other night I was in a home about 8:15 and there was great smelling, great tasting fresh coffee for us, nice touch, it'd been a long day.

Not every house is staged perfectly and free of clutter and personal mementos, in fact I'd say relatively few have done as much to put their house on the market as their Realtor suggested and even fewer have had any professional staging advice. That's why we have HGTV, right?

That said, I feel for agents who have sellers who won't do even the simplest of tasks prior to a showing. Maybe their agent didn't properly educate them, maybe they just work too much or they're apathetic for one reason or another. It can't be overstated how important it is to have the lights on in your home ahead of time--basement, attic, closets, anywhere a buyer may look or you hope they look, turn on the light for God's sake. It's especially important for evening showings and let's face it, people work during the day so weeknights are very popular showing times. Even if the house if vacant, keep the front porch light on. Sure, I can open the lock box in the dark by rote but I don't want to. I think this weekend the time changes so it'll be less of a big deal but even for safety's sake, always have the porch light on.

A few suggestions to add some pizzaz to showings:

• Touches of Luxury- -Real Plants in beautiful pots, the best linens, white fluffy towels.
• Paint walls-trim-ceilings -- keep adjoining rooms in the same color palette to make the home appear larger and flow better. Don't be sloppy. I was in a home the other day that had been neutralized (though the front door was still lime green) but the god-awful previous color was everywhere around the woodwork in thin little trails where the tape wasn't perfect, yuck. Try to hire professionals.
• Replace mismatched or poor-fitting door handles and cabinet pulls.
• Bamboo is the new maple -- as far as light colored flooring is concerned. Forget parquet and stray from veneer when possible.
• Paint closets a neutral color and buy and install organizers -- Closets need to be lighted and buyers should be able to see the backs of closets and pantries.
• Clean, Organize and Paint basements, attics and garages -- When you're looking for your next home, you'll get it. Don't wait until then, it makes a big, big difference.
• Downsize furniture and family photos. Less is definitely more.
• How about new light switch covers, doormats, mailboxes, miniblinds, etc.

These are pretty easy to figure out ideas, no stunners are among them. But hey, it's free advice Sellers. Buyer or Sellers, Call or email me today!

*the march 2006 Realtor Magazine listed some of these ideas

Home Inspection - Electrical Box

When I was at a buyer's home inspection the other day, the Inspector pointed out that the circuit breaker attached to the air conditioning compressor was a 40 amp circuit. He said that while he was outside looking at the compressor he noticed it said the breaker shouldn't be more than 30 amps. While it may seem intuitive to think that a bigger breaker would be OK as it'd more than handle the AC compressor, he made the point that should something go wrong with a newer unit, the warranty may be voided because it was not properly wired. A good point to be sure.
Usually what you find are circuits that are too small or are double tapped which is not good. Double tapped means two wires are attached to one breaker and it should always be one wire to one breaker all the way down the box. You could take out a single breaker and replace it with a double breaker that fits the same space as a regular one but has two trip switches.
Remember, I am not an electrician so nothing here is gospel, ask a certified electrician about your box.
Looking to buy or sell a home in Columbus Ohio? Give me a call and we'll be sure to check the breaker box before you buy.

nbc4i.com - Traffic - List Of Red Light Camera Intersections

nbc4i.com - Traffic - List Of Red Light Camera Intersections

I was a little surprised to see how many of the traffic light cameras were being installed downtown. Watch out for the Eye in the sky, the Bear in the Air. . . .

Cleveland Avenue and Spring Street4th Street and 5th

Avenue3rd Street and Fulton StreetBroad Street and 3rd

StreetSummit Street and Chittenden Avenue4th Street and

Mt. Vernon AvenueBroad Street and Grant Avenue

Gettysburg Road and Henderson Road Fairwood Avenue and

Livingston AvenueCentral Avenue and Sullivant

AvenueBroad Street and Sylvan AvenueBroad Street and 4th

StreetHamilton Road and Interstate 70 westbound ramp

Wallpaper

It seems hard to believe to buyers, many of whom assume it was put up to hide a giant crack, but wallpaper was very popular not that long ago. Wallpaper can often dress up a room in ways that paint just cannot. The problem with wallpaper though, is that it is often SO personal in taste. One person's 'period appropriate' or 'visually interesting' wallpaper is another person's, "Oh, THAT has got to go!"
If you're a buyer, you tend to tune out some great things about the home because you're focused on the paper. If you're a seller, you may be missing out on those buyers. If you didn't want to take it down when you were getting the house ready for the market, why would a buyer want to take it down. Even if you think you've accounted for the wallpaper in the price of the house, buyers will account for it again in their offer for the house.
When viewing homes for sale in Columbus and surrounding areas, I see considerably more wallpaper than most people would think is out there. The best wallpaper goes unnoticed but that scenario is rare indeed.
What do you do if your a seller and you don't want to take down the paper and paint a room?

• Downplay the wallpaper by painting any contrasting walls or woodwork a neutral (not a dark) color.
• Take down artwork that adds to the busy feeling and replace it with simple mirrors.
• Decrease the amount of color in the room by boxing up knickknacks and covering overly bright carpet with beige or other neutral color area rug.
• Replace high-wattage light bulbs with low-watt ones, and open the blinds or shutters to let in natural light.
• Draw visitors’ eyes away from the wallpaper with bouquets of simple flowers.

Realtor Designations - What do they mean?

Not much really. I don't go around advertising it or putting the initials after my name like a Doctor, but I do possess the accredited buyer representative designation, or ABR (See flashy logo).

I am a big believer in continuing education for Realtors. Real Estate is a profession and I am a professional. As such, I feel it's very important for me to continually update my knowledge regarding my business.
If your Realtor doesn't have some kind of designation, they're either so doggone busy buying and selling that they can't update their classroom knowledge or they're just plain too lazy to care. Where do you stop though? CRS? SRES? CIPS? GRI?
You take some classes, you pay some money, you get some more letters to add to the alphabet soup. I am proud of my Masters Degree in Marketing and Communication though. That took two years and a whole lot of time. I consider it a major differentiator too. I don't think anyone else has a post-graduate marketing degree. I have seen some MBAs though, kudos to them.
So if you are looking to buy a home this year, call me. I am an Accredited Buyer Representative. I have given the extra effort to educate myself and insure that I am representing your best interests as effectively as possible.
Obviously I think outside the box more than the next guy, that's why I have these websites and blogs. My saavy could save you money and hopefully put you at ease that you're working with a true professional.

Brewery District Kroger

I checked out the new Kroger off Front Street in the Brewery District recently. It's convenient for me to get to as a regular stop so I did my entire 'real' grocery shopping there. The total wasn't bad for the monthly big grocery bill. They had so many great specials that I bought more than I normally would have.I was impressed with the structure - it looks great outside and feels fine inside.I liked the wine selection and the beer selection was decent.I liked the market section that had everyday household and kitchen needs like pots and pans and utensils and essential furnishings--things you can't pick up just anywhere downtown except maybe a city center department store.The donatos was a good touch, especially the take and bake aspect. I like that they incorporated a few local food items but overall, it's a typical Kroger food selection. I will say that they had a very decent selection of Latino food items, especially by Goya. I can now pick up my arepa corn meal mix there.The other thing I liked is the parking -- almost all spots are convenient to the front entrance.In the end, it's not the Nirvana of all shopping experiences and until they deliver groceries from online orders, it's not the fix for downtown grocery shopping either. It's closer though.

Home Inspectors Identify Top 4 Repair Problems

I ran across this tidbit today. Any Realtor will tell you the same thing. At Least One of These four issues turn up in nearly every home inspection. Almost nobody has their home properly graded. That's sort of funny because almost everybody has a home inspector who tells them how important it is when they buy the home.


Home Inspectors Identify Top 4 Repair Problems( February 9, 2006) --
Half of the resale homes on the market today have at least one significant defect, says the National Association of Home Inspectors.
The trade association surveyed its members and identified these four most common major problems found in older homes on the market:

1. Improper grading and drainage around the house, leading to actual or potential water penetration and foundation problems.
2. Insufficient electrical service to the house, inadequate overload protection and amateur, often dangerous, wiring connections.
3. Roof damage, including worn and improper roof flashing.
4. Faulty heating and air conditioning systems, including controls with mechanical problems.

Source: The Kansas City Star (02/05/06)

Condo OPEN HOUSE Saturday 11-1

Come see me this Saturday when I host a an open house at the Battleship Building, 444 north Front Street, across from the North Market.
I'll be showcasing unit #211, a one bedroom, one bath 651 square foot condo in the middle of everything for only $149,900.

The battleship building is the Grandmother of all downtown condominiums. It ws cool urban living long before Columbus awoke to the ease and convenience of condo life in the big city. Stop by 11-1 on SATURDAY, JANUARY 21  

73% of Ohioans are Home Owners

A study came out today that notes that 69% of Americans are homeowners and 73% of Ohioans have taken the plunge. Not bad for a state leading the country in foreclosures.

How Many Condo Units are Going Downtown?

People ask me this quite a bit. They are constantly amazed at the numbers. The City puts out a monthly number sheet from Downtown Columbus.com that indicates as of January 1, 2006, there were

873 Units under construction
there were 347 Units Approved but haven't had a groundbreaking yet
there were 1,370 Units Proposed awaiting final approval
and 1,110 units completed since 1/1/2002 for a total of

2,590 units at around $391 million dollars.

You may recall that the city is pushing for 10,000 new housing units in the central city/downtown areas. So, after all the hype, we're just over a quarter of the way here.

Those numbers aren't all condos though, there are rental units mixed in too, to the tune of about 1700 units including biggies such as Liberty Place, Brewer's Yard, Arena Crossing and The Foundary at Jeffrey Place.

Speaking of Jeffrey Place, I dropped by there today to catch up on the latest with Sales Manager Paul Bonneville. They are waiting on the OK from the city, a final approval of the master plat, to move forward and are expecting that to come in soon. Once they get that approval, it's infrastructure, infrastructure, infrastructure and then bam! a shiny new urban neighborhood smack dab in the middle of the city. It's a beautiful thing and I can't wait until the project finally gets off the ground.

Incidentally, Paul Bonneville also has a side gig, running a Columbus Urban Blog called Columbus RetroMetro which I enjoy. Check it out, it's full of good stuff from news clippings to city panoramas to musings not unlike my own.

Happy New Year

This is the obligatory Happy New Year post.
Make this the year you buy your next home and allow me the pleasure of walking down that path with you.
Thanks to everyone who has sent appreciation, congratulations and encouragement over the last year. It is always interesting to meet or hear from people who read and/or subscribe to this blog both locally and nationally. While my suite of websites winning the Realtor Website of the Year award from the Ohio Association of Realtors was definately a highlight of 2005 professionally, it hasn't exactly equated to a groundswell of new clients just yet--which is fine because I am sure that the ease of use, aesthetics and knowledge displayed here will help this coming year.
While I do still enjoy working in the suburbs from time to time, my passion is the midtown area as most of you know. This year I am focusing most of my time and attention to the downtown columbus condo market and the many historic neighborhoods around the city center.
I hope to do business with you soon, be it buying or selling a home in and around Columbus Ohio.

It will soon cost Sellers TWICE as much

to sell their home in Franklin County.

Beginning January 12th, 2006, the Franklin County Conveyance fee will increase to $2.00 per $1,000 of home.
This will double cost of conveyance for sellers. One Franklin County commissioner was hopping mad about it and spoke publicly about how full the coffers are at the county and why this is an unnecessary tax. Realtors like myself rallied against it but the tax remains and goes into effect soon.

It hurts the sellers bottom line but the State of Ohio says that each of its 88 counties can charge whatever they like for this fee up to $4.00 per $1,000. Many counties, such as Delaware County, already have this fee set at $4.00/$1,000 so Franklin County residents planning to sell their home next year can at least feel good that they don't live in Delaware County.

Downtown and Midtown Columbus Condos

As I begin to focus more and more on the midtown condo market, I have to wonder what we will all find went wrong twenty years from now in some of the units. Not the new build units, but all the reclaimed condo spaces around downtown.
Many of these buildings were erected as offices, warehouses and commercial buildings not intended to house people. Will the normal wear and tear of living have any effect on these wondrous transformations? They weren't supposed to be airtight, they weren't supposed to have so much plumbing running through them, so much humidity. I think it will be interesting to see if, somewhere way down the line, anything happens to any of these retro-fitted buildings that no one has currently thought of or considered.
In the meantime, I can't get enough of them and I truly enjoy helping people find the right living space for them, be it an historic home in one of Columbus' urban neighborhoods or a downtown condominium.

Is your Offer to Purchase Info confidential?

Well, yes and no.
If you are a buyer who, through your Realtor representing you and only you exclusively, makes an offer on a property, do you have the expectation of confidentiality?
--From your Realtor, yes, absolutely. Your Realtor owes you the duty of confidentiality and she may not tell others in her office or neighbors any information about your transaction without your permission.
--From the Listing (the one selling the house who works exclusively for the seller) Realtor, no not really. This Realtor owes you (the buyer) nothing, no duty of confidentiality, no accountability, no obedience. He represents the seller and it is his duty to look out for the seller's best interests.
Therefore, and only with the seller's permission, he can tell another competing Buyer Representive Realtor the terms and conditions of your offer at his discretion--thereby setting off a bidding war among two interested parties.
Many people make the mistake of thinking anything that has to do with a contract must be kept confidential and won't be made available to competing buyers. A good Realtor will counsel their clients effectively and tell them this information. In fact, the Ohio Association of Realtors will make it mandatory to tell their clients that there is no expectation of privacy beginning January 1, 2006.
It gets murkier though.
What if the Realtor exclusively representing the seller is also the Realtor representing the buyer and there is a competitive situation? Let's say it's a hot property and everyone and their brother wants to buy it --- a great part of town, it'd been undervalued to move quickly, it's a foreclosure, etc.
With the seller's permission, and that is very important, the Listing Realtor can reveal the terms and conditions to other parties. If that same Realtor is representing a potential buyer, he can tell that buyer all the terms and conditions of the competing offers, thus fulfilling his fiduciary duties to both the seller and buyer and making it glaringly apparent that he owes no such duties to the competing potential buyers. In this scenario, the Listing/Selling Realtor's buyer gets the property every time if he/she is willing to beat the competitive terms and conditions which they are now privy too.
I was that dual agent recently and it felt like I was doing something not quite right but I was benefiting both my clients at the same time. I firmly believe in karma of real estate transactions and I do strive to treat all fellow Realtors like I would like to be treated. I've been on the other side of transaction too and it's no fun when your buyer loses out after making a good offer and you later find out that the eventual buyer was represented by the listing agent. It doesn't seem logical, but it's all right there in the Ohio Law governing real estate transactions. For more information, you can read about it at: http://www.ohiorealtors.org/news/ohiorealtor/2005/december/sto6.html

Ohio Lofts building on e Main st - The Columbus Dispatch

The Columbus Dispatch - Business

The 99-year-old building has been nearly gutted and by spring, the first of 16 condos ranging from 750 square feet to 3,500 square feet will be completed.
--The beauty of this project is that so much first floor retail has been pre-leased even before construction really begins. That is exactly the kind of thing that needs to happen all over downtown, the near east and the near south and west where available. It's the retail and office space at ground level with residences above that will bring back Downtown Columbus and our urban neighborhoods.
I've always loved this building for no particular reason and when it sold for only $185,000 in '99 (albeit in pretty rough shape) I was surprised. The Eastern edge of downtown from the so called warehouse district close to Columbus State to the areas south of the Market District have an extreme amount of potential so this is really exciting news for Columbus.

CBS News | Living Large | November 27, 2005�20:00:05

I came across this today and while I don't watch 60 minutes much anymore, thought it insightful.
Most of us don't have to worry about someone buying the house next door and tearing it down only to build a McMansion, but it apparently is happening with much aplomb all across the country.
Interestingly, the size of the average new house in this country has grown almost 50 percent in the last 30 years, while the average family has shrunk.

What's a broker?

Did you ever wonder whether a real estate broker and a Realtor are the same thing?

Well, they're not. Not exactly, at least. Someone with a real estate license is a licensed real estate professional, or an agent. This person may also be a Realtor but isn't necessarily one.

We often think of any real estate agent as a Realtor, but to be one, he or she must be a member of The National Association of Realtors, which has trademarked the word "Realtor." Often when you see the word Realtor, it is capitalized and may even have a copyright sign next to it.

A real estate broker, meanwhile, has had additional training and holds a different license. Each Brokerage - or Real Estate Company - must have a Broker in charge, some where the buck stops. Coldwell Banker King Thompson, despite having many Real Estate offices throughout Columbus and Central Ohio, has only one broker in charge. Others in the company have acheived that level of education and experience but chose instead to work as a Realtor, not a Broker.

Don't think that you need a broker and not an agent, though. Either can serve you very well. Although many people casually refer to those who show and sell homes as brokers, they're often actually agents. Most people use the terms interchangeably.

If your agent isn't a Realtor, if he/she doesn't belong to the National Assocation of Realtors, then perhaps they haven't the level of experience or education you're seeking for representation.

*exerpts from the Motley Fool Home pages by Selena Maranjian

What happens if the appraisal comes in low?

Good question. I had just that scenario happen to my buyers recently. It's the first time it ever happened to me.
The property in question happened to be in an older part of town, where homes are being bought, fixed up or rehabbed and lived in. There is still solid appreciation in this area and the last thing I was worried about on this particular transaction was the home not appraising for the purchase price listed in the contract. In fact, I told the buyers I thought they had an easy 10-15K in immediate equity.
The bank, however, felt differently.
More to the point, the appraiser hired by the bank felt differently and put a number on the property almost 8% less than the purchase price we had negotiated.
It wasn't a fly by night appraiser either. It was a company many banks use to do their appraisals for mortgages. I felt they didn't do the home justice for a couple different reasons:
1) The lender and appraiser, in my consideration, weren't very familiar with the area and the appraisal was ordered very late in the process, meaning it had to be done at the last minute and be done quickly.
2) As a result, I felt they didn't appreciate the neighborhood nuances of location and how much each degree of rehabilitation adds to the home. The comparable properties the appraiser used, while similar to the home in question, were way off in other ways.

Regardless of why it happened, my buyers were not able to purchase the home at the agreed upon price which they felt very comfortable with because the appraisal came in low. The seller was not willing to sell it for 8% less than the agreed on price. In the end, my buyers have had to go to another lender and so far, so good. This lender works in the area regularly and has been able to come up with what will probably turn out to be an even better financing package without any worries in regard to appraisal.
The original bank was just doing their job. They knew the couple purchasing the property, liked them and had them approved for an even bigger purchase should they chose to go that route. They can't lend on a home that doesn't appraise for the contractual purchase price because that property is what is securing the loan. If the home isn't worth the money they're lending for its purchase, even if they buyers are completely comfortable with the purchase price, they can't get their money back should the buyers default on the mortgage.
For most banks, it's that simple.
It's possible a mortgage broker familiar with the area could be more relaxed when it comes to an appraisal that's low or maybe they may have the ability to be more creative in the financing to secure their position.
It all goes to show that even if you and your Realtor have gone over the comps and feel good about your purchase price, love the home, and are happy about your terms, it could still not end up closing because of the appraisal.
Questions? Call or email me.

15,704 PROPERTIES ON THE MARKET

As of this writing.
That's a lot of properties. The average days-on-market in your area has no doubt also been slowly creeping up in the 2.5 months since I declared it a buyer's market out there.

Comments for this blog

Revised 10-21 - I have to change it again as the spammed comments continue to roll in. Now, anyone can post comments once again but you have to pass the type-in-the-word test. This should eliminate further comment spam. Thanks for understanding.

I am sorry to say that I have had to change the settings for those leaving comments to my postings. Previously, anyone could leave a comment and while not too many comments have been left during the life of the blog, I feel it's important to keep it as accessible as possible.
Over the last ten days or so however, the comments have been filling up with spammed comments left by some irksome marketer I imagine.

While I see what I can do about that, please feel free to continue to post comments whenever you like but be sure to register with Google's Blogger first. Sorry for the inconvenience. Also, remember to visit CentralOhioRealty.com and to continue contacting me whenever you have a question about the Columbus Real Estate Market or Columbus Realtors.

Also, remember that I cannot edit the comments. At least I don't know how if I can. I also can't delete them so A) Be Nice and B) Feel free to speak your mind.

Franklin County Reappraisals

A lot of home-owners living in Columbus have received, found out, read about or heard that their properties tax appraisal has gone up, some dramatically. This has many Columbus Home Owners up in arms and outright alarmed regarding what the new tax appraisals will mean to their monthly mortgage payments.

Those who seem to have gotten 'hit' the hardest are in quickly appreciating neighborhoods like Italian Village, Olde Towne East and Merion Village. Homes here have significantly increased in value and so have their tax values. It's one of those things that everyone prefers not to think about and hopes never happens but it has happened and beginning in January, it may start effecting the bottom lines of mortgage payers everywhere. Even rents may go up to help defer the updated taxes associated with rental properties.

At the auditor's site, you can view your new tax appraisal and plug in the number to receive an estimate of what it means to your checkbook.

This just in from the Franklin County Auditor, Joe Testa . . . .

An Open Letter to the Members of the Columbus Board of REALTORS®
Joe Testa Franklin County Auditor

Some questions have been brought to my attention pertaining to my office's Tax Year 2005 reappraisal of the 400,000+ real estate parcels in Franklin County. There seem to be three main points being asked by REALTORS® which I will address here.

The reappraisal process: It is important to note that the mandated reappraisal in Ohio is a process which takes more than two years to complete, and includes data collection, site visits to each parcel, a review of sales transactions over the prior three-year period and an opinion of value set by a licensed appraiser. Sales from 2002, 2003 and 2004 were used in the establishment of the new values, which

reflect the property's value as of Jan. 1, 2005. This is unlike the traditional "fee appraisal" which generally only considers the last six months of sales information and usually includes a thorough interior as well as an exterior inspection of the property during which improvements or lack thereof that could affect the market value of the property are discovered.

So far Franklin County property owners have been notified of the new tentative values for their properties and Informal Reviews are being conducted at 28 locations throughout Franklin County. We are meeting with property owners to address any questions or concerns they may have. At this point in the process we are no longer looking at 400,000 parcels but just the ones being brought to us. While the sales ratio analysis conducted by the State Tax Department confirms that our work is always well within appraisal standards, this analysis is being conducted of the aggregate of all real estate sales in the County. That does not mean that some individual parcels wouldn't need to be adjusted in value once more specific data is brought to our attention.

Property owner input is an important part of this process due to the fact that we rarely get inside the 400,000 properties and we are not using 2005 sales in setting the Jan. 1, 2005 value for obvious reasons. This process will not be concluded until late in the year after all final adjustments are made. If REALTORS® believe that a client's tentative value is too high for the market after they have done their own analysis, they should encourage the owner to visit one of our review sites and to bring that analysis to us. We want the value to be a fair and equitable reflection of the market.

On-Line Tax Estimator: I have taken the position, as you know, to put every bit of data I have available on the web site regarding our appraisal process, tax calculations, etc. We created the tax estimator so that a proposed sale price could be used to estimate the potential tax ramifications for a given parcel with a certified tax rate.

Secondly, I have taken the steps to notify the property owners of the tentative value both in the mail and on the web site to give them ample opportunity to participate in this process. The tax estimator has been highly successful but there is a caution.

During this Informal Review period, the tentative values cannot be used with the tax estimator because the 2005 tax rate has not yet been established. The web site carries this caution adjacent to the estimator. The tax rates currently on the website are the 2004 rates which will be reduced as a result of the reappraisal we are currently conducting. Thanks to House Bill 920 passed in 1976, the effective tax rates for all voted operating levies will be reduced to offset the value increases due to reappraisals. Therefore, if the 2004 rates were used with the 2005 tentative values then the estimated taxes will be too high! New levies passed this year will be added to the tax rate and raise dependentant upon what the voters approve.

Additionally, HB 66, the State of Ohio's biennium budget bill signed into law in June eliminates the 10% property tax reduction on commercial and industrial properties, as well as some agricultural parcels beginning in Tax Year 2005. The tax estimates currently on the website for commercial and industrial properties are based on 2004 calculations, and therefore the elimination of the 10% tax reduction is not yet considered in the estimator.

The tax estimator appearing on the site beginning in January 2006 will include the elimination of the 10% reduction on affected properties, the new 2005 tax rates which will have been certified, and subsequently the tax estimator can again be used as before.

True Value. According to the Ohio Administrative Code (OAC) 5703-25-05, "true value" is the "fair market value or current market value of property and is the price at which property should change hands on the open market between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having a knowledge of all the relevant facts."

The Ohio Revised Code Sec. 5713.03 directs the County Auditor to determine the "True Value" of each parcel. This language is derived from the Ohio Revised Code and State Constitution dating back over 100 years. The law requires us to readjust the value every three years through the reappraisal or the triennial update to more accurately reflect the true value as defined in the law.

The reappraisal process is a multi-step process and we are nearing its completion. Now that property owners have been notified of their new tentative property values, we can narrow our focus from a countywide basis to individual properties. Over the course of the next few months while the values are tentative, citizens have a unique opportunity to be active participants in a governmental process before a final value determination is made.

I hope that this addresses the primary questions you have at this time. If you have others please contact me and we will be glad to address them.
Thanks, Joe Testa, Franklin County Auditor joe_testa@franklincountyohio.gov

Is Central Ohio "Bubble Proof"?

This was in the Dispatch last week.
(Thanks Jeremiah)

I go on about it all the time since I'm often asked about the perceived real estate bubble. Others hear warnings like I heard this morning on the radio -- the price of a Manhattan property has gone done 30% in the last month -- and then they think we must be next here in Central Ohio.

Here is the sum-it-up-quote -- the Columbus housing market would experience an overall price decrease of 5 percent only if mortgage rates rose to more than 17 percent and if 41,000 jobs were lost.

Home depreciation is not in our future.

----
Report: No Threat of a Housing Bubble Seen for Central Ohio
2005-09-28
The Columbus Dispatch, Ohio

By Mike Pramik, --Thanks to the low price of homes and a relatively steady economy, there's no immediate threat of a housing bubble in central Ohio, an industry report states. "You can't have a bubble if you don't have an inflation,'' said Walter Molony, with the National Association of Realtors. The group released a report to its members this week that downplayed the possibility of home prices crashing in central Ohio. It stated that the Columbus housing market would experience an overall price decrease of 5 percent only if mortgage rates rose to more than 17 percent and if 41,000 jobs were lost. In the industry, a "bubble'' is said to occur when a collection of unreasonable home-price increases don't reflect the true value of the homes.

National rates for 30-year, fixed mortgages were averaging 5.39 percent yesterday, according to Bankrate.com. "We used to pray for 10 percent interest rates,'' said Doug McCloud, president of the Columbus Board of Realtors. The Columbus housing market was robust in August, when homes sales increased 8.9 percent to 2,875. Through the first eight months, sales were ahead of the 2004 pace by 2.2 percent. The national picture was similar. The National Association of Realtors reported that existing-home sales increased in August to a seasonally adjusted annual rate of 7.3 million, the second-highest pace ever. That was up from 6.8 million in August 2004.

"Unless the (Federal Reserve) really starts ratcheting up (interest) rates, I don't visualize a bubble -- not in the Midwest,'' McCloud said. "You don't hear about it in Kansas City, St. Louis or Omaha.'' Among the reasons the national board paints a bright picture for central Ohio: "The median existing-home price, $155,900, is 30 percent below the national average. --The median home price increased by less than 1 percent in 2004 and is up 12 percent the past three years. --Central Ohio's ratio of how much people owe on their homes compared to their median income is below the national average. --Job growth is increasing.

Through August, 3,400 jobs were added in central Ohio in the previous 12 months. --Central Ohio added 54,000 homes in the past five years, but job growth and economic expansion should fill them. "You're a lower-cost metropolitan area to begin with, and you avoid double-digit price increases,'' Molony said. "You have plenty of room to grow, unlike areas on the West Coast or the Northeast, which can go through wide swings'' in pricing.

condo talk and the FAll CondoQuest

The Fall CondoQuest will be held the first week of October, 1-9, 2005. It's a great way to go through condo projects all across Central Ohio. The downtown projects get all the press, but these are where people are downsizing, upsizing and enjoying themselves outside of the central city.
Speaking of newish condo projects, I was in 3 condos sort of new to the market today -- the townhome-rowhouse-apartments-turned-condos on Warren and 4th across from Jeffery Place and across the street from the Wonder Bread factory so, yeah, it smells great all the time. They weren't bad for around 130 but I'm not jumping up and down either. I also looked at a good size 2 bedroom flat condo on park street across from Goodale, nice place, just needs some character put back in it. A 2nd floor flat condo on the corner of Hoffman and Madison has lots of character, 2 bedrooms and a bonus washer and dryer for that building. It has underground parking and although it's a little choppy, I really am a sucker for those units.

Don't forget to find your condo at CowtownCondos.com - my condo-specific web site.

As for Condo Quest, here are some brief particulars. Follow the link to read the Daily Reporter Article which mentioned that condos have appreciated 13% over the last 18 months locally!
-------
Twenty companies will be showcasing home products throughout various Central Ohio communities, including Blacklick, Canal Winchester, Clintonville, Columbus, Delaware, Dublin, and Gahanna.

Condos in Galena, Grove City, Hilliard, Lewis Center, New Albany, Pataskala, Pickerington, Powell, and Westerville also are part of the tour.
In addition to Truberry Group and New Albany Realty, CondoQuest builders include: Avery Place Condominium, Beazer Homes, Bob Webb, Camelot Custom Builders, Centex Homes, C. V. Perry, Daystar Development LLC, and Duffy Homes.

Edward Communities, Jimenez-Haid, O'Keefe Development Co., Portrait Homes, Rockford Homes, Romanelli & Hughes, Schottenstein Real Estate Group, Showcase Homes, The Stonehenge Co., and Today Homes will have condos on the tour, as well.

The nine-day event, free to the public, will showcase homes ranging in price from $109,990 to $850,000.

Central Ohio Realty.Com Wins Major Award

Last week, at the Ohio Association of Realtors Yearly Convention, my website won the 2005-2006 Realtor Website of Year Award. Thanks to everyone who listened to me go on about it as I went through revision after revision to get to a website worthy of this prestigious award. I approached it from the consumers point of view. If I wanted to buy a home in Central Ohio, what would I want in a website. I haven't plastered my ugly mug all the over the website or asked for visitors to give up private information about themselves so they can get a so-called "report," but I have given people good, solid real estate information and a fantastic venue for finding the home they would like to purchase and educating themselves as to the local market -- the very local market. I still have a long way to go on the website and, as always, I am very welcoming of feedback. Thanks for hanging in there with me and if we haven't met yet, I am looking forward to it.

Knob and Tube Wiring & Home Insurance

You see it everywhere in the older parts of Columbus. I'm not just talking about Olde Towne East or German Village, but Bexley, Grandview, Old Arlington and Clintonville areas too. Not so much in the suburbs like Westerville or Gahanna since the homes are newer.
It seems that knob and tube wiring is becoming an insurance problem for many carriers. Some say a home with knob and tub wiring is not insurable under today's standards. Until recently, it hasn't seemed to be much of problem but more and more times, buyers are running into trouble. I'm not saying you can't get a home owner's policy at all, but you may have to pay a higher premium simply because of the existence of the knob and tube wiring.
What's wrong with knob and tube? Well, providing the wires are secure, properly sheethed with no dry rot or major cracks, not much, it'll run whatever it's been running for the last God knows how many years just like it has been. The distinct possibility exists, however, that it will rot, crack spark and start fires - maybe -- down the line.
What does this mean to you?
If you're selling a home in Central Ohio and it has knob and tube, why take a chance on it being a turn off or deal breaker, get rid of it. Especially get rid of it if, as is often the case, it's merely in place but not working and hasn't been working in some time. It looks bad and buyers wonder if any of it is live.
If you're buying a home in Columbus or Central Ohio, be aware of this potential insurance problem but don't panic. Plan to take update the wiring in the first year or so and then go back to your insurance company and ask for a reduction.
If you're rehabbing an older home, DO NOT go to the trouble of putting in a new box, new breakers, new wires coming out of the box only to hook those new wires up to the old knob and tube. Believe me, I see it all the time and while the shiny new box may fool a first time home buyer, it won't fool an experience Realtor. If you're doing a rehab, do it right.
More and more, the days of the drive by OK from the insurance company are slipping away. Today's home policies hinge on an inside inspection and pictures of the electric box.
I'd love to see a comment posted regarding what new home owners can expect as a ballpark figure for home insurance and some additional input on the knob and tube debate.

Setting a price for your home - It's not up to you . .

It's up to the market. Not the fictitious national housing market with the bubble that's about to burst, but your local real estate market, the central Ohio Real Estate market, the house two streets over, the one down the block, the one next door.
If the house next door is an awful lot like your home, chances are excellent that you'll price your home close to where the home next door sold. It's not about what you want to get out of your house, the money you put into your house, the house down the street that sold for a lot more (of course it did, it had a 3 car garage and a finished basement) and it's not about what your mother (friend, co-worker, brother-in-law, friend who once took real estate class) told you to expect.

I hate the I told You So on so many different levels and it happens all the time.
I'm talking about a conversation like the one I had yesterday with a guy who listed with another agent at a list price that was considerably higher (25%) than what I told him his house would sell for (he had asked me to talk to him and give a 2nd opinion because we knew each other well, though he felt obliged to the agent he used). It turns out his house in now in firm contract and at the exact same price I told him it'd sell for six months ago. This happens all the time, not just to me but to other agents I know, the good ones, the nice ones, the ones who tell it like it is.

In the meantime, the listing agent probably got a lead or two from buyers looking at that house, had the sign exposure, the internet exposure, and will receive the commission check in a couple weeks. It's nice to be right but it's even nicer to get paid.
Don't listen to the agent who tells you what you want to hear or comes in with the most money for your house, listen to the agent who can back up what they're saying with simple and direct and relevant market data. Selling your home in Columbus, Bexley, Gahanna, Westerville, Grandview, German Village or Clintonville is a numbers game, not an emotional one.

It's a buyer's market

The local market, in my opinion, seems to have had the wind sucked out of its sails just over the last week or so. There are so many homes out there right now and the pool of buyers seems to have dwindled down to a trickle from the torrent we had all Spring and Summer to this point.
It's difficult to buy a home and be in before school starts at this point and that has a lot to do with it too.
It seems like a lot of sellers tested the market, found there were homes out there for them to buy and put theirs on the market only to find that they can't move it as quickly as they'd hoped.
If you're buying, go for it. The market is on your side.

Top 10 Reasons applicants are "declined" for mortgages

(Borrowed from the Columbus Board of Realtors Web Site)

The primary reasons applicants are "declined" for mortgages include
(1) no credit file (usually because the applicant pays cash and has little or no established credit)

(2) insufficient information in the applicant's credit file

(3) insufficient income

(4) short time on the job – at least two years in the same field are usually required by most lenders

(5) slow pay and/or poor credit history indicated by a low FICO

(6) judgments, garnishments, liens or past bankruptcy

(7) accounts sent to collection agencies

(8) current bankruptcy, which is not discharged

(9) foreclosure and

(10) repossession (usually an automobile or furniture).

No credit or insufficient credit can often be overcome, such as by showing timely payment of rent and utilities. But the other reasons for "decline" are usually more difficult.
Just one negative item on your credit report, such as being more than 30 days late with a payment, which is reported to the credit bureaus, can cause either rejection of a mortgage application, or loan approval at an above-market interest rate.
Of course there are some mortgage lenders who will approve loans to applicants who have these "credit challenges." But such lenders will charge high interest rates to compensate for their very high risks.

The bottome line though, is that in today's age of super-specialized loans, it's difficult to get turned down for a loan. There seems to be a package out there for every buyer. It may be a higher interest rate than the buyer wanted but they are so thrilled they can buy a home, they don't really care--even if it's less of a home than they'd hoped for, it's still their home.

Upgrade those Air conditioning Units Now

Here are some notes on why it's a good idea to update your air units now as opposed to next year and beyond.
In a nutshell, it'll cost less money to buy the units now and more in the future due to mandates from the clean air act and the required efficiencies of the units which will change Jan. 1 2006.

AC units are rated with what is called a SEER (Seasonal Energy Efficiency Ratio). It is the similar to the efficiency rating on the furnace, the higher the number, the better the efficiency. Currently, the City of Columbus requires a minimum 10 SEER condenser be used (that may be as low as they go; I’m not sure off the top of my head).
As of January1stt, they are going to change the minimum requirement to be a 13 SEER condenser. One of our HVAC subs gave us a ballpark of a 30% increase in price. Additionally, the size of the condenser gets considerably bigger. This could end up being a problem if someone squeezed the condenser into a tight side yard or something like that. And if I remember correctly the other component of the AC system, the coil in the furnace gets bigger too. This could be a problem on replacement/ upgrade situations.
If the new coildoesn'tn’t fit in the existing plenum (the sheet metal box that sits on top of your furnace, where all the individual ducts run out of), you are then into replacing that as well.
It is considered that the 13 SEER iquieterer than a 10 SEER.
One thing that we're looking into is if the 30% increase in price is in direct relation to a 30% increase in efficiency and savings on the electric bill. If it was motivated by a true desire by the City to increase the energy efficiency and make things environmentally friendly, it is a good thing. It may just be the cynic in me, but I'm guessing Carrier and Lennox just have golobbyistssts. (Thanks architect-about-town, Richard Cissell for the info and commentary)
Currently this is true for the City of Columbus but the smaller municipalities often follow suit. In fact, I'm not sure that the federal government won't require them to anyway.
From the city:
January 1, 2006 the code changes for AC units. All new units will be required to be 13 seer in lieu of 10 seer currently. This, if not designed for, could pose a few problems:
a. Increase size of unit:
I i. A 5 ton 13 seer unit will be approximately.
i. . 7’-0” long and 3’-0” wide with two fans, a 2 ton 13 seer unit will be approximately. 3’x3’x3’ tall.
b. 13 seer AC units can’t be retrofitted to most existing furnaces.
c. Cost of 13 seer unit will increase approximately 30% over current 10 seer units

A first floor half bath can fit almost anywhere!

I find myself telling buyer clients, usually without their asking me, that maybe they could put a 1/2 bath here or there when we are looking at a home they really like that only has one bathroom. In the Older Columbus Neighborhoods and the ones in the central city areas around downtown, it's quite common for there to be only one bathroom.
You would be amazed at the tiny spaces a half bath can fit in to. Usually, you see them tucked into first floor coat closets and that usually works quite well since underneath the closet, in the basement, it's typically wide open and able to accommodate the plumbing.
Here is another great idea, albeit a little different, that I saw in a home a couple months ago and had to take a picture of.
This half bath is tucked into the top landing on the way down to the basement stair. There is a door from the kitchen on the left and you can see the doorknob from the door leading down the stairs on the left. The picture was taken from the stairs that go to a landing where the side driveway door was. From the kitchen, it looks just like any other half bath if you didn't you the stairs where there.
Also, the positioning of the toilet and sink are such that they really don't get in the way of exiting to the side door or taking your laundry to the basement or whatever else you may need to do. It's a great way to sneak in a half bath. The paint job is great and these folks even threw in a wastebasket and mirror.
Just make sure to lock BOTH doors if you're looking for some privacy.

Woodsview of Bexley

Don't forget about Woodsview of Bexley, a 55 and over condominium building with 20 units left. All units are around 1,000 square feet, have 2 bedrooms and 2 baths, some with walk in closets and some with balconies. It's an extremely secure building and comes with Bexley city services and Wexner Heritage Village senior services available upon request. From the 120s to the 150s, you can't find a better deal in Senior Living in Central Ohio.

Mortgage Interest Rates

Just a few words about interest rates.
Everyone hears about Alan Greenspan and the Feds raising interest rates every 8 weeks or so when they meet. They have raised rates the eight consecutive times they've met to help keep the economy on track. Please do not confuse this with a raise in interest rates for your home mortgage loan.
The fed raises short term interest rates on monies banks and the federal government borrow from each other. This has nothing, directly, to do with long term interest rates such as a 30-year fixed mortgage. Interest rates today are STILL OUTSTANDING.
So don't work yourself into a tizzy when you hear Mr Greenspan talk about keeping inflation in check by raising short term interest rates. It will probably effect your new home loan very minimally.

Home appreciation strong in 2005

I get tired of hearing how the housing bubble is going to break any day now. We've been hearing this for about a year and a half. Appreciation remains strong here in Central Ohio and Sales remain relatively brisk. Yes, I think it will slow down soon but not so much that even the average consumer will take much notice.

here are the latest numbers from the Board of Realtors



April 2005 Home Sales

(May 18, 2005) The average sale price of a Central Ohio home last month was $173,143 - up 1.3 percent over April of 2004. However, the average sale price year to date stands at $170,094, up 4.4 percent from the same period last year according to the Columbus Board of REALTORS®.
"We generally average about a four percent appreciation on homes here in Central Ohio," says Doug McCloud, President of the Columbus Board of REALTORS®. "However, over the past year or so, we’ve experienced a slight softening in higher priced home sales and a tremendous increase in the more affordable home sales, thereby bringing the average price down a bit."
The number of homes sold in April, 2005 was down a slight 1.4 percent over one year ago. April residential home sale statistics indicate that 2,255 homes were sold last month versus 2,286 last year. The number of homes sold, January through April, is 7,217 which is .6 percent lower than the same period last year.
"Home sales are actually well ahead compared to the past five years," offers McCloud. "The fact that we’re keeping pace with last year this time is exceptional since last April we had a torrent of home sales - over 15 percent higher than the previous year."

No Kitchen? No mortgage!

In case you've been eyeing that fixer upper that is only half rehabbed and you're considering going in after you buy it and finishing the job, you should know that most lenders will not loan on a house without a kitchen. Even if you're buying it "as is"
The lender will not consider it a true single family residence. A great young couple I had worked with ran into this. The bottom line that the appraiser would consider a kitchen was a working sink, two cabinets and a counter top.
Now you know. It isn't unusual for a home to come without a range or a fridge, but you've gotta have a kitchen sink.

Olde Towne East Tour of Homes

The Olde Towne East tour of homes was this past Sunday. It was a very well organized tour this year with some fantastic homes and a wonderful turnout, despite the sprinkles.
I advertised olde towne east realty.com in the accompanying brochure. Much to my dismay, I wasn't able to have the site up and running by tour day and now have some egg on my face. Because I live in Olde Towne and do a good bit of work there, it was a logical place to start my suite of satellite sites aimed at specific neighborhoods.
Unfortunately, my computer guys and I couldn't get it together in time for the tour. Soon enough though, this and other sites will be up and running and I'm really looking forward to advertising them all across greater Columbus.
After my re-launching of CentralOhioRealty.com I would love to hear any feedback from anyone out there in regard the usability, likes or dislikes of the site.
I know it has taken me much longer than anticipated to get it out there but I think it will look and feel like a great real estate sight.

It's a boy

In case you were wondering, It's a boy. Leo Francisco Peffer entered May 23 at about 10 PM with a full head of hair, good lungs and a whole lot of cute.

Every Person's Realtor

I don't know if I've ever mentioned it before, but I really LOVE what I do for a living. I really enjoy working for myself, having a great company's smorgasboard of business tools at my disposal, and running the show, calling the shots and helping people buy and sell homes.


I think the job is harder than most people think. It requires an immense amount of time and savvy to be good. It's not a job someone can do part time and do well. I enjoy helping the first time home buyer find the perfect fixer upper for well under $100,000 one day and finding the perfect down-sizing option in the $400-500K range the next day, sometimes both in the same day. When you learn the market, you own it.


From A to Z, if you're Realtor knows and understand the market than you're in luck. I received a surprised reaction the other day from an acquaintance who had a cousin looking in the $150,000 range in Clintonville but thought that maybe I wouldn't be working in that price range. Heck yes I will. I want your business, I don't care who you are. It's essentially the same amount of work for me no matter the price range. My job is to understand the nuances of each market and bring to the table my knowledge about the home buying and home selling processes.

I don't work too much in Westerville or Dublin but I can take the time to look at, study, and gauge the market in those areas while understanding the places where value lies, what's overpriced and what upcoming road widening projects will effect which homes.


So many Realtors do such a half-ass job, only skimming the surface of what they could do for their clients. I'm a full time, full service Realtor and I take my job seriously. I've seen million dollar homes listed by a Realtor who didn't even bother to go take a picture, they just let the Columbus Board of Realtors take a shot from the street. Maybe they don't even own a digital camera, maybe they just want to put the listing in the Columbus MLS and let somebody else sell the house.

Don't give your business to those agents. Give it to me!

Random Thoughts

I have been busy with buyers lately, looking all over, first time home owners and investors and those looking to downsize now that the kids have flown the coop.
I also have a lot of things on the shelf, people just not quite ready to make the jump, sell their home, buy a home, but always wanting to know what is out there. I don't mind as long as they come to me when the time is right. I enjoy working with people with whom I have an established relationship.
This year there have been three properties on my block with for sale signs that were not mine. I think most realtors would agree that there isn't much worse than your neighbors listing with other Realtors, no matter what the exigent circumstances may be. Another neighbor listed his investment property with another Realtor.
Looking to buy a home in Columbus and surrounding communities but your afraid the furnace might go before next winter really sets in? Make sure you get a gas line warranty and Home Warranty, it could make all the difference and save you lots and lots of money down the line. It'll only be good for one year but it is renewable, typically for $300 or so and that's cheaper than a new furnace. Yes, there is a considerable amount of fine print and it won't cover pre-existing conditions but it could make the difference in your home choice.

Three bedroom condos

Looking for a three bedroom condo? It's not an easy task.
For mostly apparent reasons, the three bedroom condo is about as elusive as the end of the rainbow. For all the hoopla surrounding the downtown condo market, it's all one and two bedroom condos.

Sure, there are a few, but either they are cost prohibitive to only the very rich or they out in places that are not current hot spots around town. Of course there's always the Two Bedroom condo with a den. That, essentially, fits the bill since the den can be used for just purpose and the 2nd bedroom can be used for guests without having throw a futon in the office. Many of these, however, just aren't big enough.

Yes, baby boomers are downsizing their lives and finding the condo a great option due to the lack of exterior upkeep. They aren't necessarily willing to give up lots of square feet, though, as their grown children tend to visit and hey, let's face it, they're busy, active people who want to be able to turn around without running into each other or the furniture every five minutes. They also like garages, one floor plans or maybe a master on the first floor -- almost impossible to find it all.

So how about it builders? Let's see some consideration for these people -- and not just out in the burbs. Many empty nesters want to be where the action is. The kids have flown the coop and now there is free time to enjoy the opera, the ballet, the shows, the vibrant, budding downtown with the sports and hip musical venues.

6 mortgage myths that can cost you money

I ran across this on a Yahoo page today and it reminded me that home buyers, especially first time home buyers around Columbus and Central Ohio, need to read these type of things often to be better armed to buy that house. All too often, I believe, Realtors take for granted a certain level of sophistication in their buyers knowledge of both the process of buying a home and the process of getting the financing.


For years I've always had a goal of having my home paid off before I was forty years old. Now, (and it's not just because that birthday is only a few years away) I understand that I'm better off using the equity in my home to make more money, continuing to have that mortgage interest written off on my taxes and keeping my extra principal payments with me as opposed to giving it to the bank. Everyone's situation is different though and I can tell you that there is a financing option available to almost every single possible circumstance.

Do you believe that you can't borrow money to buy a house if you have some dings on your credit? Do you think it's always best to pay off the mortgage early, if you can? If so, you subscribe to mortgage myths that can cost you money. Here are six common myths.

Myth 1: A 30-year fixed is always the best way to go.
Adjustable-rate mortgages, or ARMs, constitute one-third of home loans these days. Yet rates on 15- and 30-year fixed-rate mortgages are very low by historical standards. ARM rates are even lower, but they could rise when it's time for them to adjust.

"You're going to hear a lot of financial journalists who say these ARMs are dangerous, you're putting your house at risk, you're crazy to take an ARM at this time of historic lows," says Bob Walters, senior vice president for Quicken Loans. "There's a lot of emotion involved. As with any emotional argument, there's some truth in it."

It's true, Walters says, that a long-term, fixed-rate mortgage is the right loan "if somebody says, 'I'm going to be in that house forever.' That's an automatic 30-year fixed."

But the average homeowner stays in the house about nine years. First-time home buyers, who usually are young and have expanding families and growing incomes, are likely to remain in their starter homes for just a few years before moving on and up.

Adjustables, especially the popular hybrid adjustables that carry an introductory rate that lasts three, five, seven or 10 years, are appropriate for those whom Walters calls "upwardly mobile people, people who are transient, people for whom a payment increase wouldn't be the end of the world."

Myth 2: Pay off that mortgage as soon as possible.
Accelerating mortgage payments is another area where emotion often trumps reason, Walters says. "We're not talking about finances; we're talking about psychology, or at least where the two meet," he says.

Walters advises people to imagine a scenario where they have a 5- percent ARM and are able to deduct the interest from their federal income taxes. That lowers their effective interest rate to somewhere in the neighborhood of 3.75 percent. Instead of paying extra principal on such a mortgage, it makes more sense to pay down higher-interest debt, such as for credit cards and auto loans, or to invest the money where it can earn a return greater than the mortgage interest rate after taxes.

"The way people deal with money and risk is often irrational, and they put much more of a premium on security and safety than they do on getting a return," Walters says.

It's perfectly fine to pay off a mortgage early if doing so satisfies a long-term financial goal. Doug Perry, senior vice president of Countrywide Home Loans, says a lot of aging baby boomers want to eliminate their mortgage debt so they can retire debt-free. That makes sense, especially for retirees who won't exceed the standard deduction on their income taxes and therefore won't be able to deduct their mortgage interest.

Myth 3: You need a down payment of 20 percent or at least 10 percent.
"The perception out there -- that you need 10 percent down at least, maybe 20 -- that's completely incorrect," Perry says. Many lenders have lots of loan programs for people who can afford to pay 5 percent down or less -- including zero down. In the mortgage industry's horse-and-buggy days, the only zero-down loan was available from the Veterans Administration. That's no longer the case.

"A lot of people are caught in a cycle where they're paying a lot every month for rent and are paying bills on time, and they don't have a lot of money to save," Perry says. "They think they're trapped in the renting cycle with no way out, but they have several options." That takes us to the next myth.

Myth 4: You have to pay mortgage insurance if you don't have enough money for a 20 percent down payment.
"What's called 'piggyback financing' is now almost 50 percent of home purchases," says Peter Bonnikson, senior vice president for E-Loan. A piggyback loan lets you avoid paying for mortgage insurance.


Piggyback financing consists of two loans. The first is for 80 percent of the purchase price. Then there's a second "piggyback" loan for the rest of the purchase price, minus the down payment. An 80-10-10 mortgage has a 10 percent down payment and a 10 percent piggyback loan; an 80-15-5 has a 5 percent down payment and a 15 percent piggyback loan; and an 80-20 doesn't have a down payment at all.

The piggyback loan has a higher rate than the primary mortgage for 80 percent of the price. But for people with good credit, piggyback financing usually costs less than getting one mortgage for more than 80 percent of the price and then paying for mortgage insurance.

Bonnikson favors piggyback loans because "one, they can maximize the house that they can buy, but two, they also maximize the tax deduction." That's because the mortgage interest on the piggyback loan is tax deductible, whereas mortgage insurance premiums are not. (An attempt this year to extend the tax deduction to mortgage insurance failed in Congress.)

Walters says: "There's two reasons why some lenders would push people to take PMI" -- private mortgage insurance. The first reason is that the lender doesn't offer piggyback loan programs, "so limited options make for clear choices." Other lenders have investments in mortgage insurance companies, so they profit from increased business, he says.

Myth 5: You can't get a mortgage if you have blemishes on your credit.
"This is a country that believes in redemption," Bonnikson says. "More and more lenders are finding ways to lend to people" with flawed credit histories.

The word "subprime" is used to describe loans to people who have credit problems that are serious enough to justify charging higher rates. The lender demands a higher rate to compensate for the higher risk. About one-third of households fall into the subprime category, says David Herpers, director of consumer affairs for mortgage lender Amerisave.

One or two 30-day-late credit card payments won't push you into subprime territory, but bankruptcy, foreclosure, repossession, a habit of paying bills late, and even eviction from an apartment can turn you into a subprime customer. A short, sparse credit history -- a recent immigrant or a college grad -- might be counted as subprime, too.

"Most people start out with prime credit and something goes awry and they're considered a subprime candidate," Herpers says. "Many of the customers we deal with today are subprime and they know they're subprime and they're seeking a subprime lender today."

About one-quarter to one-third of Amerisave's customers fall into the subprime category, and the company's goal is to increase that share to more than half of its business in 2005. There is a benefit to applying for a loan from a company that does prime and subprime loans: You're less likely to be steered into a mortgage with a higher rate than you deserve to pay.

When a consumer applies at Herpers's company and acknowledges having credit problems, "we will pull their credit and analyze their credit, and if they can be approved for prime, we will approve them for prime," Herpers says. And someone with several late credit card payments will get a better mortgage rate than someone with a recent bankruptcy.

Bonnikson says, "Lenders are looking for ways to help people who have had financial difficulties. If you have damaged credit, there are a lot of lenders who are willing to help you. My advice is you really need to do your homework and you need to talk to several lenders."

Myth 6: The term of the mortgage has to be the term on the note.
Lots of borrowers are reluctant to refinance because they don't want to start all over again with a new loan that's due to be paid off in 15 or 30 years. But you can ask the lender to set you up with a shorter payment schedule.

Take the example of someone who got a 30-year mortgage in 1998 and wants to refinance in 2004 at a lower rate. It's a simple matter to ask the lender to amortize the payments so the new loan will be paid off in 2028, when the original loan would have been retired.

"Your payment will be lower than it was before, and you'll save monthly -- and over the same period of time," Walters says.

February 2005 Home Sales

There were 1,436 properties sold in February, a 2.2% increase over 2004. I've been reading a lot about how the housing market is slowing down and interest rates are going up and what a tough year it will be. In the meantime, I'm meeting some new buyers today and they have a good array of homes to chose from in their midtown neighborhood of choice.

The average sales price in Central Ohio was $170,177 last month, up 6.6% from the previous year and the average time on market for a property was 95 days. For the year, home sales are up between 1 and 2 %.

Interest rates are on the rise however, and they've slowly inched up of late to just over 6% in many places. I'm no banker or economist, but I don't see them getting any higher than 6.5% during the course of the next year. The interest rate you pay does make a difference on your monthly mortgage payment and if it is always advisable to speak with a lender sooner rather than later. A very few lenders will even allow you lock in your interest rate in advance of having a home under contract. I have seen up to 90 day locks available. You don't want to get priced out of your perfect home because you didn't explore that avenue but you also shouldn't be looking spend absolutely everything that the bank who pre-approved you said you can afford. Taking the time to find a home that leaves a cushion in your monthly finances and still fulfills all your needs is always my most advisable option. The stress it might lift from your shoulders day-to-day is easily worth it. Leave the perfect house for your 2nd or 3rd home and be fiscally smart with your first one.








February 2005 Home Sales

It's a hot market

Just this month, I have had closings for buyers in Bexley, Clintonville, Olde Towne East, Merion Village and Forrest Park. It's been a busy month and I have enjoyed working with most of my clients quite a bit. The market is heating up (I know I keep saying that but it's true every time I say it) and sooner or later the weather will follow. Call Me to help you buy or sell your home at 614-324-4357.

You know, that also works out to be 324-HELP but I never know whether or not to publicize that because it's such a pain to look for the corresponding numbers, let me know.

CB King Thompson is light years ahead of competition

It's true. They are such a forward thinking company. Recently they have signed a huge deal with Realtor.com to showcase each and every agent's listings. They have also made it so that if someone looking at an online listing clicks the contact link, the agent will be notified by cell phone in just a few seconds. That is taking advantage of today's technology and providing something for the agents that work for the company. Of course, it's just another bag of marketing tricks on my belt while simultaneously making it more competitive for me to market myself as an individual Columbus Ohio Realtor.
here is the new bit that ran when it happened:
Realtor.com Enters into Comprehensive Online Marketing Agreement with NRT Incorporated WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Feb. 3, 2005--Homestore, Inc. (NASDAQ:HOMS) and its Realtor.com business unit today announced that Realtor.com, the official Web site of the National Association of Realtors, has entered into a marketing agreement with NRT Incorporated (perent of Coldwell Banker King Thompson) to substantially enhance the presence of NRT's local operating companies on Realtor.com. NRT, a subsidiary of Cendant Corporation (NYSE:CD), owns and operates premier residential real estate brokerage companies in more than 35 major metropolitan markets in the United States and the United Kingdom under the banner of the Coldwell Banker(R), ERA(R) and Sotheby's International Realty(R) brands as well as The Corcoran Group and The Sunshine Group.
The agreement provides NRT with expanded marketing and advertising capabilities on Realtor.com, by enhancing NRT listings and utilizing Featured Home and Featured Company inventory.
"One of our top priorities for the last year has been to expand the content available to consumers on Realtor.com by increasing the number of enhanced listings on the site," said Allan Dalton, chief executive officer and president of Realtor.com. "We continue to explore many different strategies to accomplish this goal, including working with large brokerage operations like NRT."
The contract is for one year, beginning April 1, 2005, with NRT holding renewal options for two additional years. Realtor.com will continue to market local Featured Home and Featured Agent advertising positions as well as numerous other marketing services to NRT's agents.

When to start looking for a home/Thinking about listing

Always on the lookout for quality home buyers, I actively ask associates and networking partners for referrals from their pool of friends, families and business associates. I often hear something like,"Well, my cousin and her fiance want to buy a house, but not until after they get married next fall."

That is a perfect referral to me. I prefer to have the ability to work with home buyers and sellers over the long-haul prior to listing their home or helping them find a new one. This allows me the opportunity to:

1) Educate them on what needs to be done prior to looking/listing

2) Show them how invaluable a resource I can be for lifting the stress of the transaction off their shoulders.

3) Help them gain the familiarity with their local market that will give them the confidence to either list their home at the right price or buy their home at the right price.


It's easier for me to work with acquaintances then it is to work with strangers where no familiarity or trust exists. Even if it is 12-18 months out, I can help begin to get the ball rolling. So call me at 324-4357 or toll free at 866-258-5899.

Better yet, email me at joe.peffer@kingthompson.com

So if you have a life change coming your way (a move--a new family member--a marriage--a divorce even) Let's begin to explore the possibilities that may exist.

Buyer Hesitation and The market is heating up

I've been busy with buyers over the last month and all of the sudden things are starting to pop for Realtors all over Columbus.
I wanted to say a few words about buyer hesitation. Don't do it.

This is an especially tough concept to grasp for first time home buyers and it is a lesson that is all too often learned after-the-fact. I bet 6 of every 10 home buyers have a story about the "one that got away."

Don't let it happen to you. If you're truly ready to buy a home, you must be able to act on instinct. Make sure that you:

• Have done your homework in regard to which part of town you want to live.

• Talked to at least one lender and have a firm pre-approval from them.

• Talked to your partner about the style of home you want.

• Know where you want your mortgage payment to be and don't waste your time looking at pricier home, stay in your comfort level and don't let your Realtor waste your time by scheduling those pricier homes. (caveat - do look at homes approximately 15% more than your top line if you want to because your Realtor should be an expert negotiator.)

• Get in as many homes as you can - especially in the early stages - so that you quickly develop a sense of the market place and what your money can buy in each neighborhood you're interested in.

• Don't depend soley on your Realtor for property options. Get out and look at websites ( www.CentralOhioRealty.com ) Get out and look at Open Houses. Get out and walk your favorite neighborhoods.

• Don't delay when you see a home that fits your needs and makes you feel all squishy inside -That's the Home, Put in an Offer!

I've seen too many clients unable to pull the trigger. Yes, that's part of my job -- to nudge you (tell you) that you've found the right house and to give you an indication of how hot a property it may be. The rest is up to you. I'm sometimes not sure how hard to press, how big a deal to make about my thoughts regarding scarcity, value and the perfect fit--after all, it's your house, not mine and all I can do is offer my professional opinion and my gut feeling.

In a nutshell, be ready to buy when you think you're ready to buy.

6 More Weeks of Winter & Open Houses . . . .

Six more weeks of winter, even Buckeye Chuck agreed this last Groundhog's Day, ugh.
Well, with weather in the fifties this Super Bowl Weekend, I think the Greater Columbus Real Estate Market is ripe to take off.
Today I had an Open House though and not one person stopped by. It's a dirty secret, but this happens quite a bit. It was advertised all over the place but the combination of the house, the location and the nice day combined with pre-Super Bowl activities took their toll on my Open House.
Open Houses almost never actually sell a property (about 2% of the time statistics say). The first open house tends to be neighbors and the next two tend to have the most serious prospects.
Realtors like open houses because of the possibility of introducing the home to the prospective buyer and because if that particular home doesn't suit the needs of the potential home buyers, then the Realtor can strike up a relationship with them and do his/her darndest to become their buyer's agent.
Open houses can be a great way to pick up buyers in a mutually non threatening environment in which both parties can have a decent opportunity to get a feel for each other. Of course Open Houses do bring buyers for that home too, not all that often sellers so temper your expectations, but sometimes, yes, they do bring the buyer who can spend up to 2 hours or so in the house, much longer than any typical first showing of a home.

Senior Expo - Woodsview of Bexley

This weekend at the fairgrounds there is a Senior Exposition. If all the seniors aren't at the Golf Show at Vets Memorial, then they will have a chance to learn more about Woodsview of Bexley -- a 55 and better condominium building in Bexley off Sheridan Avenue (Runs South from Main by the Fishermans Wharf Restaraunt).


Myself and three other agents in my office are on the team selling the 30 condos. About 24 or so are left. They are all about 1,000 square feet and all have 2 bedrooms and 2 baths. Some have great views of the woods by Alum Creek. There are 3 floors, 10 on a floor, great size storage units and a large community room in the walkout level.


Condo fees have been temporarily reduced to $150 for 8 Years, then back to $250. All units run from the 120s to the 140s. Not bad at all for Bexley emergency and city Services.
There are also Graduated services available from Wexner Heritage Village that range from Meals to More involved care.
The price of the condo guarantees a carport parking space and the fact that their in Bexley, within walking distance to the Bexly Monk, and the Drexel Theatres and Capital University guarantees appreciation. This is the best 55 and over opportunity in central Ohio.
Call for more information, I'd be happy to give it to you.