Of course things can get a little slow around the Holidays

I've hardly had any direct contact at all with my clients since that last post. The snow/ice storm did tend to put a damper on the house selling and buying busines in Columbus, Ohio.
Then came the actual Christmas days which don't see any action.
Only the most desperate sellers and buyers would be out selling or buying a home today, the day after Christmas. Of course it is one of the busiest shopping days of the year. Why not shop for that home you didn't get for Christmas?
New Year, New Home?
It is supposed to be in the forties on Tuesday and then the Monday after the New Year's Weekend will kick off the 2005 Columbus home sales bonanza.
Here's hoping it's a good and prosperous year for you and yours and mine.

Rates as of last week at Huntington Bank . . . .

Conventional
30 year 5.75
15 year 5.125

Conforming ARMS
3/1 5.375
5/1 5.75
7/1 5.875

Jumbo
30 year 6.00
15 year 5.375

The Winter Market

Here's my two cents: it's a great time to buy a house.
Everyone asks me lately, "How's the real estate business?" thinking that I'll talk about how slow it is and how nothing is ever happening this time of year.
That's just not the case though. With 1,875 homes sold in November (up 17.6% according to the Columbus Board of Realtors) in Central Ohio, you can't argue that the market is alive and well.
I'm working with people all over the place right now, from properties in Canal Winchester to Delaware and maybe even Cardington. Of course central city inside I-270 is always my favorite place to work and I'm helping buyers currently looking in value areas such as Olde Towne East, Bronzeville, Weinland Park, etc.
So far this month there have been about 923 properties sold in Central Ohio and I'm just talking about residential single family homes and condos.
It's a good time to buy because one will often pay less for a home during these months than they would for the same home 4-6 months from now.
It's a good time to sell because the buyers out there are very serious -- they're looking for a home in the cold and dark, they must be serious.
Yes, people are busy with the holidays and yes, those buyers who are out looking with their agents may tend to bring the slush and mud of Columbus winters into your living room if they're not careful, but hey, it looks like interests may be on the rise soon so savvy buyers are looking now.

Speaking of interest rates, many people don't know that you can lock-in an interest rate. Many lenders only allow you to do so once you've found a property. Other lenders may allow you to lock-in a rate now and guarantee it for the next 30-90 days while you look for the perfect home. Of course that'll cost you, typically a few hundred dollars which will eventually come back to you should you decide to use that lender when you purchase your homes.

Home Inspections

2 Things I learned last night at a home inspection:
1. All 9 inch tiles have asbestos in them.
2. Contrary to popular belief, you do not have immunity to trim the part of your neighbor's tree hanging over the property line on your side. Yes, you can trim it -- BUT you can also be held responsible should the tree die in the near future.
As with all things Real Estate, get it in writing from the neighbor first.

Yes, You always have a home inspection. Always. Even if it is a new build.
I love attending home inspections, they're usually such a learning experience. My buyers always attend home inspections. The Buyer can learn things about their home that may take them several years or more to figure out or find out, often the hard way.

What can you expect to spend on a home inspection in Central Ohio?
About $250, sometimes more, sometimes less.
What about out of town clients? I attend the home inspection for them and take copious notes and often pictures to accompany the notes.

A home inspection offers an "out" on your purchase offer. Typically the buyer's offer will include a paragraph or two that says the offer is contingent upon a satisfactory home inspection. A Home Inspection takes about 1.5 - 4 hours, depending on the home's size and the inspector. If you find something that you don't like, that you want to be fixed prior to purchasing the home, you ask for it to be fixed in what is often called a "request to remedy".

Does the seller have to abide by your request and fix the situation? In a nutshell, no. They can fix some of the things on your list and not others. They could fix all of the things on your list. They could fix none of the things on your list but offer to reduce the purchase prices by X amount to cover the cost of those repairs. It's all part of the negotiations involved in purchasing a home.
Of course, they could also refuse to remedy any situation at all in which case you could walk away from the deal. We're not talking about cosmetics here though, only material problems to the home, usually involving safety or structural integrity. Purchasing a home is often a buyer beware situation ala what you see is what you get.
With a professional home inspection you see much more than you might have otherwise. I'm happy to recommend a competent home inspector.

Columbus RetroMetro

I've been following this website/blog for awhile now. It is a very nice recap of real estate news in and around Central Ohio -- especially focusing on the metro areas around downtown where I just happen to enjoy working myself.
I usually don't point out other real estate related sites for obvious reasons but Paul, the author, isn't a competing Realtor, he just has an interest in what's happening in our older neighborhoods.


Columbus RetroMetro

The working Logo for my Soon to be Revamped webiste.

I'm finally understanding how to post pictures to the blog. The Ohio Division of Real Estate says I must have the Coldwell Banker King Thompson Logo somewhere on my blog. Here it is.

New Subdivisions

Lots of buyers in the Columbus Area like new homes. God knows there are enough builders out there all chasing new home buyers.
The caveat though, is that buyers don't always like new home subdivisions.

If I had a dollar for every time I heard someone say something like, "We want a newer home but we don't want a neighborhood where the houses all look the same and there are no trees to speak of."


And then there is always the question of quality. Buyers want a quality home and, as with everything else, I usually tell them you get what you pay for. Seeing a home during the building process will help a buyer understand how it is constructed and what materials are being used for things like flooring, plumbing, walls, trim, etc. Often if the subdivision offers reasonable costs but builds homes with lesser materials, people still get the home they really want and can work on the upgrades later. But take a look at the neighborhood. If everyone else in the subdivision just squeeked in at those lower prices to be able to afford the home they wanted, there won't be a lot of money left over for the repairs, upkeep, maintenance and improvements common to many appreciating neighborhoods that help improve property values. Take a look at a 5-10 year old subdivision by the same builder, how does it shape up on a lot by lot by lot comparison?


Most builders will co-op (meaning that they will pay the real estate agent working with you the same way a seller will pay them upon completion of the transaction) and I think it is essential that all new home buyers be represented by a Realtor, in Columbus, in the burbs, everywhere. The builder is not looking out for your best interests. Of course they probably also aren't out to rip you off or substitute shoddy materials for the nicer ones you picked out but having a Realtor represent you is practically free. It is good to have someone watching your back and advocating for your best interests who has been there before and understands the building process.

While it's true that I prefer working in Columbus' historic neighborhoods and usually inside I-270, I'm also hyper aware of what is going on beyond the outerbelt and I can help you chart a course through the new home buying waters.

As for the tiny trees and new sod, there is really no way around it. Almost new is usually good too. Also, Spec homes can sometimes be gotten for great discounts and they often have the upgraded packages.

Security systems and buying or selling a home around Columbus

When you buy a security system you pay for the monitoring service and lease the equipment, usually.
This is important to remember when it's time to sell a house as many security companies will not let you out of your commitment to them. You may need to either pay through the contract - a potentially good selling point for the buyer, move the system with you - often a security company may be willing to do that, or simply disclose up front that the system is leased with an existing contract which will have to be taken over by the buyer.
I've had a closing almost not happen over this very issue. Be aware of security systems and find out what the situation is as a buyer. As a seller, review your contract prior to putting your house on the market and talk to the security company regarding your plans to sell the home.
Having said all that, there are also companies who will understand your predicament and gladly terminate your contract but leave all the equipment in hopes the buyer will want to restart the account and the seller(soon to be buyer) will call on them for the next home's security system.
While we're on the subject, allow me to put it out there that Realtors hate having to deal with security systems. It's just one more thing that could go wrong during a showing and with so many makes and models and codes and buttons, it can get messy. It is not fun to listen to the headache-inducing alarm while waiting for the company to call and the police to arrive -- not to mention a tad bit embarrassing as a buyer's representative. So if it's not too much of an inconvenience, let's keep the alarms off during the day when the house is on the market.