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.