HAPPY HOLIDAYS!

Happy Holidays from the "4forU" Team!

This holiday season, we would like to thank our clients, Real Living HER & our affiliates for making 2008 such a great year. We faced many challenges as housing values declined, credit restrictions tightened & days on market increased. Working as a team, we brought over 50 transactions to the closing table and helped numerous buyers & sellers through a difficult market. It has been an honor!
May the spirit of Christmas fill your home with love!

Kelly, Jeanne, Maggie & Susan

Citywide House Hop

This Sunday, Real Living HER is sponsoring their second Citywide House Hop Open House event. The "4forU" Team has selected six outstanding properties to feature this Sunday. These homes represent a variety of options available on the market today and range in price from $235,000 to $1,250,000. The 4forU offers a significant advantage to Columbus buyers & sellers, because we cover the entire Central Ohio region. Please stop by and visit one of our open houses this Sunday between 1 & 3 PM!

German Village:
http://242ebeckst.realliving.com/
http://284learst.realliving.com/
http://177concordpl.realliving.com/

Upper Arlington:
http://2036beverlyrd.realliving.com/
http://1668mccoyrd.realliving.com/

Hilliard:
http://1400newellct.realliving.com/

CHOOSING A LENDER

There have been many recent changes in the mortgage industry, requiring increased consumer understanding. Following are 5 steps that will help buyers select a qualified lender!

1. Buyers should work with "well-capitalized" lenders who can ensure funds will be there at closing. As liquidity tightens, mortgage companies are struggling to fund their loans.

2. Buyers should work with a lender that can offer a variety of loan products. There are many types of loans available including FHA, VA, Conforming & Non-Conforming loans.

3. Buyers should ALWAYS get preapproved versus prequalified. I have learned this the hard way! Nobody benefits when time is spent house hunting, only to learn that the buyer does not qualify for a mortgage. Sellers should ALWAYS demand a fully underwritten preapproval (subject to appraisal) before tying up their property.

4. Sellers should also get preapproved if they are mortgaging their next transaction. Due to recent mortgage changes, some sellers may find that they no longer qualify for a new home loan after they sell their current residence.

5. Buyers should work with a lender that will give them an "on-time" closing guarantee. Recent documentation changes have slowed the processing time for many mortgage loans. An on-time guarantee demonstrates lender confidence in their ability to make the closing date.

Contact the "4forU" Team for a list of qualified lenders with proven performance records.

F.A.T.E.

Set the stage with fine art! Today we hosted a luncheon & open house for area Realtors at a magnificent estate along the Scioto River. The homeowners have already moved, and the home now sits vacant with over 7000 sq.ft. of living space. In an effort to enhance the overall ambience of the home, we utilized the services of F.A.T.E. (Fine Art To Enhance). They brought in the work of 7 local artists and created a gallery experience for guests to enjoy. The work selected was complimentary to the home and amplified the beauty of the architecture.

F.A.T.E. provides opportunities for area businesses & homeowners to lease fine art. One piece of fine art can do more to enhance a room than an entire cluster of furnishings. For more information, contact Michelle Brandt at 614-783-4931.

The "4forU" Team is always looking for creative ways to assist our sellers. Let us know what has worked well for you!

SMELLS THAT SELL!

It is a scientific fact that smells can evoke strong emotional reactions! Surveys indicate that many of our reactions to odors are based purely on emotional associations. This is especially important information for home sellers! I have opened many doors with prospective buyers only to be turned off by the smell of dogs, cats, cooking odors or strong chemical air fresheners. Although this can be an uncomfortable discussion with sellers, it is too important to overlook.

Scent preferences are a highly personal matter connected to personal memories & associations. A universally perceived pleasant fragrance is vanilla. Following are some recipes for homemade air fresheners that might just make a difference when marketing your home!

1. To quickly get rid of odors (especially fish), simply heat some white vinegar on the stove (DON'T BOIL), and after about 30 minutes, remove it. The slight vinegar smell dissipates quickly and takes any odors with it.
2. Pour a little white vinegar on a washrag and wipe the walls down lightly with it. As soon as it's dry, the room smells clean and "sweet" without the heavy scent of perfume.
3. Mix 1/4 cup baking soda with water in a spray bottle. Shake well and spray. The baking soda absorbs the odor. You can also add some pure vanilla extract.
4. Tuck a dryer sheet under the couch or in air vents.
5. Dampen several cotton balls with pure vanilla extract and place in a dish for several hours in an odorous area of the house.
6. And don't forget to regularly open your windows and let some fresh air circulate!

Do you have a favorite trick for managing pesky odors? PLEASE SHARE!

Out With A Bang!

What a whirlwind week for The "4forU" Team! Some markets may be stalling, but there is plenty of activity in and around Columbus.

I learned some good lessons this week in the negotiation of new construction. After searching the re-sale market in Columbus suburbs, my young buyers decided to move forward with the purchase of an M/I inventory home. I think that it's important for anyone who is buying a new build in a developing community to understand all the pros and cons - and especially the importance of having a long-term commitment to that new home & community.

There are some great opportunities with builders right now, but it is more important than ever to have buyer respresentation. In an effort to secure buyers, there are special rate programs to investigate and plenty of negotiation room on base prices. Buyers need to be careful not to overspend on upgrades that serve as a smokescreen to the true price of the home.

And now a plug for me & my team... we are ALL certified new construction specialists. Don't think you are going to save money going it alone. Reputable builders do not offer discounts if you are not represented by a buyer's agent!

*** Click on the title link for a list of all July 4th festivities around Columbus!

REALTOR© CARE DAY

The second annual Realtor© Care Day took place on June 5th and was a terrific success. I worked on the Columbus Board's Committee to oversee the project and witnessed a great collaborative effort on the part of many to make the day a success. This year the CBR partnered with the Columbus Housing Partnership to enhance the Tray Lee Community Center, part of the American Addition community at Joyce & Sigsbee Roads.

The Tray Lee Community Center was raised up by Reverend Traylor and four dedicated women who wanted to provide an after school center for area children. A mural has been designed in their honor by Columbus artist, Greg Cantwell, depicting their faces and the faces of many important historical figures. It is a lasting tribute to the people whose contribution continues to enhance the lives of others.

Local area Realtors© took on projects closer to their home base. Here in Upper Arlington, Realtors© worked at the corner of Northam & Camden to assist a homeowner who was unable to care for the increasing overgrowth of bushes, weeds, etc. It was a great day to give back to the communities in which we live and work!

Bike the C-Bus

One of the perks of being a real estate agent is the opportunity to meet and network with interesting people. Recently I met Ray George, one of the coordinators for the Long Street Tour's, Bike The C-Bus. The event is scheduled for August 23, 2008 and is going to be a terrific opportunity to tour through some of the most interesting neighborhoods in Columbus. Cyclists will be spinning through King Lincoln District, Downtown, Short North Arts District, Italian Village, University District, Harrison West, Victorian Village, Arena District, Franklinton, Brewery District and German Village. It's a 30 mile ride designed in segments to make it easy for every level of participation. So... pump up the tires, fill up the water bottle, join The 4forU Team & come see the best of urban renovation!

Importance of Home Inspection

The importance of a qualified home inspector can not be underestimated. During the initial phase of a purchase contract, the buyer generally has 7 to 10 days to have the home inspected. There are many service providers to choose from, and prices may vary substantially.

Recently, I called to get price quotes for one of my buyers, and two companies based their estimates on the purchase price of the home. The other companies were interested to know the age of the home, location and square footage. These seem like more appropriate variables to consider!

It's a very good idea for the buyer and their Realtor to be present during the home inspection. This is an excellent opportunity to learn about the house, and any areas of particular concern to the inspector. These items can then be addressed during the Request to Remedy phase of negotiations.

Following is a list of some of our favorite home inspectors:

Richard Harmon, RMH & Assoc.: (w) 614-527-0320 (#1 - Angie's List)
Rod Berning, Brickkicker: (w) 614-864-9261
World Inspection Network: (w) 614-781-1070

If you know of someone good that you would like to add to this list, please submit their name and phone number. We are always looking to work with good people!

Hip Happening Harrison Park

Recently, I was introduced to Harrison Park while on a whirlwind buying mission with a young surgeon relocating to Columbus. In my opinion, this little community has it all!

Located near the Short North & Victorian Village, there were 64 single family homes built in 2006 and only four remain (my buyer bought one). Nothing short of amazing in this "down market". There are also flats and luxury lofts to choose from in this trendy urban mecca.

A private clubhouse, fitness center, pool, and a much anticipated 4-acre riverfront park are special amenities available to homeowners. The quality construction is consistent and evident throughout the development. This is one developer who doesn't seem to cut corners!

This is not "paid for" advertising... just a treat to be able to promote something really outstanding in Columbus!

CLOSING THE DEAL!

You have just signed a contract to purchase your first home and find there are still several hurdles to jump before "closing the deal". Most offers are contingent on the buyer obtaining financing within a specified period of time and a satisfactory home inspection. In today's market, there is the additional challenge of the home appraising for full purchase price.

The home inspection and the appraisal can open a contract for further negotiations and create added stress on both buyer & seller. The inspection usually takes place within the first 7 to 10 days of the contract with additional time allowed to reach agreement on any necessary remedies requested by the buyer. During purchase price negotiations, sellers often come down to their "bottom line". Inspections create opportunity for further reductions to the seller's net proceeds.

The appraisal is a relatively new challenge to contract negotiations and is increasingly relevant in today's volatile market. The lender will have an appraisal done on the property prior to closing. Buyers are not going to want to pay more than an appraised value for their new home, and lenders are not going to want to provide a loan for the home.

Your real estate agent should be able to provide helpful insights throughout the entire purchase process. The 4forU Team has developed a referral list of reputable home inspectors to assist buyers with property inspections. Additionally, we have the skills necessary to negotiate this element of the contract. A comparable market analysis (CMA) is useful in assisting buyers and sellers with sale & purchase price decisions. A thorough analysis of the market helps insure that there will not be any surprises during the appraisal process.

Looking to learn more about selling or buying a home? Jeanne Gauer, Maggie Chudik, Kelly Cantwell & Susan Sutherland all have the necessary knowledge to help you close the deal!

Advice on Agency

Recently, I had an experience with Dual Agency that was quite challenging. In most real estate transactions there is an agent representing the seller and an agent representing the buyer. On occasion, there is a gray area called "Dual Agency", where the selling agent is also representing a buyer in the same transaction.

The drama of my particular story unfolded this week when I presented an offer for my buyer to purchase a $740,000 home. At the time our offer was open, I received a call from the listing agent to inform me that there was a second offer being submitted. Coincidentally, she was representing the buyer on this offer. I called my clients, explained the situation, and suggested they consider strengthening their offer if they were interested in purchasing the home. This was their "dream home" so they decided to increase the offer. Again... coincidentally... the listing agent called to tell me that her buyers had also strengthened their offer. The sellers would be reviewing both offers and establishing one as primary and one as secondary. They would then counter both offers.

The counter offer from the sellers placed us in a secondary position - no big surprise! In an effort to level the playing field, I insisted on presenting our best and final offer directly to the sellers. Unfortunately, the listing agent tried to obstruct that request. The sellers were divorcing and in deposition with their attorney so I submitted our offer to the attorney in a sealed envelope to be opened simultaneously with the primary offer.

If all of this sounds confusing, it is! Obviously there are revisions that need to be addressed by the Ohio Board of Realtors to protect buyers in this situation. Until that time, buyers need to be represented by an agent who knows how to negotiate these challenges. My buyers did not get their "dream house", but at least we all know that their final offer was presented properly.

Now we'll see if this home appraises :)

Consumer Needs

A lot of time and money is invested by real estate professionals in an effort to capture the attention of consumers. A quick glance through any neighborhood paper displays countless ads featuring agents promoting themselves. Real estate is an increasingly competitive business and self-promotion is the name of the game.

The people at 1000watt Consulting have put together this clever vox pop to clue us in on what's really important to people looking to buy or sell a home. This business is about relationships, and Realtors have a responsibility to provide expert guidance through very important decisions.

Best advice to buyers & sellers... select an agent that you connect with and trust. This can be a long-term, sometimes emotional, process. It's important that your Realtor be accessable, reliable & caring!

Take a look at this vox pop: http://www.wellcomemat.com/video/6DF8FF1C76

The philosophy of The "4forU" Team is all about service. It is the key to our success and brings each of us a sense of accomplishment. You can contact Jeanne Gauer, Maggie Chudik, Kelly Cantwell or Susan Sutherland with Real Living HER to find about more about what we can do for YOU!

Sign Is Not Enough!

Recently I met with a homeowner whose listing had just expired with another well-established agent. We reviewed different reasons why her home had not sold in the 180 days that it was on the market. Price is always a natural consideration, but a Comparable Market Analysis suggested that they were not too far off the mark. The location was not easy, because this home is in a new build development competing with brand new properties. The interior decor lacked interest, but the floor plan is interesting and could be well staged with minor effort.

Why hadn't this property sold? My best guess is that the "For Sale" sign in the front yard was not enough to promote this property. Although the home was on the market for 6 months, the sign strip still read "New Listing". The photograph of the exterior highlighted the garage. Interior photos showed bland rooms and were poorly taken. There was never a tour for area agents, and there was never an open house. The most disturbing information shared was that the agent never returned phone calls and never checked in with the homeowner.

In today's market, and in ANY market, it is fair to expect certain commitments from your real estate agent.

1. Provide a comprehensive Comparable Market Analysis to help establish a fair price.
2. Review the strategic marketing plan to promote property to area real estate professionals and potential buyers.
3. Assist with the review of exterior appeal & interior staging.
4. Photograph exterior & interior for publication in MLS, Internet & print ads.
5. Coordinate showings & provide feedback.
6. COMMUNICATION!

Successful marketing of a home is a collaborative effort between the homeowner and agent. Take the time to interview an agent before you allow them to just put a sign in your yard!