Buyer Preferences

There were a few surprises in a recent Realtor Magazine report on buyer's home preferences. Garages top the most important list of features for both male & female buyers... I thought it was granite counter tops. Actually, updated kitchens rank #7 on the top 10 wish list! Master suites & plenty of storage are right below garages... go figure! Outdoor entertainment space is also important to both sexes so it's a good time for sellers to mow the grass & stage a deck or patio.

Here are the biggest turn-offs to buyers:

1. Structural damage - don't put your home on the market without addressing any structural defects. It will come back to haunt you during the home inspection!
2. Bad odors - my personal pet peeve!!! This is such an easy remedy, and there's just no excuse for pet, smoke or stale odors in a home you want to sell.
3. Busy street - you can't change the physical location of a home so it's important to consider this when pricing!
4. Awkward floor plan - this is a tough objection to overcome. Careful staging might be helpful, but the price has to reflect the challenge of a poor floor plan.

Mid-Century Modern Home in Upper Arlington

It is always a treat to market a truly unique home, and this rates as one of my favorite! Located in Upper Arlington, Ohio, this mid-century modern hillside ranch is reminiscent of Mies Van Der Rohe. Walls of glass open to scenic views. A recent renovation w/ large bedroom wing addition & lower level media & family room create over 4000 square feet of stylish living. Are you a fan of modern? This is one to enjoy!

Newspaper versus Internet

Sellers often ask why we don't advertise more in local papers. A recent study by the National Association of Realtors confirms 80% of buyers are searching for their next home on the internet and with a real estate agent. Approximately 2% are referencing the newspaper. Work with an agent who has a strong presence on the internet!

clipped from my.realliving.com It’s important to have a presence in print publications, but when it comes down to it, does print give you the most bang for your buck? Studies from the National Association of Realtors® (NAR) suggest that print advertising may not yield the same returns it once did. As expressed in the following chart, buyers who reference the newspaper as an information source during the home search are less than satisfied with what they get out of it. In fact, only 2% find it very useful when it comes to the home search. If you’re advertising in the newspaper or a magazine, it’s important to direct consumers to the internet for more information on listings because there’s only so much you can put in the paper. Online, you can post a wealth of multimedia that accurately displays the listing’s structural details, school information, maps, community videos, and more.

DON'T MISS OUT!

The tax credit has offered incentives to first-time home buyers, but you may not be aware that the recent expansion of the tax credit has created an opportunity for existing homeowners. Current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

There is not much time. The average selling period is three months so it is critical that repeat buyers put their current home on the market right away to secure a buyer and find a new home by the April 30th deadline.

To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits: $125,000 for single buyers and $225,000 for couples. In addition, the sales price of the home being purchased can not exceed $800,000.

HELLO OUT THERE... BUYERS!!!

We’re looking for you and eager to help! Get acquainted with a real estate agent to help you go in search of your new home in 2010. Below are some tips that just might be helpful to you as your hunt begins.

1. You’ve heard this one before… and it’s so true! Interest rates are great. You might wait a long time before the rates you’re being quoted now ever improve. If you’re serious about buying a home, check out the rates!

2. Speaking of interest rates, have you been pre-qualified? This is really critical! A good lender will take time to educate you about the loan process & make certain an appropriate price range is established for your search. We have suggestions that can be helpful – and we’ll offer names of several lenders so you can make the final decision.

3. Have you been reading the papers? What about the housing inventory out there! Wonderful selections in all areas of the city are being offered by very motivated home owners. Any eager home buyer should be able to find a great home at a great price – it’s all about looking.

4. Not enough to get you motivated to purchase your first/next home? Well then… how about a tax credit? The federal government has extended the first time buyer credit of $8000 & introduced an incentive of $6500 for other eligible homeowners.

5. OK! Now you’re ready to take home buying seriously, and you’ve selected the Realtor with whom you’re comfortable working. Give your agent a list of features you’re looking for in your new home. She/he might not be able to find every feature you want in each house, but this will help both of you focus on important characteristics.

6. Let your agent do some of the foot work for you. It’s really not necessary to try to see every house being offered on the real estate market. Expect your agent to preview homes for you, report back with findings, and show only the homes which meet your requirements.

7. Once you begin the active search process, pack up a notebook. You’ll be surprised how quickly features of homes start to scramble. Your notes will be valuable to you when you begin your review of properties.

8. Let your Realtor know if you have some “handyman” talents. Maybe you should look at the “ugly duckling” that has wonderful potential. Remember the one thing that can’t be changed: location, location, location!

9. Are you expecting to eventually find the “perfect” house? Probably need to rethink this one. The goal should be to find a great house… for YOU! Not perfect! Houses could very well be like husbands – there probably isn’t a PERFECT one!

10. Expect to negotiate – but not steal! The goal should be a “fair deal” to both buyer and seller. Buyers expecting to steal a house from a seller usually are disappointed with the outcome. A house should sell for a fair market price in any market. Of course, there are always the “short sales” and the “repossessed” homes. Talk with your Realtor about this option, if you’re looking for this kind of opportunity!

GETTING IT RIGHT IN 2010

If you’re planning to sell your home this year, take a minute to review some of our best recommendations; AND if you had your home on the market this past year (or maybe longer??), don’t repeat mistakes from the past. These few suggestions are sure to be useful before you launch your next home selling attempt.

1. Buyers start mentally buying (or rejecting) a home from the minute they drive up. Make a good impression by having the outside ready to impress; attend to deferred exterior maintenance.

2. Once the outside is clean and fresh, focus attention inside. Don’t expect buyers to ignore dated wall coverings and dull paint. One of the least expensive fixes to a dated interior is fresh paint. If you have a steady hand, go ahead and do this work yourself, but don’t be forgiving of an amateur attempt – buyers won’t!

3. Look at your home’s interior spaces; really look! It’s critical to remove clutter & get organized. Don’t let your home tell buyers you’ve outgrown the space! This sends an immediate message that they will too. First, purge all the excess “stuff” you’ve collected. Next, rent a storage facility for all the little treasures you want to move into your next larger home. Believe me, it’s worth the expense.

4. Give your home the smell test! Don’t be forgiving of pet odors or any unpleasant odors for that matter – buyers won’t! A bad smell stays with a buyer, and it’s a very hard objection to remove from a buyers mind (and nose). Be sure to correct the problem and not simply mask it! Once your home is fresh as clean folded laundry (as my mother would say), you can find a nice fragrance to spray just before showings.

5. Bathrooms and Kitchens! I really can’t say enough about these spaces. If your home has dated baths and kitchen, and you’ve priced the home with that condition in mind, then please follow this rule: Clean! Clean! Clean! Buyers DO look inside your refrigerator and oven. Be sure these appliances, all appliances actually, are as clean as can be. Kitchen counter tops should have no clutter, refrigerators should be free from family pictures and art work and the table or eating surface should look inviting for a company meal.

6. Stairways to the second floor and basement must be free of items, and a hand rail should be in place for these stairways. Realtors hate to pick up broken bodies at the bottom of stairways!

7. It goes without saying, doesn’t it, that all closets are tidy. Fold towels in the linen closet, hang coats without crowding in the closet and contain hats and mittens in some way so they are not falling off a shelf.

8. Be honest with yourself and ask “Who priced the house”. Did you really get a professional Market Analysis from a real estate agent that did her homework? No amount of advertising, open houses and showings will ever sell an over priced listing. We in the real estate industry know this – for a fact! Price your home correctly, follow the above tips and your home will attract a new buyer.

9. Work with a real estate agent you like and trust. It’s not easy to sell homes, sometimes it’s down right hard, and it helps a lot to have an agent you feel comfortable with and know you’re with someone who “feels your pain”!

The “4forU” team wishes you a Happy New Year and a successful home selling experience in 2010.

Tasty Thanksgiving

Thankful for family, friends & those who have trusted the "4forU" Team this year to help with their real estate needs! BTW... Bandit enjoyed every morsel of his feast!

REAL-LY EXCITING NEWS FOR REAL LIVING HER

What great news for Real Living HER agents & our clients. Thanks to the innovation & brand of our company, Brookfield RPS and Real Living are merging. This creates one of America's leading residential real estate franchises with more than $20 billion in annual home sales. The "4forU" team has over 30 years of combined experience with Real Living, and we are thrilled to share in the success of our company. Harley & Kaira Rouda have been recognized nationally for their innovation & fresh energetic approach to real estate. Their emphasis has always been on the success of their agents through superior training & technology. This focus allows us to go out & better serve our clients!

How lucky to have Real Living based in Columbus, where we have an opportunity to train & learn with the best!

TIME IS TICKING!

The $8000 tax credit has provided an incentive for many first-time buyers to enter the housing market. Personally, I've had an opportunity to assist five couples with the purchase of their first home this year! Should the tax credit be extended??? I'm curious what readers think!

clipped from rebac.net ECONOMISTS ENCOURAGE TAX CREDIT EXTENSION When Congress passed an $8,000 tax credit for first-time home buyers last winter, it was intended as a dose of shock therapy during a crisis. Now the question is becoming whether the housing market can function without it. As many as 40 percent of all home buyers this year will qualify for the credit. It is on track to cost the government $15 billion, more than twice the amount that was projected when Congress passed the stimulus bill in February. In the view of the real estate industry and some economists, all that money is well spent. They contend the credit is doing what it was meant to do, encouraging a recovery in the housing market that is gathering steam. Analysts say the credit is directly responsible for several hundred thousand home sales. Skeptics argue that most of the money is going to people who would have bought a home anyway.

Watching for signs!

clipped from www.dispatch.com Home price index shows first quarterly gain in 3 years Tuesday,  August 25, 2009 9:22 AM ASSOCIATED PRESS NEW YORK -- A closely watched index shows home prices posted their first quarterly increase in three years, signaling the housing market has turned a corner. The Standard & Poor's/Case-Shiller's U.S. National Home Price Index released today rose nearly 3 percent from the first quarter, though was still down almost 15 percent from the second quarter last year. Home prices are at levels not seen since early 2003. The monthly index of 20 major cities increased 1.4 percent from May to June, the second straight month the index registered a gain. It was still 15 percent below June a year ago.

Upper Arlington Labor Day Arts Festival

Great fun for everyone with over 300 artists. Most popular item each year are the Amish made brooms... always a sell out. In addition you'll see beautiful ceramics, painting, photography & much more!

clipped from www.ua-ohio.net Date: Monday, September 7, 2009 Place: Northam Park, Upper Arlington Hours: 10:00 a.m. to 5:00 p.m. Admission: Free Welcome to the premier one-day arts festival in Ohio, the Upper Arlington Labor Day Arts Festival! Located in the 22 acres of Northam Park and presented by the City of Upper Arlington’s href="http://www.ua-ohio.net/parksrec/arts/default.asp">Cultural Arts Division, the Festival showcases the exceptional works of nearly 200 local, regional and national artists. Throughout the day, you can peruse a variety of art media including ceramics, glass, painting, photography, sculpture, wood and more. All artwork on display is available for purchase and we encourage you to take this opportunity to purchase a new piece of art for your home, or gifts for friends and family, to show your support for our participating artists.

Realtor Care Day 2009

The 5th Annual Realtor Care Day took place on
June 10th. The focus was on Columbus Housing Project's North of Broadway Community (NoBo), located along N. 21st between Mt. Vernon Ave. & E. Long St. Area agents & affiliates spent the day creating a community green space garden & vegetable garden, fence removal/relocation & beautifying various homes in the area.
This was the 2nd year I have served on the CBR committee, and I am so impressed with the dedication of so many individuals who make this event possible. In particular, this year I would like to thank Janet Thiede who volunteered many hours of her time to make this dream a reality. It is very gratifying to be part of this program!

Pleasures of Prescott Place

In February 2009, our team was hired to assist with the marketing of Prescott Place in Marble Cliff, OH. The decision to take on this project was not easy! The housing market was in a free fall and homes in this price range were not selling. The unique charm of this well-designed project combined with the confidence of a talented developer, Joel Pizzuti, convinced us to give it a try.

At the heart of Prescott Place is the historic manor house of Samuel Prescott Bush, great-grandfather of George W. Bush. The beauty, history & intricate craftsmanship of the mansion have been preserved by redesigning it into two homes. Surrounding the manor are 21 stunning homes in the Dutch Colonial style of the original mansion. The common elements of all the homes are superior materials, construction & style.

Of the 23 total units available for sale, nine have sold (including the south side of the manor house), and there are two additional units in contract.

The lesson... QUALITY SELLS... even in a difficult market. Sellers need to take a critical look at their homes and focus on enhancing features that attract buyers. In addition, any property needs to be marketed to the buying public. A good strategic plan can not be underestimated!

Want to learn more about Prescott Place? Give the "4forU" team with Real Living HER a call at 256-1670!

FIRST TIME HOMEBUYERS!

The latest report on the economic stimulus package is excellent news for first time homebuyers. It provides an $8,000 tax credit that does not have to be repaid and extends through Dec. 1, 2009. Unlike other proposals, this tax credit is fully refundable (claimable) regardless of an individual's tax liability. It is a true credit with no repayment provision!

This news, combined with historically low interest rates, should provide incentives to all first time buyers. Now more than ever, it's important to connect with a real estate agent who can present the myriad of opportunities for home ownership.

RESIDENTIAL HOME SALES

The Columbus Board of Realtors® released the monthly and annual home sales report this week. As expected, home sales were lower by 13.5% from the previous year and home sale prices dipped 5%. Home prices were significantly influenced by record high inventory levels, and more homes sold in the lower priced ranges.

"Yes, 2008 was a challenging year, but when you compare a 5 percent average price drop to other parts of the country, not to mention Ohio, it's clear why Columbus is consistently considered a stable market," said Gary Parsons, President of Columbus Board of Realtors

What about 2009? The key to returning balance to supply & demand is by reducing inventory levels which will lead to higher home prices. Historically low interest rates should prompt more buyers to return to the market.

Franklin County Events Calendar

With the new year comes resolutions! One of mine has been to update our Around Town blog more frequently with helpful information. This week, I'd like to introduce a useful site for updates on area events. Check out the Franklin County Events Calendar which can be personalized to receive weekly updates on activities that meet your specific interests.

Do you have a specific question for The "4forU" Team? We are 4 licensed real estate professionals with over 40 years combined experience. Each of us lives in a different part of Columbus and bring a unique set of skills to our business. We have a network of support to assist people relocating to Columbus and resources to assist buyers, sellers & current homeowners. Please feel free to post your questions or comments... and best wishes for 2009!

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!