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.