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.