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Ohio Residential Property Disclosure FAQs

If you’ve never sold a home before, you may be unfamiliar with real estate disclosures. Also known as Residential Property Disclosures, this is a legally binding document filled out by sellers for buyers to review. It is required by the state of Ohio in almost all residential sales and is typically completed with all other listing paperwork.

First-time sellers probably have a lot of questions about this document. Here are a few things you need to know. Also, remember that one of our expert agents will help you every step of the way during your home sale!

What is a Residential Property Disclosure?

A Residential Property Disclosure or real estate disclosure is a form that accurately describes the condition of a property. It includes questions, checkboxes, and spaces for sellers to provide further detail. The questions are about the integrity of the structure and its interior systems.

What is the purpose of a Residential Property Disclosure?

A Residential Property Disclosure is important because it provides details about a property. The document’s purpose is to alert potential homeowners to any known problems with the house. Buyers have the right to know what they are purchasing, so almost all sellers are required to fill out this form.

What needs to be included in the Residential Property Disclosure?

Any items that are not in working order or that make the property unsafe must be disclosed. However, Ohio disclosure law requires sellers to only disclose items they are aware of. You will not need an inspection to complete the form, only your knowledge of the property. This includes things like neighborhood nuisances, safety hazards, water damage, and anything that has  needed repairs.

When is an Ohio Residential Property Disclosure necessary?

Ohio law requires sellers to fill out a real estate disclosure. There are certain circumstances, however, where it is not needed. For example, when a property is a foreclosure, is being transferred directly between owners, or when a property is transferred to or from a governmental agency. These are some instances where a real estate disclosure is not necessary. If you are confused about whether you need to fill one out, ask your REALTOR!

What happens if a seller lies on the Property Disclosure?

You do not want to lie on a real estate disclosure. Sellers who willfully cover up information about their property can be sued and even convicted of a crime. Also, because a residential property disclosure offers information about issues that can go unnoticed, buyers can rescind their contract after receiving the form. However, the rescission must be before closing, within 30 days of signing the purchase contract, and within three days of receiving the form itself.

If you have any questions or concerns about completing your own real estate disclosures, you can always talk to one of our REALTORS. Don’t hesitate to reach out to us!

Central Ohio Housing Report – July 2021

Last month saw double digit increases in homes coming on the market which helped many patient buyers finally find the homes they’ve been waiting for! Sales did not see a corresponding bump which suggests the fall market may see a change in the fast pace of the past year. Continue reading for the full market report in central Ohio…

More inventory, fewer sales!

For the fourth consecutive month, new listings increased by over 20 percent. Given the lack of inventory needed to meet demand for the last few years, double-digit increases in new listings have been accompanied by a corresponding increase in home sales.

But that wasn’t the case in July according to the Columbus REALTORS® Multiple Listing Service.

There were 4,612 homes added to the central Ohio market last month, which was an increase of 21.0 percent from last year. However, at 3,630, the number of home sales only increased 2.7 percent – a marked change from the double-digit increases seen in eight of the last 10 months.

“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” said Michael Jones, 2021 President, Columbus REALTORS®. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.”

The average price of a home sold in July was $313,737, up 12.8 percent from July of 2020. The median sale price was up 12.2 percent to $275,000.

Thus far in 2021, just under five percent of homes listed had list price increases prior to sale. However, 12.6 percent of homes needed a decrease in the list price in order to sell.

These price adjustments have trended down since the beginning of the year. Last month, just under 15 percent of homes saw price adjustments, whereas in January, 27.2 percent of homes had an adjustment to their price prior to sale.

“As REALTORS®, we recommend pricing a home at market value, usually a value that will appraise,” said Jones. “If the current market supports a higher value, we’ll see that in the offers.”

The time it took to sell a home remained at 11 days last month.

Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 12 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 15 days, and homes over $700,000 were on the market for an average of 18 days.

For the first seven months of 2021, homes have sold in an average of 17 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 18 days. Homes between $500,000 and $700,000 took 27 days to sell and homes over $700,000 sold in an average of 40 days.

July 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
 
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.

What is a Barndominium House Style?

Barndominium Exterior - What is a Barndominium House Style?

What is a Barndominium?

New trends are constantly popping up in the housing market. One of the most recent is the Barndominium” or “Barndo.” Combining the words “barn” and “condominium,” this new style is great for people looking for a space that’s affordable and easy to maintain.

Many homeowners are refurbishing old barns while others are doing new builds in the spirit of big barns. The goal is for the building to encompass a deluxe home with a large garage, workspace, studio, etc. attached. The trend started in 2016 and usually consists of open designs that are easily customized.

Why Buy a Barndominium?

There are several benefits to bardominiums that make them attractive to homeowners. Because these barns were created for commercial and industrial use, it is inexpensive and quick to convert them. Also, if you find yourself wanting more space after your initial build, it is easy to modify barndominiums. Most of these buildings are made from metal, which is easy to find and work with, as well as cheap.

Barndominium Exterior - Why Buy a Barndominium?

The History of the Barndominium

The barndominium trend became popular in rural Texas and has since spread to the Midwest. They are usually found in upscale rural areas. Because barndos are so quick and cheap to build, people will often use them as temporary housing while building a traditional house. They are also great, however, as a permanent home.

Barndominium Interior - Furnishing a Barndominum

Furnishing a Barndominum

If you are looking to make a barndominium your home, then there are a number of ways to furnish it. Because barndos often consist of high ceilings and open spaces, it is better to use large furniture. These buildings are also incredibly versatile, so the sky is the limit when it comes to customization.

Building a Barndominium

Barndominium Interior - Building a Barndominium

If you’re looking to live in a more rural place and want something quick and easy to build, then a barndominium is for you. Because they’re made from metal, it is easy to customize the space to fit your needs. With high ceilings and open spaces, you can design the area exactly how you want. Whether you are looking for a temporary place to live while waiting to build a more traditional home, or you are searching for your forever home, the barndos can fit your needs.

Our team is here to help you find what you want! If a barndominium sounds like the home for you, don’t hesitate to reach out to us!

Central Ohio Housing Report – June 2021

The Central Ohio real estate market set more records in June!

“Ten years ago, it took almost 100 days to sell a home priced between $350,000 and $500,000. Last month, it took an average of ten days!”

There is also good news for buyers; more new listings that came on the market resulted in the highest number of homes sold on record during any single month! We expect the number of homes being listed to continue to increase going into fall.

Record sales at record prices in record time!

A healthy influx of new listings in June resulted in the highest number of homes sold on record during any single month. There were 3,644 homes closed during this busy summer month, which was 15.6 percent higher than last year and 21.3 percent higher than May.

For the first half of 2021, home sales are also at a record high of 16,033 and 12.6 percent higher than last year according to the Columbus REALTORS® Multiple Listing Service.

“Over the last year, we’ve averaged about 3,000 new listings each month”, said Michael Jones, 2021 President of Columbus REALTORS®. “But last month, we had 4,359 homes added to the market for sale. This was quite the boon for motivated buyers who acted quickly to put them in contract!”

Homes that went into contract in June set another record which, combined with the increase in new listings, suggest strong homes sales in July.
 
The average price of a home sold in June was $316,207, an increase of 15.8 percent from a year ago. The median sale price was $275,000, an increase of 14.1 percent over June 2020.
 
Year to date, homes sold during the first six months of 2021 sold at an average of $292,860 which is 15.9 percent ahead of last year. The median sale price of $251,000 is 13.1 percent higher than a year ago during the same period.

Not only were new listing and sales activity strong last month, but the time it took to put a home in contract dropped to an all-time low of 11 days in June 2021.
 
Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 10 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 19 days, and homes over $700,000 were on the market for an average of 40 days.
 
For the first half of the year, homes have sold in an average of 18 days. Breaking this down by price range, homes under $350,000 sold in an average of 15 days. Homes priced $350,000 -$500,000 took 20 days. Homes between $500,000 and $700,000 took 30 days to sell and homes over $700,000 sold in an average of 45 days.
 
“Although homes under $350,000 have always been in high demand, we’re seeing significantly increased interest for homes in the higher price ranges this year,” added Jones. “And as demand is higher, most homes are selling more quickly.”
 
“Ten years ago, it took almost 100 days to sell a home priced between $350,000 and $500,000. Last month, it took an average of ten days!”

June 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
 
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.