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Columbus Still Top 10 Hottest Housing Market!

June 25, 2019 by The Columbus Team

Columbus was THE hottest housing market in March 2019, and has maintained its place in the Top 10 US cities with 10 of those months being in a Top 5 position.

The fact that Columbus is still a Top 10 housing market is not a surprise to those of us who live here and know what Columbus offers its residents. Exceptional food, fun events, sports, education, medical facilities, technology and a great environment for business are only some of the reason we love living here!

Columbus maintains a hot housing market!

(June 21, 2019 – Columbus OH) – Columbus, Ohio has remained in the list of top ten hottest real estate markets in America since March 2018, based on rising demand and how long it takes to sell a home.

In ten of those 15 months, Columbus ranked in the top five, rising to #1 in March of this year.

“We’re not surprised by the avid interest in homeownership in this area,” said John Myers, 2019 Columbus REALTORS® President. “Columbus is the fastest-growing metropolitan area in the Midwest. We offer a business-friendly environment as well as a plethora of things to do, events, entertainment, and an abundance of incredible culinary options. It’s not a shock that people want to live here!”

The 3,200 home sales last month in central Ohio was 5.6 percent higher than a year ago and over 20 percent more than April. Year to date, home sales are just 0.2 percent above the 2018 sales rate primarily due to the lack of inventory.

There were 4,397 homes newly listed for sale in May. Although a modest increase of 0.1 percent from a year ago, they jumped 18.5 percent from the previous month (April).

As a result of the new listings, total inventory increased 16.5 percent from April, but remained only 0.1 percent up higher than May of 2018 according to the Columbus REALTORS® Multiple Listing Service.

The ten school districts that saw the highest number of new listings in May included Columbus, South-Western, Olentangy, Dublin, Westerville, Hilliard, Pickerington, Upper Arlington, Worthington and Lancaster.

Not surprising, several of the above made the list of top ten school districts that saw the highest number of home sales – Columbus, South-Western, Hilliard, Dublin, Olentangy, Westerville, Pickerington, Worthington, Newark and Upper Arlington.

Prices continue to rise in central Ohio! The average sales price of a home sold in May was $253,531, up 7.8 percent from one year ago. The median sales price was $220,000, also up 7.8 percent from 2018.

“Although, increased home prices might seem like a deterrent, the drop in mortgage interest rates over the past three months means that housing affordability is the best it’s been in a year,” added Myers.

Current housing report – May 2019

Columbus REALTORS® is comprised of almost 8,000 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.

Advice for First Time Home Buyers

June 24, 2019 by The Columbus Team

Buying a house for the first time can churn up all kinds of emotions. From exhilarating to nerve-racking, it’s an experience that you will need to be prepared for. We’ve put together some advice for first time home buyers to make your purchase run as smoothly as possible.

An important step is to go see a lender. It’s easy to miss this step when you’re wrapped up in the excitement and anticipation of your first home, but meeting with a lender, or multiple lenders, to find the best financing option for you is vital to the process. (If you don’t know where to start, we have a list of reliable lender contacts)

Having a lender allows first-time homebuyers to have good negotiating power right from the start. Your lender can go over your credit history and provide you with helpful advice on how to handle any issues that may hold you back from purchasing. If your credit is good, lenders will pre-approve you for a home you can afford. This gives you the advantage of knowing just what your price range truly is and will help manage your expectations. A lender can tell you exactly how much you’ll have to put up for down payments and closing costs which allows you to present the best possible firm offer for a home you like. This is very attractive to sellers, especially in our current market.

Once you’re pre-approved, you will know the following:

The maximum price you can afford. This will allow you to make a firm offer as well as move quickly on a house that may get other bids.
How much money you need for down payment and closing costs.
How much the seller will need to help with closing costs, if necessary. Discussing closing costs from the beginning can ensure you don’t lose the home during negotiations.
If you have any credit issues and how you can resolve them.
If you have been pre-approved for the loan. This is very attractive to sellers.
That your paperwork has been submitted and processed. Therefore, you will not have lengthy waits for the bank to evaluate your credit, etc. when you’re ready to make an offer on a house.
How long it will take for final approval of your loan.

You now know what you can afford, what you can offer, and what you need to negotiate from the seller. As a first-time homebuyer, you’ll have the facts and be ready to purchase your home.

Now comes the fun part, shopping for your dream home!

We’re here to help first-time homebuyers. Contact our team today and we’ll walk you through each step of the process. We look forward to introducing you to your first home!

Make Your Home More Energy Efficient

June 10, 2019 by The Columbus Team

Many people are looking for ways to make their homes more energy efficient. The reasons vary from saving money on utility bills, helping the environment, and increasing the value of their home. Some of the ways to do this require significant changes to your home, and others can be smaller changes.

Invest in New Doors and Windows

While this is a major expense, getting new energy efficient windows and doors can really help with the utility bill. The latest windows are double paned and offer excellent insulation. Some options even come with tinting, another value-add to the efficiency. When it comes to doors, make sure you are choosing the right insulation for the Columbus climate. If you can’t afford new doors, adding an efficient storm door is a good alternative.

Replace Lightbulbs with LED bulbs

This is one of the easiest things to do. LED Bulbs are much more efficient than the old incandescent bulbs of the past. They are more expensive, but they also last much longer, making it a double money saver. You can buy LED bulbs for almost every lamp and lighting fixture you can purchase.

Check Your Insulation

If your home is not brand new, check your insulation. This is especially important if there were water leaks or damage to your roof. Insulation can settle if it is the fiberglass kind. So even if you had enough insulation when it was installed, it may not be enough now. You may only have to add to it and not completely replace it.

Install Energy Efficient Appliances

All new appliances are energy efficient, but even if you replaced your appliances five years ago, more efficient machines are out now. The biggest energy user besides a HVAC system is your clothes dryer. Replacing it can add significant savings to your energy bill. The other great thing about replacing appliances is that you can do them one at a time when your budget allows. Look for the Energy Star label on appliances.

Get a Tankless Water Heater

Think of all the energy you will save by not heating a bunch of water daily. Installing a tankless water heater means you have hot water only when you need it. Another advantage is there is a lot less chance of the water leaking from a tankless water heater than a traditional water heater. The tankless also takes up much less space. They are expensive to install, but long-term savings will outweigh this cost.

Making your home more energy efficient is a great selling point if you plan on selling your home in the future. Even if you aren’t planning to sell, making your home more energy efficient is a great way to save money. Doing all of these things will also help the environment because you are using less energy. Some of these improvements, such as installing energy efficient windows and doors, may qualify for a tax credit, check with your tax advisor or someone from our team.

Finding the Best Realtor Who Is the Right Fit For You

May 27, 2019 by The Columbus Team

You’re ready to sell or buy a home. You find yourself searching Google for “realtors near me”. Or perhaps you’re soliciting online advice from an agent listed on Zillow. In today’s technological world, it’s easy to spontaneously hire a realtor without getting to know them first.

What happens when you meet the realtor for the first time and discover it’s not the right fit? Finding the best realtor for you from the start is going to make the home purchasing process smoother. Or if you’re selling a home, it can mean a quicker sale and better price. Getting stuck in an agreement with a realtor who isn’t the right fit is the last thing anyone wants.

The relationship between you and your realtor is an important part of the home buying or selling process. A high stakes financial exchange is at the core of your relationship with this person. You need to know that your realtor has your best interest in mind.

How To Find the Right Realtor

Do your research to find a realtor who is the right fit for you. Here are some recommended action steps:

Ask your family and friends for references. If you’re moving to a new city, ask your new colleagues or parents at your children’s new school for a referral.

Check online references. Go through the realtor’s website, read Google and Yelp reviews. Watch for comments that speak to the professional’s expertise and knowledge of the communities in which you’re purchasing or selling a home.

Go to open houses to meet realtors. This is a great way to see them in action and see how they interact with potential buyers. Ask good questions to determine if they would work well with you on the selling or buying of a home.

If you’re not ready to buy or sell, don’t commit to a realtor until you are. It’s better they know when you’re ready to take action. Remember, a realtor is getting paid a commission based on a sale so you don’t want to waste everyone’s time if you’re not ready. At the same time, don’t get pressured into moving too quickly.

What To Look For in a Realtor

Is the realtor an active listener? Experienced real estate professionals will likely have many more ideas than you could imagine about the purchase or sale of a home. That’s what they’re getting paid for, they’re the experts. However, if the realtor you’re considering working with isn’t also actively listening to what you want, it may not be the right fit. Have an initial in-person meeting or phone consult to determine if the realtor understands what you’re looking for in a new home or the sale of your current home.

Have you anticipated what the home sale process will be like for your weekly routine? Ask your prospective realtor what the plan of action is for selling your house and/or helping you purchase a new home. Learn what their expectations for showings, open houses, etc. And also, be upfront about the flexibility of your schedule, etc. Make sure that you and the realtor are going to work well together. Remember the home sale process can take several months. Know that you can work with the plan you and your realtor set up to make the sale happen.

We understand the work and emotions that go into buying or selling a home. The last thing you want is to be in an agreement with a real estate agent that isn’t attentive to what you’re looking for. A relationship with a realtor is a two-way street. Make sure you’re a good fit for each other so that you find the right home and/or get the most out of one you’re selling.

At The Columbus Team, our experienced agents will guide you through the home buying and selling process from start to finish. But more than that, we’re committed to ensuring you’re with the right realtor. Listening closely to your needs and preferences is of utmost importance. Each of our agents is dedicated to helping you accomplish your individual real estate goals. Contact us to meet find out if our team is the right fit for you.

First-Time Homebuyer Savings Act

May 22, 2019 by The Columbus Team

On April 30th 2019, Senators Theresa Gavarone & Bob Peterson introduced Senate Bill 139 in the Ohio Senate to create a tax deductive savings account for Ohioans. This Ohio income Tax Deduction is designed to help empower Ohioans to prepare for homeownership in a meaningful way, with a tax-free savings account. With 8 in 10 non-homeowners reporting that affordability is a barrier to home ownership, this Bill may help ensure the American Dream of homeownership by creating a way for families to save for their loved ones. Details in the Bill include the following:

Contributions:

Annual maximum contribution is $5K for single person and $10K for married people
Max 15-year cumulative contribution amount is $50K for single and $100K for married people
Contributions plus interest are tax deductible

Management

Account is self-managed; banks have no liability or responsibility of management

Penalties

Withdraw penalty is 10%

Exceptions

Account holder death or disability
Bankruptcy
Monies transferred from 1FHBSA to another FHBSA
Financial Institution fees

Ohio REALTORS® reports that transitioning from a renter to homeowner brings a marginal increase in consumer spending for goods and services with an estimated $97 million in economic activity in Ohio and $25K per transaction in construction-related economic activity in the state from newly constructed housing units. As REALTORS®, we believe home-ownership strengthens our communities, helps build generational wealth and also stimulates our local and state economies.

Senate Bill 139 has been referred to the Ways and Means Committee with the first hearing to have taken place on May 21, 2019. Stay tuned for updates from The Ohio Legislature!