Barnett Realty Blog

Fix Wet Basement Problems

2011-05-18T13:02:00.000-04:00

And still the rain continues, so the concern about moisture in the basement continues. Here is some information about wet basement problems.

What's the water source

If your basement smells musty, looks moldy, or sports little puddles after every rain, you've got a wet basement problem. Long-term dampness will damage trim and finishes, and erode framing and foundations--problems that would cost thousands to fix. In addition, damp basements promote mold and mildew (http://www.houselogic.com/articles/how-eliminate-mold-your-home/), which can harm your health.

Moisture in a wet basement comes from three main sources:

•Groundwater: Lives within pockets beneath the earth's surface; can seep through unsealed concrete slabs, form puddles, or just cause that wet basement feel.

•Precipitation: Rain, snow, sleet, and melted hail that flow into basements under doors or through poorly sealed windows.

•Hydrostatic pressure: Water-soaked soil that pushes moisture through walls and floors and produces a wet basement.

Fix a wet basement's water woes

The best way to stop water flow into your basement is to solve the root cause. Sometimes the solution is easy, like extending downspouts or grading property so water runs away from your house.

Sometimes it's harder to fix wet basement problems.
If your wet basement is caused by hydrostatic pressure, excavate around the foundation's perimeter and install a drainage system (http://www.houselogic.com/articles/7-signs-you-may-have-a-drainage-problem/) and waterproofing membrane. These reduce pressure against the structure and blocks water from seeping through the walls and causing a wet basement. A professional can do the job for $5,000 or more.

If you can't afford the outside-in water treatment for your wet basement, solve the problem from the inside out. Working from inside your basement, cover all foundation cracks, framing joints, and floors with a brush-on, waterproofing sealant. This DIY project typically costs $1,700 for a 20-by-30-foot basement.

Sump pumps to the rescue
A sump pump, which removes water from a sump pit in the ground, is your best defense against seeping groundwater or minor floods. (If major floods are frequent problems, don't finish your basement.)

When the sump pit fills, the pump automatically engages and shoots water into drains or other areas that flow away from the house. Professional installation, including wiring to a dedicated circuit, costs $2,000 to $6,000. Always keep a battery-powered, backup pump around ($300) in case the power goes out during a storm.?

Thank you to Rich Binsacca, the author of 12 books on home-related topics and a contributing editor for Builder and EcoHome magazines who provided details for this post through NAR. He has written articles for Remodeling, Home, and Architectural Record

Price Comparison Tool

2011-04-12T15:51:00.003-04:00

Do you shop at places that offer price match (you know, like Best Buy)? If so, this app is a must and will save you a ton. Simply scan the item's barcode and it shows the prices of competitors. Stores like Best Buy usually match the lowest price at check out. For more details visit www.pic2shop.com

2010 Central Ohio Home Sales Show Market Improvement

2011-01-25T11:18:00.001-05:00

Home sales statistics for central Ohio in 2010 showed marked improvements compared to previous years according to the
Columbus Board of REALTORS® (CBR).

The average sale price of a home in 2010 was $158,893, just 0.6 percent lower than the average price of homes sold in 2009.

However, the average price of homes sold in 2009 was 2.4 percent lower than 2008 which was 5.1 percent lower than 2007.

“Our market saw average sale price increases for eight of the 12 months of 2010,” says CBR’s 2011 President Rick Benjamin. “As we’ve experienced annual decreases in our average sale price since 2005, we see ending the year just half a point lower than 2009 as a positive for central Ohio homeowners.”

The 1,460 homes sold in December 2010 is just 0.3 percent lower than the number of homes sold in December of 2009. Annual 2010 home sales (19,676) finished 2.8 percent behind 2009 (20,235).

“There’s no question the home buyer tax credits had a significant affect on last year’s home sales,” adds Benjamin. “Providing home buyers with a substantial monetary incentive really helped to energize the market in the first half of 2010.”

“Homes in contract (which are expected to close in January or February) are up slightly from the previous year suggesting that home sales in the first of the year could be strong.”

Homes spent an average of 90 days on the market, a reduction of seven days from the average time to sell a home in 2009.

In December 2010, the month's supply of homes was down to 9.93, the lowest since last June. Month's supply is the ratio of inventory to sales which takes into account both supply and demand. A healthy market has a 6.5 to 7-month supply of homes, meaning if no new homes were added to the market, it would take about 6.5 or 7 months to sell all the available homes.

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champaign, Clark, Fairfield, Hocking, Knox, Licking, Logan, Marion, Muskingham, Perry
and Ross Counties.

Columbus Ranked 5th Most Relaxed City in America

2011-01-12T09:43:00.002-05:00

America's Most Relaxed Cities

The coasts and the Midwest lay claim to most of the country's chill-out capitals.
By Francesca Levy, Forbes.com
Nov 5, 2010

If you're having trouble relaxing, it might be because you're living in the wrong city. Places with high unemployment, heavy traffic and long working hours can be physically painful to live in: Stressful environments can take their toll on your health, causing everything from headaches and back pain to high blood pressure and heart disease.

So where can you go to escape the rat race? If you're searching for a mellow metro in the nation, head for the Minneapolis-St. Paul, Minn., metro area. The Twin Cities rank No. 1 on our list of America's Most Relaxed Cities.

To pinpoint the cities where stress is lowest, we examined the country's largest 40 largest Metropolitan Statistical Areas, measuring them on six metrics that are closely correlated with stress, or that result from stress. First, we used data from the Bureau of Labor Statistics to score metros based on their unemployment rates--lower unemployment ranks a city higher on our list. Then we used data from the 2008 American Community Survey, conducted by the U.S. Census Bureau, to look at several other data points, including how many commuters spend an hour or more in traffic on the way to work, and the average weekly hours people spend at work. Metros where commuters have more free time away from these stressful activities rank higher.

Since physical health is closely tied to emotional health and stress, we also ranked metros on health factors, including whether most residents had any access to health care and how they rated their overall health, using data from the Centers for Disease Control and Prevention. Finally, because exercise is proven to reduce stress, we scored cities higher if more residents reported getting any kind of workout in the past month, using CDC data.

In No. 1-ranked Minneapolis-St. Paul, joblessness isn't the stress-inducer it is elsewhere: At 7%, the unemployment rate is well below the 9.6% national average. Fewer than 5% of workers spend their mornings stuck in traffic, and 84% of the population reported recent exercise--the best workout rate of any city we surveyed. The metro also scored well for its high percentage of inhabitants that have medical coverage and good general physical health.

Another friendly Midwestern city, Milwaukee, Wis., takes second place. Milwaukee pulls ahead of other large metros in part because of its healthy work-life balance. The city boasts great commute times and short working hours. Just over 96% of its residents take less than an hour to get to work, and the average amount of time spent toiling away is among the lowest in the country, a manageable 38.4 hours per week.

Four cities that make the list are known for residents who love the outdoors. Portland, Ore. (No. 4), Denver, Colo. (No. 6), Seattle, Wash. (No.7) and San Jose, Calif. (No. 10) have all benefited from abundant opportunities to commune with nature, and exercise rates in all three cities are higher than most.

The effect of exercise on stress shouldn't be underestimated, says Kathleen Grace Santor M.Ed., Ed.S., a therapist and founder of the Stress Management Center of Nevada. "When you're chronically stressed out, you've got this ongoing flow of stress hormones in your bloodstream. It triggers a fight-or-flight instinct, but instead we sit and stew in those juices," she says. "Exercise is a marvelous way of tricking your body into thinking you're fighting or fleeing, and burning off those juices."

The other cities on the list include Columbus, Ohio, (No. 5.), where less than 4% of the population has a long commute, and Boston, Mass., (No. 3), which boasts healthy residents and world-class health care infrastructure.

Bringing the rest of the country's stress level down to that of these calm cities starts with making stress-reduction techniques an everyday practice, rather than an obscure fad, says Santor.

"There needs to be some kind of a mainstream way of coping with stress," she says. "It's not part of the mainstream to cope with stress; it's part of the mainstream to talk about how stressed out you are."

America's Most Relaxing Cities

No. 1 Minneapolis-St.Paul
Metropolitan/Micropolitan Statistical Area: Minneapolis-St. Paul-Bloomington, Minn./Wis.
Population: 3,197,225
Unemployment Rank: 2
Commute Time Rank: 7
Working Hours Rank: 2
Health Care Rank: 2
Health Status Rank: 1
Exercise Rank: 1

No. 2 Milwaukee, Wis.
Metropolitan/Micropolitan Statistical Area: Milwaukee-Waukesha-West Allis, Wis.
Population: 1,543,802
Unemployment Rank: 13
Commute Time Rank: 1
Working Hours Rank: 2
Health Care Rank: 4
Health Status Rank: 17
Exercise Rank: 15

No. 3 Boston, Mass
Metropolitan/Micropolitan Statistical Area: Boston-Cambridge-Quincy, Mass./N.H.
Population: 4,494,144
Unemployment Rank: 7
Commute Time Rank: 32
Working Hours Rank: 8
Health Care Rank: 1
Health Status Rank: 5
Exercise Rank: 10

No. 4 Portland, Ore.
Metropolitan/Micropolitan Statistical Area: Portland-Vancouver-Hillsboro, Ore./Wash.
Population: 2,166,809
Unemployment Rank: 24
Commute Time Rank: 16
Working Hours Rank: 9
Health Care Rank: 23
Health Status Rank: 3
Exercise Rank: 2

No. 5 Columbus, Ohio
Metropolitan/Micropolitan Statistical Area: Columbus, Ohio
Population: 1,752,870
Unemployment Rank: 18
Commute Time Rank: 3
Working Hours Rank: 16
Health Care Rank: 14
Health Status Rank: 14
Exercise Rank: 13

In Honor Of You...

2010-12-02T12:56:00.001-05:00

BARNETT REALTY is making a donation this holiday season in honor of our clients, as well as our blog and facebook fans. The Barnett Realty staff is donating $25 Kroger Food cards to Jewish Family Services of Columbus (www.jfscolumbus.org) to help Columbus individuals and families who need food and supplies for this holiday season. The need is great, as many families of all faiths, need some help this year.

Feel like joining us? Drop off or mail gift cards (food, pharmacy, major retail stores) to our office (2404 E. Main Street, Columbus, OH 43209) and we will forward them on to JFS.

Thank you and enjoy the wonderful season, knowing you have helped other families.

Improve Your Credit Score Before Searching for a Home

2010-12-02T09:20:00.001-05:00

By Paige Tepping (Thank You Real Estate News)

RISMEDIA, October 16, 2010--Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home.

According to the experts at Buy-and-Sell-House-Fast.com, the following tips will help you improve your credit and should be taken before you begin your home search.

The first critical step in taking care of your credit is to check your credit report. Unfortunately, many people fail to take this all important first step. Instead, they wait until they have applied for a mortgage loan to find out from the lender that there are problems with their credit scores.

By checking your credit score before you apply for a mortgage loan, you gain the opportunity to find out if there are problems which you can correct and discrepancies that need to be removed. When you check your credit report, make sure you check all three of the national credit reporting agencies: Experian, Trans-Union and EquiFax.

Review your credit report carefully for items that may be erroneous. If you believe that an item on your credit report is reported in error, you have the right to contest it. To do so, you will need to contact the credit reporting agency and explain why you believe the item is inaccurate. Supporting documentation such as receipts and cancelled checks can help your claim. Alternatively, you can engage a credit report repair services firm to fix your credit report.

If there are derogatory items on your credit report that are accurate but which could cause problems in your loan application, you cannot have them removed; however, you can take positive steps to counteract them. In the event that you have missed payments in the past, take steps now to get your bills current. Even if it means tapping into money that you might be planning to use for a down payment, it is essential that you get your accounts current and keep them that way. Begin by immediately making your payments on time. There is nothing which can lower your credit score more quickly than late payments. Ideally, make an attempt to begin sending in your payments a few days ahead of time to make sure they arrive on time and you do not have any more late payments on your record. If necessary, begin taking advantage of electronic payments in order to make sure your payments are made on time. Over time, this can make significant difference.

Keep in mind that eradicating all of your credit balances is really not the solution. In fact, credit can be your friend when you are looking to make a big purchase such as a home. The key is to make sure your credit is positive, not negative. Toward that end, avoid actually closing out your accounts. Instead, make an effort to pay down your balances and keep them paid down well below the minimum or completely paid off, but do not close the account. When your lender runs your credit to make a decision on your mortgage application, he or she will want to see that you have had a long credit management history.

After reviewing your credit history, if you see that most, if not all of your credit cards are maxed out or nearly maxed out, it is time to sit down and plan an aggressive strategy for paying some of them down. One of the critical factors that often determine your ability to be approved for a mortgage loan is your debt to income ratio. In addition, high credit card balances can drag down your credit score. Therefore, it is important to look at paying off some of your balances.

It is generally better to begin with your highest-rate balances first. Many consumers are tempted to move around balances when they receive an offer from another bank that is good; however, before you do this, remember that the worst thing you can do when you are trying to make a major purchase is to open new accounts.

By following these guidelines, you can improve your credit score and improve your chances of being approved for your home mortgage loan.

Welcome Our Newest Member - Jeff Buren

2010-11-29T13:12:00.001-05:00

Jeff Buren Bio:

Owners who have worked with me achieved on average 99.6% of their listed price and buyers who used me paid only 88.9% of the asking price. How do I account for the difference? My clients will tell you that I am a calculating negotiator who is passionate about providing a level of service that is hard to match. They have described me as “responsive, aggressive”…“professional and knowledgeable”. My goal in every experience is to so exceed your level of expectation that you’ll never consider working with another Realtor again.

I grew up in Dayton, OH and attended Ohio State University where I met my wife Meagan. In 2003 we moved to Washington DC where I began my own real estate investment business, renovating and renting single family homes. In pursuit of my passion in 2007 I joined Washington Fine Properties an elite carriage trade real estate firm in Washington’s famous Georgetown neighborhood. There I was mentored by the founding partner of the firm, William FX Moody. As a team we listed and sold residential properties ranging from the low 800k's to $10+ million dollar estates, including Bellapais, the largest remaining private estate on the Potomac and part of George Washington’s River Farm. Furthermore, I managed the restoration of multiple estates ranging from $1-12 million on Florida’s historic Palm Beach Island, Wenham, MA and Washington DC.

In addition to my training and experience in the industry, and to attest to my ability to promote your listing online (where 85% of buyers will look at it for the first time) I was recently named the Weichert Realtors Technology Czar at our Arlington, VA branch, in a firm with over 18,000 agents. Since I have been licensed I have maintained an impeccable record with the National Association of Realtors, the Washington D.C. Board of Realtors, the Northern Virginia Association of Realtors, the Virginia Real Estate Board, the Ohio Association of Realtors and the Columbus Board of Realtors.

Today I am excited to be pursuing excellence with Barnett Realty, a boutique real estate firm in Columbus, OH. Barnett Realty is a beacon of honesty, integrity and customer service; cornerstones of any good business and values that my clients expect and deserve. Moving forward in today's market is more complex than ever, and I am both proud and comforted to be backed by the true professionals at Barnett Realty

Experts Answer Tough Questions About Becoming a Landlord (Larry Katz from our office interviewed)

2010-11-16T10:27:00.000-05:00

When homeowners approach Larry Katz about renting out their house, the property manager suggests they watch the movie Pacific Heights, the 1990 thriller featuring Michael Keaton as a tenant from hell.

Katz, the manager of Columbus Best Rentals, is only partly joking. His company, he says, has an excellent track record for finding good tenants. But he also wants clients to know there's no guarantee that a bad tenant won't slip through the screening process.

"The most important thing, no matter who does it, is getting a good tenant," Katz said. "That is the make-it-or-break-it."

The other great challenge: keeping a good tenant.

Homeowners who are considering renting out their house "need to think seriously about this," cautioned Jeff Brader, president of the Ohio Mortgage Bankers Association.

For homeowners pondering such a move, Katz, Brader and several other experts provided answers to key questions.

Can you legally rent the home?

Many condominium and homeowner associations restrict the number of homes that can be rented. Before doing anything, check with your association.

Likewise, read your mortgage. Some, including Federal Housing Administration mortgages, require the homeowner to occupy the home for a certain length of time, typically a year, after signing the mortgage.

In addition, some homebuyer-assistance programs, such as some administered by the Ohio Housing Finance Agency, require that participants live in the home.

Some federal programs, notably the $8,000 first-time homebuyer tax credit program, also require participants to live in the home for a certain period.

Can you make enough in rent to offset the mortgage and expenses?

The short answer: Don't count on it. Every homeowner's financial situation is different, but keep in mind that in addition to your mortgage, property tax and insurance, you now will probably have a monthly management fee to pay.

Managers say finding good tenants able to pay up to $1,500 a month is easy, but above $2,000, the pool thins out quickly, so if you need to make $2,500 or $3,000 a month to break even, you'll have a hard time finding a tenant.

Most property managers can give you a good idea of what your home will rent for.

Some websites, such as Metro-Rentals.com and RentalHouses.com, also can provide a good benchmark of what homes in a given neighborhood are fetching.

The old rule of thumb that a home can rent for 1 percent of its estimated value is no longer valid; managers say it's closer to 0.66 percent but varies widely depending on the condition of the home, competition in the neighborhood and other factors.

Are there many good tenants out there?

Companies that manage rental homes say there are plenty of solid tenants among job transfers (who might be trying to sell their own home), former homeowners whose credit is too poor to get a loan but whose income is plenty for a rental, and, of course, those who rent by choice.

How do I find a tenant?

In addition to newspaper classified ads and websites such as Craigslist, homes can be advertised on specialty sites such as RentalHouse.com and Metro-Rentals.com.

Homeowners should ask prospective tenants for their rental history and current pay statements, as well as whether they have a criminal record. Franklin County Municipal Court records can be searched at www.fcmc

clerk.com/case.

Homeowners should consider having a lawyer draft a rental agreement spelling out the tenant's and landlord's responsibilities.

In addition, homeowners should thoroughly document the condition of the home with a camera to help resolve any disputes about security deposits.

Should you hire a property management firm?

If you are confident in your tenant and you live nearby and don't mind midnight plumbing emergencies, you might manage fine without a property manager.

But if you live out of town, don't have a surefire tenant and don't want the headaches of being an absentee landlord, hiring a property manager is money well-spent. After an initial fee of a half- to a full month's rent, managers typically charge $79 a month to 10 percent of the monthly rent.

For that money, property managers advertise the home, screen tenants, collect rent, take care of routine maintenance and, if needed, evict tenants. For additional expense, managers can mow grass, pay bills, shovel driveways or perform other specific tasks.

How do I choose a property manager?

Property managers do not have a special license in Ohio but must be a licensed real-estate brokerage. Some also carry a professional designation such as certified property manager, proving that they have been trained in the field.

Ask prospective managers how long they've been in the business; how they advertise their properties; how they screen prospective tenants; whether they direct deposit rental income into a homeowner's account; how they protect against property damage; how they handle evictions; and whether they provide a monthly or annual statement to the homeowner.

What happens if a furnace or something big breaks?

Property managers vary on how they handle major expenses, but most will act on routine maintenance under a certain threshold, say $400 or $500, and deduct the cost from rent payments.

For major problems, they will typically contact the homeowner.

What about the bills?

Homeowners typically cancel phone and cable contracts when they move, leaving it up to the tenant to get such service. Gas and electric bills are customarily transferred to the tenant's name.

Water bills also may be transferred to the tenant's name, but keep in mind that no matter whose name the water bill is in, it must be paid or the city could shut off water to the property.

Will renting out a home jeopardize my chance of buying another home?

It could. If your income is enough to cover two mortgages, you should be fine, but that's rarely the case. If you have an FHA loan, you will find it harder to get a second loan if you rent out your first home.

Even for conventional loans, lenders can request six months worth of reserves on both mortgages, an established track record of consistent rental income, or rent income 25 percent above your principal, interest and tax payments.

How long should you plan to rent?

How long will housing remain depressed? No one knows. But there are two important things to consider.

If you have good tenants, managers strongly suggest keeping them, even if it means signing a two- or three-year lease. The longer you rent, however, the greater your tax risk.

What are the tax implications of renting?

Tax implications are complex enough and important enough to warrant a trip to an accountant. But keep a few things in mind. For starters, there are capital gains: the taxes paid on the difference between what you paid for the property and what you sold it for (assuming you sold for a gain).

To qualify for skipping most capital-gains taxes, homeowners must have lived in the home for two of the previous five years, so if you rent the house out for at least three of those five years, you are subject to capital gains. (There are limits on how much you can skip, but few sellers today have to worry about hitting the limits.)

On the other hand, renting out a home does bring tax advantages. Any expenses associated with renting, such as management fees and maintenance costs, in addition to standard deductions of property taxes and interest payments, can be deducted against any rent collected. A home also can depreciate if it is rented, allowing the depreciated amount to be deducted from taxes.

When the home is sold, however, the amount the home has depreciated is deducted against what was paid for the property, which will determine the tax liability.

Byline: By Jim Weiker

The Columbus Dispatch Illustration: IllustrationCaption: CHARLIE ZIMKUS / DISPATCH "HOME for RENT" illustration
jweiker@dispatch.com

Sources:

Information for this article was compiled from interviews with Jeff Brader, president of the Ohio Mortgage Brokers Association and executive vice president of Concord Mortgage Group in Westerville; Ken Danter, president of the Danter Co.; Jack DeBaar, owner of Beacon Property Management and Realty; Nathan Filia, owner of Golden Gate Real Estate; Sean Hinely, owner of ColumbusRealEstatePros.com; Ted Johnson, an accountant with Parms & Co.; and Larry Katz, manager of Columbus Best Rentals.

Home Values Continue To Rise

2010-10-27T09:33:00.002-04:00

Home values continue to rise which is good news for central Ohio. The average sale price for the first nine months of the year is $161,204 up 7.4 percent from the beginning of 2010 according to the Columbus Board of REALTORS®.

There were fewer homes listed for sale last month than is customary for September. Over the last five years, there was an average of 3,710 homes added to the market during the month of September. However, last month only 2,997 residential homes were added to the already elevated inventory in central Ohio.

Although slightly lower than August, the total residential listings in September (16,728) was still higher than it’s been since August of 2008 when the inventory level rose to 16,975.

“Inventory levels had come down over the last year and a half – which is what we were working towards,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “When inventory levels are too high, the increased competition forces some homeowners to sell at prices that are too low which in turn often affects the values of other neighboring homes.”

“In order to re-balance the market, we either need the inventory to decrease or the number of buyers to increase. And since the tax credit incentives brought many buyers into the market earlier than we would have seen otherwise, we have a smaller pool of potential home buyers to absorb the inventory now.”

Home sales were down 28.4 percent in September and the number of homes that went into contract was also down almost 25 percent which doesn’t bode went for October home sales.

“When comparing sales figures to the previous year, we need to remember that home sales have been elevated since April of 2008 due to the tax credits,” adds Lusk-Gleich. “Even so, sales are still up four percent year to date.”

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, and Ross Counties.

City of Bexley - Average Property Prices

2010-10-19T14:08:00.004-04:00

"The best-performing municipality, Bexley, had a 5 percent increase in sales price - about 1 percent a year.
"For example, a three-bedroom home on Bexley Park Road that sold in September 2004 for $314,000 sold a year ago for $339,000." Mike Carruthers, a real estate agent was also quoted as saying, "Bexley also has great schools, great neighborhoods, proximity to Downtown - all of that." According to the Dispatch article, "Bexley was one of just two areas examined that yielded price gains."

Mayor's Corner For City of Bexley

Barnett Realty has seen many homes sold within this year as well. Check out our website to see all of the homes that we have sold!

State of Ohio announces new program - Restoring Stability - for struggling homeowners

2010-10-13T14:56:00.000-04:00

Posted: 10/7/2010
Columbus Board of REALTORS®

Ohio has been awarded $320 million from the U.S. Department of Treasury’s Hardest-Hit Fund to help homeowners avoid foreclosure. The Ohio Housing Finance Agency (OHFA) will administer Restoring Stability: A Save the Dream Ohio Initiative, to help an estimated 26,000 families who are at high risk of default or foreclosure. These new resources will help people, especially unemployed homeowners, who haven’t been able to use existing foreclosure prevention programs.

Homeowners may begin submitting applications online or over the phone on Sept. 27, 2010 through www.savethedream. ohio.gov and 1-888-404-4674. For faster service, homeowners are encouraged to visit the web site to begin the registration process so their information may be immediately forwarded to a specialized housing counselor in their local area. All applicants will be referred to housing counseling agencies who will then work with homeowners throughout Ohio to help them qualify for assistance. A list of the participating housing counseling agencies is posted on OHFA’s web site at www.ohiohome.org.Ohio designed four programs to help homeowners who have a temporary or permanent reduction in income. Programs will include:
Rescue Payment Assistance Program – will provide a payment to the mortgage lender to help delinquent borrowers become current on their first mortgage

Partial Mortgage Payment Assistance Program – will provide up to 15 months of assistance for unemployed homeowners while they search for a job or participate in job training
Modification Assistance with Principal Reduction Program – will provide an incentive payment matched by an investor to reduce the mortgage principal balance so a loan modification may be possible

Transition Assistance Program – will provide an incentive payment to the mortgage lender and homeowner to assist with short sale or deed-in-lieu agreements to help homeowners exit their homes gracefully.

To be eligible for assistance, homeowners must have incomes below 115 percent of the area median income; less than three months mortgage payments in liquid assets; an outstanding mortgage balance less than the Federal Housing Administration maximum loan limit; and a hardship due to involuntary loss or reduction in income, divorce, disability or illness resulting in a loss of income, or significant medical expenses.

Homeowners who receive assistance or who sell or refinance their home within five years will be required to repay the assistance from any net proceeds.

2010-02-23T12:31:00.000-05:00

OAR is pleased to announce that it is joining with our peers from across the country by celebrating the first-ever REALTOR Nationwide Open House weekend--April 10 & 11!

With the pending expiration of the Home Buyer Tax Credit--for both first-time buyers ($8,000) as well as long-time owners ($6,500)--the timing of the REALTOR Nationwide Open House could not be more ideal. To qualify for the tax credit, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30 and close on the home by June 30.

2009 Ends with a Bang for Columbus Home Sales

2010-01-25T10:35:00.000-05:00

2009 ends with a bang for Columbus home sales
Indicators forshadow a stronger market in 2010

(Jan. 25, 2010) Home sales in the last four months of 2009 were up 24.3 percent over the same time in 2008, according to the Columbus Board of REALTORS®. In the month of December alone, 1,464 homes were sold, 150 more than the year before.

“This is great news for central Ohio housing,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “Sales and home prices are up while inventory, months supply and days on market are down. After more than two years of market challenges, we're excited to be able to be able to make this type of positive announcement.”

The average sale price was $157,130 in December, an increase of nearly 5 percent from the same time in 2008. Residential inventory shrunk 2.7 percent and homes spent an average seven fewer days on the market than a year ago.

“The number of homes listed for sale continues to decline which is what the market needs to occur in order to correct itself. Our inventory skyrocketed in 2007 and 2008, causing home sale prices to decrease. It was simply a matter of too much supply and not enough demand. But 2009 saw a real stabilization of those inventory levels. Accordingly, home sale prices are rising.”

The months supply, an estimation of the number of months it would take to sell the entire current housing inventory, dropped 12.7 percent to 8.99 between December 2008 and 2009. The total dollar volume rose 16.9 percent, to more than $230,000,000 over the same time period.

November home sales highest in four years!

2010-01-12T08:21:00.000-05:00

November home sales highest in four years!
Renewable market optimistic as prices continue to stabilize

(Dec. 22, 2009) The month of November saw home sales soar 59.5 percent from this time last year with 1,839 listings purchased. Not since 2005 have November numbers been so high.

“Historically low interest rates and the tax credits for homebuyers put first time buyers in an ideal position to take advantage of the market,” said Gary Parsons, President of the Columbus Board of REALTORS®. “And with the expansion of the tax credit, we expect to see more renewable buyers enter the market in 2010.”

When the $8000 tax credit was renewed in October, it was expanded to include a $6500 tax credit for homeowners who wish to purchase a new residence. Those renewable buyers, or current homeowners who wish to purchase a new house, have been slow to return to the market but Parsons notes that as prices continue to stabilize, more renewable buyers will find new homes.

The stabilization of home prices was reflected in the average home price of $145,589, an increase of 1.5 percent compared to November 2008.

To date, 2009 home sales are at 18,771, up 10.9 percent year-over-year. Homes spent an average of 92 days on the market, down 3.2 percent from this time last year and 1.1 percent lower than October’s average.

October home sales highest since the housing boom!

2009-11-30T11:36:00.000-05:00

Demand rises and inventory declines as market nears stabilization

(Nov. 23, 2009) Home sales in the month of Oct. were up 25.6 percent from this time last year. The 2,021 sales last month represents the highest number of listings sold in the month of October since the housing boom in 2006.

“At a time when sales traditionally start to taper off, central Ohio home sales are increasing,” said Gary Parsons, President of the Columbus Board of REALTORS®. “We know the first time home buyer tax credit has had an impact. But, the fact that we have a solid inventory of homes available at very affordable prices and interest rates are still at record lows has also strengthened our housing market.”

The number of homes in contract (but not yet closed) is also up. The 1,539 homes in contract is 17.2 percent higher than last year at the same time suggesting that November home sales will also be strong.

The month’s supply has dropped 30 percent from last year. Last year at this time, the months supply was 9.82 meaning that if no new homes were added to the market, it would take almost ten months to sell all remaining inventory. Today, that number is down to 6.86. A market is typically considered balanced with around a 6.5 to 7 months supply.

“These numbers are a great sign of stabilization,” adds Parsons. “Demand has picked up, inventory continues to decrease, and the month’s supply is now very close to balanced.”

“The $8,000 tax credit for new homebuyers was renewed earlier this month and added to it was a $6,500 tax credit to benefit those homeowners who wish to purchase a new residence. This incentive will further bolster the central Ohio housing market.”

April Info from the Columbus Board of Realtors

2009-06-02T10:20:00.004-04:00

Home sales, prices rise again in April, inventory falls 16 percent
(May 27, 2009) April showed increasing signs of stability in the central Ohio housing market, as home sales and prices increased, while homes on the market fell by a double-digit percentage, the Columbus Board of REALTORS® said today.
"Home sales in April were still behind those of April 2008, but it's encouraging to see both sales and prices increase," said Gary Parsons, president of the Columbus Board of REALTORS®.

Inventory levels are down significantly compared to April 2008.
With 16.1 percent fewer homes for sale, the market will be balanced to benefit buyers and sellers more equally.
"As more homes are sold, and fewer are added to the market, prices will continue to rise," said Parsons. "To see the number of homes on the market decline by nearly three thousand compared to this time last year, that's a negative number we can smile about."
In April 1,505 homes were sold, marking another month over month sales increase, but still down 15.6 percent from April 2008.
April marked the highest number of homes sold in a single month since October.
Home prices continue to inch up, with April's average sale price increasing more than 4 percent over March. However, April's average sale price of $149,285 was down 6 percent from the same period in 2008.

"Housing affordability is still at record levels, especially in central Ohio but for those people with homes on the market, an increase in the selling price is welcome news," said Parsons.
Lower-priced homes and foreclosed properties continue to drive sales, and put downward pressure on prices.
"Although the average sale price increased in April, it still is, on average, almost $10,000 less than what it was this time last year," said Parsons. "That means buyers have tremendous purchasing power, but also that sellers have to be realistic."

OPEN HOUSES

2009-04-24T15:03:00.004-04:00

OPEN HOUSES 4/26/09

128 S. KELLNER , COLUMBUS, OH 1-3

9108 FIRSTGATE, REYNOLDSBURG, OH 3-5

Latest info from Columbus Board of Realtors

2009-04-24T13:49:00.004-04:00

Lower mortgage rates, prices boost home affordability
(March 23, 2009) Several factors which influence sales, including falling mortgage rates and increased consumer activity point to a positive future, the Columbus Board of REALTORS® said today.
A total of 1,123 homes changed hands in February, down 23 percent from February 2008.
"In the last several weeks we've seen an increase in phones ringing as people are realizing the extra buying power they have with the new $8,000 first-time buyer tax credit and other incentives," said Gary Parsons, president of the Columbus Board of REALTORS®. "We expect the credit to make a significant difference for first time home buyers in central Ohio."
"Mortgage rates continue to be near 40-year lows and housing affordability has increased dramatically," Parsons said.
"There are some amazing opportunities out there for first-time or move-up buyers."
With an average sale price in February of $133,604, central Ohio homes are at their most affordable prices in years.
The buying power of the typical family has risen over the last several months; average buyers can now afford a home costing $20,000 more than a year ago, according to the National Association of REALTORS® Housing Affordability Index.
"That figure is a national number and it will vary among individual buyers, but traditionally central Ohio has always been among the most affordable markets nationwide," Parsons said.
"Home sales continued to lag 2008 levels, reflecting recent layoffs and economic uncertainty, but I'm hopeful historically-low mortgage rates, historically-high housing affordability and the $8,000 first-time homebuyer tax credit will combine to increase sales this spring."

Market Picture 4/09

2009-04-23T17:01:00.000-04:00

While activity has picked-up, the number of buyers is still down from previous years. Pricing has fallen in selective areas of Columbus, but the Bexley and Upper Arlington areas have remained virtually stable. Bargains can be found in properties that have been on the market for over 180 (6 months) as the Sellers are less patience for a turnaround in market conditions. Of course, some Sellers will stick it out for their price. Fairly priced properties in the stronger markets are getting quick looks from the Buyers, with some going into contract immediately. Inventory right now is good…so shop and buy. There is some activity with the tax credit offered by this administration for the 1st time Buyers.

9/04/2008 Post - Market Conditions

2009-04-23T16:57:00.000-04:00

With September in play and the school year already behind us, the market shifts to less activity. However, it is still active, but the depth is not there as many families don't want to move during the school year, unless the "bargin" is found. So prices may be lower to generate some more looks. There still are buyers, several whom moved to the area and didn't find appropriate housing or didn't have the time to find housing and will start a fall preview.

8/21/2008 Post - Market Review

2009-04-23T16:55:00.002-04:00

This will be the first of many informational posts. The overall Columbus market has been going through several transitions, with lower prices and longer market times. The market is adjusting, but slowly. The biggest concern is the depth of the market is smaller, in other words, fewer qualified buyers. While we have many interested buyers in our current properties, many have homes to sell FIRST. Therefore, they are currently staying put or if transferred to the Columbus market, are using a rental option until their home sells. Activity is still good late into the season, with many “buying” opportunities.
Rick

Welcome

2009-04-23T16:55:00.001-04:00

This is the Barnett Realty blog. We will develop thoughts, views, ideas for buying and selling homes in the Columbus, Ohio area, including the submarkets of Bexley, Eastmoor, Berwick, Gahanna, New Albany, Westerville, Dublin, Upper Arlington, etc.