The Importance of Having a Realtor

With mobile apps and Internet sites such as Realtor.com, it's easy for house hunters to form an idea about what type of home they want and how much they want to spend. But that doesn't mean that Realtors are no longer necessary! Following is a list of reasons why it's critical to have a Realtor when buying, selling or leasing a property.

• Realtors have an up-to-date, high level of knowledge about the real estate market. This is important because real estate transactions are often the biggest investments of one's life.

• Realtors can help determine how much you can afford to spend, as well as how much you should spend.

• Realtors can refer to you to the best qualified lenders. They can also find qualified home inspectors to generate written reports. 

• Realtors have access to exclusive resources, such as the MLS (Multiple Listing Service). This may show available homes that are not openly advertised. For example, Realtors know from the MLS  and from fellow Realtors when new homes are listed before the general public knows.

• Realtors can provide information and evaluation when viewing homes, and can also offer objective input. Realtors are especially helpful for local community information, including utilities, zoning, and school districts. 

• Relators are expert negotiators, working to get you the best possible price. 

• Realtors serve as marketing coordinators and distributors to other agents and networks. They can host marketing campaigns such as open houses.

• More then 50% of real estate sales are cooperative sales, meaning a real estate agent other than yours brings in the buyer. This proves how important it is to take advantage of the connections real estate agents have with one another. 

• Finally, Realtors can guide you through the closing process, helping you understand and work through the legalities and paperwork involved.

Looking for a Realtor? I work with buyers, sellers, and renters. I encourage you to read my client testimonials and contact me!

A Strong End for 2013

The 2013 housing market finished strong, and 95% of Central Ohio REALTORS expect it to remain moderate or strong over the next six months according to the Ohio Association of REALTORS's Housing Market Confidence Index. Why? Let's look at some key statistics:

• From December 2012, December 2013 saw a 2.5% increase in the number of home sales. At 1735, This is the most sales on record since the peak of the housing boom in 2005. 

• December inventory of 8,732 was the lowest its been since 2000. More specifically, 2013 had the lowest inventory on record for Central Ohio, at just 3.9%. 

• Overall, 2013 documents the second-highest sales year on record. It experienced a 17.1% increase in the number of closed sales since 2012. 

Contact me if you're interested in buying, selling, or renting a home. I have the experience and expertise to guide you through today's housing market. 

What to Look for in a Neighborhood

Many Realtors will tell you that location is everything when it comes to choosing a home. When evaluating location, neighborhood is key. Consider the following factors when determining if a certain neighborhood is right for you:

Priorities. Determine what exactly you're looking for during your home search. What's more important: the house or the community? Chances are, budget restraints may leave you no choice but to compromise on one or the other. Be realistic about finding  a home with desired qualities in the best location based on your budget. Would you like to live in a city, suburb, or rural area? What amenities are most important to you? For example, how would you prioritize a neighborhood gym, pool, restaurants, shopping, or nightlife?

Schools. Everyone knows that, for those who have children, living in a highly ranked school district is favorable. What everyone doesn't know is that school district is also important to homebuyers who don't have kids. Why? they maintain higher value. Americans pay $50 more per square foot for homes near a top-ranked school than for home near average schools, according to a research study completed by Redfin Real Estate Company in 2013.

Transportation. Test your commute to work from various neighborhoods you're considering moving to. Note how close you are to public transit options and town centers that feature restaurants, shops, and entertainment. Similar to school district, transportation is important for resale value. In other words, even if you don't mind being far from amenities or transit, future buyers will likely value properties close to such features more so than those that are far. Unfortunately, you can expect to pay more for homes that are close to the city center and/or public transportation. If such a location is important to you, be prepared to compromise on the size, age, or condition of your home.

Finally, visit the neighborhoods you're interested in at different times of day, during different days of the week. Take note of home maintenance and community gatherings. If possible, talk to people about what it is like to live there. Realtors are qualified to help you find the best location based on your wants (and your budget). For those looking at homes in the Central Ohio area-contact me. I can help!

Distressed Properties Down as Market Recovers

This summer, supply of conventional homes has decreased while demand has increased. But what about foreclosures? According to In Contract magazine, the number of lender-mediated properties, commonly known as distressed properties (such as short sales and foreclosures), for sale in Central Ohio dropped by nearly 50 percent in the first three months of 2013. The inventory of distressed properties fell by 42.2 percent from the first quarter of 2012 to the first quarter of 2013. Meanwhile, distressed property sales increased by 19.9 percent. Perhaps more interesting, the number of closed sales for lender-mediated properties succeeded the number of new listings by more than 10 percent, meaning a good number of distressed properties that have been sitting on the market for awhile have been sold. Nonetheless, the sales mix is “shifting away from distressed properties and back toward traditional homes.” Supporting this claim is the that fact that the sales price of distressed properties has increased by 1.6 percent in the past year, while the sales price of conventional homes has increased by 4.2 percent (averaging $64,000 and $163,000, respectively).

These statistics speak to the market’s recovery, as Central Ohio has witnessed a very active market in the past couple of months. In fact, according the Housing Market Confidence Index released by the Ohio Association of REALTORS, 96% of Central Ohio REALTORS classify today’s market as “moderate to strong,” and all expect it to remain so over the next few months. Home prices and appraisals are largely believed to stay the same, or increase, in the year to come. Interested in buying or selling? Contact me--I would love to help.