Joe Peffer's Columbus Homes Blog Columbus Real Estate at its best

Columbus Homes with Instant Equity - Do Due Diligence (yeah, I said that)

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 22 Sep 2009 13:18:09 -0500

This Columbus Home has Instant Equity — Oh Really?

September 14th, 2009 categories: About Me?, Bexley,Clintonville, Downtown, For Home Buyers, For Home Sellers,German Village, Grandview, Market Updates, Olde Towne East,Real Estate News, Short North, westgate

I've always loved the stone pillars flanking this Bexley Home

Instant Equity. Two words anyone buying real estate in Clintonville, Bexley, Grandview, Downtown, Short North, Berwick, Westgate or anywhere else in Central Ohio love to hear.

The problem is, I’ve heard those two words too often lately. The problem is the context and the definition of instant equity. In my opinion, anyone buying a home that has instant equity is anyone buying a home at a substantial discount to the Market Value of the home. That range from selling price to market value equals instant equity (though the bank might not think so).

What I’ve heard a lot lately is something along these lines, “…and this Seller paid $338,500 for it just a few years ago and is selling it for only $299,900. That’s a lot of instant equity for your buyer!”

Hold on a minute Buster, who cares what the Seller paid for it! In today’s market, if the home the Seller paid $338,500 for in 2006 is only worth $290,000 then there is NO instant equity. It’s simply priced at or around market value. Market value simply means whatever the market (all you buyers out there in Columbus thinking of buying a home) is willing to pay for it.

Hold on though, because it works both ways…..I always tell Buyers that what the Seller paid for the home has no bearing on what the home is worth. That means if the Seller bought the Columbus home via foreclosure, at auction or even on the market with Instant Equity….ie-if the Seller got a deal…you can’t punish them when buying the house. They are the one who got the deal, they deserve to make a profit and the Buyer should anticipate paying market value for the home. Just because the Seller got a deal on the home doesn’t mean she has any obligation to pass that deal on to the Buyer.

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Remember that talking heads on the nightly news aren't speaking of Columbus Real Estate

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 22 Sep 2009 13:13:59 -0500

Annual Sales Volume and Median Sales Price OR Fun with Graphs

September 16th, 2009 categories: Real Estate News

Fun and Informative

I’m a map and chart guy and I’m sending out thanks to the NAR research team for coming up withthis (somewhat) interactive chart that follows both annual Sales Volume of homes sold and the Median Sales Price of homes over a 40 Year Period from 1968-2008 both for the US as a whole and regionally.

Pay special attention to the West Coast (orange if you like) as they go from 1998-2008. What a ride! Also, note that the Midwest doesn’t have the kind of volatility that the West and North East have over the last decade.

Click here to play with the graph.

5 years of Blogging about Real Estate in Columbus, Ohio

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:34:38 -0500

Five Years of Columbus Area Real Estate News - Columbus Homes Blog turns 5 October 29th, 2008 categories: About Me?, Columbus News, For Home Buyers, For Home Sellers, Market Updates, Mortgage/Finance, Real Estate News

It was five years ago this month that I started this blog.5 year blogiversary - call me, we'll find you a home or sell the one you have It was a blogger blog back then and not nearly as involved and intricate as it is now – several iterations later. Five years is a pretty long time for a real estate blog. Almost no Realtors were blogging back in 2003. Very few are today.

Now, I’ve opened Delicious Real Estate whose home page (currently in Beta only) is a glorified blog. I hope to attract to the Brokerage tech savvy Realtors who understand something about web 2.0 and how combining their Columbus Real Estate knowledge with the many technology tools at our fingertips creates value for their clients.

Here’s to five more. I hope you find great information here and I hope you keep coming back. I wonder what this blog will look like in five years Keep reading about local markets and you’ll find out.

Home Searches -- As wide a net as possible in as Narrow a Niche as possible

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:33:15 -0500

How All-Encompassing Should Your Home Search Be October 27th, 2008 categories: Bexley, Clintonville, For Home Buyers, For Home Sellers, German Village, Grandview, Olde Towne East, Real Estate News, Short North

Think outside the box of your next home when choosing your search criteriaThe short answer is that your home search should be as wide as possible but only within realistic confines. This is something first time home buyers struggle with more so than 2nd or 3rd time home buyers.

In part, that’s because a first time home-buyer in Columbus may find their home search defined much more by how much they can spend rather than where they’d ideally like to live. If you can’t afford your favored neighborhood, then you have to go where you can afford to buy (this is where a savvy realtor comes in handy). Location is King, so start there.

Where do you want to live, best case scenario Can you afford that community If yes, then zero in on your price range — the realistic one that goes from less than what you’re spending now (maybe even no bottom limit because you never know, maybe you could expand that little bungalow on a great lot) to the top of your comfort zone. Don’t even look past your comfort zone — just don’t. As a general rule, the more homes you run across, the better.

Now that you have the realistic confines of location and price, keep your search as wide open as possible. You think you don’t want a ranch in Clintonville, but what if a 2,100 square foot ranch with a full, walk-out basement on a ravine comes on the market Maybe you’d take a look – but not if you don’t know about it. You think you only want to look at homes in Grandview with at least 1.5 baths.

What if your perfect 2 story with only 1 bath, within walking distance to Grandview Avenue comes on the market and has a perfect spot under the stairs in an old closet for a half bath You would have missed it because you would have limited your search. As wide as possible but only within realistic confines.

Election Cycles - Yard signs and real estate for sale signs do NOT mix

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:30:24 -0500

If your home is for sale, there should be only one sign in the yard - a for sale sign. (Preferably a Delicious Real Estate for Sale Sign.) John McCain may want to buy your mortgage and save your home, but keep his name off your yard.

Central Ohio is a very polarized place.While it may be more pro-Obama than, say, Marysville, why would you want to alienate half the buyer population with your Obama sign and give off a bad vibe before the potential buyers -from the other party- even walk through the door

You pay the Rent, But Your Landlord doesn't pay the mortgage...what then?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:28:43 -0500

Columbus Renters - What if your Landlord isn’t Paying the Mortgage October 20th, 2008 categories: For Home Buyers, Real Estate News

Maybe it's time to quit renting and buy. The market is ripe for buyers. call meAll across the country and right here in Columbus, Ohio, renters are finding out the hard way that their Landlords are not paying their mortgages. Renters are paying their rent but the Landlords are not paying their mortgages. Can you imagine finding out that your home is about to be foreclosed on because your idiot Landlord has walked away from the property but kept the rent you’ve always paid on time Granted, if you’re reading this, it probably isn’t happening to you.

What recourse does a renter have in such a situation I’m not really sure, you’d have to ask a real estate attorney for a sound answer. Aside from monitoring the Franklin County Sheriff foreclosure auction site, you may never know that you’ll be put out of your rented home until the Sheriff knocks on your door.

This happened recently to a five family rowhouse in Merion Village. A fellow Realtor, and this isn’t the first time she had to do this, had the job of listing it for the bank and having to speak with each renter to tell them they had to look elsewhere for living accommodations. In cases like this, the bank often offers a cash-for-keys approach to any tenants who voluntarily vacate the premises in a reasonable and quick fashion—maybe one month’s rent or a little more. It’s not a fun place to be for the Realtor.

Bad-guy Middle Man going around evicting people for Landlords who have absconded with the rent rolls. It’s an ugly situation that shows how important it is to develop as solid a relationship as you can with your landlord. ShareThis This entry was posted on Monday, October 20th, 2008 at 9:12 am and is filed under For Home Buyers, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Edit this entry.

Midtown Columbus Real Estate Update

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:27:06 -0500

Midtown Columbus Real Estate Update - September 2008 - German Village & Short North October 14th, 2008 categories: Downtown, German Village, Market Updates, Short North

If the Jackson condominium building on High Street looked like this the last time you saw the property, drive by again and take a look at the steel coming out of the ground!Here is the breakdown for what has been happening in these Midtown Columbus Markets both in September and the last three months.

Area September Sold Avg Price Avg $/sf Active Active $/sf In Contract IC $/sf German Village/ Schumacher Place/ Brewery District SIX $307,283 $237 207 $197 $9 $154 Short North/ Harrison-Vic Village Italian Village Seventeen $250,366 $159 169 $204 35 $220 Thirty Five Short Northish properties in contract could be deceiving since without Ibiza and The Jackson on High condo projects, there really would be only about 15 with a slightly better $/sf. Coming Tomorrow: An update on Grandview and Clintonville.

With 376 properties on the market in Columbus’ Short North and German Village areas, I bet we could find one that you’d love. ShareThis This entry was posted on Tuesday, October 14th, 2008 at 1:00 pm and is filed under Downtown, German Village, Market Updates, Short North. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Edit this entry. Leave a Reply

Delicious Real Estate opens in Columbus, Ohio

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:25:23 -0500

Columbus’ Newest Real Estate Brokerage - My Very Own Delicious Real Estate October 10th, 2008 categories: About Me?, Columbus News, Downtown, Real Estate News

Delicious real estate is located at 254 s fourth street - come on down!It’s true. For some time now I’ve aspired to own my own Real Estate Company in Columbus. I want to build something from the ground up. Please Welcome Delicious Real Estate. The Delicious Corporate office is located at 254 South Fourth Street in Sunny Downtown Columbus, Ohio.

The emphasis at Delicious Real Estate is on better servicing the client. Buying or selling a home in Central Ohio just got a little better. Smart, educated agents, better use of technology, better communication, more savvy, more outside the box, more nimble and more creative than big-box Brokerages – that’s delicious and that benefits the client and that saves/makes the client money time and time again. It’s a new day in Columbus Real Estate. I can’t wait to talk to you about your Real Estate needs. Along these lines, you’ll see some changes around Columbus Homes Blog, all for the better and nothing too crazy.

I need to devote a lot of energy to the new corporate site which isn’t quite ready for prime time. It’s going to be a great presence though. Delicious Real Estate is always looking for exceptional agents who “get it”. If you want to talk, call or write me. ShareThis This entry was posted on Friday, October 10th, 2008 at 12:06 pm and is filed under About Me?, Columbus News, Downtown, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Edit this entry.

Making a Verbal Offer - In Columbus or anywhere

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:21:25 -0500

In Columbus, Can you make a Verbal Offer on a Home for Sale August 28th, 2008 categories: For Home Buyers, For Home Sellers

Yes, you can make a verbal offer on any home for sale in the Columbus area. The Agent representing the Seller is obligated to present all offers, written or verbal, ludicrous or authentic, to the Seller. The seller could accept your verbal offer and you could be in contract.

In Ohio, however, the contract will not be binding or enforceable until it is writing and signed by both parties. My Suggestion, always put it writing. Saying and doing are two different things and everyone’s time is valuable. Need someone to write your offer — give me a call or send me an email.

Who Sold the House? You say Tomato, I say...

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:20:03 -0500

Talking to buyers and sellers in and around Columbus, it becomes apparent that this idea can be confusing. When speaking about the Real Estate Agent (Remember that Realtor is a copywrited trademark of the National Association of Realtors) that sold the house, we’re talking about the Agent working for the Buyers.

So despite all the hard work, energy and time the other Realtor, the ‘Listing’ Realtor, puts into marketing and selling the home, it is the Buyer’s Agent who is said to have actually ‘Sold’ the home. I don’t know why it works that way either. Among Realtors, we say we sold a home when we were, in fact, the listing agent on the home. It is common to hear another agent say something like, “Oh yeah, I had the buyers on that home, it has a fantastic coffered ceiling in the dining room.” or some such thing.

That begs the question, Can the Buyers’ Agent put a Sold Sign in the home’s yard even if she/he is with a different company than the one who had it listed Yes, after the closing, and with the new owners’ permission, the Selling Realtor can put up a sold sign. I personally think it’s awkward and distasteful but it is perfectly legal.

Of course I’m not above sending out a few targeted emails or postcards saying I sold the home because I (usually) want people in the neighborhood to know that I like working in that Columbus neighborhood and that I’d enjoy helping them and their friends buy and sell a home in that neighborhood. Of course, I can’t sell any homes without clients, so give me a call or send me an email. Search for your next Columbus Area Home

Neighborhoods You May Know: Olde Oaks

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:17:04 -0500

Columbus Neighborhoods You Need to Know: Olde Oaks August 25th, 2008 categories: For Home Buyers, Olde Towne East

Severed from Olde Towne East years ago by Interstate I-70, Olde Oaks has the historic housing stock that can stand toe to toe with any neighborhood in Columbus. The entire community is an historic district within Columbus and the beautiful, big homes are affordable, reasonable, and located just a few minutes from Downtown Columbus and Nationwide Children’s Hospital.

For example, Look at this gorgeous 2380 sq ft brick center hall with 4 beds and 2 baths on a double lot for only $139,00! Old Oaks is the most intact of Columbus’ turn-of-the-century streetcar era neighborhoods that show the homes of the middle and upper classes. Architecture styles include American Four-Squares in Mission and Neoclassical Revival styles, as well as Modified Queen Annes.

The neighborhood is bounded on the West by the homes on Ohio Avenue, on the East by the homes on Kimball Place, on the North by Mooberry Street, and on the South by Livingston Avenue. Olde Oaks Civic Association meeting are the 2nd Monday of the month at Holy Rosary St. John Community -640 South Ohio Avenue at 6:30 p.m.

Smoggy Columbus?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:14:56 -0500

Smog in Columbus It’s true August 23rd, 2008 categories: Columbus News

I never knew that the Mid Ohio Regional Planning Commission was in charge of monitoring our air quality here in Central Ohio. Smog alerts were issued by MORPC for yesterday and they continue today as Columbus and the other five counties making up Central Ohio continue to be hot and in much need of a good rain.

Today marks the 12th time this year we have been under a bad air alert. Long known as a think-tank of sorts for the region’s appropriate and sustainable growth, MORPC is an excellent resource for those looking to learn a little more about the area’s economy. An Air Quality Alert is issued for Friday, August 22 and Saturday, August 23.

The region – Delaware, Fairfield, Franklin, Knox, Madison and Licking counties – is likely to experience ground-level ozone pollution levels that are Unhealthy for Sensitive Groups on the national Air Quality Index (AQI) scale.

PMI does not stand for Personal Money Insurance

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 30 Mar 2009 10:13:16 -0500

Mortgages and PMI - Private Mortgage Insurance August 13th, 2008 categories: Mortgage/Finance I was discussing mortgages with a client buying a home for sale in Clintonville this morning after a walk through on his home. The subject of PMI came up and, since it often seems to be a little nebulous for home buyers, I thought I’d say a few words about why it exists and when it can go away.

It is difficult to get a loan these days without PMI. If you’re putting anything less than 20% down, you are likely to have to pay PMI, very likely. During the Jurasic Period, the crazy strong real estate market of the early-mid 200s, home buyers avoided PMI with products like 80–20s and 90–10s. As Jack Guttentag pointed out in a recent Inman News article, “Lenders discovered that they could make 95 percent and even 100 percent loans by getting other lenders to offer second mortgages for the amounts over 80 percent of property value. Piggybacks carried higher rates than the first mortgages, but in many cases the cost to the borrower was smaller than the cost of mortgage insurance. The interest on piggybacks was deductible where mortgage insurance premiums were not.

In addition, borrowers could pay off the seconds in full at any time, whereas getting rid of PMI was a hassle. Of course, the PMIs did not give up market share willingly. They induced Congress to make mortgage insurance premiums deductible, at least for a period, but this had only a small impact.” Well, PMI is back. One thing to keep in mind is that PMI, and it’s Federal equivalent MIP, don’t protect you, they protect the lender. Mortgage Insurance Premium (MIP) and Private Mortgage Insurance are mortgage insurance programs that protect the lender in case you default on your loan.

In most (but not all) cases, MIP or PMI will be required by the lender if you put less than 20% down on the purchase of a house. How and When does it go away PMI can be dropped with the blessing of the servicer as long as the property has increased in value either from appreciation, capital improvement or principal reduction. The PMI must be in place for at least 2 years before the servicer will consider it. The servicer will also ask to have the properties appraised at the borrowers expense. So if you’ve lived in your home at least 2 years and think you may be able to get rid of your PMI, call me for an appraiser.

Getting Back to Normal? - Columbus Real Estate is relative

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Thu, 20 Nov 2008 11:15:33 -0600

Columbus Real Estate Market

August 21st, 2008 categories: Market Updates

While Normal is a relative term, this press release from the local Board of Realtors this morning calls it "pre-boom" levels, aka 2001ish. . . .

Low interest rates and high inventory added up to more homes going into contract in July. More homes in fact than any other month since August 2007 as new listings fell, according to the Columbus Board of REALTORS®.

Homes in contract continued to increase this summer to an 11-month high. There were 2,051 houses in contract in July, the highest amount since last August.

A drop in new listings in July helped contribute to declining inventory levels.

The number of homes on the market, 17,707, slid nearly 12 percent compared to July 2007. July was also central Ohio's second highest month for home sales, just slightly below the years' strongest month (June) with 2,242 home sales.

"With more homes in contract and fewer being listed, Columbus is continuing its trend of getting back to pre-boom sales and inventory levels," says Greg Hrabcak, President of the Columbus Board of REALTORS®.

"There is still a great selection of homes on the market, but as central Ohio continues its balancing act, the market will continue to be favorable for both buyers and sellers," says Hrabcak. "The fact that we saw more homes go into contract last month shows that homes in central Ohio are competitively priced and suggest consumers are taking advantage of low interest rates and assistance programs.

"Programs such as the first-time buyer tax credits in the recently passed Housing and Economic Recovery Act should motivate even more buyers in the coming months."

Hrabcak added, "I think people who don't take advantage of the favorable market conditions now are going to look back five years from now and say ‘What was I thinking?'"

Year to date sales of homes through July total 12,869, 13.8 percent behind the July 2007 total, but still in keeping with pre-boom levels. The average sale price of a home in central Ohio in July was $173,940.

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

Let's go find a home for you before they're all gone.

Is anything selling in and around Columbus? A rear-view look at Summer 08

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Thu, 20 Nov 2008 11:11:59 -0600

Old Post--Relevant Material

August 19th, 2008 categories: Bexley, Downtown, For Home Buyers, For Home Sellers, German Village, Grandview, Market Updates, Olde Towne East, Short North

I have a listing in Olde Towne East, nearly downtown, at 742 Oak Street. It is a fabulous 1710 sq foot brick home. 2 Bedrooms, an office, a fantastic master bath, half bath, great yard, walk to a million places, priced at $199,900. It is priced right. In fact, it's a screaming good deal because it is absolutely move-in ready. I consider the main competition for the home all of Olde Towne East and every downtown Condo because the price points and location are so similar. Of course the Oak Street home doesn't have any condo fees.

Tonight I'm talking to the owner about why we haven't had too many showings and no offers. I'll tell him that in the 109 days the home has been on the market, only TEN homes OR condos have sold between $150-250,000 on the entire Near East Side AND Downtown. Nine of those were, in fact, downtown condos and the other was a bank owned foreclosure steal of a deal on Bryden Road. Only 6 others are in contract currently, five of which are Downtown Columbus condos and one of which is a much bigger home on Franklin Avenue in Olde Towne East on the market for 575 days. Talk about Quiet.

Above that price point, it gets a little bit better, but not much. 12 condos downtown have been listed as sold in the MLS (remember, that doesn't include a few key projects like North Bank) and 3 Near East Homes, all very nice with huge square feet have sold since early May but that's it.

In the same time period, Greater Clintonville had roughly just over 100 homes sell between $150-250,000. It's been a brisk summer there for that price point, with an average days on market of 84.

While these inner-ring suburb markets don't generally conjure ideas of homes under $250,000, take a look at these markets since May 10 in this same price range:

Grandview and MarbleCliff - 21 Homes
Upper Arlington - 65 homes
Bexley - 29 Homes
Worthington - 49 homes

The Short North and German Village are slow too but somewhat more stable markets with most homes priced above $250,000.

German Village/Schumacher Place had 10 homes sell since May 10 in that 150-$250,000 price range but 7 of them were likely already in contract in early May.

Greater Short North/Italian Village/Harrison West saw 32 homes sell since early May, most of which were condos or fixer uppers. As I looked through the lists from all over town, I realized that I had been in and seen many of them first hand. So, if you're looking in that price range inside I-270, I'm your guy.

In the meantime, Come on Columbus, rediscover the housing stock and location of Columbus' Near East side. Come visit 742 Oak St.

Of Possible Interest: Just in time for City Hop - April and May ‘08 Downtown Columbus Condo Sales

Franklin Park Conservatory - Even More Beautiful?

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This entry was posted on Tuesday, August 19th, 2008 at 12:20 pm and is filed under Bexley, Downtown, For Home Buyers, For Home Sellers, German Village, Grandview, Market Updates, Olde Towne East, Short North. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Downtown Columbus Condos - Are Terraces on Grant Downtown's Best Buy?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 12 Aug 2008 16:07:11 -0500

August 4th, 2008 categories: About Me?, Downtown

I’ve always been a fan of this project and now I just took over marketing the 19 remaining listings with a fellow agent in my office. Some of the highlights include:

Outdoor Terrace with each Condo – some have 2
Every unit is at least 1000 sq ft
Each unit is on a 15 year tax abatement
Each unit price includes secure indoor parking
Standard granite and top of the line appliances
That’s standard granite in the bathrooms too
Great Location in Downtown Columbus – Walk to everything
Each unit left to sell is a 2 bed, 2 bath
The ability to Lease a Downtown Columbus condo before you buy

Quality Construction, Great Lobby and Parking, rooftop Terrace for anyone, some of the best $/sf in all of midtown Columbus. Yes, the building has been up and out of the ground for a couple of years now but these units compare very well with anything else in Columbus’ Central Business District. Many people feel that the location puts them too far to walk to anything but to those people I say, “Humbug!”

You’re within a mile (what, maybe 20 minutes?) of everything Downtown Columbus has to offer, from Nationwide Arena to COSI to Lindey’s to Black Creek Bistro and every downtown location in between including all of downtown’s Theaters, the Ohio, the Southern and the Palace, not to mention the Capitol Theater and Riffe Center Studios.

Still getting up and going with some fresh marketing. For availability and prices, look here:

Do Columbus, Ohio Sellers Have to Accept Full Price Offers?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 12 Aug 2008 16:04:20 -0500

August 7th, 2008 categories: For Home Buyers, For Home Sellers

No, they do not. In fact, it is possible that a Seller would counter a full price offer with a number higher than the asking price. The Seller is not legally required to accept an offer just because it is full price.

I have never been part of a transaction where this happened — except in competitive situations where other buyers were competing against my buyers for the same (no doubt under-priced) home. In those cases, the final sales price could be upwards of 30% or more on top of the listed asking price.

Is under-pricing your home in hopes of a competing-offer frenzy a smart marketing strategy in the Columbus Ohio Real Estate Market? Not usually. The best way to price your home is still pricing it at the place where it is most likely to sell, depending on what the market will bear, for the most money in the least amount of time possible.

Possibly of interest:

If you want to sell your location, location, location, you may have to adjust your price, price, price.

Homes for Heroes - a Columbus Area First Time Home Buyer Program

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This entry was posted on Thursday, August 7th, 2008 at 9:14 am and is filed under For Home Buyers, For Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Franklin County Auditor's site has new 'Sold' feature

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 12 Aug 2008 16:02:51 -0500

New Features at the Franklin County Auditor’s Site help Columbus Real Estate Buyers Discover Local Sales

August 7th, 2008 categories: For Home Buyers, For Home Sellers

Finding out what is on the market is easy these days. You can search for homes for sale in Columbus and surrounding areas here or in about a million other places.

Finding out what has sold recently and where it is in relation to homes you may be interested in has always been a little harder. Home sales appear in the Dispatch every weekend and the Daily Reporter every day but without browsing the Auditor’s site for an extended period, it’s difficult to do any kind of neighborhood comparison.

Of course newish National Real Estate sites like Zillow and Trulia make that easier but we have no idea how lucky we are in Franklin County to have such a wonderful tool in the Auditor’s site. It is one of the best in the Nation and we take it for granted. Yesterday I stumbled across this recent-sales generator that looks to go back at least three years.

You get a .pdf of information about the requested house, a map of no more than a couple square blocks with your house of interest highlighted, and a list of recent sales that corresponds to the other highlighted parcels in the map.

Not a motherlode of information and not even close to what your Realtor could provide to you, but it is quick, easy, and illustrative. I could do a 2 week special report about the many tools available on the site. Go there. Play around.

Always remember to compare apples to apples and to frame any real estate information in the proper perspective.

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This entry was posted on Thursday, August 7th, 2008 at 6:51 pm and is filed under For Home Buyers, For Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “New Features at the Franklin County Auditor’s Site help Columbus Real Estate Buyers Discover Local Sales”

13264
David
August 11th, 2008

I wasn’t able to figure out how to get to this section of the site. Can you give us click by click instructions?
13269
Joe Peffer
August 11th, 2008

sorry folks, there seems to be some confusion regarding reaching this section.
I should have noted that you must first start with a property address.

Do a search by address or owner name. on the resulting page click on the 2008 (New) Values/Map(GIS) page.

Then you will see the gis parcel map of the property and lot. Click on Area Sales Activity to the left which will bring up a pdf of the recent sales.

On the parcel map page, you can see a history of who has owned the home dating to at least 1920, and, by clicking theme maps, map the neighborhood by sales price or number of bedrooms or a few other options.

Thanks for asking David.

Are Buyers in Columbus, ohio and elsewhere looking urban?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 12 Aug 2008 16:01:32 -0500

August 8th, 2008 categories: Clintonville, Downtown, For Home Buyers, German Village, Grandview, Olde Towne East, Short North

According to a recent Coldwell Banker survey, yes.

…. the primary reasons for this interest in urban living are related to work commute and energy-efficient modes of transportation:

81 percent cite minimizing a reduced work commute as a reason for the interest in urban living

54 percent agree that access to public transportation is appealing

75 percent agree that the ability to walk to more places is a positive

“Over the past several years we have seen a boom in downtown living all over the country and this is not just reserved to major cities,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate.

Also interesting in this same survey was that, “…sales associates also reported they have seen an 84 percent spike in interest for properties with a home office, as compared to five years ago, indicating a trend towards telecommuting.

While the study also found that 64 percent of surveyed sales associates report their clients increasingly look for homes with “green” amenities that could save on heating, cooling and electricity costs, only 42 percent surveyed believe saving on energy costs are a reason for their client’s interest in urban living.”

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This entry was posted on Friday, August 8th, 2008 at 8:36 pm and is filed under Clintonville, Downtown, For Home Buyers, German Village, Grandview, Olde Towne East, Short North. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

What does the new housing act mean for Columbus home buyers? not much really

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 12 Aug 2008 15:59:39 -0500

August 12th, 2008 categories: For Home Buyers, For Home Sellers, Mortgage/Finance

There has been a lot of hoopla about the 694-page housing act signed by the President July 30. There has also been a lot of mis-information regarding the potential for a $7,500 credit for first time home buyers—-This is not a cash back scenario, no one will take money off the top of your home purchase.

Rather, through the home-buyer tax credit, buyers who are purchasing for the first time or who haven’t owned a property in the last three years can now qualify for a tax credit equal to 10% of their home purchase price, up to $7,500. The purchase must be made between April 9, 2008 and July 1, 2009. The credit phases out if the buyer’s income exceeds $75,000 for an individual or $150,000 for a couple filing jointly and it must be paid back over a 15 year period in equal installments. The credit can be claimed on the buyer’s 2008 tax return even if the purchase is made in 2009 (it’s important to note that this is a tax credit and not a tax deduction).

So, it’s not as exciting as it may have seemed in the media. On the plus side, FHA loan limits will once again be going up, possibly increasing the jumbo limit from $417,000 to $625,000 for Columbus Homes (Someone please tell me if I’m not reading this correctly).

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This entry was posted on Tuesday, August 12th, 2008 at 9:12 am and is filed under For Home Buyers, For Home Sellers, Mortgage/Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Franklin Park - an even brighter star on the near east side of Columbus

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 12 Aug 2008 15:56:19 -0500

August 12th, 2008 categories: About Me?, Olde Towne East

Last Friday, Internationally renowned award-winning artist James Turrell followed a city council representative and a Franklin County Commissioners representative and Franklin Park Director Bruce Harkey, to the podium and gave a short speech while behind him the first ever illumination of the Conservatory’s 112 year-old historic glass Palm House glowed colorfully. This permanent installation will perform each evening beginning at dusk and can be viewed from the Grand Mallway west of the Palm House or as you crane your neck driving down East Broad Street.

This was a fantastic event with, I’d guess, maybe 1,000 people coming out and viewing the illumination and checking out the Conservatory’s newly opened rooftop decks, bridal garden and event space. I’m impressed with the event and with Franklin Park’s $20 Million Dollar Growth by Design expansion and renovation plans.

This park really is a jewel of a park and a great selling point for homes on Columbus’ near East side in neighborhoods like Olde Towne East and Woodland Park.

I’d like to see the City showcase it better than it has in the past. How about running the proposed East Broad Street Boulevard all the way to Nelson Road? Have you ever tried walking down Broad Street from I-71 to Franklin Park? I do it all the time and I can tell you that the sidewalks aren’t nearly wide enough and the entire trip is simply not pedestrian friendly—let alone crossing the Broad Street Bridge over I-71 into or out of downtown by foot. What about installing an East/West streetcar line so everyone downtown can quickly and easily get to the Park and enjoy it?

While we’re all waiting for that to happen, meet you at the Thursday rooftop Happy Hours from 5:30 -1 10 PM beginning on August 14^th. Dubbed Cocktails at the Conservatory and running May through October, the happy hour will also feature appetizers by Cameron Mitchell Catering which runs the Conservatory’s cafe.

Here is my shaky 2.5 minute YouTube video of the event.

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Authored by Joe |

Why isn't your Columbus Home Inspector Licensed?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Tue, 13 May 2008 14:55:44 -0500

In the State of Ohio, there are no regulations requiring the licensing of Home Inspectors. Some are certified by the American Society of Home Inspectors or have a bunch of designations after their name. Many others continually update their knowledge and education regarding home inspecting. Then there is the International Association of Certified Home Inspectors.

The fact is, though, you or your mother could be a home inspector. All that may be changing though. . . . Last week, a bill requiring licensing of home inspectors finally cleared its first major hurdle in the legislative process. HB 257, sponsored by Rep. Michelle Schneider (R) Cincinnati, was passed by the Ohio House of Representatives and sent to the Senate.

If the legislation is passed by the Senate and signed into law by the Governor, Ohio will become the 31st state to enact a statute addressing the performance of home inspections. Among the provisions included in HB 257 are the following: criminal penalties for performing home inspections without a license. creation of the Ohio Home Inspection Board to regulate the industry. a requirement that all inspections be performed pursuant to a written contract. creation of standards for performing inspections. creation of a process for investigating complaints filed against inspectors.

The Superintendent of the Division of Real Estate and Professional Licensing would have responsibility for administering the new law and providing staff support for the Home Inspection Board. Passage by the House was not unanimous. A handful of legislators disagreed with the bill for various reasons. Some felt it needed more teeth. More from OAR.

Is it Possible to Sell an Overly Customized Circus theme Home in Columbus?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Wed, 09 Apr 2008 11:03:08 -0500

categories: Real Estate News

Let’s say that a while back you found your perfect home. You painstakingly made it your own. I mean Really, Really made it your own.

Maybe you painted the living room ceiling to resemble a Big Top Circus Tent and you used Really Bright Circus colors all over the home because, well, you’ve got a thing for the Circus.

Even if you were wise enough to leave all the gorgeous original wood trim and floors unmolested, kept up the yard and had the house all cleaned up, you may not be able to sell that home.

Even if potential buyers could see past the paint and the life size dinosaur head protruding into the bedroom from behind the painted foliage above the marbleized slate mantel, they can’t see themselves in an overly customized home.

So do the little things. Take down the foil wallpaper, paint over the crazy colors, neutralize, modernize, match and clean. You will do yourself a favor and save thousands while being able to move on with your life.

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This entry was posted on Monday, April 7th, 2008 at 8:47 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Bring it on! National Championship OSU vs LSU

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Mon, 07 Jan 2008 14:11:39 -0600

January 7th, 2008 categories: Columbus News

It's ON! Tonight, The Ohio State University plays Louisiana State University in the National Championship game in New Orleans. This is the third time in Six Years that Ohio State has played for the NCAA BCS National Title. In 2002 they won the most exciting title game ever played. Last year they were blown away by the Florida Gators (who then also beat up the Basketball Buckeyes in last year's National Title NCAA final).

I've mad a wager with Don Stern, a Coldwell Banker Real Estate agent and Real Estate blogger in Baton Rouge regarding tonight's game. When the Buckeyes win, I get to post on his blog singing the praises of Columbus, Ohio to the down-trodden Tiger fans who, once they've heard the good news, will no doubt leave the Bayou behind and head North. If you happen to see a similar post here originating from the capital city of Louisiana, well . . . the Buckeyes didn't prevail.

Normally I'd complain that the game is on so late on a Monday Night but since I'm showing homes in the Short North tonight, it's OK. You can bet that the millions of dollars OSU receives from this game will somehow effect the Columbus real estate market. I'm not sure how, but the trickle down theory tells me it will.

O-H-I-O ! (they can't even spell in Baton Rouge - they spell GO like GEAUX. Yes, I took the 3 1/2 points!)

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Goodbye Macy's, Hello . . . ?

Joe Peffer - Columbus Homes Blog (Delicious Real Estate) — Fri, 04 Jan 2008 11:06:27 -0600

Goodbye Macy's, Hello . . . ?

November 30th, 2007 categories: Columbus News, Downtown

It's the last hurrah for Macy's Downtown. No Lazarus, no Marshall Fields, no Jacobsens, no major department store anywhere near downtown. We went the last few days of clearance sales and there was very little of any itnerest left. Deals could be had on rugs and runners and I could have used a 16 foot runner @ 70% off the ginormous price tag but didn't bite. We did pick up a store rack on wheels on which to hang our coats in the foyer - as much for nostalgia for what used to be the Region's major shopping attraction as for utility (our antique tri-pod coat tree had seen better days and often tipped over).

Anyway, what will become of the City Center Space now that the City of Columbus has the keys? With Nationwide Realty Investments in charge, great things are expected. Whatever happens, three things are certain:

It must be brilliant because it's going to be a driving force for the south end of downtown for the coming decades and beyond.
It won't be done for a considerable amount of time - I'd guess 5-7 years before whatever incarnation takes shape there to be free of construction and longer if it involves selling all residential properties that may come of it, or leasing all new retail/office space.
It won't look in on itself and shut out the city streets. Lesson learned.

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