Central Ohio Real Estate Cafe'

If you are a first time home buyer and you are sitting on the fence I urge you to jump down and get moving run don't walk to a phone and call a Realtor to get you into your new home.  With record low interest rates and the abundance of down payment programs available in the Columbus Area there are only a few obstacles to keep you from your dream house.

First, know how long you plan to be in the area.  If your job requires you to move frequently and you are unable to commit to an area for at least 3 years this may not be your time to buy.

Second, be prepared by having some savings on hand.  Although there are many programs to help with down payment assistance you may still need money for inspection, warranties, moving, utility deposits and misalliance closing costs.

Next, Contact a lender to find out exactly where you stand financially and how much you home can afford.  Working with your lender will help you better understand what the bottom line costs will be for your new home.

Finally, find a Realtor® who can guide you through the process and help you find your dream home.  The first time purchase can be daunting and overwhelming.  Professional Real Estate Agents are experienced in helping you maneuver through the process to your new home. 

With all of these obstacles addressed you are on your way to owning your piece of the American Dream.  For more information on buying or selling Columbus area real estate call Vanessa at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

For More Feeds on Buying see:

Three Ways to Roundup a Down Payment for your new Columbus Area Home

Why the Stimulus Makes this a Fantastic Time to buy Real Estate

$8000 Dollar Tax Credit = Down Payment Assistance Hurry Limited Funds!!!

Ohio is one of the states where HUD is still offering consumers their $100 dollar down program but many folks are confused as to exactly how it works.

First it is important to know that the program is for owner/occupants only.

Next it is important to note that the program only applies to FHA Loans.

The components are as follows:

•1.        $100.00 dollars down applies to the down payment only.  ***Key point to keep in mind...-even with this program the $1000.00 earnest money deposit is still due within 48 hours of winning a HUD bid.  The $100 down payment replaces FHA's required 3.5% down payment.

•2.       As of Cot. 1st 2008 until further notice the buyer will receive a $2500.00 Sales Incentive which can be used for:

             •a.      Closing Costs

             •b.      Tax-Probations

              •c.      Repairs to the home

              •d.      Replace items in the home

              •e.      Additional Down payment

 •3.       $500.00 Real Estate Broker Bonus.  This is in addition to the commission the selling agent receives for the transaction.

For more information about purchasing HUD homes see: How To Purchase A HUD Home... AND  Hey Good Neighbor...

Looking to buy a HUD home or need other assistance with Central Ohio Real Estate call me at 614-273-6406 or email Vanessa.simmons@realliving.com

One of the biggest questions potential sellers seem to be asking lately is, "Should I Stay or Should I go?"

With the Central Ohio Real Estate Market, like most other markets, still recovering from foreclosures, short sales and bank owned properties, which continue to drag down property values, many sellers are wondering if now is the right time to sell their home to purchase a new one. 

There are a few things to keep in mind.  Here in Central Ohio, year end 2008 saw a 13.5% drop in inventory levels over year end 2007.  Time on market showed a decrease from 108 days to 100 days. 

The absorption inventory rate is another indicator of market conditions.  At the end of 2008 we had 7.67 months of inventory where as at the end of 2007 we were at 8 months.  Market watchers consider Central Ohio to be in balance when the inventory absorption rate is at a 6 months' supply, over 6 months is a buyer's market and under is a seller's market.  As it stands, we are still in a buyer's market but it is showing improvement. 

Central Ohio is teetering at an interesting point with great inventory levels, low interest rates and incredibly low home prices.  Houses here offer enough variety to satisfy first time buyers and seasoned move up purchasers.  We are still seeing that even if sellers lose a bit on the sell side they are more than making it up on the buy side. 

So when I am asked the question....Should I stay or should I go?  

I say..... Definitely GO!!!

To view the complete 2008 Columbus Ohio Residential Metro Area Analysis CLICK HERE

Thinking of buying or selling your Central Ohio Home please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com