Central Ohio Real Estate Cafe'

Mark Your Calendar-Affordable Housing Super Sunday Open House

Affordable Housing Super Sunday Open House will occur Sunday April 19^th, 2009.

This event is sponsored by the Columbus Board of Realtors and will feature over 200 affordably priced ($125,000) homes all over the central Ohio area.  If you spot by to visit any participation home on 4/19/2009 you can register to win one of the following exciting prizes:

Whirlpool Stainless Steel Smooth Top 
Electric Range & 25 cu ft Side-by-Side                   
Refrigerator with water & ice Dispenser
courtesy Dominion Homes & Whirlpool

Wii Gaming Systems courtesy Perma View
(ANDERSON Replacement Windows) &                                
Tim Moffitt & Nancy Garrabrant, National
City Bank now a part of PNC

Wii Fit System courtesy First American
Title Insurance Company

This has become an annual event for the Columbus Board and gives the community an opportunity to see some great affordable homes.  Mark your calendars for Affordable Housing Super Sunday Open House Sunday April 19^th, 2009.  A full listing of the homes that will be featured will be available in the Sunday April 19th, Columbus Dispatch and Columbusdispatch.com

If you need additional information or have any Columbus area real estate needs please call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com.

Other upcoming events: April is Fair Housing Month

In honor of Fair Housing Month the Columbus Urban League is sponsoring a "Buying Time" Workshop presented by National Speaker Mildred Wilkins President/Founder of Hom Ownership Matters. 

Who should attend:  Anyone who is experiencing a hardship that has or will prevent them from maintaining a current status on their mortgage payments. 

The work shop will be free to the public and will focus on practical ways to handle foreclosure prevention and intervention.  The focus will be arming the consumer with information and tools that will allow them to "Buy Time" by blocking their lenders foreclosure actions.    Buying time can allow You to have:

Time to Work through Negotiations for Loan Modifications

Time to secure and close a reverse mortgage

Time to recover from an injury and return to work         

Time to find a job and return to employment

Time to complete a short sale

This is a pre-foreclosure strategy workshop.  If foreclosure has already been initiated or completed this workshop may not be helpful to keep you out of foreclosure but may prepare you for what to expect. 

Do not miss this valuable opportunity to learn self help tools that may allow you to save your home.

Contact The Columbus Urban League or register by contacting Linda Stallworth at (614) 257-6300 to sign up for the course.

Need more information or need assistance with Columbus area real estate Call me at (614) 273-6406 or email me at Vanessa.simmons@realliving.com

One of the surest signs of spring right up there with the time change and warmer weather is the return of Garage/Tag Sales.  Here are a few tips to help insure that you declutter while having the best sale ever just remember: HOM AD.

•·         Have everything clearly priced and affordable.  Garage/Tag sale shoppers are looking for a bargain keep that in mind as you determine prices.  Label items individually or decide on an easy pricing system.  Some chose to color code with stickers i.e..Blue items .25, Red .50 or Yellow items $1.00.

•·         Organize early.  Its best begin organizing weeks prior to your sell.  Start boxing up items for the sale.  Use the 1 year rule and ask yourself:  Have I used it, worn it or looked for it in the past 12 months.  It the answer is no it goes.  Provide original packing and instructions if possible. Pricing items early as you identify and pack them away will only help save time later.

•·         Make plenty of signs leading traffic to your Columbus area sale.  If they cannot find you they will not come.  Be mindful of rules but where possible post signs and attach balloons, streamers or what every will make your sign eye catching to passing motorist.

•·         Advertise your sale in local newspapers and online.  Advertising is the key element to whether or not you have a successful sale.  Ideally you want to have your ad run in local papers in the morning of your sale to catch those who start their day with a look through the paper.  There are numerous sites that where you can aadvertise your sale for free, one such site is Garage Sale Tracker and Craig's List.  Contact me if you would like to advertise your sale on my blog or website.

•·         Donate leftovers.  Make yourself a promise that no unsold items will be returned to your house. After your sale, box up all items and take them to a drop off box for charity.  You will be doing a good deed for others and keeping your commitment to declutter.

With these tips, you're well on your way to having your best garage sale ever.

Want more money saving ideas like this one?  See:

Drab Kitchen Make-Over...On a Budget

Your House Smells!!!

Quick-N -Easy Fix for Beat Up Woodwork....

Ready to buy or sell Columbus area real estate call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com

With the recent rise in new constructions it is a great time to review some new construction basics regarding warranty.  Contractor Problems are one of the largest numbers of complaints received by the Better Business Bureau.  These types of stats makes it important that you are knowledgeable and informed about how to insure that your Columbus area home remains the dream that you fell in love with, and does not become your worst nightmare.  Listed below are a few things to pay attention to in order to make sure your contractor doesn't end up as your complaint:

Understand what your Warranty Covers

Basically there are two types of warranties.  The first is called an express warranty, and is given to the buyer by the contractor.  The usual time frame for this warranty lasts between one to ten years, with one year being standard and the most common.  Everything from minor cosmetic flows to major defects is generally covered.

An implied warranty that lasts seven to ten years and basically states that the residence has to be habitable.  This is the second type of warranty and the specifics can varies depending on the state you live in.  To have your defect covered by this warranty, you have to be able to prove that it's a health or safety hazard.   If you have concerns in this area it is advised that you seek an attorney that can interpret the legal process and remedy...

Not All Defects are ‘Defects'

Not all defects are reasons to sound the alarm.  There are specific rules that determine whether or not a defect qualifies as something that must be addressed.   An example would be a small crack in the interior of your new Columbus area would be considered to be a normal defect.  Cracks that would need to be repaired are those longer than 3/16 of an inch, according to the National Association of Home Builders'® guidelines for performance.  Although pesky, hammer marks or nail pops only count if you can see them from more than six feet away.

Document Document Document  

After a real defect has been identified, document everything.  Keep a log and take photos.  Ideally this will be smoothly worked out by your builder but if it is not you will need your documentation should you decide to pursue other actions.  For added peace of mind, you may want to hire an independent inspector or structural engineer, to give your house a full examination prior to closing and moving in.

Buying Brand New Columbus Area Home can be enjoyable when you work with a REALTOR® like me who has the knowledge and experience to guide you through the process.  Call me today at 614-273-6406 or email me at Vanessa.simmons@realliving.com

LINKS:

Implied warranty - http://www.legalmatch.com/law-library/article/implied-warranty-real-estate-contract-lawyers.html

 National Association of Home Builders - http://www.nahb.org/

Contractor - http://en.wikipedia.org/wiki/General_contractor

For More Home Buying Tips See:

First Time Buyer... Please Read...

There are great incentives for first-time Columbus area real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won't last-exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.

Tax Relief

First-time Columbus Area real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That's a big incentive. The drawback is it's only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.

OHFA

The Ohio Finance Authority has decided that as of March 30^th, 2009 buyers who qualify can use their $8000 stimulus tax incentive to help with down payment and closing costs.  This will allow more Columbus area buyers the opportunity to take advantage of the outstanding inventory of homes available.  This program is scheduled to run through November 2009, however, funds are limited so don't miss out.

Affordable Housing

Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won't last. This week there has already been signs that home sales are on the rise.  That's great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.

Columbus area real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that may never happen again-Do not miss this golden opportunity to grow your personal net value. 

If you're interested in taking advantage of the 2009 stimulus plan or have any other real estate concerns, I can help.  Call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com for more information.

LINKS:

Big tax break on income taxes: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcredit

Mortgage financing: http://mortgage.freedomblogging.com/2009/02/18/obama-mortgage-rescue-promises-75-billion-in-aid/6767/

Ohio Finance Authority:  http://www.centralohiorealestatecafe.com/post/1002788/-8000-dollar-tax-credit-down-payment-assistance-hurry-limited-funds

Stimulus plan: http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html

The following information was obtained from a Countrywide Loan Officer.  I have confirmed this with several lenders.  This is One of Two New OHFA Programs that offers Columbus, Central Ohio and the rest of Ohio options for down payment assistance and incentives to help folks get excited about home ownership in 2009....

Homebuyer Tax Credit Advantage Program

Effective Date: March 30, 2009

The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.

The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.

Principal and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.

The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.

There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.

Lenders may charge a special processing fee of $75.

All loans must be recorded as second mortgages using OHFA note and mortgage documents.

Borrowers must have a minimum 600 credit score.

Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.

Program will run until 11/2009 or until funds are exhausted.

OHFA website:  http://www.ohiohome.org/

Call me for more details or if you are ready to take advantage of this exciting NEW program for Columbus and Central Ohio Buyers. (614)273-6406 or email vanessa.simmons@realliving.com

If you missed the Lady Bucks Last night you missed quite a game.  It was a small crowd of only 4824 in Downtown Columbus's Nationwide Arena (Home of the Columbus Blue Jackets), the arena's capacity for basketball is 19,500. 

Never the less it was a game to remember.  In this round two of the NCAA Tournament the Bucks played awesome defense and was able to break away from Mississippi State, in the closing minutes to pull out a 64-58 victory.  Now the Lady Buckeyes are in the Sweet 16 for the second time in the the 7 years Coach` Jim Foster has been with OSU. 

California Bound..... Game day will be Saturday at either 9 or 11:30 p.m.

 Go BUCKS!!!!

 Girls Basketball... Like Watching Paint Dry..... 

What an exciting time to be a 1^st Time home buyer.  Everything is on sale and your rich Uncle Sam is going to give you a tax credit of $8000 dollars as an incentive to stop renting and go out and buy your dream home.. However, before you rush off to take advantage of that credit take a second to review the tips and advice here.

Do Your Homework

When you are looking through homes they all look great just ask anyone who has done a home search,   Often after you close and move in things still look pretty good and then you start to notice the "little" things. You start to question how you could have totally over looked this and that.   There may be things that you knew to be on the lookout for but somehow were missed each time you walked through. This is why it is so important to have your Central Ohio home thoroughly inspected by a professional home inspector.

Avoid Last Minute Surprises

Issues with Title can not only cause you heartburn on closing day they can totally derail the transaction and cause you to be without a home.  I was recently made aware of a situation where a couple sold their home and had to move out so that the new owners could move in.  The couple had title issues with their new home and was forced to find somewhere else to live until the title issues were resolved.  Title is not the sexiest part of the home buying and selling process to think or talk about but it is a vital part and by working with your agent you can find a reputable title company that can help you avoid any last minute surprise during the home closing process.

Don't be a Victim of Rookie Mistakes

Outside of the typical problems that will likely be uncovered by a good home inspection there are a few typical first time buyer mistakes that you will want to avoid, a few of which include:

•·         Underestimating the cost of fixing up an older home.

•·         Failing to negotiate better terms and conditions.

•·         The full impact of a long commute and how to decide how far is too far.

You want your home buying experience to be exhilarating, fun and exciting and it will be providing you work with professionals that can help you avoid costly mistakes.

Whether you need a recommendation for a professional lender, home inspector or contractor for your Central Ohio property, I can help.  Call me at (614)273-6406 or email me at Vanessa.simmons@realliving.com

LINKS:

$8000 Stimulus Plan:  http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html

Professional home inspector:  http://www.ashi.org/

Home closing process:  http://homebuying.about.com/od/buyingahome/qt/101107_homclose.htm

First time buyer mistakes: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer12

Everyone knows that Foreclosures, Short Sales and HUDs hurt neighborhood property values.  As a real estate professional I applaud any efforts that can help stabilize the flood of distressed properties.  If you need help and would like to see if you qualify for any government housing rescue programs please check out the new site, Making Home Affordable.

Have additional questions or need other Central Ohio real estate help, please call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com

Absolutely Not-providing you have realistic goals and know what you are doing flipping homes can still be a profitable endeavor in 2009.  This does not mean you need to be a financial genius.   The truth is that the majority of folks flipping homes are every day Joes and Janes like you and me.  Being a  rocket scientist, is not a requirement but you do need to be much smarter than you used to be to be able to make money flipping a Central Ohio property in 2009.

Think Conservative

Not in the political sense but as a general practice from start to finish.  With Market conditions being what they are there is little room for error. Purchasing as low as you can, holding down costs of home repairs and improvements, selling at a reasonable price and keeping your focus on getting rid of the property quickly is essential in having a successful flip in 2009.

Keep Realistic Expectations

Unlike times past, in today's market it may be unrealistic to think that you will be able to move a property a few weeks after completion.  Of course working with your Realtor you should be able to get comps and information that can help you gage probable selling time frame. Being able to obtain manageable financing rates will be key should you need to float payments until the property sells.

Greed is Not Good

No matter how tempting it is to price a  property flip at the highest amount that the community will afford, it must be resisted.  In today's slow market that would most likely be a recipe for disaster.  The only thing you will succeed in is prolonging the sell of the property.  In and Out as cost effectively and quickly as possible is the key.  Granted this may not be as quickly as in days past but it still needs to be the motto by which you operated.   Making a profit is the ultimate goal for your Central Ohio Flip, however, margins are likely to be a little tighter in today's market.

 Reflections from the Past

Flipping properties 2,4, 5 even 10 years ago was not a whole lot different than it is today.  Then as now property flipping was a high stakes game of reward and risk profitable only to those who understood and respected the rules and limits.  A few years ago one could error and bounce back today the consequences of mistakes can be much harder to recover from.

Ready to make a profit flipping a Central Ohio Property or have other real estate needs, give me a call at 614-273-6406 or email me at vanessa.simmons@realliving.com.

For More Home Buying/Selling Tips See:

Should Your Central Ohio Investment Property be a Fixer Upper?

Drab Kitchen Make-Over...On a Budget

Quick-N -Easy Fix for Beat Up Woodwork....

Showcase The Bathroom In Your Home For Sale