Central Ohio Market Update
Inventory of unsold homes continues to decrease.
September 2008
The high level of homes on the market has helped create the buyer's market in central Ohio. For sellers an encouraging statistic has been the decrease in the inventory level of unsold homes throught 2008. "There were 16,975 homes for sale in Central Ohio in August 2008, which is 14.2% lower then last year at the same time" according to the Columbus Board of Realtors.
"Clearly a high level of unsold inventory puts downward pressure on the market. In order to compete sellers are dropping their prices. Home sales in Central Ohio have suffered but nearly as much as other areas of Ohio and this change in inventory levels could be part of a market correction," says Larry Schottenstein, Broker of Revealty.
Home sales are not as high as during the housing boom, which started in 2003. For now sales are in keeping with pre-boom sales levels. ... (more)
Trust
Traditionally real estate agents are not among the most trusted professions. In fact, they are traditionally quite the opposite. There are definitely those who earn that lack of faith, so that we that are worthy of it have to work harder. When choosing a real estate agent its important to feel good about the person you are working with. You don't necessarily want to choose the person who is the most well known, or who is in the multi million dollar clubs. You want an agent who will work for you and tell you the truth. None of us are perfect, by any measure, but I try to do the best job that I can and integrity and honesty are extremely important qualities for me to strive to have, and to find in others. An exclusive buyer's agency also has some built in differences that can make it a better option for buyers who need a guide, not a salesperson. Exclusive buyers agents do not have listings to sell, therefore no incentive to show certain homes to make ... (more)
New build homes
There was an interesting article in the Dispatch the other day about a builder who has to pay a buyer $3,000,000 for a mold issue that occurred in their new house. This particular builder offers a lot of square footage at a low price, but as with everything you get what you pay for. Buyers who are building new homes can benefit from their own agent who can help them research builders and make good decisions. It does not cost a buyer anything extra to have their own representation when building a new home. Here is a link to the article. http://www.dispatch.com/live/content/local_news/stories/2008/05/12/3milhouse.ART_ART_05-12-08_B1_G9A64G9.html?sid=101 . Here is a link to my website for real estate buying information. http://www.protecthomebuyers.com.
Introduction
Welcome to my blog. I decided to start this to discuss various issues and dilemmas that come up during the home buying process. As an exclusive buyer's agent, I work with home buyers every day. Sometimes transactions are simple and smooth and sometimes they get very complicated. People often don't realize all of the things that can come up during the process and how crucial it is to have someone knowledgable and trustworthy to help them through it all. No agent can know everything, but a good agent will always find answers.
Its a scary market right now with all the bad news that we keep hearing every day about the housing market, gas prices, and the economy in general. The Columbus area is a good time to buy right now, unlike many parts of the country, but it is important to be educated so that you know what to buy and where. Unless you plan to live in the house forever, you need to consider not only what YOU want in a home, but what the next ... (more)
