Areas showing an INCREASE in sales price:
The downtown area of Columbus; $261,987 last year to $312,940, almost a 20% increase!
The area loosely located north of Bethel Rd., west of 315, east of Riverside & south of Powell; over 5%, from $184,358 to $194,252.
The area located south of Bethel Rd. to include parts of Grandview & the Lane Ave. area east of 315; $149,169 to $158,525, over 6% increase.
Canal Winchester; a slight increase of 1.73%, up to $175,610.
Dublin; up 3.5% from $319,035 to $330,220.
Hilliard; an increase (but still not a decrease) of less than 1%, at $204,031.
Plain City; up almost 10% to $183,761.
Areas showing a DECREASE:
Columbus, just north of 670, including the Short North, Victorian Village & Italian Village; down 10.5%, to $137,129.
Columbus, east of downtown, to include Olde Towne East; down over 20% to $68,022.
Columbus, south of downtown including German Village; down 31% to $127,690.
East Columbus, south of I-70, and east of Brice Rd.; down 11.37% to $109,600.
West Columbus, east of 270; down almost 25% to $50,144.
Northwest Delaware County; down 14% to $181,243.
Northeast Delaware County; down over 12% to $186,631.
Lancaster; down slightly more than 10% to $101,673.
Pickerington; down 9% to $190,084.
Grandview Heights; down almost 14% to $232,180.
Newark & Granville; down 16.5% to $261,638.
Lockbourne; down almost 18% to $64,693.
Upper Arlington; down almost 7% to $312,570.
Whitehall; down over 40% to $50,230.
Worthington; down 10% to $228,167.
For areas not listed, e-mail me for more details! firstname.lastname@example.org
1. Condos have been hit especially hard. They've become extremely difficult to move in this market (partly because condos are competing with single family REO homes in the same price range).
2. Newer neighborhoods (including upscale neighborhoods, prices from $325K and up), built after 2002 or so, have also been hit especially hard.
3. Most of the areas that I work in (Powell, Dublin, Worthington, NW Cols) are still selling ok, with home values only down slightly from this same time last year, usually only 1 - 2%.
4. If your home looks the best it possibly can, and is reasonably priced (the sellers aren't trying to make profits that they could have 2 years ago), your home will sell. Homes in my neighborhood are still selling for close to asking price, in 90 days, give or take!
Not all together bad news! Happy house selling!
Essentially, these two giants are going to try to speed up the loan modification process, in hopes that this will cut back on the number of loans that actually go into foreclosure. Citigroup, Bank of America & J.P. Morgan Chase have recently announced similar programs. Too little too late? Who knows....
Up until a few days ago, Ohio had a great program (OHFA http://www.ohiohome.org/) that offered downpayment assistance programs, but due to the economic times, has been temporarily discontinued.
1. Has the condition of the current housing/financial market made you put your home buying/selling plans on hold?
Yes - 20% of you said that yes, it has made you put your home buying/selling plans on hold, temporarily.
No - 60% of you said that this current situation has not made you change home buying/selling plans (either you've just recently purchased a home, or the situation has made you start saving more rapidly for a down payment).
Maybe - 20% of you are uncertain as to whether or not you'll change your plans.
2. Do you think the government should have been responsible for bailing out large financial institutions that are in trouble?
Yes - 0%
No - 84%
Maybe - 16%
3. Do you think the situation would have corrected itself if the government hadn't stepped in?
Yes - 34% of you thought that though it would've taken some time, the situation would eventually correct itself
No - 16%
Maybe - 50% of you were unsure as to whether or not the situation would correct itself without the government stepping in, or thought that yes, it would've, but the government's measures would lessen the effects and expedite the recovery.
"I think the pain and suffering needed to resolve this financial crisis will be less with government intervention than it would have been without it. The markets would have corrected themselves, but it might have taken many years and been very painful in terms of job and home loss. Also, the bail out will not save us from any all the pain, there certainly is/will be some."
4. Who do you think is responsible for the current financial institution crisis?
Buyers & Lenders - 60% of you thought that buyers AND lenders should share the responsibility
Buyers - 20% of you thought the buyers should accept sole responsibility.
Buyers, Lenders, Appraisers, etc (anyone/everyone involved in a transaction) - 20% thought that everyone involved should accept some of the responsibility.
5. Could it have been avoided?
Yes - 100% of you thought it could've been avoided.
6. Who do you think is responsible for the decline in the housing market?
No one - 20% of you thought that the market traditionally has ups and downs.
All involved / the general public - 60%
Lenders / Buyers - 20%
Most of the replies to this question were the same as question #4.
7. When do you see it turning around?
1-2 years - 34% of you thought it would be at least a year or 2 (some thought it'll depend on who gets elected as our next president).
2+ years - 50%
Don't know - 16% of you weren't sure.
8. How has the current housing market situation directly affected you?
There were many variations of a few specific answers, so I'll just post a few:
The market hasn't affected me.
Can't sell current property.
Homes selling for less than market value.
Property values dropping.
We got a great deal on our purchase.
9. Feel free to add any other related comments/questions!
"For people who are NOT in a bad situation from bad ideas, I wonder how easy it would be to purchase homes and rent them, or is the rental market flooded too?? I wish I had a bit of expendable cash to take advantage of the low costs to buy!"
I would be that this would be a great option right now, IF you had the expendable cash! :)
- exterior face-lifts
- green improvements
- outdoor improvements
- projects less than $5,000
Visit www.bhg.com/challenge for more information! Entries are accepted through 1/31.
- a $7500 maximum (you can claim up to 10% of the purchase price) tax credit to either first time homebuyers OR if you haven't owned a home in the past three years
- if your AGI (adjusted gross income) exceeds $75,000 for an individual or $150,000 as a couple, the amount you're eligible for begins to decrease
- you must close by 6/30/09 on the home
- the amount credited must be paid back over a period of 15 years
- if you sell the home before the 15 year period (and you have no gain on the sale) you won't be expected to pay the credit back
- http://www.federalhousingtaxcredit.com/ for more information
The bill also contains a provision to help homeowners with subprime loans refinance into a 30 year fixed FHA mortgage.
Below are a few articles I've come across that may help make sense of it all!http://news.yahoo.com/s/ap/20080730/ap_on_bi_ge/mortgage_relief_q_a
If you have purchased a home in Franklin County or you have an appraisal from a licensed appraiser that states that your home is worth less than the value listed on the Auditor's page, today is the deadline to file to have your value reviewed.
At Larry Coolidge Realtors, we will pay for your home inspection. There are many homes out there with not so obvious problems (yes, even new builds), and we want to make sure that you don't fall victim to them! Contact us today for details!
www.lcrohio.com (Larry Coolidge Realtors)
(stats courtesy of CBR)
2. Make 13 payments each year instead of 12.
Either of these will help you pay your mortgage off faster!