New website to search for open houses....

http://www.columbusopenhouse.com/index.php

Just found this and wanted to pass it along!

Awesome condo for sale!!!!

http://tinyurl.com/5nktvl

Local market update

According to the Ohio Association of Realtors, the statistics seen currently in the market are on par with statistics from pre-2003 (2003 - 2007 was the never seen before real estate "boom"). That's great news, and shows us that the market is starting to stabilize somewhat!

Selling a vacant home?

Did you know that if your home is vacant (you've already purchased & moved into a new home), it may not be covered from damage, destruction, arson, etc...? Call your homeowners insurance agent today to make sure you're covered!

National average on return of investments

I don't know how accurate these figures are (locally), but should at least give you an idea as to which projects typically help increase the value of your home! Spending money to update/improve kitchens & baths will generally offer the best return on dollars spent.

http://www.hgtv.com/hgtv/pac_ctnt_988/text/0,2496,HGTV_22056_52571,00.html?nl=HGIdeas_v300_17

Market Trends

Well, the good news is that some homes that have been on the market for months (or even years) are beginning to sell. The bad news is there are 200+ new listings in the central Ohio area each week! That means even more competition than ever, so if you're looking to sell, your home must be in the best possible showing condition. It's not impossible in all areas to sell right now, but obviously some areas have been affected worse than others!

Going Green?

Join Mayor Michael Coleman and show Columbus that you're doing your part by "going green"!

http://www.columbusgreenspot.org/index.asp

2008 Home Improvement Challenge

It's here! The 2008 Home Improvement Challenge sponsored by Better Homes & Gardens. Categories include:

• additions
• bath
• decorating
• exterior face-lifts
• green improvements
• kitchen
• outdoor improvements
• projects less than $5,000
• renovation

Visit www.bhg.com/challenge for more information! Entries are accepted through 1/31.

Housing and Economic Recovery Act

What does it mean to homeowners? Here are the basics of the tax credit being offered:

• 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

http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

http://bankrate.com/brm/news/mortgages/housing-bill-20080725a1.asp

http://rismedia.com/wp/2008-07-29/senate-approved-housing-rescue-package-real-estate-industry-reacts/

http://www.lendingtree.com/smartborrower/Mortgage-News/Housing-bill-to-aid-homeowners.aspx

Your home not selling?

There are only a few reasons that your home may not be selling. First of all, how is the market in your neighborhood? Are homes selling? If so, then it has to be either location, price or condition. If your property sits in a desirable location in the subdivision, then look at the other possibilities. Have your agent pull comps weekly to make sure your home is still priced competitively, and make adjustments if necessary. This is even more important now with all the bank owned homes selling around us. If non of these things apply, then it MUST be the condition of the home. This could be just about anything, from odors to outdated finishes, mismatched carpeting, odd paint color choices, etc. The most important thing you can do to avoid the condition of your home being a factor, is to enlist the help of a few friends/family members/co-workers who will give you an honest opinion of your home. Things that potential buyers will notice are things that you probably won't because you're used to them (pet odors, messy paint job, etc.). I see it more now than in the past, but these are real problems that need to be addressed! An acquaintance of mine has a home on the market that just happened to fall into the criteria of a new buyer that I'm working with, so I showed it last week. The cat urine odor as soon as we walked in the door was horrid (the other disagreeable characteristics of the house don't even matter at this point). When I gave my feedback, she was in disbelief because no one else had told her this before. The house has been sitting empty, on the market for close to a year now............ Coincidence? I don't think so!