Market Trends

Percentage of Homes Listed, Sold & Market Trends in Central Ohio Housing From 2003 to 2007!

 

 

Year	# Homes Listed	# Homes Sold	% Homes Listed That Sold	Avg. Sale Price	% Price Increase
2003	38,976	24,812	63.70%	$161,930	3.90%
2004	44,328	27,328	61.60%	169,958	4.90%
2005	50,197	28,008	55.80%	173,150	1.80%
2006	51,437	26,255	51.10%	171,398	-1.10%
2007	49,985	34,773	49.6%	170,555	-.5%

 

 

 

 

 

 

 

 

 

 

The actual number of homes sold increased each year through 2005. However, at the same time, increasingly more homes (competition) came on the market, and an increasingly smaller percentage of the homes that came on the market sold. In 2006, Central Ohio experienced an actual decrease in the number of home sales (-9%) and the first decrease in the average sale price in over 16 years.  We shifted from a balanced market to a Buyers market.

 

The trend has continued at a moderate pace in 2007. In Columbus, the market may have bottomed out, but all national indicators and projections are that the home sale market has not. Large numbers of homes and especially home foreclosures are still coming on the market. While we may be hopeful that a pent up demand for housing will occur and home sales increase over last year's numbers, this remains to be seen.

 

It is important to keep in mind that today’s buyer’s are more knowledgeable and have more tools available to search for homes. They are looking for the “best deal.” Pricing, condition and maximum exposure to the internet and the Realtor network is vital. You must make sure that your home is being skillfully marketed with sophisticated tools to get buyers into your home.

Step By Step Home Buying Process!

So you're ready to buy a home... Now what? Here's a flow chart that will help you follow where you are in the process:   You consider buying a home!   1.) You select your real estate agent! 2.) During your first appointment, your agent will explain the entire home buying process to you! 3.)With your Realtor you discuss all the financial aspects, your needs and your monthly payment limits! 4.) You apply for a pre-approved mortgage! 5.) You schedule a "Tour of Homes" with your Realtor!   You find the house! Now what?   6.) You write an offer and the offer is presented by your Realtor! 7.) You negotiate with the Seller through your and their Realtor! 8.) Once the offer is accepted you need to deposit your "earnest money, good-faith money". It all means the same thing! 9.) You have a home inspection and a termite inspection! 10.) You accept inspections or counter for remedy of repairs. The Seller can accept or reject! 11.) Your prospective home is appraised and your mortgage is fully approved! 12.) You meet with your insurance agent! 13.) Approximately 24 hours before closing your Realtor contacts you with your final "bottom line" of how much money you need to bring to the closing. 14.) CLOSING!   In a nutshell... that's it! For a smooth, fun and profitable transaction don't skip one step! I hope this helps you stay on track during your home buying process! Ciao~ Darla ;-)

Multiple Offers - What to do?

Multiple Offer Situations - What to do?

 

Hello web freaks!! I had a couple today who were

planning on writing an offer tomorrow night on a short

sale that was under priced, needed just cosmetics &

was located in the same neighborhood as her sister

& beloved nephew. It was perfect for them and would be

hard to duplicate all the positives for them for the price.

I got a call from the listing agent that she was receiving

another offer and if we wanted, "in the game", we had to

write tonight (Another advantage to working with a

seasoned agent like myself. All the "Big Dog Realtors"

know each other and we really do try to help each other

out. You know the 80/20 rule? In real estate it's 90/10.

10% of all the agents make 90% of all the sales! Also,

she was doing her duty... trying to get another offer

for her Seller! A win-win!) My clients decided to go for it.

My advise in multiple offer situations? Write the best offer

you can so later on you have NO REGRETS! What if you

lose the house, finding out later from the auditor's site

that it sold for just $2000 more than you offered. You

lost the house for $2000 which comes out to $12 more

per month on your monthly payments. Is the house worth

it to you? Only you can decide that... there's no right or

wrong but remember! Write your best offer and have

NO REGRETS! Whether you win or lose you've done the

right thing and can live with the outcome! My folks got it

and they are thrilled! Now on to the home inspection!

 

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If you have further questions on a particular subject, want

me to cover a certain topic or would like to give me the

opportunity to earn your business, contact me at 614-431-1003

or RealtorDarla@aol.com   Blong on my friends...

Darla Finally Blogs!

 

Hello web freaks! Welcome to my DarlaDoesRealEstate

Blog! Virgin Blogger here - be gentle! So what do I

have to share? 20+ years of residential real estate

sales, 1000+ homes sold, I've won all the awards, yada,

yada, yada... My goal is to give you the inside scoop,

tips & tricks on buying and selling homes! As my "web

guy" told me, "Blogging is no hard sell... you're just

branding yourself." Fine but... if you want to hire me to

buy or sell real estate my number is 614-431-1003 or

e-mail me at RealtorDarla@aol.com There, I said it...

now I can move on!

 

My plan is to talk about current transaction situations

I'm experiencing, real estate trends in the Greater

Columbus area, buyer bits, seller speak, what's new,

what's hot... just an ongoing conversation with friends

old & new! I'll also feature a "Home of the Day"! I want

you to see new the fresh listings, great price reductions,

new on the market... I'd love to hear what topics you

want to hear about! If it's about real estate it's fair

play! Thanks for stopping by. BTW, feel free to contact

me if you have particular needs that are not covered in

this Blog. Call me at 614-431-1003 or e-mail

RealtorDarla@aol.com  Blog on!     

 

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