Darla Does Real Estate

HOME SALES UP AGAIN IN AUGUST 2011!

2011-09-30T15:19:00.002-04:00

Hello Friends! Great News!! Home sales were up again in August 2011! August marks the second consecutive month of increased home sales this year after the first half of the year vied to compete with increased sales from 2010 due to the home buyer tax credits.

According to the Columbus Board of REALTORS®, 1,946 homes sold in August which is 15.4 percent more than the previous year and 4.3 percent higher than July 2011. Residential homes which went into contract for sale was also up over 50 percent from one year ago.

There were 3,059 homes listed last month bringing the total residential inventory of homes for sale to 15, 192 – down 21 percent from one year ago. (Down is good here! That means homes are selling! The average sale price of $171,027 last month was up slightly (one percent) over the previous year and 0.5 percent higher than the average sale price of a home sold in July!

Average sale prices in Bexley ($439,367), Grandview Heights ($284,400), Westerville ($189,476), German Village ($317,305) and Upper Arlington school district ($322,199) saw double digit increases last month. The same applies to the counties of Logan ($110,855), Morrow ($103,910), Knox ($128,365) and Madison ($159,326).

As a REALTORS® I am counseling my sellers to price their homes realistically, make certain their homes are well maintained and be willing to negotiate financing terms, Once the home is sold, my sellers most often becomes the buyer and will be looking for the same fair treatment! To view residential properties for sale, visit www.DarlaDoesRealEstate.com.

Video tour the New Scioto Mile with Mayor Coleman

2011-07-06T13:56:00.006-04:00

Video tour downtown Columbus, Ohio and the New Scioto Mile with Mayor Mike Coleman

This is very exciting especially for a born and bred Buckeye like myself! There are not many of us left!

Mayor of Columbus, Ohio Mike Coleman gives a preview of the new park on the riverfront!

http://youtu.be/Yb7YSfBzyGU

Golf In Honor of Flag Day!

2011-06-14T12:06:00.004-04:00

Golf In Honor of Flag Day! A special Thank You to our service men & women who protect me and my family!!

This isn't a joke or cartoon; just an interesting story to know...you may want to forward this on to others in honor of Flag Day!

On Monday, I played the Disney, Lake Buena Vista course. As usual the Starters matched me with three other players. After a few holes we began to get to know each other a bit. One fellow was rather young and had his wife riding along in the golf cart with him. I noticed that his Golf bag had his name on it and after closer inspection, it also said "wounded war veterans". When I had my first chance to chat with him I asked him about the bag. His response was simply that it was a gift. I then asked if he was wounded and he said yes. When I asked more about his injury, his response was "I'd rather not talk about it, sir".

Over a few holes I learned that he had spent the last 15 months in an Army rehabilitation hospital in San Antonio Texas . His wife moved there to be with him and he was released from the hospital in September. He was a rather quiet fellow; however, he did say that he wanted to get good at golf. We had a nice round and as we became a bit more familiar I asked him about the a brand new set of Ping woods and irons he was playing. Some looked like they had never been hit. His response was simple. He said that this round was the first full round he had played
with these clubs.

Later in the round he told me the following. As part of the discharge process from the rehabilitation hospital, Ping comes in and provides three days of golf instruction, followed by club fitting. Upon discharge from the hospital, Ping gives each of the discharged veterans, generally about 40 soldiers, a brand new set of custom fitted clubs along with the impressive golf bags.

The fellow I met was named Ben Woods and he looked me in the eye and said that being fitted for those clubs was one of the best things that ever happened to him and he was determined to learn to play golf well enough to deserve the gift Ping had given him. Ben is now out of the
service, medically discharged just a month ago. He is as fine a young man as you would ever want to meet.

Ping has the good judgment not to advertise this program. God Bless America, our service Men & women and the game of golf!!

Columbus Dispatch-Home Price Index Falls To Lowest Point since 2002.

2011-05-31T16:06:00.004-04:00

Home-Price Index Falls to Lowest Point Since 2002

By DEREK KRAVITZ AP Real Estate Writer
WASHINGTON (AP) -- An index of home prices in big metro areas has reached its lowest level since 2002, driven down by foreclosures, a glut of unsold homes and the reluctance or inability of many to buy.

Prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor's/Case-Shiller 20-city index. And prices in a dozen markets have reached their lowest points since the housing bubble burst in late 2006.

The nationwide index fell for the eighth straight month. Prices have now fallen further since the bubble burst than they did during the Great Depression. It took 19 years for the housing market to regain its losses after the Depression ended.

Prices rose last summer, fueled by a temporary federal home-buying tax credit. But they've plunged since then. This month's report marked a "double dip in home prices across much of the nation," said David Blitzer, chairman of the Index Committee at Standard & Poor's.

After adjusting for inflation, the home-price index has sunk to a level not seen since 1999.
Many economists think prices nationally will drop at least 5 percent more by year's end. They aren't likely to stop falling until the glut of foreclosures for sale is reduced, employers start hiring in greater force, banks ease lending rules and would-be buyers regain confidence that a home purchase is a wise investment.

"Folks are having so much difficulty in getting financing for a home," said Mark Vitner, senior economist at Wells Fargo. "It may be early next year before prices hit bottom."
Another obstacle to a rebound in prices: A delay in processing foreclosures. Homes in foreclosure sell for, on average, 20 percent discounts. When they do, they pull prices down further. But many foreclosure sales have been delayed while federal regulators, state attorneys general and banks review how those foreclosures were carried out over the past two years.

Once those homes are eventually foreclosed upon, they will trigger a further price drop in many markets. Those declines are "etched in stone," said Patrick Newport, U.S. economist at IHS Global Insight.

The 12 cities now at their lowest levels in nearly four years are: Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland, Ore., and Tampa. Minneapolis fared the worst in March; prices there fell 3.7 percent. They dropped 2.4 percent in Charlotte and Chicago and 2 percent in Detroit. But prices rose 0.1 percent in Seattle and 1.1 percent in Washington, D.C. The nation's capital is the only metro area in the index where prices have risen in the past year.

The Case-Shiller index measures sales of select homes in the 20 largest markets compared with January 2000. For each metro area it reviews, the index provides a three-month moving average price. By measuring sales prices of the same homes over time, the index seeks to pinpoint market values and conditions.

The housing sector is struggling even as the overall economy is in the midst of a steady but slow recovery. That won't change soon. Roughly 92 percent of homeowners say it's a bad time to sell their home, according to the latest Thomson Reuters/University of Michigan index of consumer sentiment.

But housing also affects the broader economy. Homes account for about a third of household wealth. So when prices fall, they have "important spillover effects on other sectors of the economy," said Yelena Shulyatyeva, an analyst at BNP Paribas. Those sectors include consumer spending and state and local property tax collections. Some of the sharpest price declines have occurred in cities hit hardest by unemployment and foreclosures, such as Phoenix, Tampa and Las Vegas. They are flooded with homes sitting vacant, awaiting buyers. Many banks have agreed to allow homes at risk of foreclosure to be sold for less than what is owed on their mortgages. That trend has pulled down prices.

Coastal areas, such as San Francisco, San Diego, Los Angeles, Washington and Boston, have fared comparatively better in the past two years. They have been aided by healthy local economies and low unemployment, desirable city centers and limited space for new housing. But the damage is now spreading to areas that had long escaped the worst of the crisis. They include Dallas, Denver, Minneapolis and Cleveland. Economists regard them as housing bellwethers - metro areas that are reliable indicators of where national prices are headed. Denver and Dallas are on pace to hit post-housing bust lows in the next few months.

In the seven years before its peak in July 2006, the home-price index surged 155 percent. Since then, it's fallen 33 percent.

Let It Happen vs. Make It Happen! Intention!

2011-05-16T13:39:00.004-04:00

Two Sunday nights ago I was watching the season 25 Oprah Behind the scenes. When Oprah said, "If what you are offering is rejected just let them go." She repeated it a second time and I felt as though she was speaking directly to me! I thought maybe this is a lesson about my sellers and buyers. Next day my loyal assistant of three years told me through tears that she was giving me her two week notice. An opportunity had been offered her that was great for her. Usually I would have been ticked, irritated, pissed off etc... but instead what came to me was ..."let her go" even though I was quite sad.

I vowed to myself that I would have a new assistant (with GREAT skills) hired by Friday, May 13th and starting for training with Debbie on Monday, May 16th! I put a post on my Facebook page, my buyer's agent FB page and a mass email out to the agents in our office. I received 23 resumes, spoke w/11 of 12 that I wanted to speak w/on the phone, met six and five of them would have been excellent, in the price range and hours that I was offering! I hired a magnificent person that is a retired executive secretary for a muckity muck at Huntington, owns her own scrap booking company plus was a seller & a buyer with me last November! I have known Noreen since 1991 when we sang together, I see how organized she is in her business and in her home life, I've admired watching this gal accomplish the goals she set and I am so very happy it's all worked out this way but two weeks ago I would not have answered the same at least on Monday!!

I am thrilled for Debbie, for my team and for Noreen... I'm so excited for all the new goals and accomplishments I see in the months ahead! I "Let It Happen!" for a change! It worked!!

2011-04-11T14:28:00.002-04:00

Spring Maintenance Tips for Your Home! April Showers... Get your home in a, "Spring State of Mind!" shared by Darla Luebbe, Real Estate Aces! 614-395-1516

Replace your furnace filter Clean the kitchen exhaust hood and air filter Check your electrical system Always have a multi-purpose fire extinguisher accessible. Make sure the light bulbs in all your fixtures are the correct wattage Review your fire escape plan with your family Consider installing a lightning protection system on your home Protect all your electrical appliances from power surges and lightning Have a professional air conditioning contractor inspect and maintain your system as recommended by the manufacturer Check for damage to your roof Run through a severe-weather drill with your family Repair all cracked, broken or uneven driveways and walks to help provide a level walking surface Protect your home from sewer or drain back-up losses Check all the fascia and trim for deterioration Check your water heater Check the shutoff valve at each plumbing fixture to make sure they function Clean clothes dryer exhaust duct, damper, and space under the dryer Replace all extension cords that have become brittle, worn or damaged Inspect and clean dust from the covers of your smoke and carbon monoxide alarms

-Provided by State Farm Insurance

Pretty Techie for a 50 Year Old Chick!

2011-01-04T15:14:00.005-05:00

Yesterday was supposed to be my 1st day back but a transformer blew so our office had no network, no electric, no lights, no phones, no computers etc... almost all day long! What I did do was use pencil & paper and called or emailed clients from my smart phone. It reminded me of the "olden days" back in 1988 when I first got my real estate license and you typed a contract with 3 pieces of paper and 2 pieces of carbon paper between! Then we had to DRIVE a contract over to the listing agent's office (Even if the house you were selling was in Worthington but the agent's office was in Pickerington... you drove to Pickerington-it was horrible!!) in a sealed for privacy, over-sized enveloped! We had no fax machines yet so that's what you did. You didn't know anything else.

In today's world I have Seller's I have never met or spoken to! They email me from out of town, mail me the key or have a relative/friend drop a copy off to me. I email them pdf attachments that they sign, initial, date, scan and send back to me! They are FedExed the closing papers that they have to sign in front of a notary and once their signed paperwork is back, the Seller's proceeds are wired to their bank account, with their permission, of course! It's amazing how much my industry has changed and how I've had to change with it! Pretty cool for a pretty techie 50 year old chick!

Real Estate Success, Darla ;-)

REAL ESTATE BUZZ-MARKET UPDATE!

2010-10-20T17:28:00.002-04:00

Good news! September home sales in central Ohio were higher than the previous month and the average sale price of a home sold continues to rise!! There were 1,605 homes sold in September which is 8.2 percent more homes sold than during the month of August. Home sales during the first nine months of the year are now 9.2 percent higher than the same period in 2009. We saw a lull in housing activity after the tax credit expired which was not surprising given the frenzy of activity attributed to the generous tax credits for both first time & repeat buyers earlier this year. This upswing in sales is a positive sign that our central Ohio housing market continues to strengthen. The average sale price of a home has been inching back up this year from $145,993 in January to $169,959 in August. The average sale price year to date (January through August) is $161,645, which is 2,2 percent higher than one year ago. There were 3,700 homes listed for sale last month bringing the total number of homes for sale in central Ohio to nearly 17,000 which is 16,5 percent more homes than were on the market at the end of last summer. With interest rates still so low and the selection of homes for sale so plentiful, any one who has an interest in buying or selling home… NOW’S THE TIME! Be in before the holidays! ~Darla ;-)

2010-09-15T14:43:00.002-04:00

7 Reasons Why Now Is A Great Time To Buy A Home-Gary Keller Check it out! Darla ;-)

http://issuu.com/RealtorDarla/docs/why_now_is_a_great_time_to_buy_a_home-gary_keller

2010-08-30T16:23:00.002-04:00

Daily Real Estate News from the NAR (National Association of Realtors)

5 Reasons Homeownership Trumps Renting!

The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction. Here are five of them:

1. Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.

2. Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.

3. Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.

4. Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.

5. Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

Buy Now BEFORE The Down Payment Increase

2010-08-25T14:35:00.004-04:00

WHY NOW IS TRULY THE RIGHT TIME TO BUY!!

In October 2010 FHA minimum down payment will increase meaning fewer FHA Buyers! It's no secret that Loan Underwriting Standards for all Mortgage Loans - Conventional, and Government-Backed - have become much more stringent in recent months. Across the board, minimum down payments, fees, and minimum acceptable FICO Credit Scores have increased. Three years ago, borrowers with challenged credit and low down payment usually had multiple choices to finance their new home or condo. Today, for many, there is only one such choice - an FHA-backed loan.

As reported by Chicago Tribune Real Estate Writer Mary Ellen Podmolik in last Friday's Trib, FHA Loans now represent roughly 25% of all new home loans - a near five-time gain from the 5.5% share they had as recently as early 2007. Within the last two years, minimum down payment on an FHA Home Loan increased to 3.5%, from the earlier 3.0%. Minimum FICO Credit Score to now qualify - 620, up from as low as 580 earlier in 2009. Now, a proposal by U.S. Congressmen Scott Garnett, a New Jersey Republican, would increase the minimum down payment on an FHA Loan to 5.0%. Further, under his proposal, closing costs - sometimes as high a 6% of the loan amount - could not be rolled in to the mortgage amount. Garnett says he does not want to hamper home ownership by those with little down - only protect the FHA. Due to high demand for these loans, coupled with still-increasing rates of mortgage default, FHA Cash Reserves have fallen below the minimum levels required by Congress. Further stress on FHA, he contends, could ultimately result in a taxpayer bailout, if required to stabilize their programs.
He further states that insisting on higher initial equity would reduce the number of loan defaults, as those with greater equity in their homes usually are less likely to fall behind on their house payments or to walk away. The down payment increase seems as only a slight change, but, as home buyers and Real Estate Practitioners have seen in 2009, often the slightest tightening in lending requirements sends many buyers scurrying to the sidelines. Also, removing the ability to finance closing costs could further hamper those with little initial cash for a down payment, and, in some cases, prevent them from moving forward on a home purchase. So far, it is still allowable to ask the Seller to pay for the Buyer's closing costs!

2010-08-02T16:38:00.003-04:00

Hello friends from your favorite Realtor, Darla Luebbe, CRS/GRI/ABR w/KW Capital Partners at www.DarlaDoedRealEstate.com I have so many folks ask me for referrals for home services and vendors which is another valued service I gladly share w/my clients! One of the many joys of living my entire life in the Buckeye State is I know LOTS of people!! Since most folks are living in their existing homes a little bit longer these days, (10 years verses 7), I thought this article might be helpful when hiring contractors and repair folks. Please feel free to allow me to answer your every real estate need! Dial Darla! 614-395-1516 or www.DarlaDoesRealEstate.com

The Ten Do's and Don'ts of Home Renovation

If you're planning a home renovation, here are a few tips on hiring a reputable contractor and setting realistic project expectations from Jim Caruk (www.thecarukgroupcom), host of Life Television's Real Renos in Canada.

1) Make sure you're hiring a professional. Check that contractors carry liability insurance and workers' compensation. It's even better if they are members of one or more professional associations (e.g., the National Association of Home Builders; www.nahb.org) that help regulate industry standards.
2) Ask for references, and check them out.
3) Go see contractors' work - in fact, see work in progress, or else a contractor will show you only finished gems, not how you can expect a project to go.
4) Don't pick the cheapest or costliest guy on the block. Some companies quote low but nail you for extras, while those with higher quotes may actually be more honest in spelling out everything right from the start.
5) Allow for the final bill to come within 10 to 15 percent of the original quote. There are always additional expenses along the way, but the final price shouldn't be more than 15 percent from the budget set out.
6) Plan months ahead. It's true of construction people too: All the good ones are taken, so don't expect to pick up the phone and have someone start next week. If they're any good, they're likely booked solid.
7) Propose a retainer instead of a deposit. There's no need to pay one-third up front, which some contractors typically ask, unless it's for things, such as kitchen cabinets or windows, that need to be paid for right away. For big jobs just a monthly retainer should be acceptable until the job officially starts and you agree on a pay schedule; a retainer isn't necessary for smaller jobs (e.g., $10,000).
8) Know the scope of the work to be done. The more you know about what you want and the better you can communicate that to the contractor at the inception of a renovation project, the smoother things can go. Making up your mind, or changing your mind, along the way only eats up time and drives up the final price.
9) Don't get mad at Mother Nature. Expect weather to affect the project's timelines and maybe even create challenges and setbacks.
10) Check your ego at the door. Emotions can flare up wherever there's drywall and nails, and some clients start to think they should be directing the project. People ire a contractor because they don't have the time or skills to do the project themselves, so let the professionals do what they know how to do.

Be realistic, and keep an open mind. That means setting a realistic plan, then realizing that projects are fluid things that change and that there are always labor pains. Be ready to roll with the punches. ~Angela Pirisi, The Costco Connection, 5/10

2010-07-26T12:17:00.002-04:00

Central Ohio sales strong, inventory incredible, gains continue after tax credit rush...

June home closings in central Ohio continued to improve over last year, increasing by more than 10 percent to 2,315 according to the Columbus Board of REALTORS®. Not only that but the number of days homes spend on the market and month’s supply are both down which is a good sign!

Despite that, the number of homes in contract slumped to 1,309, a 19 percent decline over this time last year. It’s not surprising that in the wake of the home buyer tax credits, June graduations, weddings and vacations prospective home sales may slip, What is truly revealing is the other indicators that show continued growth of central Ohio’s market.

Days on market declined 12 percent and month’s supply, a measure of long term inventory, remains sustainable. The average home sale price rose three percent from last year and five percent from last month to $174,522. The listing inventory also shows promise, adding 1,194 homes, an eight percent increase over June of last year.

If you're in need of selling or buying a home I'd love the opportunity to earn your business! Dial Darla 614-395-1516 today for a free, no obligation chat or www.DarlaDoesRealEstate.com Let me help you figure out your future! It's a GREAT Market With The Right Agent!

Darla Luebbe, CRS/GRI/ABR - How to Choose a Buyers Agent

2010-07-19T14:09:00.005-04:00

Choosing a Buyers Agent can be totally overwhelming! I completely understand! Here are a few tips to help you along...

Ibiza Becoming Apartments!

2010-01-25T17:23:00.001-05:00

Real Estate Buzz from Darla: Ibiza Condos Becoming Apartment Building!

Today at 3:35pm

The Ibiza condo project in the Short North has faced numerous delays since its announcement in 2006, and the lack of communication over the course of the past year have left many wondering if that dirt lot at High & Hubbard would ever see progress on construction.

The veil of silence has just been lifted, and condo pre-buyers were informed via email that the project will now be moving forward as an apartment building instead. The developers are saying that there will be minimal design changes to the project, and that buyers would receive refunds on their investment in due time.

The full email can be found below:

As you know, we have spent a year and tens of thousands of dollars to procure financing for the construction of IBIZA. The meltdown of the mortgage market has placed our primary lender in the position of being unable to take on new real estate loans at this time. (We had already begun construction with the assurance that our loan from that lender was in place.) Other lenders have reviewed the project and have even tentatively agreed to proceed, only to find out that they, too, were restrained by their liquidity and other issues unrelated to the economic viability of the project. (One of the reasons the lenders were so interested was that the loan-to-value ratio of the project would be 61%.) On the other hand, a number of lenders have indicated to us that they are ready and willing to proceed promptly with the necessary funding of the project as an apartment project. (Ironically, the rules for individual condominium unit loans have also changed, making it problematic for our buyers to obtain loans which, just a short while ago, were readily available.)

The probable impossibility of proceeding as a condominium is forcing us, reluctantly, to shift our focus to obtain financing for the construction of IBIZA as an apartment project. Millions have been spent through and including the commencement of construction, and only minor changes in layout and design will be required to make the project appropriate for apartments. (We will try to maintain the flexibility of keeping the option open for conversion at a later date when the market and lending rules permit.) We will be working with each buyer to refund their deposit. This will require a period of time to accomplish. We truly regret this complication.

We are diligently working with our lenders, architect, and legal team to accomplish this end. Once the project is funded, we will refund all of your deposits and statutorily required interest.

We are truly sorry for this turn of events, but it has been out of our control.

Thanks for understanding and working with us to make this a successful transition.

Sincerely,

APEX Realty Enterprises, LLC

Darla RE Buzz-Stronger 2010 Market

2010-01-25T17:12:00.001-05:00

Darla's Real Estate Buzz - STRONGER MARKET in 2010!

Today at 4:58pm

2009 ends with a bang for Columbus home sales while indicators forshadow a stronger market in 2010!

(Jan. 25, 2010) Home sales in the last four months of 2009 were up 24.3 percent over the same time in 2008, according to the Columbus Board of REALTORS®. In the month of December alone, 1,464 homes were sold, 150 more than the year before.

“This is great news for central Ohio housing,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “Sales and home prices are up while inventory, months supply and days on market are down. After more than two years of market challenges, we're excited to be able to be able to make this type of positive announcement.”

The average sale price was $157,130 in December, an increase of nearly 5 percent from the same time in 2008. Residential inventory shrunk 2.7 percent and homes spent an average seven fewer days on the market than a year ago.

“The number of homes listed for sale continues to decline which is what the market needs to occur in order to correct itself. Our inventory skyrocketed in 2007 and 2008, causing home sale prices to decrease. It was simply a matter of too much supply and not enough demand. But 2009 saw a real stabilization of those inventory levels. Accordingly, home sale prices are rising.”

The months supply, an estimation of the number of months it would take to sell the entire current housing inventory, dropped 12.7 percent to 8.99 between December 2008 and 2009. The total dollar volume rose 16.9 percent, to more than $230,000,000 over the same time period.

More Good News on the Real Estate Front from Darla ;-) !!

2009-11-16T14:55:00.001-05:00

Hello Friends!! I have collected a number of both positive & informative articles for you to review and share!! If you have been paying attention to the national homebuilding trends, there seems to be some stabilization in housing prices, something that everyone has been waiting on for some time now. The price increases nationwide over the last few months is just a little icing on the cake!! (Info collected by DJ Dile & David Arocho! Thanks guys!!)

Columbus climbs ranking of cities’ jobs, tech strength. I found this article on BusinessFirst.com. Columbus ranks first in Ohio’s metro areas and continues to improve and move up the list each of the last 3 years.

Columbus continues to move up an annual ranking of 200 major metropolitan areas’ job market and technology muscle but the city fell just outside the top half of the list this year.

In its annual gauge of job growth, wage conditions and technological output, California’s Milken Institute ranked the Columbus area 108th out of 200 major metros. That’s up from 135th last year and 154th in the 2007 report.

Foreclosure Activity Slows for Third Straight Month: RealtyTrac
11/12/2009 By: Carrie Bay
Nearly all market indicators point to positive signs that housing conditions are beginning to moderate from the freefalling days of the past few years, and even foreclosure statistics now support that notion. The pace of foreclosures slowed again in October for the third month in a row, RealtyTrac reported Thursday.

According to the company’s October 2009 U.S. Foreclosure Market Report, foreclosure filings – including default notices, scheduled foreclosure auctions, and bank repossessions – were reported on 332,292 U.S. properties during the month. That number means one in every 385 homes received a filing.

Although the month-to-month tallies are showing improvement, the number of homeowners facing the loss of their home is still disconcerting and represents a 19 percent increase over October 2008.

“Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be turning,” said James J. Saccacio, CEO of RealtyTrac.

Saccacio warns, though, that the fundamental forces driving foreclosure activity in this housing downturn – high-risk mortgages, negative equity, and unemployment – continue to loom over any nascent recovery, with foreclosure activity still substantially elevated in most states.

Nevada posted the nation’s highest state foreclosure rate in October, despite a 26 percent decrease in activity from the previous month and the state’s first year-over-year decrease since January 2006. A total of 13,842 Nevada properties received a foreclosure filing last month, representing one in every 80 homes. According to RealtyTrac, a new foreclosure mediation program implemented by state law in July may be slowing the inflow of distressed properties into the foreclosure pipeline.

With one in every 156 housing units receiving a filing in October, California posted the nation’s second highest state foreclosure rate for the second month in a row. A total of 85,420 California properties received a foreclosure filing during the month, a decrease of 1 percent from the previous month but nearly 50 percent above the total reported in October 2008. This time last year, though, lenders in California were in the midst of a three-month trough after a state law took effect mandating extra notification before initiating foreclosure, and this likely explains the big year-over-year increase.

Florida reported the third highest state foreclosure rate, with one in every 168 homes receiving a filing in October. A total of 51,911 Florida properties received a foreclosure filing during the month – down nearly 6 percent from the previous month and a decrease of 4 percent compared to October 2008. It was the first year-over-year decrease in overall Florida foreclosure activity since July 2006.

Other states with foreclosure rates ranking among the nation’s 10 highest were Arizona, Idaho, Illinois, Michigan, Georgia, Maryland, and Utah.

According to RealtyTrac’s market data, four states accounted for 52 percent of the nation’s total foreclosure activity in October: California, Florida, Illinois, and Michigan.

SURVEY'S SHOW: 5% of Americans aim to buy a home in 2010!!

The Associated Press, Published: Thursday, November 12, 2009 at 1:00 a.m.

One in 20 Americans say they plan to buy a home within the next year, and they are most likely to be 34 years old or younger and living in the South or West, according to a survey released Wednesday.

Roughly a quarter of potential buyers said the No. 1 reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes.

The survey, conducted for Move.com, a real estate listings site, reveals how Americans are responding to a nascent and fragile housing recovery after three years of staggering price declines.

The percentage of buyers thinking of jumping into the market was down slightly from a March survey, but up about 1 point from a poll in June.

Home prices rebounded this summer at an annualized pace of almost 7 percent, according to the Standard & Poor's/Case-Shiller home price index. But with high unemployment and foreclosures clouding the picture, economists debate whether prices will dip again.

Recent housing figures and home builder earnings support a stabilizing housing market, and concerns about the expiration of a federal homebuyer tax credit are moot after Congress last week extended and expanded the credit.

Buyers who have owned their current homes for at least five years are eligible for tax credits of up to $6,500, while first-time homebuyers -- or anyone who has not owned a home in the last three years -- would still get up to $8,000. To qualify, buyers have to sign a purchase agreement by April 30, 2010, and close by June 30.

The survey was conducted before the credit extension.

Those surveyed widely favored federal policies that kept interest rates low and helped troubled homeowners avoid foreclosure over those that helped first-time home buyers purchase a home. And, overall, 48 percent of those polled did not think the government was doing enough to stabilize the housing market, whereas 42 percent thought it was.

Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.

One of the survey participants, Joe Handley of Harrington, Del., called his lender last December to consolidate a second mortgage and cut his interest rate from 6.75 percent to 5.25 percent.

"We wanted to build up our savings for emergencies," the 37-year-old said.

His timing was prescient. In July, Handley, who works in the information technology department for the State of Delaware, took a pay cut and the $400 monthly savings from the new loan has helped cushion the blow.

Almost a quarter of Americans who refinanced their mortgages have used the savings for living expenses or paying down debt, the survey found. Less than 9 percent are putting the savings toward investment or retirement.

The telephone poll, which included about two-thirds homeowners and one-third renters, was conducted in October by market research firm GfK. It had a margin of error of plus or minus 3 percentage points!

4 Things You Need To Know About Columbus Real Estate

2009-11-13T13:42:00.001-05:00

Hello friends!! Four new things I need to make sure you know about the real estate industry;

1. The $8000 Buyer tax credit has been extended through June 2010!!

2. Any Seller who has lived in their home 5+ years who wants to sell and buy something else is getting a $6500 tax credit through In-contracts by April 2010 and closed by June 2010.

3. The City of Columbus has Federal Grant Money to give away for down payments, closing costs, whatever you need up to 6% of the purchase price of the home you're buying! The Grant is totally forgiven once you live in the home for 5 years!

4. Grants For Grands is a program put out by OHFA where if you buy a home within 18 months of graduating you can get a Grant for 2.5% of the purchase price of the selected home to use on down payment, closing costs etc...

These are just four of the hundreds of financing programs that are currently available to buyers & sellers! Each has it's own rules and regulations which we can wind through together to figure out what program works well for you! Interest Rates are at an all time historical low, "the experts including moi", believes the Columbus housing market HAS hit bottem and is on an upswing and with several of the above programs and reduced interest rates, you can buy more house NOW than ever before!! If you or anyone you know are thinking of selling or buying a home in the next six months; Dial Darla (614-431-1003, RealtorDarla@aol.com, text 395-1516 or FaceBook) Let me help you get ALL the facts so you can make a plan that's in the best financial interest for you and your family!! Let's chat!! Looking forward to hearing from you soon! Real Estate Success, Darla ;-)

Darla Luebbe, CRS/GRI/ABR
It's A Great Market With The Right Agent! Dial Darla!
Keller Williams Capital Partners Realty
614-431-1003
Check me out on www.Facebook.com
RealtorDarla@aol.com
http://www.realestateaces.com/

Oh, by the way, if you know anyone looking to Buy or Sell a home, just give me a call with their name and contact info. I promise to provide them with the same great service you have come to know from the Real Estate Aces! Did you know that 88% of my business comes by word of mouth referrals and repeat customers? I thank you so very much for your continued business, support and constant referrals!

Step Away From The Paint!

2009-10-23T16:50:00.001-04:00

Basic Painting - Do It Right Checklist

Here’s everything you’ll need to DO IT RIGHT. Supplies may vary depending on the project. Bring this list to your neighborhood paint store. Store experts can help you find all the supplies you need to do the job right.

Brushes

-Thin Angle Sash – slanted bristles and a thin profile produce a good straight line for trimming in corners and on edges

-Angle Sash – features slanted bristles and holds more paint than its thin counterpart. Excellent for cutting in at the ceiling or painting trim

-Wall – a thick flat brush that holds a larger amount of paint. Excellent for painting larger surface areas. Available in a wide variety of sizes

Rollers

-Synthetic Covers (nylon, Dacron or polyester) – ideal for most latex paints

-Natural Covers (mohair or sheepskin) – use with oil-based paints. Available in a wide variety of sizes

Other Supplies

-Ladder

-Masking tape

-Paint tray liners

-Wire brush or paint scraper

-Drop cloths

-Wiping cloths or rags

-Spackling paste

-Putty knife

-Masking tape/Painter’s tape

-Roller frame and tray/tray liners

-Extension poles

-Paint thinner

Off with you now... go paint a wall! Real Estate Success, Darla ;-)

How Upgrades Stack Up!

2009-10-05T17:06:00.001-04:00

How Upgrades Stack Up!

When talking about upgrades and return value on cost I usually share a personal story. I am a house flipper except I live in the house 3 years or so then sell it. I was in the middle of fixing up my 7th house, located in Worthington, OH in the late early 1990's. It was time for me choose the kitchen backsplash tile. I went to Hamilton Parker and found the PERFECT time!! It was cream w/green marble, a black design w/gold accents. It was beautiful (Looked better then it sounds ;-) Anyway, once I saw that tile there was nothing else I would love any better. Problem; Plain white tile cost $1 per tile. My perfect time cost $17 per tile. I didn't care and I knew that when I went to sell I would never recoup the $1000 extra I spent on the tile backsplash but what it would do is help the house sell more quickly in a few years and most importantly it made me happy every time I looked at it! For the next three years I would smile every day at that backsplash. There is no right or wrong here... just make sure you are ready to live with the choice as long as you have to!

Pricing It Right the 1st Time!

2009-09-25T17:00:00.001-04:00

It's ALL about Pricing & Condition!

I now have another wonderful example that proves my point; It's ALL about pricing and condition! Great News! I listed a home in Schumacher Place and it went on the market this past Tuesday. We had our 1st showing that same evening plus received and accepted a full price offer by Wednesday! Sound too good to be true? It is true but here's the rest of the story;

This home had been on the market w/two other agents, for over 365 days, with three different MLS numbers, starting at $179,900. So what did I do that the previous agents did not? I priced it correctly right from the beginning and I made the Seller stage the home for sale! When they were first referred to me I met them and we went room by room... get rid of the dressing table in the dining room, paint the orange office, paint the burgundy hallway, organize this, caulk that, clean this... the house was nice but it was not a perfect 10... until I made them do all the things it takes to be "detailed"... just like a car!

Then we looked at pricing. They had started at $179,900 and over the course of a year they had dropped the price to $169,900... it was still too high. After careful thought and much research I had to be the reality check... It needed to be priced at $154,800. At first they were quite surprised but they knew they had had some showings but no offers. I had come highly reccomended to them, from folks I had just sold their home in record time at a great price in Clintonville and that gal had been referred to me by another gal... They knew I was right and they needed to move!!

We priced it right, it was staged... It SOLD! Just like it's supposed to! If you do what I tell you... IT WILL SELL!! ;-)

Real Estate Buzz September 2009

2009-09-22T12:25:00.001-04:00

Good Looking Third Quarter Real Estate Stats! October 2009

The economic news is finally starting to look better! We all have our fingers crossed, but it seems the real estate market bottomed the 1st quarter of this year. Looking at the average sale price per quarter since 2007, you can see how quickly the market dropped and how it may be picking up:

Quarter 1st 2nd 3rd 4th

2007 $165,990 177,966 173,246 166,856

2008 154,698 170,186 165,378 148,976

2009 137,759 159,796 167,140 ??

Data from the Central Ohio Multiple Listing System (MLS)

The next quarter will be an important piece of the puzzle. The feds are still keeping interest rates low! You may get more for your house, and it is still a great time to buy. If you are thinking about it, now is the time to consider a move.

Don't forget the 1st time home buyer tax credit...$8000 cash in their pocket. Deadline to close is 11/30/09!! They will thank you for referring them to us. Real Estate Success, Darla;-)

Uncle Sam Has 8000 Bucks For You!

2009-08-04T15:57:00.001-04:00

Do you need Eight Grand?

Call 614-431-1003 $$ Uncle Sam has a CHECK for YOU! $$$

Better Hurry! Ends December 1, 2009

* The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

* The Tax credit does not have to be repaid.

* The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.

* The credit is available for homes purchased on January 1, 2009 through December 1, 2009.

* Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Darla Luebbe CRS/GRI/ABR is the real estate specialists to get you your $8000!

Need Down Payment Assistance? ZERO down payment options available!

Need Closing Cost Assistance? PAID Closing Costs by the Seller available!

Many homes require as little as $500 out of pocket!!!

Call TODAY! 614-431-1003

Real Estate Buzz-AVERAGE SALES PRICE JUMPS NEARLY 13%!

2009-07-07T10:46:00.001-04:00

Hello friends!! Check out the GOOD NEWS below- Please Read!! Don't hesitate to call me w/any questions! Real Estate Success, Darla Luebbe, - DIAL DARLA 614-431-1003 or RealtorDarla@aol.com

AVERAGE SALES PRICE JUMPS NEARLY 13 PERCENT plus plus Central Ohio's May average also increases slightly year-to-date.

Home sales increased for the fourth straight month as central Ohio's average sales price climbed to its highest amount this year, and increased slightly over May 2008, a sign that competitively-priced homes are keeping our market healthy, the Columbus Board of REALTORS® said today.

The average sales price inched up over May 2008 to $168,576, but jumped 12.9 percent compared to April.

Homes on average sold for $231 more than during May 2008, indicating that competition among consumers, particularly first-time buyers using the $8,000 tax credit, is continuing to drive the markets' recovery.

"Sellers who are pricing their homes competitively are reaping the benefits of buyers who are equipped with the tools and incentives to leave the fence like never before," said Gary Parsons, president of the Columbus Board of REALTORS®.

"The spring has been busy in central Ohio, and with only 160 days left to take advantage of the tax credit, we expect the summer to be even busier," Parsons said. "Lower-priced homes and foreclosed properties continue to be active in our market, attracting many first-time buyers!"

Inventory levels continue their dramatic drop compared to last year as the local market remains stable and there were 14,849 homes for sale in central Ohio last month, down 17.1 percent from a year ago which is turnig the market back into a "Balanced Market". New listings were also down 24.6 percent in May compared to last year.

"The basic economic principles of supply and demand influence home prices, so the fact that prices are increasing, not only month to month, but year over year, is a very positive indication in the strength of our market and the level of demand," Parsons said.

"As those properties are sold and fewer homes are added to the market, central Ohio will continue to remain a fairly balanced housing market."

A total of 1,809 homes sold in May, marking the highest number of homes sold in a single month since September, but still down 12.4 percent compared to May 2008 and there were more than 1,400 homes in contract in May, an indication of future sales and an increase of nearly 5 percent over April.

Darla Luebbe, CRS/GRI/ABR
It's A Great Market With The Right Agent! Dial Darla!

Keller Williams Capital Partners Realty
614-431-1003
Check me out on www.Facebook.com
RealtorDarla@aol.com
www.RealEstateAces.com

Oh, by the way, if you know anyone looking to Buy or Sell a home, just give me a call with their name and contact info. I promise to provide them with the same great service you have come to know from the Real Estate Aces! Did you know that 88% of my business comes by word of mouth referrals and repeat customers? I thank you so very much for your continued business, support and constant referrals!

Speed Up The Sale Of Your House With Basic Feng Shui Tips!

2009-06-09T16:22:00.001-04:00

Have a house to sell or looking to buy a new one? I hope you know feng shui can help you. Feng shui house sale tips can be used with much success to help you achieve your real estate goals. If you plan to sell your house, or have been trying to sell your house for a while now, here are some easy feng shui tips to get the energy moving. Also, many stagers use these same techniques & they work! I've been practicing Feng Shui for many years. If you've been in my office you have felt the great energy I have created in my space w/color, elements, a fountain, lighting and through furniture placement. When my office and home are inspiring then my life is inspiring. A good beginner Feng Shui book is, "Move Your Stuff, Change Your Life!". Enjoy!! Ciao, Darla ;-)

FENG SHUI HOUSE SALE TIP # 1:

Go Outside. You duplex, your condo, your house, whatever it is that you are selling, and look at it from a bit of a distance. Better yet, do this little feng shui exercise with a friend who has not seen your house for a while. Quickly jot down all the thoughts and first impressions about your house that come to mind in the first 2-3 minutes.

Do not censor the information or get defensive; the more open you are to criticism, the better off you will be when presenting your house. You might think the big purple frog looks cool by your front door and is even good feng shui (no, it is not!); potential buyers, however, might not appreciate it. As with every sale, selling your house is about selling a specific emotion, rather than the commodity itself. Be very mindful about the quality of energy at your main entrance; make it look fresh and inviting.

FENG SHUI HOUSE SALE TIP # 2:

Go Fresh and Go Green. If you own a house, definitely invest in some landscaping; this will increase the value of your property, as well as attract better quality energy to your home. If you live in a duplex or a condo and there is not much "outside" to work on, focus on the main entrance and bring vibrant Chi, or energy to you main entry. Invest in a tall lush plant or bring a vase with fresh cut flowers, have good lighting, beautiful art; create a feel of spaciousness and expansion with the strategic feng shui placement of mirrors, refresh the wall paint color, etc.

FENG SHUI HOUSE SALE TIP # 3:

Less is More. When you shop for anything, and I mean anything - clothes, appliances, food - it is often helpful to see the item in action. If you sample specific food, you are much more inclined to buy it, right? The same goes with clothing - that lovely sweater looks much better on a mannequin than stacked with all the other sweaters. You see it, you touch it, you experience it, you want to buy it. However, would you want to pay full price for a used item? Probably not. Think of this when you are preparing for your house sale - the less personal, or used you make your house look, the better. Show to the best of your ability how the space can be used, but do not overdo it with personal touches.

Create a spa feel in the bathroom, but do hide all your personal items (buyers do not need to know which toothpaste brand you prefer); make the kitchen smell and look good, but take it easy with displaying old recycled cans, etc. You get the idea.

FENG SHUI HOUSE SALE TIP # 4:

Go for Good Energy. Most importantly, be aware of the very important feng shui energy triangle when selling a home. The energy in the kitchen, the bathroom, and the bedroom is either making or breaking the house sale. Buyers need to know they will sleep well, eat well, and well, unwind well if they choose to buy your home. Treat the imagination of your potential buyers with respect: know how to ignite it, know how to sustain it throughout your home, and also know when to step back and let them take it from there.

GOOD NEWS BUYERS & SELLERS!

2009-05-29T15:04:00.001-04:00

Hey gang! More good news for Home Buyers and the $8000 tax credit!

Daily Real Estate News | May 29, 2009 |

HUD: Tax Credit Can Be Used on Closing Costs. Must close by December 1, 2009
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online

Feng Shui & Selling!

2009-04-21T15:00:00.001-04:00

Hello friends! I love combining two of my favorite subjects! Home selling and Feng Shui (the Chinese Art of Placesment) Hopefully some of these tips will help when thinking of selling or if you just want a comfortable, balanced home! Great beginner book: "Move Your Stuff, Change Your Life!" Enjoy & Happy Spring, Darla ;-)

Of your home, duplex, your condo... whatever it is that you are selling, and look at it from a bit of a distance. Better yet, do this little feng shui exercise with a friend who has not seen your house for a while. Quickly jot down all the thoughts and first impressions about your house that come to mind in the first 2-3 minutes.

Do not censor the information or get defensive; the more open you are to criticism, the better off you will be when presenting your house. You might think the big purple frog looks cool by your front door and is even good feng shui (no, it is not!); potential buyers, however, might not appreciate it. As with every sale, selling your house is about selling a specific emotion, rather than the commodity itself. Be very mindful about the quality of energy at your main entrance; make it look fresh and inviting.

FENG SHUI HOUSE SALE TIP # 2: Go Fresh and Go Green!
If you own a house, definitely invest in some landscaping; this will increase the value of your property, as well as attract better quality energy to your home. If you live in a duplex or a condo and there is not much "outside" to work on, focus on the main entrance and bring vibrant Chi, or energy to you main entry. Invest in a tall lush plant or bring a vase with fresh cut flowers, have good lighting, beautiful art; create a feel of spaciousness and expansion with the strategic feng shui placement of mirrors, refresh the wall paint color, etc.

FENG SHUI HOUSE SALE TIP # 3: Less is More!

When you shop for anything, and I mean anything - clothes, appliances, food - it is often helpful to see the item in action. If you sample specific food, you are much more inclined to buy it, right? The same goes with clothing - that lovely sweater looks much better on a mannequin than stacked with all the other sweaters. You see it, you touch it, you experience it, you want to buy it. However, would you want to pay full price for a used item? Probably not. Think of this when you are preparing for your house sale - the less personal, or used you make your house look, the better. Show to the best of your ability how the space can be used, but do not overdo it with personal touches.

Create a spa feel in the bathroom, but do hide all your personal items (buyers do not need to know which toothpaste brand you prefer); make the kitchen smell and look good, but take it easy with displaying old recycled cans, etc. You get the idea.

FENG SHUI HOUSE SALE TIP # 4: Go for Good Energy!

Most importantly, be aware of the very important feng shui energy triangle when selling a home. The energy in the kitchen, the bathroom, and the bedroom is either making or breaking the house sale. Buyers need to know they will sleep well, eat well, and well, unwind well if they choose to buy your home. Treat the imagination of your potential buyers with respect: know how to ignite it, know how to sustain it throughout your home, and also know when to step back and let them take it from there.

QUICK HOUSE SALE WITH FENG SHUI!

Nancy was a business associate of mine who called to see if there is anything I can do to help sell her house. It has been on the market for over a year and had only two offers that didn't materialize.

Ready to move on and build a new house, both she and her husband could not understand why it takes so long to sell their present house.

Located in a very expensive neighborhood and priced accordingly, it should have been sold a long time ago. Nancy was frustrated and, although not a big believer in feng shui, she was ready to try anything to make this sale happen.

Here is what was happening with the house:

*Tucked away and not very easy to find, the house did not have the numbers easily visible from the street.

*The main door was actually composed of several glass doors with no clarity as to which one is actually opening.
*The center of the home had a very heavy stone coffee table that hasn't been moved since it had been brought in years ago.
*The Abundance area of the home had an expensive piece of art depicting a woman in sorrow and quite dark colors.
*There were many areas with either very restricting flow of energy or the energy rushing in and out without nourishing the space.
*Last but not least, Nancy's teenage daughter was completely opposed to the sale and openly declared that she will not be moving.

Here's what we did:

*The numbers of the house were placed in a highly visible and balanced way.
*The actual main door was emphasized and strengthened with two big clay pots on either side of the door. Specific plants and specific colors were used according to the Ba-Gua and the direction of the main door.
*The very heavy stone table was completely removed from the house, thus allowing the energies to flow freely and regenerate themselves.
*The sad art in the Abundance area was replaced with a round mirror in a beautiful golden frame. (Water energy and Metal/Money shape.)
*The areas with too slow or too fast flow of chi were rebalanced with art, strategic placement of furniture and big plants.
*I strongly encouraged Nancy to reach an agreement with her daughter and find a way to make this move exciting and appealing to her. Having at least one involved party strongly opposing the sale brings the energy of resistance and prevents the sale from happening.

And the results:
I went for a trip to Europe shortly after working on Nancy's house and when I was back the house was sold. It took less than a month to "move the house" by skillfully applying a variety of feng shui tools.

Needless to say, Nancy is a big feng shui believer now!

(Articles available at FengShui.about.com)

Feng Shui & Selling!

2009-04-21T14:59:00.001-04:00

QUICK HOUSE SALE WITH FENG SHUI!

*Tucked away and not very easy to find, the house did not have the numbers easily visible from the street.

Here's what we did:

(Articles available at FengShui.about.com)

Just The Facts From Darla

2009-04-13T16:33:00.001-04:00

Want Just The Facts! Why You Should Buy A Home By December 1, 2009?

Recommended reading

Need further proof that now is a great time to buy? On top of the new $8,000 tax credit for first-time homebuyers, the following article illustrates the tax benefits buyers stand to gain if they take advantage of the current market opportunities.

The Tax Benefits of Homeownership

By Robert D. Dietz, Ph.D.

There are three major tax benefits for homeowners: deductibility of mortgage interest, deductibility of real estate taxes, and the capital gain tax exclusion for principal residences. Taken together, these benefits significantly reduce the cost of homeownership. Read the article below:

Read the article below or check out:

http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=113542&subContentID=199980&channelID=311

The Tax Benefits of Homeownership

Special Studies, March 27, 2009,

By Robert D. Dietz, Ph.D.

Report available to the public as a courtesy of HousingEconomics.com

Purchasing a home is typically the largest purchase and among the most important

financial decision a family makes. There are numerous factors that influence the home buying decision, and among the most important are the tax benefits that help offset some of the cost of homeownership1. Previous NAHB research has discussed the federal government’s (flawed) budget measurement and policy justifications for these housing tax law provisions. This article examines how these tax benefits reduce the cost of homeownership for individual homeowners and homebuyers for certain mortgage amounts and income levels.

Using the methods developed in the paper, a household, for example, with $80,000 in annual income who obtains a $200,000 mortgage will save on average $1,765 in the

first year of homeownership. By the end of the fifth year of homeownership, the household will save on average $8,607 on taxes, and this amount grows to $19,488 by the end of the average period ownership — twelve years. This stylized homeowner can expect to save $21,650 in capital gains taxation, yielding a total benefit of $41,138 over the expected period of homeownership. Further, the paper provides variants of these calculations if the analysis allows the homeowner’s income to increase with their age and labor market experience. For example, the five-year tax savings for this homeowner increases to $9,723.

The paper also considers how these numbers are increased by the existence of the temporary $8,000 first-time home buyer tax credit. In the case illustrated above, the five-year tax savings estimate increases 82% from $9,723 to $17,723.

Homeownership Tax Benefits

There are three major tax benefits for homeowners: deductibility of mortgage interest,

deductibility of real estate taxes, and the capital gain tax exclusion for principal residences.2 Taken together, these benefits significantly reduce the cost of homeownership. Each represents a significant provision of law. According to the Congressional Joint Committee on Taxation, for fiscal year 2008 the tax expenditure (approximately the size of the program in terms of tax savings) of the mortgage interest deduction totals $67.0 billion, the real estate tax deduction equals $24.6 billion, and the capital gain exclusion sums to $16.8 billion.3 As seen in these estimates, the largest benefit for most homebuyers is the ability to deduct home mortgage interest. The tax code permits homeowners who itemize their federal income tax deductions to reduce their taxable income by the annual amount of mortgage interest paid on a first (and second) home, up to $1 million in total home mortgage debt. Further, taxpayers may deduct interest allocable to up to $100,000 of home equity loans.4 For the purpose of the Alternative Minimum Tax [AMT], taxpayers may deduct non-home equity loan interest from AMT taxable income as well.5 Itemizing homeowners may also deduct state and local real estate taxes paid on an owner-occupied home.6

Finally, taxpayers may exclude from capital gains taxation the proceeds from the sale of

a principal residence. Taxpayers are limited in the amount of gains that may be excluded from tax: $500,000 of gain for married homeowners and $250,000 for single homeowners. Recent changes in tax law reduce these maximum exclusion amounts proportionally for the amount of time the home is actually used as a principal residence. Periods of ownership prior to January 1, 2009 are treated as periods of principal residence use under a grandfathering rule included in the law.

Measuring the Tax Benefits of the Mortgage Interest and Real Estate Tax Deductions

Calculating the net benefits of the major homeownership benefits seems straightforward

but can lead to overestimation if not done in the context of other income tax rules. At first glance, the monetary value of the deductions is equal to the sum of the deductions times the marginal tax rate. For example, a homeowner who deducts $10,000 of mortgage interest and real estate tax deductions and who is in the 25% tax bracket would theoretically realize a tax savings of $2,500 on his/her income tax return.

However, this calculation overstates the benefit on average by failing to account for the fact that the taxpayer must itemize in order to receive a net benefit from these deductions. Unless the sum of the taxpayer’s itemized deductions exceeds the standard deduction (the deduction available in lieu of itemization), it is not to the taxpayer’s advantage to itemize.

This itemization decision implies that a certain amount of the summed itemized deductions yields no net benefit to the taxpayer because of the standard deduction. For example, if a taxpayer in the 25% tax bracket has a standard deduction of $5,700 and a set of itemized deductions totaling $6,000, the net value of the deductions is not equal to $1,500 (25% times $6,000). Even with no itemized deductions available, the standard deduction is available to reduce tax payment by $1,425 (25% times $5,700). So the true, incremental value of the itemized deductions in this example is equal to the differ

ence between $1,500 and $1,425 or $75. Of course, the marginal value — the value of the next dollar of deductions — is equal to 25 cents, but it is the average net value that is important in determining the realized value of the homeownership tax benefits.

Calculating an Example

We can now estimate the true tax benefits of homeownership for examples of various taxpayers. Consider a homebuyer with gross income of $60,000 who purchases a prin

cipal residence in tax year 2009 with a mortgage of $180,000. Assuming a mortgage interest rate of 5.86%, the first year mortgage interest payment is approximately equal to $10,580.7 Conservatively, assume that the buyer uses a downpayment of 20%, so the purchase price of the home is $225,000. Further assume that property taxes are equal to 1.2% of the market price.8 Thus, this taxpayer also pays $2,700 in potentially deductible state and local real estate taxes in the first year of ownership. Assuming the taxpayer is married and files a joint return, the household could claim a standard deduction of $11,400 in 2009. Clearly, with $13,280 in itemized deductions from mortgage interest and real estate taxes alone, the taxpayer will not claim the standard deduction, thus itemizing their deductions on Schedule A of their 1040 income tax return. However, to calculate the net benefit of the housing tax deductions, we need an estimate of all the other itemized deductions in order calculate the incremental value.

Using Internal Revenue Service Statistics of Income data for 2006, we estimate the average sum of all non-housing itemized deductions by income class. For this stylized taxpayer, the estimated total is equal to $6,936 in charitable, state and local income or sales taxes, personal property taxes, and all other itemized deductions. With this information, we can calculate the taxpayer’s taxable income (gross income minus itemized deductions) and marginal income tax rate of 15%.

Now we can estimate the net value of the housing benefits. The net value is equal to the sum of itemized deductions ($13,280) minus the difference of the standard deduction ($11,400) and sum of the non-housing itemized deductions ($6,936) times the marginal tax rate of 15%. This calculation yields a net benefit for the first year of homeownership equal to $1,322.

Using this approach and adjusting the declining annual mortgage interest payment con

sistent with a self-amortizing loan, we can calculate average tax savings for certain income classes and mortgage amounts.9 Table 1 provides these amounts for the first year of homeownership. (Table 1)

The example calculated above is found in the row for $180,000 in mortgage and $60,000 in borrower income. As can be seen in this table, the benefits of the tax pro

visions increase in terms of borrower income and mortgage amount. Nonetheless, as demonstrated in a previous article most of these benefits are claimed by middle-income homeowners ($40,000 to $200,000 AGI).

Principle Residence Gain Exclusion

The final major housing tax incentive is the exclusion of capital gains for the sale of a principal residence. To calculate the benefit of this tax provision, we must forecast the

average price appreciation over the average duration of homeownership. We use the average housing price appreciation rate over the prior 20 years, which includes the historic price declines of 2007 and 2008 as well as the period of unprecedented price appreciation that preceded it. This average is 4.23% according to the Case-Shiller National U.S. Home Price Index. We use a conservative estimate of the capital gains tax rate (15% under present law, despite the likelihood that it will increase to 20% in 2011) to calculate the tax benefit of the exclusion. With these parameters and assuming that the home is sold at the end of twelve years of homeownership, we can calculate the tax benefits realized by the capital gain exclusion. Summing the benefits of the mortgage interest and real estate tax deductions with the capital gain exclusion yields the twelve-year benefit estimates, which in most cases represent significant tax savings for the homeowner.

Lifetime Income Growth

One limitation of this approach for calculating the value of homeownership tax savings

is that it assumes the homebuyer has a fixed income for the period in which they own the home. Clearly, this is not a reasonable assumption. This is important because while a homebuyer may have a relatively low income — and thus a relatively low marginal income tax rate — when purchasing a home, his/her income and tax rate is likely to grow as the homeowner ages and gains experience in his/her career. Assume the average annual income increase (at the taxpayer/homeowner level due to aging, as opposed to per capita increases for all workers) is 4%.

Using this approach, re-estimating the five-year table estimated according to initial borrower income yields the larger values reported. For example, the tax savings are higher in the $80,000 column in Table 6 than they are in Table 2, reflecting homeowners who enter a higher tax bracket in the fifth year of homeownership. Consider

the graph in Figure 2 which reports the tax savings for a borrower with an initial income of $80,000 who obtains a home with a $250,000 mortgage. In year five, the cumulative savings from homeownership begin to diverge because the value of the homeownership tax incentives increases as the homeowner’s income increases, which is presumably correlated with the homeowner’s experience in the labor market. At the time of sale, the difference in this example is more than $11,000 in tax savings — all due to increases in the homeowner’s marginal tax rate. (Figure 2)

Conclusion

This article has presented estimates of the financial benefits of homeownership. These

savings total thousands of dollars for the period of ownership and are due to the deductibility of mortgage interest and real estate taxes, as well as the principal residence capital gain exclusion. The estimates in this paper account for the lost standard deduction that results when a taxpayer itemizes and thus reflect the incremental or true value of the housing tax incentives.

An additional tax incentive that became available in 2009 is $8,000

first-time home buyer tax credit. Including the effects of this refundable credit increases the estimates in each of these tables on average by $8,000, which represents a significant increase in the tax savings of the first five years of homeownership. For example, for a homebuyer with an income of $70,000 who obtains a mortgage $200,000 the tax savings increase from $7,718 to $15,718 — an increase of 104%. Or as another example, a homebuyer with $80,000 in income and a $200,000 mortgage can expect his/her five-year tax savings estimate to increase 82% from $9,723 to $17,723.

The combination of the standard tax benefits of homeownership combined with the temporary tax credit makes 2009 an attractive time period to purchase a home.

For more information about this item, please contact: Robert Dietz at 800-368-5242

x8285 (rdietz@nahb.com)

_________________

Footnotes:

It should be noted that in this article "benefit" does not equate with "subsidy." There are tax benefits for owners of rental housing as well, including interest and depreciation deductions, as well as the Low-Income Housing Tax Credit. Previous research on the home buying decision can be found here.

There are other benefits not considered in this article, including the tax exemption for imputed-owner’s rent, the deduction for mortgage insurance, and the tax treatment of reverse mortgage proceeds.

Joint Committee on Taxation. 2008. Estimates of Federal Tax Expenditures for Fiscal Years 2008-2012. JCS-2-08.

It is important to note that not all cash-out mortgage refinancing is classified as a home equity loan, in contrast to acquisition indebtedness that is subject to the larger $1 million cap. Provided the proceeds of a cash-out refinancing are used for home improvement or residential investment, such debt is not home equity debt but the more favorably treated acquisition indebtedness.

The calculations in this paper do not include interactions with the AMT. For more information on real estate tax statistics, consult the following article.

To the extent that these taxes are in fact fees assessed for a specific, targeted benefit to the home in question, such fees may not be deducted from taxable income.

5.86% is the 4th quarter average of 2008 from the Freddie Mac Primary Market Survey.

2004 American Housing Survey reported a 1.17% estimated average annual state and local rate residential property taxation.

This analysis assumes real estate tax payments and all other itemized deductions increase with the rate of inflation.

Another Stimulus Package Benefit!

2009-04-10T15:17:00.001-04:00

Upside-Down Refi's:

If you are "upside down" on your mortgage, you could NOT take advantage of the great rates to refi. Now there is hope! Starting this week Countrywide Home Loans is implementing the President's Homeowners Affordability and Stability Plan (HASP), enabling you to refinance if your home is "upside down" up to 105% loan to value. There are a few basic rules for eligibility:

ONE: (Temporary rule.) Your loan must be with Countrywide. (But in the near future, they will be opening this up to outside loans as well!)

TWO: No 30-day lates on your mortgage in the past 12 months.

THREE: Your loan must be invested in by Fannie Mae or Freddie Mac. Here are two web sites where you can check: FANNIE MAE http://loanlookup.fanniemae.com/loanlookup/ or

FREDDIE MAC https://ww3.freddiemac.com/corporate/

FOUR: (Temporary rule.) You are not paying PMI. In other words, your original loan-to-value was 80% or less. What if you ARE paying PMI? There is another refinancing program in the works for you, in the near future.

FIVE: Your current loan-to-value must be 105% or less. How to see your current LTV? I can run it through our special tool to find out. If you want to find out for yourself:

1. Look up how much you still owe on principle.

2. Then look up your home on Zillow to see an estimate for much it is worth. (http://www.zillow.com/ ) (Keep in mind this is an estimate--not an appraisal or market value!
3. Then divide what you owe by Zillow's guess. Then multiply by 100.
Example: You owe $155K. Zillow says your home is worth $150K. 155/150= 1.03 1.03X100=103% LTV (Loan To Value.)

Just call me if I can help you contact the right folks at Countrywide to see if this program might work for you!

My new phrase: WWSD? What Would Suzie Do? That's Suzie Orman, the financial guru, who predicted our nation's current condition, almost two years before. She has her own show & she's on Oprah almost weekly lately! I use WWSD as a gentle reminder when I'm shopping or buying on the internet... as I and most American's have started questioning every purchase! We are more than the things we accumulate! Happy living!! Warmest, Darla ;-)

Darla - April Real Estate Buzz

2009-04-01T16:14:00.001-04:00

Darla's Real Estate Buzz...

1. MARKET SNAP SHOT - Want to know what your neighbor's house REALLY sold for? Want to know the asking prices verses the selling prices? What homes are currently on the market or in-contract within a five mile radius of you? Go to my website: http://www.darladoesrealestate.com/ click on the right lower button marked Market Snapshot and with no obligation you'll have a wealth of knowledge right in front of your eyes within seconds... values that affect you and your financial interest! Let me know what you think!!

2.$8000 TAX CREDIT for buyers who have not owned or bought a home in the last three years if you close before December 1st of this year! I have a detailed, easy to read flyer that answers ALL your questions! It's in pdf form so shot me an email at RealtorDarla@aol.com and I'll send it right along or it'll be saved as a note on my Facebook (FB) profile! Whatever's easier for you!

3. INSPIRATION & PERSPERATION: Do It Now -- Get It Gone... Just How Long Are You Willing To Live With This? The more unpleasant the task, the greater your urge should be to tackle it head on and get it over with. If you don't want to do the next item on your To Do List, make a game of it. Be creative. Build in a big reward for doing it. It's there for a reason. Get it done or mark it off the list!!

Today's Quest... Answer Honestly ;-)

a. Name three unpleasant tasks that you have hanging over your head right now!

b. Will each task get easier if you wait or will it get worse?

c. When, exactly are you going to tackle the three tasks that you have been avoiding lately? My coach calls these, "Psychic Vampires". Do the hardest one FIRST!! It's agony but heavenly once you get it done!! I have to mentally psyc myself up to do them, too!! Call me if you need a friendly push!! ;-)

That's it for today! I want you to think of me whenever you think of real estate! Who do you know that needs to buy or sell a home? Dial Darla today!! Have a super week!!

Darla Does Real Estate!

2009-03-26T10:49:00.001-04:00

Darla Does Real Estate Update!

The real estate buzz this week is that for the first time in a very, very long time we have seen a positive shift in home sales. The National Association of Realtors (NAR) released that sales for existing homes increased by 5.1% in February. This is a huge gain and a hopeful indicator for the coming year. This pick-up is probably a combination of lower interest rates, declining home price (yes, they are still slightly sliding backward on average) and the normal increase in business in the spring cycle for home buying/selling. Another interesting factor is the first time homebuyers, as a group, had the biggest growth in the market. Mostly likely because of the reasons mentioned above, combined with the stimulus package and first-time home-buyer tax credits.

Another key happening this month is that President Barack Obama signed a bill into law last Wednesday that permanently prohibits banks from entering the real estate brokerage and management business. The bill--H.R. 1105, the Omnibus Appropriations Bill--ends the National Association of REALTORS' nearly eight-year battle to preserve the separation between banking and commerce.

"If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers," according to the NAR.

For all the Real Estate Buzz Dial Darla ;-) 614-431-1003 or RealtorDarla@aol.com

What To Do With Excess STUFF!

2009-03-06T11:45:00.001-05:00

Hello friends! Happy Friday! I meet so many folks with so much excess STUFF!! Their homes are packed and the STUFF goes unused! Sometimes they just want to pitch everything so I started thinking: A friend of mine works at Faith Mission and in their recent newsletter they published their "Wish List"; things that people who come to or are finally leaving shelter life and have their own apartment. They need so many things to get started. As you spring clean, purge, organize your STUFF won't you share your excess with the folks who need our help? Below is their list of items and how to donate! It makes me feel good inside when I know someone else can use the STUFF I no longer need!! Thank you and spread the sunshine! Warmest, Darla ;-)


FAITH MISSION - General Needs
	Toothbrushes
	Toothpaste
	Socks, underwear (all sizes) *new only
	Soap
	Blankets (new or gently used)
	Deodorant
	Bath & Hand Towels

FAITH MISSION - Kitchen Items
	Milk
	Plastic utensils
	Sugar
	Spaghetti Sauce and Pasta
	Canned meats
	Breakfast meats
	Chicken and beef stock
	Dish Cloths

FAITH MISSION - Housing Items
	Hand-held can openers
	Small alarm clocks
	Paper towels

FAITH MISSION - All Shelters
	1 of each: can opener, large pot

FAITH HOUSING - Kitchen Start-up Kits
	Dish washing liquid
	Garbage bags

FAITH HOUSING - Bathroom Start-up Kits
	Shower curtain and rings
	Toilet paper
	4 bath towels
	2 wash cloths
Please Note: Items designated in bold type are greatly needed. Deliver items to Faith Mission, 315 E. Long Street during regular hours, Monday - Thursday 8 a.m. - 5 p.m. or Friday 9 a.m. - 4:30 p.m. Weekend deliveries can be made 8 a.m. - 8 p.m. at the Men's Shelter located at 151 N. 6th Street (across the street from Faith Mission).

Thou shalt... When hiring a contractor!

2009-02-23T15:41:00.001-05:00

Ten Do's When Hiring A Contractor For Home Renovations!

Since folks are staying in their homes longer now we all need a little help with how to choose the best contractor! I've learned from experience! Take the extra time up front to avoid heataches and pitfalls later! Stay warm! Darla ;-)

Here are a few tips on hiring a reputable contractor and setting realistic project expectations from Jim Caruk (www.thecarukgroupcom), host of Life Television's Real Renos in Canada.

1) Make sure you're hiring a professional. Check that contractors carry liability insurance and workers' compensation. It's even better if they are members of one or more professional associations (e.g., the National Association of Home Builders; www.nahb.org) that help regulate industry standards.

2) Ask for references, AND do check them out.

3) Go see contractors' work - in fact, see work in progress, or else a contractor will show you only finished gems, not how you can expect a project to go.

4) Don't pick the cheapest or costliest guy on the block. Some companies quote low but nail you for extras, while those with higher quotes may actually be more honest in spelling out everything right from the start.

5) Allow for the final bill to come within 10 to 15 percent of the original quote. There are always additional expenses along the way, but the final price shouldn't be more than 15 percent from the budget set out.

6) Plan months ahead. It's true of construction people too: All the good ones are taken, so don't expect to pick up the phone and have someone start next week. If they're any good, they're likely booked solid.

7) Propose a retainer instead of a deposit. There's no need to pay one-third up front, which some contractors typically ask, unless it's for things, such as kitchen cabinets or windows, that need to be paid for right away. For big jobs just a monthly retainer should be acceptable until the job officially starts and you agree on a pay schedule; a retainer isn't necessary for smaller jobs (e.g., $10,000).

8) Know the scope of the work to be done. The more you know about what you want and the better you can communicate that to the contractor at the inception of a renovation project, the smoother things can go. Making up your mind, or changing your mind, along the way only eats up time and drives up the final price.

9) Don't get mad at Mother Nature. Expect weather to affect the project's timelines and maybe even create challenges and setbacks.

10) Check your ego at the door. Emotions can flare up wherever there's drywall and nails, and some clients start to think they should be directing the project. People ire a contractor because they don't have the time or skills to do the project themselves, so let the professionals do what they know how to do.

Be realistic, and keep an open mind. That means setting a realistic plan, then realizing that projects are fluid things that change and that there are always labor pains. Be ready to roll with the punches. ~Angela Pirisi, The Costco Connection, 2/09

Housing Stimulus Means What To You?

2009-02-17T18:09:00.001-05:00

Hello everyone! I thought you could all benefit from this first hand information from Steve Murray publisher of Real Trends. It's written in easy to understand terms. Feel free to contact me with any questions. Warmest, Darla RealtorDarla@aol.com or 614-431-1003

On the Positive Side:

Stimulus advances with tax credit changes

The $790 billion stimulus package hammered out by House and Senate conferees increases the homebuyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.

The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds. The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.

Other provisions reportedly in the bill that could help housing markets and communities include:

* FHA and conforming loan limits. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 ($313,000 purchase limit for Columbus, OH) except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the secretary of the U.S. Department of Housing and Urban Development.

* Foreclosure mitigation and neighborhood stabilization. Funding for states and localities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized. Some news reports put the funding level at $2 billion.

* Rental assistance. Up to $1.5 billion to provide short-term rental assistance and other aid for families during the economic crisis.

* Low-income housing grants. Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations

* Tax-exempt housing bonds. Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds

Energy efficient housing. Grants for energy retrofits for federally assisted housing (Section 8), funding for energy efficiency and conservation block grants to states, and increases in the residential tax credit through 2010 for certain energy efficient upgrades.

Source: NAR, AP, Washington Post, New York Times, Bloomberg, and The Wall Street Journal

REAL Trends Comment: As we have said in earlier REAL Trends E-mail Updates, the Congress missed the boat with the limited additional assistance to the housing market included in the final bill. While virtually every national political leader has said that arresting the decline in the housing market is critical to economic recovery, the final bill poured the proverbial "spoon" of medicine on a raging infection (or so say political leaders and those at the Federal Reserve Board and the Treasury). The purchase of homes triggers thousands of additional dollars in spending on paint, carpeting, fixtures, furniture and appliances and would have initiated more economic activity than almost any other use of the funds. The fact that the Congress missed this so badly does not bode well for other actions taken by the Federal government who seem to be deaf to economic reality.

Fannie, Freddie, banks suspend foreclosure sales

Fannie Mae and Freddie Mac will suspend all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration's national foreclosure prevention and loan modification program.

Handy Tip-Washer Dryer Maintenance!

2009-02-04T15:39:00.001-05:00

Washer/Dryer Maintenance

Household washers and dryers are often taken for granted. A little maintenance goes a long way. Check washer water fill hoses for cracks or blisters, which can signal a coming failure or cause corroded fittings and leaks. Generally, you should replace washer fill hoses about every four years. You might want to try stainless steel fill hoses which are more durable, reliable and, ultimately, can pay for themselves as well as provide more peace of mind. Remember to turn off the water to the washer whenever you go on vacation and here's an important safety tip; If you have a 1st or 2nd floor laundry room you should have a washer pan and a hot water tank pan. In case of leaking the pan can catch the water so any damage you experience will be MUCH less! They can be found at most hardware stores. A leading cause of dryer failures is lint buildup. It can cause significantly increased drying times and costs. Most importantly lint buildup is also responsible for thousands of house fires each year. Use a dryer vent brush (available online or at most hardware stores) to remove lint build up in the vent that leads to the outside.

Real Estate Success! Darla ;-)

How Ice Dams Form

2009-02-03T19:15:00.001-05:00

Hi folks!

Since I've had hundreds of icesickles around the perimeter of my home I started educating myself on Ice Dams BEFORE I started having a problem. I even saw folks on ladders w/hammers breaking up the dams. No... I did not go that far but I read the article ;-) Hope this is helpful to you! Warmest, Darla ;-)

How Ice Dams Form

Ice dams are literally dam-like buildups of ice on a roof.

The ice itself is not a problem. What is a problem is that melted water from the snow can form a pool behind the dam. Most roofs are very effective at shedding water. Very few roofs, however, are designed to cope with pools of water.

Roof leaks that the dams cause can reak all kinds of havoc with wiring, drywall, paint, carpet, flooring, and all manner of interior furnishings. They can also cause problems for your exterior siding plus the wood and insulation behind it.

Ice dams occur most often when we get snow followed by below freezing temperatures, but they can only happen when part of your roof warms up enough to cause snow to melt. The melting water flows down to another part of the roof that is cooler, (which is usually either over the eves or over a better insulated part of the attic) and the water refreezes. The ice forms a small dam that builds up slowly as more and more melt water refreezes. Eventually, water backs up behind the dam and works its way up under the shingles until it begins to leak through the roof into the living space below.

Ice dams are not caused by clogged gutters. Clogged gutters can certainly aggravate an ice dam problem, but they are almost never the actual cause.

Shovel Your Snow Please!

2009-02-02T18:48:00.001-05:00

Hello from Darla!

I need your help! I've shown over 100 properties in the last few weeks and my biggest problem? Sellers who don't shovel their driveway, their entrance way, their front steps... HELP!!! Do you really want your home's 1st impression to a potential buyer to be wet feet, exhasted fighting an uphill battle with over a foot of snow, waiting as ice sickles, bigger than swords, drip down our backs as I open the lockbox, no small area rug to wipe our feet on as we enter... You get the picture? And you have the audasity to be angry because your carpet get's dirty? Please... Do your part... I got the buyer's there! Please put ona good show for them! An easy entrance, area rugs at both front and rear doors so we can wipe our shoes off, lovely smells, fresh baked cookies or a dish of chocolate... that's the way to start out a positive showing!

Real Estate Success,

Darla
It's A Great Market With The Right Agent! Dial Darla ;-)

What Is In And What Is Out in Home Upgrades!

2009-02-02T18:11:00.001-05:00

Home Upgrades: What's In & What's Out!

This article came to me from the Ohio Assocaition of Realtors today! I agree with most but I would never give up my fireplace!! Keep in mind when you are building or upgrading your home to make sure you are adding ammenities that are good for resale or if it's something you must have... enjoy it but don't expect a dollar for dollar return when you sell. When you install that $25 per tile backsplash costing $3000 you are doing it for your own enjoyment and hopefully it will help sell the home more quickly. Can you add $3000 to the price of the home, even if you just did it yesterday? Probably not! Ciao & Enjoy, Darla ;-)

Some home features don’t stay popular forever. More homes are inching away from incorporating the following home features, according to recent consumer preference surveys.

1. Fireplaces: The fireplace skyrocketed in importance in homes in 1991 with 62 percent of new homes having one or more. But the number has steadily been decreasing ever since. In 2007, the number dropped to 51 percent.

2. Carpet: While 54 percent of homes still have carpet floors, the number is decreasing and hardwood floors are taking their place. Vinyl and ceramic tile flooring also are being bypassed more by buyers. Seventeen percent of new homes contain hardwood floors throughout the entire house.

3. Living Rooms: These once-decorative centerpieces of homes are slowly vanishing from newer homes. Thirty-four percent of consumers say they’re willing to buy a home without a living room.

4. Desks in the kitchen: These desks were once looked at as great storage areas but they’re often too small and quickly become clutter spaces in a home, said Gayle Butler, editor in chief of Better Homes and Gardens. Instead, more consumers say they prefer larger desks in or near the family room—equipped with a messaging center—where they can keep an eye on their kids as they work on the computer.

5. Skylights: The little windows that allow natural light to seep into a home from above are falling out of style. Only 10 percent of new homes will include them this year, a continuing downward spiral for skylights.

6. Upscale kitchen finishes: Granite countertops are slowly becoming less desirable among buyers who are now moving toward affordable, low-maintenance laminate countertops—which tend to last longer and now come in various styles.

2009-01-13T11:52:00.003-05:00

Hello family, friends and colleagues, Happy New Year to you all! I hope your holiday's were fabulous and all of you had a great time with family and friends. The time passes by so quickly! We had a wonderful Christmas Eve Party with about 30+ folks. We always make a game of finding the Pickle ornament (We had 319 ornaments on the tree this year) & Jill won the "Pickle Prize"-a Yodeling Pickle!! We had lots of fun with that one! It's the little things isn't it?!

In the real estate world interest rates are at HISTORIC LOWS! They are running between 4.625% and 4.875. It truly is unbelievable!! In my 21+ year career I've never seen interest rates this low! If you need a referral for a lender call me so I can steer you to a good one! Housing inventory is around 13,554 homes for sale which is down from last years high of 18,002. That's a good thing for sellers - less competition means higher home prices! We're slowly moving back to a more balanced market. When I did my annual statistics for 2008 I found 49,246 total homes had been for sale, 21,371 homes had sold in 2008 which means 43.5% of the listed homes sold. The average sale price in the Greater Columbus area is $163,813 which is a 4.4% depreciation for the year. Considering areas like Arizona, Florida & Nevada with 20%+ depreciation, we're doing really well!!

Oh, by the way, if you know anyone looking to Buy or Sell a home, just give me a call with their name and contact info and I will provide them with the same great service you have come to know from the Real Estate Aces! Did you know that 92% of my business comes by word of mouth referrals and repeat customers? Dial Darla ;-)

I've launched into the new year happy and excited. I have many thrilling things happening and I have great expectations for a prosperous, and abundant year! I hope your creative juices are flowing, your jets are revved up and you're ready to launch into new beginnings. I thank you so very much for your continued business, support and constant referrals! Stop by or contact me anytime if I can ever provide you with vendors or service providers such as painters, carpeting, roofers and the like! I hope 2009 is your best year ever!.

Real Estate Success!

Darla Luebbe, CRS/GRI/ABR
It's A Great Market With The Right Agent! Dial Darla!
http://www.realestateaces.com/

Christmas Letters From Clients!

2008-12-15T17:36:00.001-05:00

CHRISTMAS CARDS I LOVE RECEIVING FROM PAST CLIENTS!

December 2008

Hi Darla,

Merry Christmas! I wanted to send you this little note to say how happy I am with this house and about what a skilled, intuitive and resourceful realtor you are! I love this house; it's the exact house I pictured for myself, and I realize you didn't find it by accident. You really listened to me, you asked a ton of thoughtful questions and helped me consider factors I hadn't thought of, and then you did your homework. I wish I could shop for houses with you every day; that's how much fun it was. Now that I've gotten to know Columbus better, and I see how many other options would have played out, I'm thrilled that you helped me decide on this place.

I also felt like I was in good hands all the way through the closing--- you guarded the entire process like you were buying your own home, and you kept me informed about the meaning of every part of the transaction. You even helped my Phoenix realtor figure out how to finish my complicated sale back in Arizona! I've bought five houses in my life, and of all the realtors I've worked with, you were simply the most knowledgeable---not to mention fun to be around. I especially like to remember the lunch we had--- fast food in the driveway of the wrong house! I still laugh at that.

I hope all is well with you--- I've got your magnet on my fridge and any time anyone even mentions something remotely related to real estate, I mention your name. Now, I'm off to assess the damage of my first snow-related car crash: I crushed the front end of my car underneath an Expedition yesterday. Evidently this snow stuff causes braking distances to increase….. It's very interesting. I wonder if science can explain it…. Take care and again Thank You! You were outstanding!

With great appreciation,

Tim F.

Choose NOT to participate in the recession!

2008-12-05T15:22:00.002-05:00

Hello Friends!

I saw this and latched on!! So much of my day is spent telling folks that things are not as bad in Columbus as they are elsewhere. It's as though we are in a protective bubble due to many things. With all the negative press it so good to hear positive info and I wanted to share this with you! We really do have many things to be grateful for! I am grateful for you!! Have a happy day and a lovely, relaxing weekend! Warmest, Darla ;-)

Every channel you turn to on Television is talking about the recession. They show you charts and graphs to prove to you that the economic situation is grim.

Companies are begging for hand outs, and our leaders have fallen bait, line and sinker for it.

If you are a believer in, "The Secret" and other positive, energy work, by now you have the understanding that everything is energy. You also know about the power of the spoken word. Take a look at these statistics:

90% of homes are NOT in foreclosure.
94% of people who want to work are working.

You do not have to participate in the recession. You can continue to live your life as you always have done creating abundance and prosperity.

Now I am not telling you to go out and get in debt. If you have debt, focus on paying it off.

But withdrawing and clenching on to what you do have because of the news, will begin to limit your energy and the effect of this will limit your abundance and prosperity.We live in an abundant Universe! Focus on the 90% and the 94% of the people who are not having problems.

Every time you hear someone complain about the economy remind them about these statistics. Tell everyone you know and have them tell everyone. This will create the energy of abundance and prosperity for everyone.This is the season for kindness, love, joy, and giving.

Remember to give to your favorite charity. If you don't have one, find one you believe in! We all get by giving! I hope this has lifted you up a bit, taken away some of your nervous energy and helped you look towards the sun! Choose NOT to participate!!

Warmest, Darla

Market Trends

2008-04-23T15:55:00.001-04:00

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!

2008-03-10T18:13:00.001-04:00

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?

2008-02-01T03:54:00.001-05:00

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!

HOUSE OF THE DAY! NEW LISTING IN POWELL!!

Want to live like a Rock Star? This Powell WOW home

offers 6 BR/5 baths and a nanny suite/teen retreat or

mother-in-law sanctuary. Raised, screened porch off the

kitchen & your Great room view overlooks your own stream

and deer frolicking in the fields. 1st floor den, pub w/wet

bar & all the quality you'd expect! Finished LL w/raised brick

hearth WBFP in over-sized family room! 3 car garage and all

the luxury you deserve! Call me today to be the 1st to see!

Only $724,800! 614-431-1003 Darla Luebbe, GRI/ABR

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!

2008-01-29T18:21:00.001-05:00

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!

REDUCED $10K & SELLER MEANS BUSINESS!

Stepford Wife Seller is Motivated!

Dropped price $10K to $288,000!

Just move in to this sparkling clean

4 BR/2.5 bath two story w/screened

porch & backs to treed reserve

offering pure privacy! Master retreat

w/luxury bath & oversized closets!

Call Darla today to see! 614-431-1003 or mailto:RealtorDarla@aolcom

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%