Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 12, 2020

We will not see a housing recession like 2008

With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:

  • “With people having PTSD from the last time, they’re still afraid of buying at the wrong time.”

There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences.

1. Mortgage standards are nothing like they were back then.

During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The Mortgage Bankers’ Association releases a Mortgage Credit Availability Index which is “a summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. As shown below, during the housing bubble, the index skyrocketed. Currently, the index shows how getting a mortgage is even more difficult than it was before the bubble.5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCM

2. Prices are not soaring out of control.

Below is a graph showing annual house appreciation over the past six years, compared to the six years leading up to the height of the housing bubble. Though price appreciation has been quite strong recently, it is nowhere near the rise in prices that preceded the crash.5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCMThere’s a stark difference between these two periods of time. Normal appreciation is 3.6%, so while current appreciation is higher than the historic norm, it’s certainly not accelerating beyond control as it did in the early 2000s.

3. We don’t have a surplus of homes on the market. We have a shortage.

The months’ supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued appreciation. As the next graph shows, there were too many homes for sale in 2007, and that caused prices to tumble. Today, there’s a shortage of inventory which is causing an acceleration in home values.5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCM

4. Houses became too expensive to buy.

The affordability formula has three components: the price of the home, the wages earned by the purchaser, and the mortgage rate available at the time. Fourteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased and the mortgage rate is about 3.5%. That means the average family pays less of their monthly income toward their mortgage payment than they did back then. Here’s a graph showing that difference:5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCM

5. People are equity rich, not tapped out.

In the run-up to the housing bubble, homeowners were using their homes as a personal ATM machine. Many immediately withdrew their equity once it built up, and they learned their lesson in the process. Prices have risen nicely over the last few years, leading to over fifty percent of homes in the country having greater than 50% equity. But owners have not been tapping into it like the last time. Here is a table comparing the equity withdrawal over the last three years compared to 2005, 2006, and 2007. Homeowners have cashed out over $500 billion dollars less than before:5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCMDuring the crash, home values began to fall, and sellers found themselves in a negative equity situation (where the amount of the mortgage they owned was greater than the value of their home). Some decided to walk away from their homes, and that led to a rash of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area. That can’t happen today.

Bottom Line

If you’re concerned we’re making the same mistakes that led to the housing crash, take a look at the charts and graphs above to help alleviate your fears.

If you are ready to make a real estate move call the Jim West Team Today!

Posted in Market Updates
Jan. 3, 2020

7 Tips For Selling Your First Home

How to Sell a Home for The First Time

Selling your home is a big deal and is not a process that most people go through too often. There are many things to consider as you move forward with your sale – things that must be dealt with if you want to sell quickly and for a good price.

From picking the right agent to pricing your home correctly, when you do things right you put yourself in the best position to get the results you want.

How to sell a home for the first time is not something you should take lightly. It is easy to make mistakes without the proper guidance.

No matter what the market happens to be doing right now, understand that you can sell your home if you want or need to. You can sell it, and you can sell it for a price comparable to other similar homes – as long as you work with the right agent and you listen to his or her advice.

Selling a home for the first time can sometimes be a daunting task because you don’t have any experience to fall back on. It is fairly easy to make mistakes as a first-time home seller if you don’t have the proper guidance.

Put the following tips for first time home sellers to work for you and start down the path to a successful sale!

7 Best Tips for First Time Home Sellers

Pick the Right Realtor

While it is possible to sell your home without the help of a professional, doing so is not recommended. There is too much at stake in a home sale, and too many things that can go wrong. A good agent will handle all the details and help you understand your options – specific to your area.

You can read all the information you want about real estate sales, but you will still not have the connections or experience to market your home effectively and to avoid making costly mistakes.

Look for a real estate agent that has a list of recent, satisfied customers. You want an agent who sells homes for close to the price that they are listed – which demonstrates an understanding of the market. Interview several Realtors before deciding on the best one.

The person you choose will be responsible for how your sale goes, so it is worth your time to look around and be demanding. There are plenty of real estate agents out there, but not all of them are necessarily great. Do your homework and choose someone that can help you accomplish your sales goals.

It is especially important to understand the difference between a listing agent and a selling agent. There are two distinct facets of the real estate business. Some agents do an exceptional job working with sellers and some agents with buyers. If you are selling your home for the first time, it is extremely important to work with someone who specializes in working with sellers.

Rarely does an agent do both well. Keep in mind if your listing agent is also out showing houses every day, they are not going to have the time necessary to invest in getting your home sold.

When selling your home, you should be working with an agent that possesses outstanding marketing skills. This is one of the vital traits to look for in a great listing agent. Over 90 percent of all buyers find their home online so you want an agent who has the skills and drive to make your home standout.

Outstanding photography, detailed listing descriptions and providing video tours are all part of a top producing agents marketing arsenal. There are lots of real estate agents who do none of these things! Check to make sure you know what you are getting with the agent you hire.

Here are some of the additional things you should expect from your real estate agent when selling including attending the home inspection and appraisal to represent your best interests. Real Estate agents are a dime a dozen – pick one that goes the extra mile in everything they do.

Price Your Home Appropriately

Picking the right real estate agent and the right price go hand in hand. Pricing a home properly is another skill the best agents have. Everyone wants to sell for the highest possible price, but be careful, because pricing a home too high will repel buyers.

A couple of general rules of pricing are:

1.        if you have not even having showings then, you are priced about 10% too high

2.       If you are having showings but no offers, then you are about 5% too high

The following graph helps to support that theory:

If your home stays on the market long enough, it could develop a stigma and be seen as undesirable by most buyers. It is not enough to look at your neighbor’s house to see what they are selling for.

There are numerous real estate pricing factors that need to be considered, factors which your agent should have a good grasp of. If you find an experienced agent, one with a history of selling at close to the original listing price, then you know you are working with someone that knows what he or she is doing.

Your neighbor’s home may or may not be priced correctly. Always look at similar closed sales as a basis for establishing the right asking price.

Correcting the price, a month or two later is not going to fix the problem, either. By that point you can expect to be low-balled whatever price you set.

Talk with your Realtor and try to price the home appropriately to the market you are in. If you have a real estate agent you trust, you want to price the home at the point recommended by the professional you are working with.

Do be careful when choosing an agent based upon the value they provide for your home. There are tons of agents who will pull on your heart strings by giving you an unrealistic market value.

This is the kind of agent you need to stay away from. Sometimes real estate agents will blatantly mis-represent the value of your home just to get you to sign a contract with them.

Spend Time Getting the Home Ready

One of the biggest mistakes numerous sellers make is not being completely ready to put their home on the market. Remember you are in competition with a lot of other sellers who are trying to accomplish the same thing.

It stands to reason you need to keep up with the Joneses when it comes to selling a home! What exactly does this mean? Start with these things:

Exterior Home Improvements:

·       Make sure your curb appeal is exceptional.

·       Make any necessary repairs to any blatant defects like rotted siding or trim.

·       Keep decks, patio’s and walk-ways clean and tidy.

·       Freshen up the landscaping by planting some flowers with color, pulling any weeds and adding some fresh mulch to beds.

·       Seal coat the driveway if necessary.

Interior Home Improvements:

·       Clean the home from top to bottom – this is one of the cheapest improvements you can do that make a real difference.

·       Remove any pet or smoking odors.

·       Paint any rooms that need a fresh or neutral coat of paint.

·       Add brighter light bulbs in darker areas of the home.

·       Correct any visible defect that a buyer will more than likely bring up at a home inspection. There are some great tips in this article on how to prepare for a home inspection.

·       Replace stained or worn carpeting.

·       Re-finish hardwood floors.

It is understood that there are times when an owner has no money to do some of things mentioned above like replacing carpeting or re-finishing hardwood floors. If you have the funds, however, you will get a greater return on your investment as these things can change the whole complexion of a home. Here are some additional ways to make your home more appealing to a buyer.

Home Staging Boosts Selling Power and Appeal

Ask your agent to advise you on preparing your home for sale. Most homes show better with about half of the furniture removed. If a buyer walks in the door and wonders if anybody lives in the house, you've done your job correctly. Consider home staging to boost your selling power and appeal. Painting is the single most effective improvement you can make. Don't let dings in the woodwork or scraps on the walls make your home reflect deferred maintenance.

Don’t get carried away while doing your home staging though. Also, real estate agents will offer the Free use a home stager as a marketing ploy to get you to list with them. Do not pick a realtor just because they offer this “feature”. You can hire a great stager for under $200 so it is not that expensive to get the best help getting your home ready for sale. 

Be Flexible with Home Showings

If home showings are too much of an imposition, consider going away the first weekend your home is on the market. Yes, it can feel a bit intrusive to allow strangers to trek through your home and check out your soft-closing drawers in the kitchen. The best way to sell your home is to let a buyer inside with their buyer's agent to tour in peace and quiet. Leave the house when buyer's agents show up. Anything you say can and will be used against you, plus, buyer's agents prefer to show without interference.

In today's world of technology please be aware that anything you do and say will most likely be recorded. The seller must disclose at the door before you enter if the home is under surveillance but still be prepared for this.

I recently had a seller who overheard the buyer agent say something derogatory about them and they tried to blow up the deal. Fortunately, I was able to talk them down of their ledge and get the deal closed, but the buyers had a struggle getting anything else from the sellers, so be aware of this during showings.

I suggest for you as the seller, to turn off any of your surveillance equipment before any of your showings start to avoid any of this behavior!

Be Ready to Move if You Get an Offer

When someone makes an offer on your home and you accept it, you will need to be ready to move quickly to finalize your relocation and get all your things out of your home.

Sometimes it can feel like you have a good deal of time, especially if you have not gotten any offers. But once the paperwork is signed, you will need to get into gear and take care of all of your business as quickly as you can.

Know where you are going to go before the sale closes. Moving is a time consuming and tiresome process all on its own. Be prepared for it.

Often, first time sellers don’t understand the concept of selling and buying a home at the same time. Some of the common mistakes are thinking another seller is going to allow you a home sale contingency or putting in a clause into your listing agreement that says something like “sale subject to successfully finding another home of choice.

These kinds of contingencies muddy up the home selling process and make it far more difficult to achieve the goal of selling your home. In most markets today, owners are not going to accept a home sale contingency and maybe not even a right of first refusal. You should absolutely consult with your agent about this before listing your home for sale.

Understand What the Costs Will Be for Closing The Sale

There can be a lot of extra costs associated with selling a home, costs that you may be expected to take care of as the seller. You are also going to need to pay the commission to your real estate agent once the house sells. First, understand that many of these costs, including the commission, can be negotiated.

The perfect example of this is when you are selling your home and turning around and buying another with the same agent. Real Estate agents love these kinds of transactions!

A business savvy agent is not going to turn down the opportunity to make two sales. An agent that is closed minded and says no to any kind of negotiation might not be the best bet to work with.

It is in your best interests to seek a fair deal, so don’t be afraid to seek a middle ground between the offer that is presented to you and what you “think” is fair to pay.

Second, make sure you understand every cost that will be coming your way. Have your real estate agent present you with a list of all costs and make sure you are prepared to pay them. Feel free to question anything you are uncertain about.

Know Your Local Market

Local real estate markets are unique, which means that what works in one market may not work in another market. Just because you see a home like yours the next town over that is selling for a certain price does not mean that your home will sell for a similar price.

There are so many factors that go into real estate markets that it takes quite a bit of training and experience working in each market to have a clear understanding of what to expect.

For example, in my neck of the woods, a home sold in Dublin, Ohio could be over $50,000 more than the exact same home in Marysville, Ohio and these two towns are right next to each other!

Your real estate agent should be an expert in your local market. He or she should be able to tell you if you want to sell in spring, summer, fall or winter. Your agent should know what houses similar to yours are selling for, and how to compare your home to those other homes to decide on the bestselling price. The more your agent knows about your area, the better job he or she can do when selling your house.

Final Thoughts

Selling a home is not rocket science but it is easy to make mistakes when you are not completely educated on the process. By following the above tips for selling a home for the first time, you will increase your odds for an enjoyable and profitable sale.

Make smart business decisions. A well-informed seller will always have the upper hand on those owners who do not educate themselves properly.

About the Author: The above Real Estate information on the tips for first time home sellers was provided by Jim West, a Nationally recognized leader in his field. Jim can be reached via email at jimwest@jimwestteam.com or by phone at (614) 507-5732. Jim has helped people move in and out of many central Ohio towns for the last 16+ Years.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!

I service Real Estate sales in the following Central Ohio communities: West and Northwest Columbus, Dublin, Hilliard, Powell, Lewis Center, Delaware, Marysville, Worthington, and Plain City, Ohio.

Posted in Sellers
Dec. 11, 2019

Should You Buy a Bigger House

picture shows a family in their home

Should you buy a bigger house?

Even though many people are buying less expensive housing these days, you might be very tempted to buy a bigger house. I can understand that. Interest rates are ridiculously low and real estate prices seem to be just bottoming out. I recently wrote a post explaining that most people are far better off buying real estate rather than renting. I believe that with every cell of my body. If that is true, wouldn’t it also be true that owning more real estate (in the form of a larger house) is better than owning less? The argument has merit.

But before you whip out your check book and call a mover, chill out. Even if you can afford the new house, I suggest you pause. While there are a few good reasons to move into larger digs, there are plenty of reasons why you should maintain as small a footprint as possible.

Let's take a look at the 3 main reasons why someone would, or should, buy a bigger house.

Reasons to Move to a Larger Home

There are only three good reasons to move into a larger home:

1. Current Home Way too Small

One of the worst decisions I ever made was to buy a house that was really affordable but way too small for our family. My wife tried to tell me this before we bought the house. But of course the financial advisor expert in me took over and prevailed. Within a year we all agreed that we better move before one of us ends up on the 5 o’clock news.

That was very expensive because real estate prices had increased over that year and of course we had to pay the commissions and the movers and all that fun stuff. Drag. If you are in a house that doesn’t fit your family and you can afford a bigger house, I suggest you do it. Now is a great time for you to upgrade.

Have You Outgrown Your Home?

It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.

The good news is, it’s okay to admit if your house no longer fits your needs.

According to the latest Home Price Insights from CoreLogic, prices have appreciated 3.5% year-over-year. At the same time, the National Association of Realtors (NAR) reports inventory has dropped 4.3% from one year ago.

graph showing home sasles prices versus home inventory

These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a home and are thinking about selling. The equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your home may be high on their wish list.

Bottom Line

If you think you’ve outgrown your home, let’s get together to discuss local market conditions and determine if now is the best time for you to sell.

2. Current Home Way too Far

Just like living in a cramped space, living in a bad location can be a downer. If you are moving anyway, why not trade up a little? Again, assuming you can afford the upgrade, go for it. No reason why you shouldn’t.

3. Extra Costs of New Home Are Irrelevant

If you want a bigger home because you want a bigger home and you can easily pay the higher freight, it might be OK to go for it. This can be really tricky however.

One of my friends bought a huge house overlooking the valley when he was at the peak of his career. He spent a ton of money on a huge mansion and was very happy there – for a while.

Eventually he decided that he wanted to change his lifestyle. He realized that if he downsized, he could actually retire early and live very comfortably. Unfortunately, he hasn’t been able to realize his dream. The house is worth much less now than when he bought it. As a result, he’s stuck with the larger house, the very high upkeep and a lifestyle he’s dying to change.

To summarize, there are only 3 reasons you should buy a bigger home. Notice that I didn’t include buying a larger estate as a way to increase your real estate investments. While I do think it’s generally a good time to invest in property, the best way to do this is by owning rentals in the right market. Rentals provide income. Your residence doesn’t. Buying a bigger house as an investment might work out for you but it’s far riskier than buying good rentals

Why You Should Not Buy a Bigger Home

1. You Can’t Afford It

Never buy a house you can’t easily afford. With the uncertain financial times we live in, it’s not unheard of to suffer big financial reversals. If heaven forbid you encounter such a situation (such as losing your job), the last thing you want to do is to lose your house too. People underestimate what it really costs to own a home. When you upgrade to a larger house all of the following bills go up substantially:

a. Mortgage Payments 

b. Insurance

c. Taxes

d. Utilities

e. Upkeep

f. Décor and Furnishings (You’ll probably have to buy all new furniture when you move. At the very least, you’ll have to buy more furniture to fill up that castle you just bought).

g. Landscaping and grounds

Even if you think you can afford the new house please confirm it. Take a few minutes and crunch the numbers to be sure.

2. Risk

As I mentioned above, once you commit to real estate – especially if it’s your residence – it’s difficult and expensive to make a change. Consider how your circumstances might change over the years ahead.

Think of my friend who wanted to reinvent his life but couldn’t because he was trapped by the large home he owned and couldn’t sell.

My wife and I bought a pretty nice house in Marysville when our kids were younger. Before we knew it, they were in college and out of the house. We really don’t need that big house any more. I’m not saying it was a mistake to buy the house originally (12 years ago) but it would be a mistake for us to buy a bigger house now.

This is true even though it would be easier for us to afford a larger home now that two of the kids are almost done with college. There is no reason for us to buy a larger home so we aren’t doing so. Having a very affordable home gives us lots of freedom and peace of mind.

3. Opportunity Cost

If you tie up lots of money in your residence you incur an opportunity cost. The money you put in as a down payment is money you can’t invest elsewhere. Maybe there are better alternatives that you can’t take advantage of because you haven’t got the scratch. And remember that more of your monthly income goes towards the house payment. That’s money you can’t invest for your retirement. It’s also money you can’t use to travel or have fun doing other things with.

Real estate presents a wonderful opportunity right now. I’m a big fan. If you are thinking of taking advantage of the present circumstances to buy a larger home, it could be a really smart move. Just make sure you do this with your eyes wide open and do it for the right reasons.

Are you thinking of buying a larger home now? Why or why not?

So is a bigger house within your budget?

At this time of year, many families come together to celebrate the season. It’s also the time when many realize their homes are just not quite big enough to host all of their guests and loved ones. Are you one of those homeowners dreaming for a larger space to call home?

You may have enough equity in your current home to move up.

According to the Q3 2019 U.S. Home Equity & Underwater Report by ATTOM Data Solutions,

“14.4 million residential properties in the United States were considered equity rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.”

This means that one in four of the 54 million mortgaged homes in the U.S. have at least 50% equity. If these homeowners decide to sell, they can use their equity to put toward the purchase of a new home. Maybe you’ll be one of them.

NAR recently released their 2019 Profile of Home Buyers and Sellers showing that,

“This year, home sellers cited that they sold their homes for a median of $60,000 more than they purchased it, up from $55,500 the year prior. This accounted for a 31 percent price gain, up from 29 percent the year before.”

Here’s the equity gain breakdown based on the number of years these sellers lived in their homes

graph showing equity in recently sold homes

Bottom Line

If you’re one of the many homeowners with big dreams of owning a larger home, let’s get together. Working with a trusted advisor to find out how much equity you have is a great first step in putting your move-up plan in motion.

 

Posted in Buyers
Nov. 27, 2019

7 Reasons to List Your House This Holiday Season

Packaged that is gift wrapped for Christmas holidays

Around this time each year, many homeowners decide to wait until after the holidays to list their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why listing your house now or keeping it on the market this winter may be the best choice you can make.

 

Here are seven great reasons not to wait:

  1. Relocation buyers are out there now. Many companies are still hiring throughout the holidays, and they need their new employees to start as soon as possible.
  2. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
  3. You can restrict the showings on your home to days and times that are most convenient for you. You will remain in control.
  4. Homes show better when decorated for the holidays.
  5. There is minimal competition for you as a seller right now. Over the past few months we’ve seen the supply of homes for sale decreasing year-over-year, as shown in the graph below:

graph showing the housing supply for last 12 months

      6.The desire to own a home doesn’t stop during the holidays. Buyers who were unable to find their dream homes             during the busy spring and summer months are still searching, and your home may be the answer.

      7. Late fall and early winter make up the "sweet spot" for sellers. The supply of listings increase substantially after            the holidays. Also, in many parts of the country, new construction will continue to surge and reach new heights            in 2020, which will lessen the demand for your house next year. 

Bottom Line

It may make the most sense to list your home this holiday season. Let’s get together to determine if selling now is your best move

Posted in Sellers
Nov. 21, 2019

Before You Look for Your Dream Home: Know What You Want vs. What You Need!

guys playing video games

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

Thinking about buying your dream home?

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new home-buyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the “man cave” of your dreams be a future renovation project instead of a make-or-break right now?

The 1st Step is Always getting Pre-Approved

The first step in your home buying process should be getting pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.

The next step is to list all the features of a home that you would like, and to qualify them as follows:

  • “Must-Haves” – if this property does not have these items, then it shouldn’t even be considered (ex: distance from work or family, number of bedrooms/bathrooms).
  • “Should-Haves” – if the property hits all of the ‘must-haves’ and some of the ‘should-haves,’ it stays in contention but does not need to have all of these features.
  • “Absolute-Wish List” – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!

Bottom Line

Having this list fleshed out before starting your search will save you time and frustration. It also lets your agent know what features are most important to you before they start showing you houses in your desired area.

Posted in Buyers
Nov. 21, 2019

5 Tips for Starting Your Home Search

buyer is looking at a home for sale

In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article“How to Find Your Dream Home—Without Losing Your Mind.”

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range.

 

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’‘should-haves’, or ‘absolute-wish list’ items. This will help you stay focused on what’s most important.

3. Research and Choose a Neighborhood Where You Want to Live

Every neighborhood has unique charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

 

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and making notes on the listing sheet to document what you love and don’t love about each property you visit.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.

Posted in Buyers
Nov. 19, 2019

January 2019 Marysville Real Estate Market Report

Real Estate Market ReportsJanuary 2019 Marysville Real Estate Market Report

Real estate market data for Marysville, OH  provided by Jim West of Revolution Realty.

Marysville Ohio Home Prices

Home prices in Marysville and central Ohio have hit an all time high and don’t expect things to slow down anytime soon.  We have seen 52 straight months of home appreciation.

 

If you are considering buying a home, you can still find deals on a house in Marysville, but having a good real estate agent, such as Jim West and his team, who understands the market is a must. 

 

Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market.

 

As you can see from the graph below, listings are not selling exactly for asking price, but very close. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Marysville home on which you are making an offer.

If you are interested in how much current inventory is on the market in Marysville you can find that information by clicking on the link.

Our inventory is at its lowest point since 2000. High inventory will suggest that homes are sitting on the market for longer.

Currently in this area of Marysville, homes have an incredible median time of 58 days on the market before they sell. This would suggest that sellers are in a great position to make stronger counters to offers on a home.

Buyers had better get Pre-Approved and ready to make solid offers to compete in today's market. 

Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Marysville has multiple offers coming in on homes similar to what we saw back in 2005.

I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse.

But low inventory is one indicator that prices should continue to rise and inventory increased to 47 listings, 13 more units than the same as this time last year. Please see the chart below for current inventory level.

P.S. We try to update the Marysville Real Estate Market Report every month. Please let us know if you have any questions.

January 2019 Marysville Real Estate Market Data

Points of Note:

  • 19 closed sales (down 29.6% from last year due to inventory)

  • 1.2 months supply of inventory (up 71.4%% from January 2018)

  • 58 days on market (up13.8% from same month last year

Marysville Real Estate Report Summary

The median list price in January at time of sale for single family homes in Marysville was $239,900.

The median list price at time of sale increased by 15.3% from the same month last year.

The sales price per square foot for listings in this area was $127.53, up 14.0% from same month last year.  

The median sale price for single family homes was $233,500. The median sale prices was up by 12.3% from the same month last year.

The price per square foot for sales in this area is $140.08, up 21.3% from same month last year.

Find Homes for Sale in Marysville Ohio

Visit my website to search for homes in Marysville or to be notified when new Marysville homes come on the market. To find out what you home is worth in the current market email me or call 614-507-5732.

 

If you are looking to sell your Marysville home get your home's value now! Instantly in 15 seconds! 

 

Posted in Market Updates
Oct. 24, 2019

September 2019 Marysville Real Estate Market Report

Real Estate Market ReportsJanuary 2019 Marysville Real Estate Market Report

Real estate market data for Marysville, OH  provided by Jim West of Revolution Realty.

Marysville Ohio Home Prices

Home prices in Marysville and central Ohio have hit an all time high and don’t expect things to slow down anytime soon.  We have seen 51 straight months of home appreciation.

 

If you are considering buying a home, you can still find deals on a house in Marysville, but having a good real estate agent who understands the market is a must. 

 

Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market.

 

As you can see from the graph below, listings are not selling exactly for asking price, but very close. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Marysville home on which you are making an offer.

If you are interested in how much current inventory is on the market in Marysville you can find that information by clicking on the link.

Our inventory is at its lowest point since 2000. High inventory will suggest that homes are sitting on the market for longer.

Currently in this area of Marysville, homes have an incredible median time of 31 days on the market before they sell. This would suggest that sellers are in a great position to make stronger counters to offers on a home.

Buyers had better get Pre-Approved and ready to make solid offers to compete in today's market.

Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Marysville has multiple offers coming in on homes similar to what we saw back in 2005.

I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse.

But low inventory is one indicator that prices should continue to rise and inventory stayed the same as this time last year at 70 listings. Please see the chart below for current inventory level.

P.S. We try to update the Marysville Real Estate Market Report every month. Please let us know if you have any questions.

December 2018 Marysville Real Estate Market Data

Points of Note:

  • 55 closed sales (Up 71.9% from last year due to inventory)

  • 1.7 months supply of inventory (steady at 0.0% from September 2018)

  • 31 days on market (down 6.1% from same month last year

Marysville Real Estate Report Summary

The median list price in September at time of sale for single family homes in Marysville was $239,000.

The median list price at time of sale increased by 4.0% from the same month last year.

The sales price per square foot for listings in this area was $147.01, up 11.7% from same month last year.  

The median sale price for single family homes was $234,000. The median sale prices was up by 3.3% from the same month last year.

The price per square foot for sales in this area is $140.08, up 21.3% from same month last year.

Marysville Sales For the Year 2019 

Points of Note:

  • 380 closed sales for year (Down 4.1% from 2018)

  • 412 In Contracts (up 9.0% from 2018)

  • 29 days on market average for 2019 (up 11.5% from 2018)

 

National Real Estate Sales Data

 

Find Homes for Sale in Marysville Ohio

Visit my website to search for homes in Marysville or to be notified when new Marysville homes come on the market. To find out what you home is worth in the current market email me or call 614-507-5732.

 

If you are looking to sell your Marysville home get your home's value now! Instantly in 15 seconds! 

 

Posted in Market Updates
Oct. 12, 2019

1441 Wodline Drive Marysville OH 43040

1441 Woodline Drive Marysville OH 43040

1441 Woodline Drive Front

One of a kind!

1441 Woodline Drive Aerial View

Beautiful 5 level Fischer Custom Built in 2016 with over $95,000 in additional upgrades, located in highly desirable Adena Pointe. Home has 4 spacious bedrooms and 3 and 1/2 baths. You can see and feel the quality in this home from the minute you walk in the door. Owners have taken meticulous care of the home and property! 

Schools

Located in the Marysville schools district. Schools for this home are:

Marysville recently received the Superior rating for report card for the 4th year in a row.

Adena Pointe

Adena Pointe

Adena Pointe is located on the South side of Marysville with easy access to Honda, Scotts Miracle Grow and to NW Columbus.  Neighborhood was initially started by Beazer homes before Fischer took it over back in 2012. There are around 300 homes with an average price point of $375,000. 

List of upgrades for this home include but not limited to:

  • Matching upgraded granite counter tops and cabinets in kitchen, master bath, hall bath and half bath kITCHEN
  • Upgraded recessed lighting throughout most of house
  • Upgraded hardwood floors through most of main level
  • Upgraded 1/2 bath lighting and full sink (no pedestal) with hardwoods carried in and cabinets
  • Upgraded carpet and carpet pad through entire house
  • Upgraded open concept kitchen/living space with full custom gourmet kitchen, all stainless appliances and hood, custom under mount lighting, upgraded Delta sink faucet and built in soap dispenser, built in under sink tray and cutlery drawer, with cabinet trim package on top and bottom, fantastic for entertaining
  • Upgraded window package and trim through out house all with custom blinds, with soaring 20 ft great room wall of windows
  • Upgraded fireplace package with tile surround and hearth Great Room
  • Upgraded open concept 5th floor (no wall) with upgraded 2-tone banister for maximum open living space
  • Upgraded mud room with built-in bench, shelves, pocket door and upgraded flooring
  • Mudroom
  • Rec room includes bar set and pool/ping-pong table Bar set
  • Finished basement with full bath and includes custom power reclining movie seats and 7.2 surround sound theater system (4k and 3d ready) Theatre area
  • House pre-wired by Guardian with central routing box in basement feeding to living room wall panel as main access and custom power/ethernet ports for smart TV's in living room, master bedroom and movie theater
  • Custom French doors to Master with upgraded tray ceiling and pocket door to bathroom, includes his & hers large walk-in closets
  • Full custom Master bath with dual Delta shower-heads, bench seat, tile walls and floor in shower with custom swing door entry (no roller track), upgraded floors and lighting with staggered counter-tops for true powder seat Master Suite
  • Upgraded laundry room floors with built in cabinets and utility sink added
  • Hall bath upgraded with floors, additional wall separating sinks from shower/toilet area, with tile surrounding tub and upgraded lights
  • Upgraded "American Classic" front elevation for large front porch with pillars, brick surround on front and down both sides of house, with wrap-around landscaping that includes upgraded rubber mulch and existing
  • HOA approval for addition of Emerald Green Arborvitae to extend from back corner along fence down to swing gate and hardscaping along all mulch beds including trees and ring around flagpole
  • Custom 500+ sq ft back patio for all entertaining needs, with large fenced back yard and long side yard for all your outdoor activities Patio

Contact us for a private showing of this gorgeous home! 

  • email: jimwest@jimwestteam.com
  • Phone: (614) 507-5732
  • Text: (614) 507-5732

 

 

 

Posted in Buyers
April 10, 2019

Things to Consider When Buying a Home (Spring 2019)

Posted in Buyers