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!

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
April 10, 2019

Things to Consider When Selling Your House (Spring 2019)

Posted in Sellers
March 21, 2019

7 Things To Avoid After Applying For A Mortgage

7 Things To Avoid After Applying for a Mortgage!

7 Things To Avoid After Applying for a Mortgage! | MyKCM

Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!

1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.

4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.

5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.

6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

Posted in Buyers