The Interest Rate Rollercoaster

The Rules Are…There Are No Rules!

Like Kenickie said there are no rules to the game of real estate.  There are, however, customs.  When buyers ask, “Can we ask for that?”  I like to respond “You can ask for anything you want.  There’s just no guaranteeing that they’ll agree.”  Sellers will say, “Can we make that stipulation?”  The correct answer is, “Of course.  But is that more important to you than making a sale?”  In the world of real estate, terms of a contract have loads of flexibility.  You want to keep possession of a house until a few days after you’ve sold it?  Fine.  Ask for that.  But be prepared to budge on some other term.  You want the dining room table and chairs because they match the cabinetry so perfectly?  Okay.  We’ll ask.  But we’re going to have to be willing to pay for that. 

I’m not saying that you have free reign to ask for anything that your pretty little heart desires.  While legally you do, reason says you don’t.  If you ask a seller for the house, its contents, closing costs, down payment assistance, and a closing date three days after the acceptance of the contract, you better be offering a fortune.  An outrageous offer will only anger or offend the other party and make the likelihood of coming to an agreement slim to none.  What I’m suggesting is that deals can come together if you think outside the box.  Recently I had a first time homebuyer who found the perfect house a little too early.  They didn’t want to pay to break their lease as that would add to their upfront costs.  The listing agent suggested that we write an offer to purchase and ask the sellers to pay for the lease buyout.  This is the kind of out-of-the-box thinking that can bring happiness to both sides of the transaction.

So if you have special needs that you think may keep you from making the real estate move that you’d like to make, talk to your Gold Key Experts Realtor® about it.  We’re ready to go to work for you to see that all your needs and wants are addressed and to make each and every transaction a winning deal for both sides

Jessica Spears, REALTOR
Buyer's Agent and Listing Partner
The Gold Key Experts
Keller Williams Capital Partners Realty, Inc.
500 W. Wilson Bridge Rd. Ste. 260
Worthington, OH 43085
614-886-1999 cell
614-848-KEYS office
www.thegoldkeyexperts.com
jessica@thegoldkeyexperts.com

Columbus is Alive and Well

With the credit crisis looming and the media talking about how terrible the housing market is almost every day, I think it is important to let our clients know that Columbus is thriving.  Of all the cities in Ohio, Columbus is the one growing most, adding jobs and new citizens.  We have such a wonderful network of medical and service facilities in our fair city.  Just this past year, one large insurance company added several hundred positions locally.  There is always an influx of new medical personnel as well as graduate students.  The local school districts are adding new schools, with Hilliard and Olentangy coming to the forefront.  Both have either added new high schools or are at the drawing board to do so.  I drove through Reynoldsburg last night and saw how the Main Street brick sidewalks are beautifully done and brighten the town dramatically.  Powell is busy adding new businesses and restoring downtown buildings.  What a lovely place to visit and look for a gift or antiques!  Dublin has added new condos close to the heart of Dublin that appear to be selling very well.  Grandview is planning to add a new complex of condominiums and retail space.

The point I make is that our city is alive and vibrant.  There is new home construction.  Homes and condos are selling.  Parts of the city are appreciating very nicely even as I write this article. It is not all gloom and doom.  I had a client this past week  not get a home due to multiple offers.  The reality is very different from what the media is telling us.  We do not live in Las Vegas or Miami.  We live in the Midwest where the values did not increase with the wind.  Here people actually looked at what the homes were worth, not the craze of the day, and that is partly to credit for the current well-being of the real estate market in Columbus.

Happy Spring!

Charlene

FHA: It’s Back!!

After a few years of hiding, FHA financing appears here to stay and may be the only option for many prospective homeowners and homeowners looking to purchase or refinance.  With PMI companies raising their standards and lowering the LTV that they will insure, the private lending markets are requiring ninety-seven percent loan-to-value or better in order to qualify.  What does that mean to you?  No longer can you purchase a home or condo with a conventional mortgage without putting at least three percent down of your own money (three percent down for a home and five percent down for a condo).  Although FHA does require the same three percent down there are currently loop holes and legislation going through Congress to lower that amount. 

As it stands right now FHA requires a down payment be paid by the borrower, but it may be paid with money received as a gift from a family member or a charitable organization.  The charitable organization part of that last sentence is what has allowed and continues to allow home buyers to get into an FHA mortgage without putting any of their own money into the transaction.  Through “charitable organizations” such as Ameridream and Neamiah, the seller makes a three percent “charitable contribution” in the name of the buyer and pays a small processing fee (which is how the companies make money) and then the “charitable organization” contributes to the purchase of the home with the three percent down payment to the buyer.  This has been used for a number of years now and has really been the only saving grace for FHA through the years of unlimited zero down loans from the conventional mortgage market.  During the real estate boom years of the early 2000’s even this was too much of a hassle and wasn’t worth the four or five hundred dollar processing fee, let alone finding a seller that wanted to contribute that three percent.  Amazing how things have changed….

In 2008 sellers are willing to do what it takes in order to get a buyer into a home, including but certainly not limited to contributing three percent towards the buyers down payment.  On top of this three percent down payment many sellers are willing to contribute another three percent towards closing costs as well as pay the processing fee.  The builders have been using this quite a bit to continue to sell homes in this tough market to first time home buyers who have little to no money down.   As the credit markets continue to crunch, it remains to be seen how congress and private lending will react, but one thing is for sure:  FHA is one of the best options, if not the best option, for buyers with little to no down payment.

Troy Marsh, E-Pro & ABR
Lead Buyer's Specialist & Listing Partner
The Gold Key Experts
Keller Williams Capital Partners Realty
614.750.2144 - Direct

Worthington, Ohio, Real Estate

Worthington, Ohio, real estate continues to be a great market.  Homes in the Worthington area range from $75,000 to more than $900,000, with an average sale price of over $150,000. Buyers can choose from 100+ year old homes in Old Worthington, mid-priced ranches and two stories, or stately executive homes in the newer neighborhoods.

The architectural styles range from colonial in Old Worthington, to ultra-modern in the newer areas, and even some Frank Lloyd Wright-inspired homes. Some of the more popular communities are The Village of Riverlea, The Estates at Olentangy, Bristol Way, The Woods at Josephinum, and Stilson Highlands.

Are you looking for a dream home in Worthington? The Gold Key Experts can help you find that home as they have many years’ experience buying and selling in this area. Call 898-KEYS and let them show you the beautiful, historic areas of Worthington.

Schools

Worthington has an outstanding school system. In 2001 Worthington's two high schools were rated among the best in central Ohio by Columbus Monthly magazine, which evaluated 22 area suburban high schools. Worthington was the only school district to have both of its high schools ranked in the top five.

The district has grown from a log cabin community center/schoolhouse, built on the Village Green in 1803, to one preschool, 11 elementary schools, four middle schools, two high schools, and an alternative program that serves students from both high schools. Furthermore, Worthington has one of the most ethnically diverse student populations among suburban school districts in central Ohio.

Parks and Recreation

The Worthington park system includes 13 parks over nearly 200 acres. The new Worthington Community Center was built in 2002 and the Griswold Senior Center was completed in 1993. These two indoor facilities provide programs for preschoolers through senior citizens. The Parks and Recreation department provides approximately 250 recreation programs each quarter.

Attractions

While having the feel of a small town, Worthington is also close to many amenities.
The Pontifical College Josephinum, the only pontifical seminary outside Italy, is located here, as well as the Worthington Arts Council.

Worthington is only 15 minutes from downtown Columbus and Port Columbus International Airport, conveniently close to everything central Ohio has to offer. Worthington also boasts an impressive library system that was named Library of the Year in 2007!

Powell, Ohio, real estate

Powell, Ohio, real estate continues to be a great market, with homes that start in the mid $100,000 range and go as high as $1,000,000 plus, with the average home price at $379,900.

Located approximately 14 miles north of downtown Columbus between the Scioto and Olentangy river valleys, Powell, Ohio, is home to mostly upscale and luxury neighborhoods, including Wedgewood, The Retreat, Kinsale Village, and Olentangy Ridge. An upscale bedroom community, Powell, Ohio, continues to have a very active real estate market due to its picturesque subdivisions and expansive areas.

Powell prides itself in being a primarily residential community, with very little industrial or commercial presence, although it does have an historic business district featuring unique antique shops.

Are you looking for a dream home in Powell? The Gold Key Experts can help you find that home as they have many years’ experience buying and selling in this area. Call 898-KEYS and let them show you the beautiful, wide open spaces of Powell.

Schools

Powell residents are served by the Olentangy Local School District, which serves most of Southern Delaware County including Lewis Center.  Olentangy Schools has more than 11,000 students and consists of 11 elementary, three middle and two high schools. In response to a population explosion in the school district in the last few decades, Olentangy has opened many new schools and plans to open several more in the near future..

Career and technical education is provided by the Delaware Career Center. While being a rapidly growing district, quality has not been compromised; again on its 2005-2006 District Report Card Olentangy Local Schools achieved an Excellent rating and met 103.3 out of 120 performance index points. In addition, Olentangy Local School District received an "Excellent" rating by the Ohio Department of Education for the 2006-07 school year.

Parks and Surrounding Attractions

The City of Powell currently operates eight park sites, including Beechwood Park, which features a nature preserve with walking trails and educational areas; Murphy Park, located on the former site of Murphy’s Party Barn and featuring bocce ball and horse shoes; and Village Green, with an amphitheater, playground splash pad, and bike trails.

A number of recreational areas are located within commuting distance of the city, including the 8,600-acre Alum Creek State Park and the 1,050-acre Highbanks Metro Park.

The open spaces of Powell, Ohio, lend themselves to beautiful golf courses including Kinsale Golf & Fitness Club, Safari Golf Club, Scioto Reserve Golf & Athletic Club, Shamrock Golf Club, Wedgewood Golf & Country Club.

  To contact Charlene Fairman, call her at 614-425-7676 or email her at charlene@thegoldkeyexperts.com

Affordable Alternative to Downtown Condos: Grandview Heights

As city leaders and the community as a whole have been buzzing about the downtown condo developments, another community has been quietly becoming one of the hottest areas for real estate in Columbus for graduate students, young professionals and medical residents alike: Grandview Heights. 

Although many young professionals and grad students want to live close to where things are happening, many do not want the parking hassles, noise, and most importantly, the prices associated with downtown living.

The prices of downtown condos have raised while other prices have stabilized, and in some cases dipped a little bit, depending on the area.  The downtown prices have risen to a point where many young professionals and especially students are not comfortable with the pricing, especially for the space and the parking hassles, and that is where Grandview comes into play. 

Grandview Heights offers condos and small homes in a small, close-knit community that gives the feeling of suburban living with the conveniences of being close to downtown. With downtown Columbus and the Arena District only a five minute taxi ride away, this community has become very attractive to young professionals. 

With apartments being converted into condos starting in the low $100,000’s it is the best of both worlds for many Columbus-area young professionals. Many of these condos allow you to choose granite counter tops, stainless steel appliances, a stackable washer and dryer and even the option of a brand new furnace and A/C, and still have a final price of under $130,000 with a low condo fee that includes heat and a pool.

This is a great community and a great value and I encourage anyone that might be interested in these condos or the homes that start around $150,000 to take a look at this community.  Feel free to give me a call directly at 614-750-2144. 

Troy Marsh  

  Email Troy at troy@thegoldkeyexperts.com

The Importance of Choosing a Good Lender

How to make the most of your home-touring appointments

You know the drill. You jump in the agent’s car and away you go on a whirlwind safari through a dozen homes in one afternoon.  At the end of it all you shake the agent’s hand, jump out of the car that has imprisoned you for the last several hours, and tell them you’ll see them next time.

Allow me to suggest that this is not the most effective use of your time with your agent.  Your Realtor may be able to surprise you with the absolute perfect home for you after simply gathering your required numbers of bedrooms and bathrooms.  But more often than not, they’ll need continued guidance to get you to the final destination which is your future home.  
 

Let’s take a look at some tips that may help to make your home-buying search faster and smoother for everyone involved: 

Jessica Spears is a buyer's agent specializing in first-time home buyers. To reach Jessica, call her at 886-1999, or email her at jessica@thegoldkeyexperts.com

Delaware, Ohio, Real Estate

It feels like spring is just around the corner....

As I prepare this morning for my buyers today, I am excited to get outside and show homes. I wont have to put on three layers of clothing, get out my snow boots and fear breaking my nose again (another long story). It is sunny and bright outside. What a boost for our disposition.

This is certainly a great time to be working with buyers. Interest rates are very good and homes are priced aggressively for the most part. Our attitudes as realtors should be so upbeat. I am really tired of the negativity and have no time for it on our team. We are encouraging our buyers to get out there and look at the inventory of homes.

So go wash your car, put a smile on your face and find your buyers a great new home.

  For more information on Central Ohio real estate, contact Charlene at 614-425-7676 or email her at charlene@thegoldkeyexperts.com

Dublin, Ohio, real estate

Dublin, Ohio, real estate consists of a variety of housing including condominiums and traditional single family homes. Known for its mixture of old world charm and modern amenities, the real estate market in Dublin, Ohio, varies from affordable ($100,000+) to prestigious ($500,000+), with a median home price of $319,900. 

Among the more popular communities are Muirfield Village, Wyndham Village, Indian Run and Hawk’s Nest. The professionals at The Gold Key Experts can help you find the perfect home in Dublin, Ohio, due to their years of buying and selling in this area.

Dublin is home to the headquarters of a number of companies, including Wendy's, Cardinal Health, Ashland Inc., and OCLC. Other organizations with significant operations include Nationwide Insurance, Verizon Business, and Verizon Wireless.

Schools
There are currently 19 buildings in operation, three high schools, four middle schools and 12 elementary schools. The district’s student population has been growing for nearly three decades. The staff of Dublin City Schools is also growing in-line with our student population and continues to be one of the best teaching staffs in Ohio. Twenty-three Dublin teachers have earned the prestigious National Board Certification from the National Board for Professional Teaching Standards. The district employs 1,080 teachers and about 550 support personnel.

In 1996, the documentary "Children in America's Schools" with Bill Moyers based on the book stated Dublin as the best school district in the country.

Parks 
Dublin offers more than 1,000 acres of parkland, with 39 developed parks ranging from wooded natural areas and river frontage to intensely active athletic facilities. Certain parks have facilities such as shelter houses that can be reserved for family or corporate outings.

Community Events
The City of Dublin's signature event, the Dublin Irish Festival, has earned national and international recognition as a premier celebration of the Irish culture and music. Information on the Annual Dublin Irish Festival, which takes place the first weekend in August, can be found at www.dublinirishfestival.org

The annual Memorial Tournament, held at the Muirfield Village Golf Club, is a major PGA Tour event that features the best golfers in the world.

Hilliard, Ohio, real estate

Hilliard, Ohio, real estate consists of a variety of housing including condominiums and traditional single family homes. Homes built in the 60’s and 70’s in Hilliard can be purchased from $120,000 to $200,000, with newer homes ranging from $180,000 to $350,000. The median price for a home in Hilliard, Ohio, is $168,400.

Hilliard, Ohio, real estate has experienced a boom recently due to its location and available land for new home building. Many Hilliard neighborhoods offer newer homes in a school system ranked very high in the state of Ohio.

Hilliard, Ohio, is one of the fastest growing areas due to its convenient location to I-270 and I-71, making it an easy commute to Columbus business centers.

Schools

Keeping up with the popularity and growth of the city, the Hilliard school district is now the ninth largest district in the state of Ohio. The Hilliard, Ohio, school district is comprised of 14 elementary schools, three middle schools and two high schools and serves more than 15,000 students. Colleges and universities close to Hilliard include The Ohio State University, Columbus State Community College, Franklin University and Devry University.

Parks

Hilliard, Ohio, boasts more than 15 public parks, including The Heritage Rail Trail, a seven mile multi-purpose trail stretching from Old Hilliard (Center Street, behind Heritage & Memorial middle schools) to near Plain City (Cemetery Pike road). This trail allows for safe and scenic public use for activities such as walking, jogging, bicycling and rollerblading.

Community Events

Hilliard, Ohio, is also home to the annual Franklin County fair featuring rides, midway attractions and harness racing, and an active Arts Council, which sponsors Community Theater and a summer concert series.

Great for entertaining!

Welcome home! This fabulous two-story with a beautifully finished basement awaits your family. Warm and inviting with new carpet on the main level, this home is open and spacious. Walk into the 2-story foyer featuring hardwood floors and a turn-back staircase. A cook's kitchen that includes an L-shaped island, white cabinetry and ceramic tile floor opens to a large dining area beautifully framed in crown molding and chair rail. The family room features a wood-burning fireplace for cozy nights of reading or movies. Neutral decor and unique arched doorways make this beauty move-in ready. From the great rec room to the outdoor firepit, it is a home for entertaining!

To see more of this beautiful home, click here!

We are not enemies

I read a blog recently posted by an associate of mine in Cincinnati. This posting was about the animosity that seems to be present today in our negotiations between buyers and sellers. It rang true and I wanted to share these thoughts with our clients.

The real estate market has had a downward turn in the past two years. I think that has been clear to any home buyer or seller. Many people are frustrated when trying to sell a home due to the immense inventory. The article mentioned an instance where the buyer’s agent said that the buyer did not trust the seller. That seems odd but I can reasonably see why people are thinking that way.

There has been so much attention from the media about foreclosures and credit fraud that I think buyers are beginning to think the sellers are in the same pile with all the other creditors.

That just doesn’t make sense. Sellers want to sell their homes and buyers want to buy homes. It’s that simple. When a buyer goes into the transaction with a chip on his shoulder, that will in most cases present problems. When a seller goes into a transaction with an agenda, another problem. What follows in this scenario is that the buyers and sellers both dig their heels in during negotiations and everyone loses. This seems ridiculous to me.

When I have a buyer that finds a home they love, I want them to have a great experience. I try to encourage people to work together for the best outcome for all. That doesn’t mean I won’t fight tooth and nail if the other party is a jerk. It means that I go into negotiations with the thought that all parties want the same outcome. I always act in a professional manner and expect the same in return.

I guess what I am trying to say to all of our clients is to remember the other party is not the enemy. Most people are trying to move forward with their lives, either buying or selling. Real estate transactions can be very rewarding to all parties involved.

Happy House Hunting….

Charlene

  To contact Charlene, email her at charlene@thegoldkeyexperts.com or call her at 614-425-7676.