Fuzzy Facts make for Fuzzy thoughts.

Last week I wrote " Bail Out or Bust" referencing the statistics for one of my listings on Realtor.com. I copied the chart from realtor .com on Monday of last week. Today Wednesday I am copying the latest chart...Do you see what I see???...How is anyone suppose to know what is happening in today's market when even your own organization seems to have a major problem with the accuracy and reliability of its data...Back to the horse and buggy...

A great Real Estate lesson for all..

This is a great to the point article. A similar situation happened to me just recently. I had comped out a house more than 8 months ago. When you look at the current properties that were on the market we were now overpriced. When you looked at past sales from January 1,2008 through last week we were actually under priced..the market was falling right before our very eyes. It is very hard to tell the intensity of the storm when your standing in the eye of the hurricane.


This is from the Sunday Dispatch.




REAL ESTATE MATTERS

In a tough market, best-looking and best-priced house sells
Sunday, October 12, 2008 3:29 AM
By ILYCE GLINK

Q: What do you think of a Realtor who at first told me that my house shows well but now tells me to pack up my clutter and get it out of the house?
I've had my house on the market for five months and haven't had an offer. She also told me that the house I live in is the most frequently sold type in my area. Two couples came through the house and didn't like the floor plan. I think she lied to me. What do you think?
A: I think we're in the worst housing market in more than 30 years. Five months ago, your agent might have thought your house showed well and was priced competitively with other homes on the market.
But in a tough market, your home might show well but not as well as other homes for sale in your neighborhood. If you want to sell, your house has to look the best and be priced lower than comparable homes in the area.
Your house style also might have sold better than others in your subdivision. Just because two couples came through and didn't like the floor plan doesn't mean that your agent is lying to you.
In a tough market, you'll sell only if you stage your house so that it looks like a developer's model home -- then price it lower than just about everything else in the neighborhood.

Bail Out or Bust

Real Estate sales are dependent on consumer confidence..The bail out passing was said to boost consumers interest in the market place instilling confidence that money would be available to lend( btw... all of my clients and any realtor that I have talked to in the last month have had no problem securing loans for their clients), as part of an experiment I'm posting these stats..they are of a property that I have listed in The Victorian Village area, a market place in Greater Columbus that is thought to have not felt the market pressures as much as other areas due to its proximity to the downtown , the university and of course a plethora of great restaurants and clubs. Please view the stats from Realtor dot com week ending 10/05 total 53 and then look at the highest views week ending 08/03 that total 446...stay tuned for next weeks stats...and we will see if its Bail Out or Bust... JP

Columbus Housing Market Makes National News

Fox Business News featured a segment on four major housing markets. Columbus Association of Realtors president Greg Hrabcak was a featured guest on the August 21st episode of "Bulls & Bears." Greg offers some interesting facts as to where we rank in regards to other parts of the US. The segment takes a few seconds to load. Enjoy!

http://www.foxbusiness.com/video/index.html?playerID=videolandingpage&streaningFormat=FLASH&referralObject=3037438&referralPlaylistID=1292d14d0e3afdcf0b31500afefb92724c08f046&maven_referrer=staf

Home sales continue to increase this spring

(June 26, 2008) Home sales continue to increase each month presenting a healthy picture of the central Ohio housing market. The 2,064 homes sold in May marked a 15.7 percent increase over the number of sales the previous month according to the Columbus Board of REALTORS®.
“Low interest rates, high inventory and competitive pricing continue to fuel the housing market here in central Ohio,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “As long as we have these three critical factors in place, home buyers and investors are actively pursuing a home purchase.”
There remains a large selection of homes for sale in central Ohio. However, that number continues to decline supporting the anticipated correction in our housing market. Last month, there were over 17,900 homes for sale which is a little over five percent fewer than last year in the month of May. There were 4,703 homes added to the market in May which is eight percent lower than the 5,118 homes listed in May of last year.
“Although buyers continue to be thrilled with the large selection of homes for sale, any decrease in the number of homes added to the market is welcome news for sellers,” says Hrabcak. “As long as inventory remains high, homes are taking longer to sell and selling for less.”
The average list price of a home for sale last month was $173,826 which is 3.8 percent lower than the average list price of a home in May of 2007. Accordingly, the average sale price ($168,345) was almost four percent lower than the same month last year.
Year to date sales of new and existing homes (January through May) total 8,367, 14.1 percent behind the 9,737 sales recorded during the first five months of 2007 but only about three percent behind the market’s pre-boom period (prior to 2003).

Courtesy of the Columbus Board of Realtors

Spring Is Finally Here

Hi Everyone!
I hope you have been able to enjoy the great weather we have been experiencing here in central Ohio. Our local board has created a great website giving you the facts on the local market. It is a wealth of information and a great way to familiarize yourself with our market. If you are thinking about selling or buying a home, give me a call. I'd be happy to help.

Visit: http://www.columbushousingfacts.com

Well Here's Some Good News

Hi Everyone!

Sorry I haven't made a post in awhile. It has been a busy month. Here's the latest info from the local board.

Drop in interest rate resulted in more home contracts last month

(March 20, 2008) The number of homes contracted for sale in February 2008 took a very positive turn, topping contracts written during the previous three months as well as the same month last year according to the Columbus Board of REALTORS®.
“The drop in mortgage interest rates in late January generated immediate housing activity,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “Many buyers were waiting for the drop. Some used it to be able to afford their first home as the lower interest rates helped them to finally qualify for a home. Others jumped at the chance to move up to a larger home.”
Although home contracts increased, actual sales lagged last year by 5.8 percent – a carry over from the lack of housing activity during the holidays and first of the year.
The average sale price of a home last month was 156,497, a decrease of 4.8 percent from the average sale price of $164,397 in February 2007.
Fewer homes were listed for sale in February 2008 (3,538) compared to January (3,812) and February 2007 (3,417). The total number of homes listed for sale is now lower than the inventory level one year ago.
“As inventory levels have been roughly thirty percent higher than normal for the last year or so, any leveling off in new listings is a welcome sign for the market as a whole,” comments Hrabcak. “The fact that the supply has been significantly greater than the demand has resulted in lower sale prices, lengthier sales listing periods and a general concern about housing.”
“But housing, like most economic sectors, is cyclical. This buyer’s market won’t last forever.”

Courtesy of Columbus Board of REALTORS®

Home Sales & The Holidays

Hi All!

This is a great article our local board published recently. It has a lot of tips and need to know items for those who had their homes on the market over the holiday season.

Home Sales slower during the holidays
(February 28, 2008) Fewer homes were put into contract at the end of 2007 which resulted in fewer closings in the first month of year. The 1,225 homes sold in January 2008 slipped 18.9 percent from the 1,510 sales in January 2007 - which was 12.2 percent higher than the previous year according to the Columbus Board of REALTORS®.
"As closings in January are a direct result of activity and contracts written 30-60 days prior, it comes as no surprise that there was a drop in closings last month," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "The housing market traditionally experiences less activity beginning around Thanksgiving and into the new year. And REALTORS® had been reporting a higher than normal drop in activity."
"Homes in the $80,000 - $100,000 range, $400,000 - $500,000 and $1 million and over were hardest hit. Each of these price ranges saw decreases in sales in excess of 37 percent," added Hrabcak.
The average sale prices of a home closed during the month of January 2008 was $152,790 compared to $166,096 the previous year. The average sale price in 2007, January through December, was $165,057.
"This lower average price goes hand in hand with the sales declines in the higher price ranges," adds Hrabcak. "When fewer homes are sold in the upper price ranges, the average sale price for the month will decline accordingly. Real estate professionals understand that activity in any single month can fluctuate quite a bit. It's the direction over a period of time which we focus on."
According to Hrabcak showing activity picked up noticeably in January when interest rates dropped. "Just eight years ago, the average rate for a 30-year fixed rate mortgage was 8.21 percent. Now it's hovering around six percent. But it won't last and we encourage anyone interested in buying a home to take advantage of what a lower interest rate means in terms of buying power and building equity." Courtesy of The Columbus Board of Realtors

Who Says The Market Is Bad?

Courtesy of the Columbus Board of REALTORS®.



2007 best year on record for central Ohio home buyers

(January 24, 2008) Interest rates, prices and inventory combined to make 2007 a memorable year for central Ohio home buyers according to the Columbus Board of REALTORS®.
"Despite what you might have heard, the housing market in central Ohio was going strong in 2007," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "In fact, it was probably the best year on record for buyers as interest rates were really low, home prices were very competitive, and the selection was the best we?ve ever seen in this market."
Although home sales last year trailed the housing upsurge of recent years, central Ohio still ended as the fourth best year on record with 24,445 residential existing and condominium sales.
Throughout the year, there were almost 50,000 residential homes and condos listed fro sale in the 16 counties included in the Columbus and Central Ohio Multiple Listing Service (MLS). Of those, roughly half sold in an average of 108 days.
The average price of a home in central Ohio last year - $172,531 - is well below the national median price which was $210,200 in November 2007. The average sale price is also 1.2 percent lower than the average sale price of $174,688 in 2006.
"The lower average sale price can be attributed to a couple facts," explains Hrabcak. "First, because for much of the year we had roughly ten homes on the market for every buyer, many homeowners were forced to drop the selling price of their home in order to compete."
"Second, we had 22 percent fewer homes sell in the $1 million dollar range. Homeowners resistance to drop the price as well as lenders? temporary aversion toward jumbo loans likely had impact here." "And third, we saw 124 percent more homes sell for less than $30,000. Many of these lower priced homes were purchased by investors who recognized just how favorable the 2007 housing market was and took full advantage of these conditions."
"We're expecting that, with the additional drop in mortgage interest rates, more buyers will also realize that now really is a great time to buy a home."

Great News for '08

Hi Everyone!
I hope you all enjoyed a safe and happy holiday season. Now that we are a couple weeks into the new year and the market is increasing in activity, I thought I'd post this article from the local Board of Realtors. This is great news for future sellers!


Home prices on the rebound

(December 20, 2007) The average price of a home sold in central Ohio last month was $170,808 - up 2.1 percent from a year ago. Year to date, the average price of a home sold is just over one percent lower than the previous year according to the Columbus Board of REALTORS®.
"As record levels of inventory have forced prices down over the last year, any sign of a home price increase is welcome," says Brad Bennett, President of the Columbus Board of REALTORS®. "Bear in mind that, although the average sale price of a home has dropped slightly this year, the value of the home has not been diminished. Central Ohio home value are holding strong."
The number of homes added to the market in November dropped almost 18 percent from the month prior. However, homes that went into contract or sold were only 13 percent lower than in October."
"Right now we have around ten homes on the market for every one buyer -- a buyer's market," comments Bennett. "A balanced market is about 6.5 or 7 homes for every buyer. So, a slowing in the number of listings added to the market is good news."
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Licking, Fairfield, Hocking, Knox, Logan, Marion, Pickaway and Ross Counties.