Category Archives: Buyers

Lewis Center OH Real Estate Market Update May 2016

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Lewis Center OH Real Estate Market Report May 2016

Low inventory has been the story on the national housing market, and the Lewis Center OH real estate market is no exception. The low housing inventory and increased buyer demand has brought home prices up nationwide.

In the current Lewis Center Seller's Market, home buyers may be struggling to find their dream home. While high demand and low inventory may be great for sellers, for buyers this potentially means difficulty finding a home, multiple offers when they do find a home, and offers that are above asking price.

But buyers, don't throw in the towel! Because with both interest rates and prices in Lewis Center predicted to rise, it is still an ideal time to lock in a fantastic rate and get a good value long term on Lewis Center OH real estate.

Let's Look At The Lewis Center OH Real Estate Numbers

With the first quarter in our rear view mirror and the spring housing frenzy upon us, let's take a minute to look into Lewis Center, OH real estate market statistics from the major housing websites. If you're a Lewis Center home owner and it's been some time since you checked out the local real estate market, you may be pleasantly surprised to learn that the Columbus market is now considered a Seller's Market on Zillow.

1st Quarter Real Estate Market Data For Lewis Center, OH

Days On Market Edging Down In Lewis Center 

According to Realtor.com, homes for sale are selling quickly on the Lewis Center OH real estate market, with only 37 days on the market in March 2016. This is down from 41 days on market in March 2015 and 58 days on market in January 2013. For buyers, lower days on market means you need to see Lewis Center real estate listings the moment they hit the market. Then, when you see a home you like, call me to schedule a showing immediately. With such a low average days on market, this means that the best houses are going under contract in a matter of days.

Lewis Center's Median Listing Price Creeping Up

The median listing price according to Realtor.com is $341,000, which is up from $250k three years ago. Median closing price for Lewis Center OH real estate is $267,000 on Realtor.com. The median Listing Price Per Square Foot is also on the rise in Lewis Center. The March 2016 median listing price per square foot according to Realtor.com was $120. This is up from $110 in March 2015, and up from $100 in March 2013.

Zillow is predicting Columbus area home values will rise 3.5% over the next year, so now is still a great time to start your home search in Lewis Center.

Finding Lewis Center OH Real Estate For Sale

If you're ready to buy a home, but you're having a hard time in a seller's market, let a Lewis Center OH real estate professional help you get the upper hand in your home search.

Get the latest Lewis Center real estate listings with our Hot Homes List. Our Lewis Center Hot Homes List gives you access to the newest listings in Lewis Center! You'll see homes for sale before other buyers, and you'll even see homes before they hit Zillow or Trulia! 

How To Create Real Family Wealth [Infographic]

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The financial crisis affected so many who had no choice but to sell or relinquish their homes and take a credit hit.  Those who did are starting to see their credit improve and are wondering if it’s time to re-visit the world of homeownership.

Many of you are understandably more cautious, yet homeownership is still the best way to wealth building. The key is using the lessons of the past to avoid another misfortune.

If your credit is in good shape, you are more ready to get back into homeownership. Homeowners have up to 45 times the wealth of renters. It really comes down to whose wealth do you want to build? Your landlord’s or your own?

How to Create Real Family Wealth

Some Highlights:

  • Buying a home is often the biggest financial decision that any family will make.
  • The average net worth of a homeowner is 45x greater than that of a renter.
  • Homeownership puts your housing costs to work for you.
  • Infographic was created in cooperation with Jensen & Co.

Rita Boswell is who to notify when you are moving, a recognized leader in her field. Rita can be reached via email at rboswell@kw.com or by phone at 614-270-4499. Rita has helped people move in and out of many Central Ohio communities.

Search for Central Ohio homes at www.SeeBeautifulHomes.com

“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 towns: Dublin, Powell, Delaware, Lewis Center, Galena, Sunbury, Westerville, Worthington, Columbus, Hilliard, New Albany, Blacklick, and Gahanna.

See all my Rave Reviews. People Say The Nicest Things!

Mortgage Rates Again at Historic Lows

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Low Interest Rates

Just two weeks ago, we posted an article discussing where mortgage interest rates may be heading over the next twelve months. We quoted projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors. Each predicted that rates would begin to rise slowly and steadily throughout 2016.

However, shaky economic news and a volatile stock market have actually caused rates to drop six out of the last seven weeks, and have remained at 3.65% for the past two weeks.

30 year fixed mortgage

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. The only thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage.

Rita Boswell is who to notify when you are moving, a recognized leader in her field. Rita can be reached via email at rboswell@kw.com or by phone at 614-270-4499. Rita has helped people move in and out of many Central Ohio communities.

Search for Central Ohio homes at www.SeeBeautifulHomes.com

“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 towns: Dublin, Powell, Delaware, Lewis Center, Galena, Sunbury, Westerville, Worthington, Columbus, Hilliard, New Albany, Blacklick, and Gahanna.

See all my Rave Reviews. People Say The Nicest Things!

 

Thinking of Buying A Home? What Are You Waiting For?

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Thinking of Buying A Home? What Are You Waiting For?With spring right around the corner, you may be wondering if you should wait to enter the housing market. Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained below 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You Are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Bottom Line

If you are ready and willing to buy, find out if you are able to. Meet with a local real estate professional who can help you find your dream home.

Rita Boswell is who to notify when you are moving, a recognized leader in her field. Rita can be reached via email at rboswell@kw.com or by phone at 614-270-4499. Rita has helped people move in and out of many Central Ohio communities.

Search for Central Ohio homes at www.SeeBeautifulHomes.com

“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 towns: Dublin, Powell, Delaware, Lewis Center, Galena, Sunbury, Westerville, Worthington, Columbus, Hilliard, New Albany, Blacklick, and Gahanna.

See all my Rave Reviews. People Say The Nicest Things!

Will Appraisals Continue to be a Challenge in 2016?

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Appraisal-Challenge-2016

First American Title issues a quarterly report, the Real Estate Sentiment Index (RESI), which “measures title agent sentiment on a variety of key market metrics and industry issues”. Their 2015 4th Quarter Edition revealed some interesting information regarding possible challenges with appraisal values as we head into 2016.

“The fourth quarter RESI found that title agents continue to believe that property valuation issues will be the most likely cause of title order cancellation over the coming year.” 

This shouldn’t come as a surprise. In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is the bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.

Another monthly report by Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation. Here is a chart showing that difference for each month through 2015.

Will Appraisals Continue to be a Challenge in 2016? | Keeping Current Matters

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. That is why we suggest that you use an experienced real estate professional to help set your listing price.

 

The above Real Estate information on who to notify when you are moving was provided by Rita Boswell, a recognized leader in her field. Rita can be reached via email at rboswell@kw.com or by phone at 614-270-4499. Rita has helped people move in and out of many Central Ohio communities.

Search for Central Ohio homes at www.SeeBeautifulHomes.com

“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 towns: Dublin, Powell, Delaware, Lewis Center, Galena, Sunbury, Westerville, Worthington, Columbus, Hilliard, New Albany, Blacklick, and Gahanna.

How To Relocate To A New Area Smoothly

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How To Relocate To A New Area Smoothly – Moving to a new area can be exciting, but it can also be overwhelming. Figuring out where you want to live, researching schools and neighborhoods…it can seem daunting at times. Here are some tips and resources to help you locate to a new area smoothly: 

 

Databases: An enormous amount of information can be found online these days. Do some sleuthing about your new potential neighborhoods via the following websites to get some useful dates such as crime rates, school rates, home prices, and even weather conditions.

These websites can provide a helpful framework for demographics that will be helpful in choosing the right street, let alone the right neighborhood.

 

Ask for help: Locating a local real estate agent in the areas you are interested in will be invaluable to your research. Real estate agents will not only be able to provide some overarching data and statistics about the neighborhoods, but also will provide deep-seeded local anecdotes and knowledge that will be useful. To find a local realtor in your new neighborhood check out the following websites:

These sites can provide local real estate office information for you at your convenience.

 

Localize yourself: Once you’ve got your ideal neighborhood selected, spend some time there! Drive around check out the curb appeal of the homes, note how many homes are for sale, and even track the number of empty lots. Visit some open house events to scope out home values and to get know some realtors. Don’t forget to check out the public areas as well, such as parks and school grounds. You can even stop by the local grocery store or library and talk to the people you meet there. This is the best way to get to the vibe of a city, as well as meet potential new neighbors!

 

Consider your daily routine: Before you move, envision yourself in your new neighborhood. What do you need in a daily trip around town? Is a regular stop at the library important to you? Do you need a dry cleaner, post office, and grocery within walking distance? Map out a daily routine and check the amenities against neighborhood business sites, such as a chamber of commerce or the local business association.

 

In due time, you’ll find your way. But it will definitely be worth your while to do some upfront work to ensure happiness in your new neighborhood. Moving is more than finding a new home, it’s about finding what you need for your lifestyle and contentment.  

 

 

 

6 Money Saving Tips for First Time Home Buyers

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6 Money Saving Tips for First Time Home Buyers – Buying your first home requires a ton of research and careful planning. Let’s face it, you’ve never done this before, so money is probably the first thing on your mind – it is a huge expense; however, it’s incredibly rewarding to become a homeowner for the first time. Here are six tips for first time home buyers to save some money throughout the process.

 

Pay for an Inspection

At first glance you might think that this is an added expense that you can skip – wrong. If something is wrong with your potential new home, hiring a professional to conduct an inspection before you sign any papers can save you money in the long run.

 

Choose the Right Mortgage

This can be tricky, a 30-year mortgage might appear to be the best option at the beginning, but if you go with a 15-year mortgage right from the beginning, you will end up paying less in interest fees overall. Do your research to figure out what works best for you, but don’t forget about interest rates!

 

Negotiate Closing Costs

These costs typically account or 1-8% of the purchase price, so don’t be afraid to negotiate this added expense.

 

Consider a Contractor

If there are updates that need to be made, consider hiring a home contractor for some projects – however, don’t rely on them for all of the updates. Determine which projects your can do yourself and which ones require the help of a professional.

 

Bundle Cable/Internet/Phone

Cable, internet and phone are things that most people see as a necessity, so when you are moving into your new space, consider bundling these services to provide you with the most possible savings.

 

Consult a Professional

A local real estate agent is one expense that will actually save you time and money. He/she will act as a resource and provide you with the right type of guidance to get the most bang for your buck.

 

Highly Likely To Recommend

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Testimonial - Rita banner

“Rita provided real estate services for my deceased mother’s home. She was very compassionate and empathetic through the whole process. Rita is very professional, ethical and knowledgeable. If you are looking for exemplary real estate experience, you will find it in Rita Boswell.”

05/02/2015 – bperrin bp
Sold a Single Family home in 2015 for approximately $125K in Blacklick, OH.

How to Calculate Mortgage Payments

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How to Calculate Mortgage Payments

It is important to calculate your mortgage payments to understand exactly what you owe and how your loan is being paid down. The easiest and least time consuming is to use a Mortgage Calculator. Ask your Realtor if they have one available or check out the option below.

You can use the mortgage calculator to help determine how much you can afford and to even see the the effects of adding extra payments and how it will effect the payoff date! This is a convenient tool to help you pay off your loans.

Just click on the link here and enter in your mortgage amount, the term or length of your loan, the interest rate, and the date your mortgage starts.

The calculator then shows you what your monthly payments would be.

To determine what it would look like to add extra payments a month, a year, or even as a one time extra payment you can add them in the next section.

By calculating the one time payments on top of your regular calculated monthly payment you will be able to see how your pay-off date can change.

Check out the mortgage calculator to find out what you can afford and to help you determine if making extra payments can change your payoff date!

Tips for Spring Buying

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Tips for Spring Buying – Warmer weather means the return of more than just the sun and the flowers-it’s also the high season for the real estate market. It’s a great season to buy a home, since the weather is good for moving and for home improvement projects. However, since spring is the busiest time to purchase a new home that means that there is a great deal of competition among prospective home buyers. It’s important to be prepared for purchase before you begin your search for a new home. Below are a few tips to get ready for the buying process. Happy buying!

  • Set your budget. Your first step should be to decide how much you can afford to spend on a new home. Besides your asking price, also take closing costs, montly mortgage payments, a down payment, moving and other expenses into consideration. The Mortgage Bankers Association recommends that buyers spend no more than 2.5 times their income on a home. Total housing payments should not exceed 28 percent of your gross income, and total debt payments should be less than 36 percent.
  • Make a list of must-haves. What does your new home absolutely need to have? What features are negotiable and what are not? Research these now to save time when you’re searching.
  • Find a good real estate agent. A real estate agent can often give you valuable information that may not be available to you otherwise and help you find a home with all of your requirements within your budget. Ask friends and family for recommendations, or check online.
  • Get your mortgage pre-approved. Discuss your options for a mortgage with several lenders and choose the rate and terms that are right for you. This way you’ll be able to act quickly once you find a home that you love.

Keep these tips and mind and when spring hits you’ll be ready to find your new home!