Credit Update Just Prior To Closing
The newest requirement that Fannie Mae has unleashed on the mortgage world
relates to credit reports. As of June 1, 2010 lenders must now pull a new credit
report one day prior to closing to make sure that no new loans or inquiries
appear since the original credit report. If there are new inquiries, lenders must
obtain proof from the company that the borrower has or has not opened new
credit. If there is new credit with a balance lenders must re-underwrite the
loan. This new rule has the potential to postpone or in the worst cases
cancel closings.
It is now more important than ever for buyers to not even think about
opening new credit during their home search. No trips to the car dealership,
no opening store credit cards to save 10% on large purchases, no internet
credit card purchases where they might pull credit, no credit card transfers
etc!
Lowering Your Tax Valuation Bill!
As a past Buyer-Client if you purchased your home for less than the Auditor's tax value please check the following link. The deadline for filing an appeal to reduce your taxes is March 30th of each year! If you missed the deadline you can appeal after January 1, 2011.
Franklin County Auditor Board of Revision
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit! Thus, an eligible taxpayer must buy, or enter into a binding contract to buy a principal residence on or before April 30, 2011, then taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
Year End Residential Home Sales - Central Ohio
Provided by the Columbus Board of REALTORS®
Annual Residential Home Sales |
|||||||
|
Sold Listings |
Dif from Previous Year |
Average List Price |
Average Sale Price |
Dif from Previous Year |
Total Dollar Volume |
Dif from Previous Year |
2009 |
20,235 |
-4.3 |
$163,193 |
$159,840 |
-2.4% |
$3,234,362,400 |
-6.6% |
2008 |
21,153 |
-13.5% |
$169,687 |
$163,732 |
-5.1% |
$3,463,422,996 |
-17.9% |
2007 |
24,445 |
- 6.9% |
$178,766 |
$172,531 |
-1.2% |
$4,217,520,295 |
- 8.0% |
2006 |
26,251 |
- 4.5% |
$180,162 |
$174,688 |
-1.8% |
$4,585,734,688 |
- 6.3% |
2005 |
27,493 |
3.1% |
$182,504 |
$177,978 |
4.4% |
$4,893,149, 154 |
7.6% |
2004 |
26,660 |
9.7% |
$174,876 |
$170,522 |
2.2% |
$4,546,116,520 |
12.0% |
2003 |
24,306 |
9.2% |
$171,205 |
$166,928 |
5.0% |
$4,057,351,968 |
14.7% |
2002 |
22,267 |
7.2% |
$163,216 |
$158,927 |
3.8% |
$3,538,827,509 |
11.2% |
2001 |
20,779 |
8.6% |
$157,281 |
$153,096 |
3.1% |
$3,181,181,784 |
12.0% |
2000 |
19,126 |
1.0% |
$152,720 |
$148,556 |
4.2% |
$2,841,282,056 |
5.2% |
1999 |
18,939 |
-3.3% |
$146,632 |
$142,576 |
4.2% |
$2,700,246,864 |
0.8% |
1998 |
19,577 |
17.4% |
$141,112 |
$136,843 |
4.1% |
$2,678,975,411 |
22.2% |
1997 |
16,682 |
0.4% |
$135,858 |
$131,439 |
4.5% |
$2,192,665,398 |
5.0% |
1996 |
16,614 |
11.0% |
$129,811 |
$125,724 |
6.5% |
$2,088,778,536 |
18.3% |
1995 |
14,962 |
|
$121,970 |
$118,000 |
|
$1,765,516,000 |
|
The tables above reflect the monthly statistics for listings from the Columbus and Central Ohio Multiple Listing Service which serves all of Franklin, Delaware, Fayette, Morrow, Madison and Union Counties and parts of Clark, Champaign, Fairfield, Hocking, Knox, Licking, Logan, Marion, Pickaway and Ross Counties. |
|||||||