Exclusive Buyer's Broker Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Condos: Overlooked Opportunity for Columbus Home Buyers

RealSupport — Tue, 16 Jan 2024 09:49:38 +0000

Columbus home buyers may automatically think of a single-family home when beginning their home search. But for those who want a low-maintenance lifestyle in proximity to amenities and major employers, condominiums have a lot offer – often at a lower purchase price than single-family homes in the same community.

According to Columbus REALTORS©, the median sales price of a Columbus condo was $210,000 as of October 2023. This is a 9.4% increase in price from the prior year. However, it’s still considerably lower than the median single-family home price of $305,000.

There is a big caveat to purchasing a condo, namely the association fees. When you buy a condo, you become a member of the association, with all owners sharing the expenses of maintaining the building and common areas. Monthly association fees can range from $250 to over $1,000, depending on the building and the amenities. In general, the more amenities a building has, the more expensive the association fees.

For some buyers, the trade-offs of avoiding lawn care, snow removal and ongoing maintenance tasks is well worth the monthly association fee. Add in perks like pools, gyms, recreation areas and heated garages, and you have a lot of lifestyle for the money.

But not all condo associations budget wisely for normal operating costs and repairs. Some associations are more livable than others when it comes to the rules of occupancy.

It is essential to review the rules, by-laws and financial statements of the condo association before a purchase. A home inspection of the unit itself should also be performed to ensure all fixtures and included appliances are in good working order. You’ll find more information about this in our free e-book, “How to Buy a Home like a Pro!” Download your copy from our website today, there is no cost and no obligation.

As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

The post Condos: Overlooked Opportunity for Columbus Home Buyers appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

How to Avoid Fraud During Your Columbus Area Home Purchase

RealSupport — Tue, 18 Jul 2023 08:25:12 +0000

Wire fraud is actively targeting Columbus home buyers and buyers around the country. If you are buying a home anywhere, you are at risk! Through sophisticated email phishing schemes, and the impersonation of legitimate parties, criminals have stolen millions of dollars in down payment funds.

Here are tips from title companies to protect your down payment from theft!

Be suspicious about ANY email changing the instructions for your down payment. Never accept “new” wire instructions that come through email. The more urgent and high-pressure the email sounds, the more suspicious you must be!

Call the title company’s closing officer to verify wiring instructions before you send any money – but do NOT use a phone number from an email. Be sure to have a business card from the title company officer who will handle your closing. When in doubt, reach out to your mortgage lender and real estate agent.

Have your bank confirm the account number associated with your wiring instructions, along with the name on that account. Be sure this information perfectly matches. Never assume that a discrepancy is a mere typo or human error.

You can test the wiring instructions you have by sending a small amount first. Call your title agent to verify receipt of the test wire, before sending the rest of the funds.

Always feel welcome to communicate via telephone with the people involved in your home purchase!

The post How to Avoid Fraud During Your Columbus Area Home Purchase appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

$7.8B Amazon Expansion Boosts Columbus Area Tech Boom

RealSupport — Wed, 05 Jul 2023 21:38:26 +0000

A number of major technology companies operate in the Columbus area, and the tech boom continues with Amazon’s latest announcement. The Columbus Dispatch reports that Amazon will invest $7.8 billion dollars to expand its data operations in Central Ohio. Here are the highlights, along with our thoughts and what it means for home buyers!

Amazon plans to build several new data centers in Central Ohio during the next six years. The locations are still in discussion. Amazon already owns 400 vacant acres near the Intel site in New Albany, and operates existing data centers in New Albany, Hilliard and Dublin. Amazon runs numerous warehouses and distribution centers in Ohio, in addition to solar and wind farms. All told, Amazon employs about 37,000 people in The Buckeye State.

New data centers will bring more jobs to Central Ohio. While Amazon does not disclose the number of employees in a data center, the U.S. Chamber of Commerce estimates that a typical data center has about 157 full-time employees. During the construction process, the project can employ about 1,688 people. A completed data center can add about $8 million in wages per year, and during the development phase, account for $777 million in annual wages, and contribute $234 million annually to the local area.

With Amazon, Google, Microsoft, Intel and Facebook in Central Ohio, good-paying, local jobs are accessible to OSU graduates and other residents. This academic and business synergy supports population growth and economic expansion. For home buyers, it also means that home demand is going to be high for the foreseeable future. This will keep prices rising, until home supply catches up…if it can! Working with an Exclusive Buyer’s Broker will give you the best opportunity to find, and purchase, a quality home at the right price.

The post $7.8B Amazon Expansion Boosts Columbus Area Tech Boom appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Stands Among Top Real Estate Markets – Again!

RealSupport — Mon, 17 Apr 2023 22:58:58 +0000

When you’re hot, you’re hot! Columbus real estate is the 4^th hottest market in the country, and a journalist for Realtor.com reached out to us for our perspective. We’re going to share those insights with you here, and expand on them a bit.

Columbus has been named a “hot” market multiple times since 2017 or so! Prior to that, Columbus earned headlines as the “most stable housing market” during the Great Recession, along with repeated “Best Place to Live” rankings by various media sites. A number of Columbus suburbs have also been named as hot markets and best places to live.

What’s our secret? Why are so many people drawn to the Columbus area?

Our answer for the Realtor.com article was condensed for space:

“Although home prices here are modest at $375,000, local real estate agent Andrew Show of Buyer’s Resource Realty Service points to the “energy” in the area that comes from having several world-class universities, state government offices, and headquarters for L Brands, Nationwide Insurance, and more. Show also touts the city’s progressive leanings, and commitment to containing sprawl even as it redevelops older neighborhoods. As a result of all this, Show says, “We’re not experiencing any downturn.”

Now we’ll add a few things here! Columbus is a highly desirable place to live, having excellent public parks, museums, cultural arts and amenities, year-around hometown festivals and major events. Plus, a steady influx of bright, young adults entering the University of Ohio and other institutions. The promising job market encourages these students to remain in Columbus after graduation, which helps keep our city young, vibrant and growing!

As mentioned in a prior blog, Columbus is the only Midwestern city to add over 100,000 residents during the last decade. It is estimated that the region’s population will triple by 2050. It’s likely that Columbus will remain on the “hottest markets” list for years to come! (If you’re a home buyer, don’t wait for the market to slow down…it could take a while!)

We are proud to exclusively serve home buyers in the Columbus area, and protect their interests in this competitive market! Whether you are relocating to Central Ohio, or you are a resident looking for your next home, our Exclusive Buyer Representation will give you advantages you won’t find anywhere else.

Get our free e-book, “How to Buy a Home like a Pro!” for immediate strategies!

The post Columbus Stands Among Top Real Estate Markets – Again! appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Institutional Investors vs. the Ohio Home Buyer

RealSupport — Mon, 17 Apr 2023 21:44:18 +0000

Real estate investors count single-family homes among their most profitable assets. According to the Greater Ohio Policy Center, 21% of all home sales in Ohio were purchased by institutional investors in 2021. Institutional investors accounted for roughly 25% of all home sales nationally.

An institutional investor invests significant money in securities or assets on behalf of its clients. Institutional investors include Real Estate Investment Trusts (REITS) hedge funds, and other investment pools that can manage billions of dollars. Your pension fund, 401k or investment portfolio might include a REIT or similar product.

Institutional investors may compete against smaller investors and individual buyers for single-family homes. Once a home is bought by an investor, it might be updated and flipped for a profit, but the majority are converted to rental properties. When multiple homes are purchased in a given area by an institutional investor, it can leave scant inventory for owner-occupant buyers.

It isn’t clear how much residential real estate is currently owned by investors. However, MetLife Investment Management estimates that institutional investors will hold more than 40% of all single-family rentals by 2030.

Some Ohio lawmakers are concerned about the impacts of such investment activity, and have drafted Senate Bill 36 and Senate Bill 76. Senate Bill 36 would grant tenants of rental properties, as well as certain non-profits, the right to purchase properties being foreclosed. Senate Bill 76 creates investor transparency requirements regarding ownership, and assigns impact fees to high-volume landlords. These bills remain in discussion at the Ohio Statehouse.

Meanwhile, Ohio home buyers are not completely shut out. Institutional investors only offer about 60% of a home’s asking price, per industry estimates. Not all sellers are willing to take that kind of haircut, even for an all-cash deal! A home buyer who has a mortgage pre-approval and representation by an Exclusive Buyer’s Broker can compete quite well. Learn more with our free e-book, “How to Buy a Home like a Pro!”

The post Institutional Investors vs. the Ohio Home Buyer appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Intel Development Will Bring Housing Boom to Central Ohio

RealSupport — Tue, 31 Jan 2023 00:00:35 +0000

Central Ohio home buyers will soon be competing with thousands of new residents. The development of the Intel manufacturing complex in New Albany is expected to be completed in 2025. It will open with 3,000 jobs paying an average salary of $135,000. Eventually, the Intel campus will have up to 10,000 workers.

With a projected total investment of $100 billion, the Intel development is the largest economic event in Ohio’s history. While this is terrific news, the windfall of well-paying jobs will create unprecedented demand for Columbus area housing.

According to data from the Building Industry of Central Ohio, as published in Columbus Business First, Licking County will potentially need over 6,500 new homes and over 3,000 new apartment units over the next 10 years. But housing demand will not be limited to Licking County. A study by the Mid-Ohio Regional Planning Commission predicts that Central Ohio communities within an hour’s drive of the Intel campus will be fair game for new residents who are willing to commute.

The Intel housing boom could spread over 13 counties in Central Ohio. There is already a need for more housing to accommodate the thousands of construction workers involved in various phases of the Intel development. Then, there is the need for workers to build new homes, apartments, infrastructure and the amenities that will follow.

Considering the challenges home builders have faced with labor and material shortages in recent years, housing starts in Central Ohio could play “catch-up” with demand for years to come. If population growth exceeds housing availability, home prices in Central Ohio are likely to rise.

If you are a Central Ohio home buyer, it’s time to get serious about your home search! Using an Exclusive Buyer’s Broker will enable you to see any home on the market with expert buyer representation, including homes on the Columbus Regional MLS, homes For-Sale-by-Owner (FSBO) and new construction for sale by builders.

As Exclusive Buyer’s Brokers, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

The post Intel Development Will Bring Housing Boom to Central Ohio appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Area Foreclosures Rise – Should Buyers Worry?

RealSupport — Mon, 30 Jan 2023 23:29:42 +0000

At any time, there are always some foreclosures taking place. Unforeseen events, such as an illness, job loss, divorce, or a death can cause mortgage payments to fall behind. On average, foreclosures affect about 3 percent of all outstanding mortgages.

This dramatically changed during the Great Recession. The abnormally high foreclosure rate caused a downward spiral in home values. Foreclosure statistics became closely watched by analysts and the media ever since. Any change in foreclosure activity can prompt a headline, which is where we are today.

In mid-January, the Columbus Dispatch reported, “Foreclosures shoot up in Columbus.” Technically, yes, foreclosures increased in 2022, but there are good reasons why the 74 completed foreclosures in Central Ohio are not cause for alarm.

1. The Columbus real estate market has been strong for several years. Low inventories of homes for sale pushed up prices and increased homeowner equity. When distressed homeowners have equity, they can sell the property to pay off the mortgage, avoiding foreclosure and possibly netting some cash in the process.

2. Most everyone who obtained a mortgage in the past 10 years did so with well-documented income, savings, good credit and a down payment. Those who passed the high bar set by lenders present a lower risk of mortgage default.

3. Investors own a number of single-family homes. Wall Street entered the housing market during the Great Recession, scooping up foreclosed homes in bulk transactions. Single-family homes became an asset class, and investment activity evolved beyond foreclosures. Investors typically pay in cash, meaning fewer mortgages are active in the residential market.

4. Central Ohio has one of the best economies of any metro in the United States at present. A robust economy helps reduce the odds of job losses that could potentially lead to mortgage defaults. Also, our strong economy keeps home demand positive, which takes us back to point #1.

This doesn’t mean foreclosures won’t happen. But the perfect storm that led to the foreclosure surge during the Great Recession is unlikely to repeat.

You can give yourself the best home buying protections in the industry by working with an Exclusive Buyer’s Broker! As Exclusive Buyer’s Brokers, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

The post Columbus Area Foreclosures Rise – Should Buyers Worry? appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Buyers Should Consider Costs of Home Ownership

RealSupport — Tue, 17 Jan 2023 13:05:01 +0000

When buying a Columbus home, think beyond the prices and mortgage rates! Long-term, successful home ownership includes budgeting for ongoing expenses. You can get an idea how much it costs to operate a home by reviewing the property taxes and the seller’s utility bills, but there’s more to the picture.

Homeowner’s insurance premiums vary widely depending on the location, age and condition of the home, and the individual risk assessment of the policy holder. The average homeowner’s insurance premium in Columbus is $960 per year.

Utility bills are affected by a home’s insulation, efficiency of heating/cooling system and the energy efficiency of its appliances. Utility bills will vary dramatically depending on the size of the home, size of the household and individual energy consumption habits. In Columbus, the average monthly electric bill is $193 per month. The average gas bill is $105 per month.

Home maintenance costs are affected by a home’s age, size, condition, quality of construction, type of materials and mechanicals, etc. As a rule of thumb, you should budget annual maintenance costs to run about one percent of your home’s current market value. Home maintenance isn’t always big-ticket repairs; lawn care, tree management, snow removal and cleaning gutters requires equipment – or, the hiring of service providers.

Property taxes in Ohio tend to be higher than the national average, and the effective tax rate varies by location and taxing authority. For example, if your effective tax rate is 1.48%, taxes on a home valued at $100,000 would be $1,480 per year. You can learn more about Franklin County property taxes at https://treasurer.franklincountyohio.gov/About-Taxes/Tax-Rates.

We can help you evaluate your purchase power, and tell you where it goes the farthest! As Exclusive Buyer’s Brokers, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

The post Columbus Buyers Should Consider Costs of Home Ownership appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

3 Home Search Mistakes Columbus Buyers Should Avoid

RealSupport — Wed, 23 Sep 2020 09:42:20 +0000

The lean supply of Columbus area homes for sale can make buyers anxious, and inspire them to get too creative with their home search. Some tactics can backfire and close more doors than they open. Here’s what not to do during your Columbus home search!

Do not call the listing agent for each home that interests you. You would be giving away information about yourself to a number of agents, who can use that information against you for the seller’s benefit. Listing agents typically encourage you to “act fast” and make the highest possible offer! They may also suggest that you waive essential contingencies, such as a home inspection, to make your offer more “competitive.”

As fiduciary agents to the seller, listing agents are required to get the best price and terms for them – not you!

Note: an Exclusive Buyer’s Broker can help you write a compelling offer without overpaying for the home, and without sacrificing protective contingencies!

Do not “spread the word” about your home buying plans. Eager buyers might tell several agents, as well as residents in the neighborhood that they are looking to buy a home in a certain price range. Buyers hope that by putting out multiple “feelers” they will have an advantage.

This can backfire! These agents have the same local MLS access. When a new listing comes to market, these agents will say they “have a potential buyer.” (Namely you!) The neighbors will tell the home seller that they know a buyer, too. Suddenly, the sellers think they have the hottest listing on the market – and they’ll want to stand firm on the price!

When all these agents contact you to set up a showing for the same home, it’s awkward at the least! Once the duplication of effort is discovered, they will have little motive to help you further.

As your Exclusive Buyer’s Broker, we can show you any home on the market, including FSBO and new construction. We have Broker-level access to all internal details in the Columbus Regional MLS, and an excellent network of home builders and industry professionals. In short, we give you the widest selection of listings, plus the new listing alerts via the MLS, and your own buyer portal into the listings database!

Do not look at several homes with an agent, then write an offer using someone else. Agents do not have an hourly wage. They are only compensated by commission, if the sale has a successful closing. Making a last-minute change of representation robs an agent of their compensation, and can lead to a “Procuring Cause” dispute between agents – with you stuck at the center.

The great news is, our Buyer-Clients don’t suffer these “Procuring Cause” disputes!

We promise our Buyer-Clients undivided loyalty, and we work hard to obtain the very best price and terms for them on the home they choose. Our fiduciary level of service costs nothing extra – and actually gives buyers the most choices in the market, with superior representation in the home search and purchase process! We will be happy to explain how we do this!

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

The post 3 Home Search Mistakes Columbus Buyers Should Avoid appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Home Sales Pick Up Speed

RealSupport — Fri, 26 Jun 2020 08:44:46 +0000

Record-low mortgage interest rates are adding fuel to Central Ohio home demand. Buyers have been practically racing to available homes, causing May 2020 home sales to speed up in all price ranges.

Interestingly, homes priced at $500,000 saw the greatest reduction in days-on-market. Here’s a look at the pace of May home sales by price range, and the percentage difference from April 2020:

Homes priced under $350,000 = 24 days on market, 4% faster
Home priced over $350,000 to $500,000 = 37 days in market, about 12% faster
Homes priced over $500,000 to $700,000 = 50 days on market, about 30% faster
Homes priced over $700,000 = 50 days on market, about 16% faster

Overall, the inventory of Metro Columbus single-family homes and condominiums for sale increased 18.6% from April 2020 to May 2020. But on a year-over-year basis, home inventory stands 26.5% lower.

A speedy market comes at a price. Namely, a higher home price! The median sales price of a Metro Columbus home increased 5.9% on a year-over-year basis, reaching $233,000. When taken as an average, home prices increased by 2.0%, reaching $258,688.

We are back to bidding wars in certain neighborhoods. Central Ohio home buyers should be prepared for competition! Still, this does not mean blindly bidding up the home price. When you become our Buyer-Client, we help you make a successful offer by applying time-tested strategies! We also ensure you have contractual protections included to protect your interests.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

The post Columbus Home Sales Pick Up Speed appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.