exclusive buyer's broker Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Michael Marshall Earns Top Agent Ranking on Zillow

RealSupport — Tue, 09 Apr 2024 06:16:20 +0000

Buyer’s Resource Realty Services is proud to congratulate Michael Marshall on earning Top Agent ranking on Zillow. This distinction is achieved by earning high scores in six performance metrics, including responsiveness, appointments, showings, communication, closings and customer satisfaction.

The Top Agent badge on Zillow cannot be purchased by any agent. Nor can it be earned by sales numbers alone. It is driven by service. Only about 15% of all agents participating with Zillow earn a Top Agent ranking.

As an Exclusive Buyer Agent at the longest-running Exclusive Buyer’s Brokerage in Central Ohio, Michael epitomizes the integrity and dedication to home buyers that define our mission. Michael has achieved a consistent 5-star rating on Zillow from 47 client reviews. Clients have given Michael the highest possible ratings for:

Local knowledge
Process expertise
Responsiveness
Negotiation skills

Zillow’s 2024 Top Agent award follows the Angi Super Service Awards Michael has been receiving for many years. He holds over 80 5-star reviews on Angi. Michael’s commitment to Buyer-Clients can be summarized in his own words: “I represent people, not property!”

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

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Competing Against Cash Offers: What Central Ohio Home Buyers Should Know

RealSupport — Tue, 09 Apr 2024 04:33:01 +0000

If you’re in the market for a Central Ohio home, you may be concerned about competing against cash buyers. During the past decade, all-cash buyers have increased in number, bolstered by home flippers, Wall Street investors and equity-rich home sellers. According to statistical data by ATTOM, about 30% of all Columbus area home purchases were made with cash during 2023. Nationally, about 1 in 3 home purchases were all-cash deals.

Home sellers love a cash offer because it’s perceived as the fastest and easiest way to sell property. Real estate investment companies are everywhere, advertising “quick closing” and “no hassle sales.” Typically, cash-buyer investors promise to skip home inspections and appraisals, and close within two or three weeks. Sounds great if you’re a seller!

However, cash buyers expect to pay much less for a home than a traditional buyer, in return for the convenience they offer. According to the Journal of Finance, cash buyers pay an average of 10% less for a home than mortgage-backed buyers. The discount can be steeper, depending on the home condition and the location.

Some cash buyers start with a decent offer, but then find reasons to whittle that number down to a lesser amount by closing. They may not require a third-party home inspection, but they can still walk through the house themselves and find reasons to adjust the sales price. The “we buy houses” companies are not making money by being generous, kind-hearted souls. They make money by paying as little as possible – sometimes getting properties for 60% of current market value!

A home buyer who has an up-to-date, detailed mortgage pre-approval can absolutely compete against a cash buyer. A healthy earnest money deposit and a respectable down payment help! Ultimately, when a buyer’s offer is presented in the best possible light, by a highly reputable and experienced brokerage, home sellers recognize the value of the offer. We have been helping our Buyer-Clients compete, and succeed, against cash buyers for many years. To learn more about how we do this, read our free e-book, “How to Buy a Home like a Pro!”

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Central Ohio Home Inventory and Prices Increase

RealSupport — Tue, 09 Apr 2024 02:38:19 +0000

Columbus home buyers found a bit more to choose from during February, with the inventory of homes for sale up 21.7% compared to a year ago. According to the latest data by Columbus REALTORS©, overall home inventory increased to just over one month of supply, a 33.3% increase from February 2023.

Data from Columbus REALTORS© identified a notable uptick of listings in three markets during February, located in the following areas:

Westerville City School District, 80 new listings
Worthington City School District, 55 new listings
Delaware City School District, 62 new listings

While any increase in home inventory is welcome, it remains well below normal. This keeps pressure on home prices, which increased 6.6% during February, reaching an average of $336,802. Homes are also selling quickly, averaging 37 days on market.

Central Ohio remains a seller’s market, a condition that will remain for the foreseeable future. On average, sellers received 97.4% of their original asking price. However, a number of listings have seen price adjustments, and sellers have been willing to negotiate somewhat.

Buyers may have opportunities to find wiggle room on price, especially if they have the guidance of an Exclusive Buyer’s Broker. Learn how we negotiate the best possible price and terms for our Buyer-Clients by reading our free e-book, “How to Buy a Home like a Pro!”

The market information from Columbus REALTORS© represents transactions occurring through the MLS. It does not include sales conducted without a listing agent, such as homes For Sale by Owner, and new homes marketed directly by builders. As Exclusive Buyer’s Brokers, we can show you any home for sale, from any seller.

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How the NAR Court Settlement Could Affect Home Buyers

RealSupport — Tue, 09 Apr 2024 02:26:02 +0000

The National Association of REALTORS© (NAR) has proposed a settlement to resolve the Burnett v. NAR case and similar lawsuits that have made headlines for the past year. If the settlement is approved by the courts, there are several areas that may affect home buyers as early as July. Here is a simplified guide to what may happen, along with our thoughts!

Buyer agency service agreements would be required for any agent who represents the buyer side of the sale – IF they are members of the MLS.

This does not mean buyers will receive any improvement in the level of service that they get from a traditional brokerage.

Only Exclusive Buyer Brokers and Exclusive Buyer Agents represent buyers only, 100% of the time, with no conflict of interests. We work for the best interests and protections of the home buyer in everything we do. For details about how important this difference is, read our free e-book, “How to Buy a Home like a Pro.” It’s available for immediate download on our website.

Home sellers will not be required to offer a commission to buyer agents. They may offer compensation if they wish.

Typically, a home seller would pay a certain percentage of total commission to be shared between the seller’s agent and the buyer’s agent.

Under the settlement, the amount of commission allowed to the seller agent and to the buyer agent, would need to be stipulated in the listing agreement. (Sales commissions have always been negotiable, but consumers were not always aware of it.)

Despite the many opinions floating around in the media, it is unlikely that sellers will refuse to offer commission to a buyer’s agent. For those that do, there will be alternatives for buyer agent compensation. We detail how this works in our own Buyer-Client agreements.

The settlement does not automatically mean that buyers will have to pay their buyer agents directly out of pocket.

Buyer agents will not be required to belong to a Multiple Listing Service. In other words, if the buyer’s agent is not an MLS member, he or she can skip having a service agreement with the buyer. This wouldn’t be in the best interests of the buyer!

Buyer agent commissions would no longer be allowed to show on home listings. However, seller incentives towards closing costs, or other credits allowed to the buyer, could be published with the listing.

Seller agents would not be required to be members of a Multiple Listing Service.

This is an interesting wrinkle. If neither buyer agents nor seller agents are required to belong to an MLS organization, how does it improve service and transparency to buyers and sellers? It doesn’t. What it will do, is open a wide door to “pocket listings” that are not shown on the MLS. This could reduce home choice for buyers, and reduce market exposure for home sellers.

Please note that until the settlement is approved by the courts, everything has the potential to be revised. For now, what was true in the past remains true today, and true in the future: home buyers are best served by Exclusive Buyer Brokers and Exclusive Buyer Agents!

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10 Credit Protection Tips for Columbus Area Home Buyers

RealSupport — Thu, 25 Jan 2024 08:39:04 +0000

As cybercrime techniques become more sophisticated, about 1 in 3 Americans can expect to have their identity or financial data compromised. If you plan to buy a Columbus area home in the future, protecting your credit is a must!

Here are 10 ways to protect your credit and your identity, courtesy of the Consumer Financial Protection Bureau and other sources:

1. Check your credit reports. You can order a free credit report from the major bureaus through annualcreditreport.com. These show your personal identifying info and your credit accounts and loans. If anything looks incorrect, contact the reporting bureau right away.

2. Use strong, complex passwords to protect your online activity. Never use the same password on all your accounts.

3. Update the password on your home internet router periodically.

4. Never answer phone calls or texts from numbers you do not recognize.

5. If you answer an unknown caller, do not confirm your identity with the caller. Instead, ask them, “Who is calling?” If you do not recognize the person and/or company, hang up! They could be trying to record your voice to impersonate you for account access.

6. Check your credit card and bank statements thoroughly. Thieves may test access to an account with small transactions. If you don’t recognize a transaction, investigate it, no matter the amount.

7. Avoid inserting your credit or debit card into a card reader whenever possible, especially at gas station pumps and self-checkouts. Use the touchless option and “wave” your card over the reader.

8. If you receive a text or call claiming to be from law enforcement, or any government agency or legal department, it is a scam. Use the “block” option on your phone to prevent additional attempts.

9. Never use a public wi-fi connection to check your bank account balance or to conduct online shopping.

10. Never respond to an email, text, or social media message asking you for money. Emails and texts can be spoofed, and social media accounts can be impersonated and hacked.

This is not a comprehensive list, but you get the idea! Thieves often capitalize on complacency. Paying attention to your communication and to your account activity is worth the effort.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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Columbus Housing Market Forecast: Hot!

RealSupport — Thu, 25 Jan 2024 08:31:17 +0000

It didn’t take long for Columbus to be named one of the “hottest” housing markets once again! The latest projection comes from Zillow, which expects Columbus to be the third-hottest real estate market in the U.S. during 2024, second only to Buffalo and Cincinnati.

Zillow ranked U.S. housing markets according to expected gains in home values, along with the projected speed of home sales, and new construction activity. Job growth and the ratio of owner-occupied vs. renter-occupied homes were also factored in.

Columbus has been dubbed a “hot” housing market on many occasions. The latest title comes as no surprise to Columbus home buyers who have seen home prices steadily increase year-over-year. According to Rocket Homes, the median sold price of a Columbus home was $274,842 during December 2023, which is a 7.8% increase over the median sold price of December 2022.

A hot housing market is beneficial to current homeowners, who are seeing their equity rise by leaps and bounds. But a too-hot market can potentially stifle economic growth. This is a point raised in a recent article by Columbus Business First, which said that a lack of affordable housing – or a lack of housing, period – can prevent new residents from moving in, and filling job openings. As older residents retire, we need an influx of working-age residents to keep businesses operating and our economy humming. However, that new workforce needs somewhere to live.

So far, most real estate economists expect housing inventory to improve during 2024. What must be acknowledged is that inventory levels have been below normal for years. It will take year-over-year improvements in home inventory levels to ease the pressure on home prices. In the meantime, Columbus home buyers need to be ready for another competitive market in 2024.

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.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

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Columbus Home Sales Wrapped 2023 on Strong Note

RealSupport — Thu, 25 Jan 2024 08:20:47 +0000

Columbus area home buyers persevered against higher interest rates, inflation and rising home prices during 2023. According to the year-end figures by Columbus REALTORS©, the median sales price of a Columbus area home was $295,000 during December 2023, marking a 7.3% price increase compared to the December 2022.

When measured over a 12-month period of sales activity, the 2023 median home price in the Columbus Metro was $302,000, representing a 4.1% increase in prices compared to the 12-month period of 2022.

Sales price gains were particularly strong in communities like Pickerington, which saw a December median sales price of $449,900. This is an eye-popping increase of 45% over December 2022. The nearby village of Obetz saw a 33.8% increase in year-over-year home sale prices, with a median price of $356,425 recorded in December.

There is a bit of good news for Columbus home buyers. While the median sales price increased in our area, the speed of home price increases slowed down during 2023. By December, homes were spending an average of 30 days on the market. This isn’t exactly a “slow” market, but it held more breathing room than the summer months, when homes spent about 17 days on market.

Inventory remains a challenge for home buyers, but there was some improvement. The current supply of homes for sale stands at 1.4 months, which is a 27% increase from where things stood a year ago. However, new listings in December 2023 were down about 1% from December last year. Overall home inventory remains well below normal.

Looking ahead, inflation pressures and mortgage interest rates are expected to soften during 2024. There is some hope that pent-up sellers will bring more properties to market this year. Meanwhile, a measurable decline in mortgage interest rates is likely to bring more buyers to the market, meaning that home prices will continue to push higher.

As a home buyer, you need to do all you can to level the playing field! Start with our free e-book, 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.

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Columbus Home Buyers, Get Ready for 2024!

RealSupport — Tue, 16 Jan 2024 09:39:55 +0000

Columbus home buyers had a challenging year in 2023. Fast-rising home prices, combined with the highest mortgage interest rates in over 20 years, made home buying an expensive prospect. Limited home inventory kept buyers under pressure.

The New Year may bring better opportunities for home buyers, based on the latest projections from the National Association of REALTORS.^© Mortgage interest rates, which have already softened in recent days, are expected to stabilize below 7%. A rate environment between 6% and 6.75% is a possibility by summer.

That’s good news! But lower rates may draw more buyers to the market while the inventory of homes for sale remains low. We have seen modest improvement in year-over-year inventory levels during 2023, though it remains below normal. Low inventory is a recipe for higher home prices in 2024.

On the bright side, there is a chance that pent-up sellers could make a move this year. Columbus area homeowners are sitting on records levels of equity. Life events and changing household formation can motivate owners to become sellers, financial gains aside.

On the other hand, about 90% of homeowners with active mortgages have rates of 5% or less. They may not be in a hurry to sell, when replacing their current home would mean facing a more expensive mortgage. Roaring inflation further entrenched these homeowners, who found the cost of living rising on every other front.

If you are looking to buy a Columbus area home during 2024, don’t wait to react to market conditions. Instead, be well-prepared and ready to take action when the right opportunity comes along! Get ready for your home purchase by reading our free e-book, How to Buy a Home like a Pro!” Get your copy from our website today, there is no obligation.

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First-Time Home Buyers Gain Market Share

RealSupport — Wed, 06 Dec 2023 09:26:23 +0000

First-time home buyers made a comeback in 2023, gaining market share even as higher mortgage rates and rising home prices made purchases less affordable. According to the 2023 Profile of Home Buyers and Sellers conducted by the National Association of REALTORS©, first-time buyers accounted for 32% of all home purchases. This is a substantial improvement over the 26% of market share held in 2022.

However, successful first-time buyers are still fewer in number than in years past, when they typically claimed 38% of the market. The high point for first-time buyers was back in 2010, when they accounted for 50% of all home purchases.

The 2023 gain in market share came at a price. The survey shows a median annual household income of $107,000 for first-time buyers, a nearly 20k increase over income thresholds shown in the 2022 survey.

First-time buyers made an average down payment of 9%. About 24% of survey respondents tapped their retirement savings or investment accounts to generate their down payment. 11% of first-time buyers sold stocks or bonds. 11% used funds from a 401k, IRA or pension. 2% reported selling cryptocurrency.

When looking at demographics, most first-time buyers were Millennials with a typical age of 35. This is similar to 2022’s findings, where the typical first-time buyer was 36. 59% were married couples. 70% of them did not have children under 18 years old.

What is unspoken, but evident in the survey, is a widening wealth gap among first-time buyers. Unrelenting home price increases, paired with interest rate levels that are double from two years ago, have pushed home ownership out of reach for a growing number of people.

This is easy to overlook while home inventory is low, and homes are selling quickly. However, there are not enough affordable homes for buyers with the national median income of $74,580, or for those earning less. This is one possible reason why the number of successful first-time buyers are below historical norms.

Now the good news: you don’t have to be rich to buy a Columbus area home, but you do need to be well-informed! Not all homes are priced correctly for their condition or for the prevailing market trends. We show you how to identify value and create a compelling purchase offer in our free e-book, “How to Buy a Home like a Pro!” Get your copy now at the link, there is no charge and no obligation.

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Columbus Home Buyers, Shop Around for your Mortgage!

RealSupport — Wed, 06 Dec 2023 09:13:39 +0000

When it comes to getting a mortgage, Columbus home buyers don’t always shop around for the best deal. But you should! According to Freddie Mac, home buyers who obtain and compare at least 4 mortgage offers save an average of $1,200 a year on financing costs.

When comparing loan offers, few borrowers look beyond the interest rate and the origination fee, but there is more to consider. Mortgage costs include underwriting fees, document preparation fees, processing fees, tax service fees and courier fees. During your comparisons, you may find that a nominal difference in interest is not worth the tradeoff of more expensive fees.

Also check for any “points” in the loan estimates. A point is a form of pre-paid interest, which buys a reduction in the interest rate. A full point is basically one percent of the loan amount. You are not required to pay points, but if you choose to do so, be sure your mortgage comparisons are working with the same point value. (Full point, half point, etc.)

To simplify matters, Bankrate suggests comparing the APR, or annual percentage rate, on your mortgage offers. The APR includes all fees involved with the financing, as well as the interest rate itself. Comparing APR’s on your mortgage offers can give you a look at the bottom line.

Most lenders allow you to roll some, or all, of the closing costs into the loan. Use caution. Rolling in your closing costs will increase your principal balance, and your interest will be charged on that balance.

Before you begin shopping for a mortgage, it pays to have your own financial condition in the best possible shape! The better your credit score and the stronger your down payment, the better your mortgage offers will be. Learn more with our free e-book, “How to Buy a Home like a Pro!” There is no cost and no obligation.

And, if you choose to become our Buyer-Client, we can help you evaluate and compare your mortgage offers, because we provide a fiduciary level of service to our clients!

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