At the same time, a study by the Building Industry Association of Central Ohio shows that new construction is falling well short of housing demand. According an article published in the Columbus Dispatch, only about 8,400 new residences were added to the Columbus Metro during 2018. But to keep pace with demand, builders should be adding between 14,000 and 21,000 new residential units each year.

The dearth in new construction isn’t unique to Columbus. Nationwide, home builders who survived the Great Recession have struggled with a combination of industry challenges, including a shortage of skilled laborers, a high cost of land acquisition, rising material prices, and complex regulations. The end result is limited production and higher-priced homes.

The situation doesn’t have a quick remedy. Proposed projects in Central Ohio, such as a 175-home development in Canal Winchester, and a mixed-use plan with apartments and commercial space near Powell are still in discussion. Other projects, like the European Village development proposed in Dublin, are small in scale and exclusive in price. No matter the plans or price points, it can take years for a development to achieve local approval and break ground.

This is one of the reasons why home prices in Central Ohio are likely to keep rising in the months and years ahead. The strength of our regional economy will continue to draw new residents, and the imbalance of home supply and demand will keep upward pressure on the market.

Columbus area home buyers need to be well-prepared and well-represented! 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.

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!

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

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 Columbus Home Construction Falling Short of Projected Demand appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Short Sales Are Not Automatic Bargains

Short sales simply mean that the home is being sold for less than the outstanding mortgage. The lender involved must approve the sales price and agree to the loss. There is no equity for the homeowner. He or she may receive small compensation, if any, from the lender for moving expenses, along with possible forgiveness for the rest of the debt.

Short sales are generally priced in line with current market values, but sometimes they are actually under-priced. Each home’s valuation and pricing must be carefully analyzed.

While foreclosures tend to be discounted, short sales have the objective of minimizing the lender’s loss. Some seller’s lenders are more “motivated” and some are more “efficient” in moving their distressed portfolio of homes.

Hunting for short sales with the intention of making an automatic lowball offer is not a good strategy. Even if a highly motivated home seller accepts your offer the deal is likely to be rejected by the bank.

Successful Purchase of a Columbus Short Sale

A good portion of the Columbus homes for sale are short sales. Trying to avoid them will limit your choices! Instead, be prepared to handle them correctly:

1. Be certain that your mortgage pre-approval gives you enough time to deal with a short sale. Short sale approval processes have improved in recent months, thanks to program changes by Freddie Mac and Fannie Mae.  However, these transactions still take longer to complete on the average. Stay in contact with your lender. Obtain extensions of your loan approval, or re-qualify as necessary.

2. Be willing to pay for a home inspection. Have it performed early in the buying process. If a homeowner has been struggling with their mortgage, they may have put off some home maintenance. Any known issues should be disclosed by the seller and already factored into the listing price, but it’s best to leave nothing to chance.

3. Use wise contingencies in your Offer to Purchase to give yourself exits from the deal, just in case. I will help you with these.

4.  Be patient.

This is just an introduction to Columbus short sale purchases and the thoughts you should consider. When you are buying a home in Columbus, OH, having me on your side as your Exclusive Buyer’s Broker will give you advantages you would not otherwise have! Remember, unless otherwise disclosed, all real estate agents and brokers work for the seller, no matter what real estate company has the listing. Having your own broker on your side is critically important in all home buying situations, and especially true when purchasing a short sale!

Contact me and learn more about home buying strategies in Central Ohio! Also, download our free e-book for immediate tips that you can put to use today.

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
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

www.BuyersHome.com
Connect With Me:
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The winter might be cool, dark and icy, but believe it or not, the circumstances under which you would enter the Columbus real estate market during this time are far more beneficial for buyers than you’d think. Here are a few reasons why you should take advantage of the cold weather during the search for your dream home:

The sellers are far more motivated and serious. During the summer months, you come across several sellers and buyers alike in the Columbus real estate market who aren’t that serious about entering into a transaction. You come across a lot of “recreational sellers”, or people who are only listing their home to see what sort of offers they could get on it. When you wait until the weather cools down, there are much less homes on the market, but nearly all of the sellers in these properties are serious about listing their home. This is ideal if you’re a serious buyer who is ready and raring to find a property and move in within the next few months.

You’ll have a lot less competition. As was pointed out above, only serious buyers and sellers enter the Columbus real estate market during the winter months. When there are less buyers looking for a home, then there is less of a chance for you to enter a bidding war with someone else. Most people, especially those with kids, prefer searching for a home during the summer months in order to be moved in before the school year begins. Once activity dies down, you’ll have a smaller inventory of quality houses to look at with fewer buyers to compete with your offer.

The benefits of house hunting during the winter are not commonly known, and you can have a serious edge in the Columbus real estate market if you search during this time. As an Exclusive Buyer’s Broker, I always advise home buyers who are trying to wait for the spring market to start their search now if they’re serious about finding a property. Taking advantage of the lull in activity could prove to be incredibly beneficial as you enter a transaction on a buyer’s side.

If you have any questions about buying a home in Columbus, OH, don’t hesitate to contact me! I’ve spent many years helping buyers all over the area find the home of their dreams. Feel free to download my free eBook for savvy home buyers for more information about the process. I hope to hear from you soon!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
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

www.BuyersHome.com
Connect With Me:
Facebook
Twitter

The post Take Advantage of Winter in Columbus Real Estate! appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Here are some steps that first time home buyers in the Columbus area should take to ensure that their transaction is successful:

Make sure that you’re REALLY ready. Remember, while buying a home is affordable in the current market, being a homeowner is still a large financial responsibility. You have more than just the cost of the home to consider; you also have to think about a monthly mortgage payment, homeowner’s insurance and property taxes. In order to successfully buy a home, you have to plan and think long-term.

Work with an Exclusive Buyer’s Broker. The difference between an Exclusive Buyer’s Broker and a REALTOR is that an Exclusive Buyer’s Broker does NOT list homes or work with home sellers. They work EXCLUSIVELY with buyers, thereby ensuring that they are serving the best interests of only that party in any transaction. We get you the best price AND terms as well as re-negotiate inspection related issues that come up after going “In Contract.” When you’re buying a home, you’d rather work with someone who is only working on your behalf than trying to work on your behalf AND a seller’s. It’s more ethical and you will be much happier with the result. No “Double Dipping” and no “Conflicts of Interest” and no “Insider Trading.”

Get pre-approved. If you can, you should try to get pre-approved for a loan before you start looking. This indicates to the sellers of the home you’d like to buy that you are serious about purchasing a property and that you are responsible and reliable buyers. It can only increase your chances of having your offer accepted and getting the home of your dreams!

Stay organized. From loan applications to preparing your move, each step of the home buying process requires documentation of some kind. You need to have everything organized in order to make sure each step is completed in a timely fashion. A transaction can be long and drawn out if one or both parties don’t remain organized, so in order for everything to go through as smoothly and quickly as possible, you need to be ready with everything you need.

If you have any questions about buying a home in the Columbus, OH area, don’t hesitate to contact me! You can also check out some of our informational videos about buying a home. I would be happy to help guide you through the process for the first time. I hope to hear from you soon!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
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
www.BuyersHome.com

Connect With Me:
Facebook
Twitter

The post Successfully Buy Your First Home in the Columbus Area! appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

There are seven terms that every home buyer should know as they begin their home search. Familiarizing yourself with the lingo will help you better understand each phase of the process. These are those seven terms:

Buyer cost sheet. This document, typically given to you by a lender or your Exclusive Buyer’s Agent, includes a list of everything that you will be responsible for paying for during the transaction. This includes inspection fees, appraisal costs, down payment and other prepaid items. By having each cost of the transaction laid out for you, it becomes easier to determine how much home you can actually afford.

Commission authorization. Typically, the seller takes care of the buyer agent’s commission. These terms are negotiable.

Contingency. In a contract, there are typically clauses that, if not adhered to, will void the contract. This results in the buyer’s deposit being returned to them. Home financing and home inspection are two common contingencies that are often found in a buyer’s contract.

Disclosure/disclaimer. In each state, there is a list of information about a property that a seller is required to disclose to the buyer prior to purchase. In the state of Ohio, the only parties who are required to do this are the sellers who actually live in the property for sale. It’s important to adhere to the guidelines set by the state and review each disclaimer carefully before making a decision to buy.

Earnest money deposit. Buyers will typically attach an earnest money check to their initial offer to show that they’re serious about purchasing the property. Once the home goes under contract, this money is put in escrow and is used as part of the down payment at settlement.

Escrow. The escrow account includes the buyer’s deposit and all financial portions of the transaction before, during and after closing. Typically, escrow should be handled by an attorney, real estate broker, or title company. This also refers to prepaid amounts for homeowner’s insurance or property taxes, which your lender will keep track of with each monthly mortgage payment until the bills are due.

Good faith estimate. This isn’t part of the buyer and seller’s contract, however it is very important. The good faith estimate breaks down the estimated costs for closing services, the down payment and prepaid items such as homeowner’s insurance and property taxes. Buyers should use this to hold their lender to the amount promised in certain categories, and they should also use it to know how much money to bring with them to the closing table.

These seven common homebuyer terms will help every Columbus, OH home buyer better understand each phase of their transaction and give them an idea of what they need in order to successfully purchase their dream home. As an Exclusive Buyer’s Broker in the Columbus area, I think it’s important to educate my buyer-clients about these terms in order to help them have an easier, stress-free transaction. The more prepared they are, the more smoothly the process will go.

If you have any questions about the home buyer process, don’t hesitate to contact me and ask! I’d be happy to give you access to our eBook that helps Columbus home buyers stay smart during their search. I hope to hear from you soon!

Andrew Show
Buyer’s Resource Realty Services
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The post Brush Up On Your Lingo When Buying a Home in Columbus! appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.