Since its launch more than five years ago, Zillow has taken heat over its Zestimates. Many homeowners have complained that the company’s automated home valuations don’t accurately reflect the true value of their homes. A formal complaint was also filed with the Federal Trade Commission alleging Zillow is misleading consumers about the accuracy of its data

Zillow has always claimed that Zestimates are estimates of market value and are a starting point to determining a home’s value.

As you can imagine, running data on approximately 100 million homes in tens of thousands of ZIP codes is very complex and while the company has made continuous efforts to improve the Zestimate algorithm over the years, including publishing what they claim to be the Zestimate margin of error for major cities, these Zestimates of value will always fall short.

The key problem with Zillow’s algorithm is it only considers very basic information such as number of bedrooms and baths, square footage (as a range), etc. Zillow fails to take into consideration other important factors which contribute to the value of a home, for example: the specific neighborhood in which the home is located, lot size, the overall condition and age of the home, amenities and level of finish (does your home offer hardwood floors, an extensive outdoor living space, a finished lower level, or perhaps a media room? Did the comparables? Zillow doesn’t know.), upgrades and improvements, floor plan and room flow, location within the community, views, privacy, etc. Quite simply, Zillow incorrectly assumes that your neighbor’s home, and any home in close proximity is truly a comparable property. The aforementioned factors have been referred to as unzillowables and these important data points are critical components in the assessment of real estate values.

Zillow’s Zestimates pull data from “public data for house attributes”. The problem with this is many of the sources for this data don’t update these records very often, or worse, only report a small percentage of the residential closings in their area. In order to provide accurate valuations that are averages, it’s generally a good idea to have a representative sample and this case that means statistics on as many similar homes as possible. If the data being used to derive the average is inaccurate, then the average will be inaccurate as well. If it were this easy to evaluate a home’s value every county auditor in the country would adopt this inexpensive system and would seek to maximize the accuracy of their records in order to maximize their county’s tax revenues. Instead county auditor’s rely on the same sources utilized by astute homeowners, that is recent home sales data and licensed appraisers.

Another issue with the sales data Zillow uses is that there are some aspects of a sale that are often not included in the data provided by the county. One of the most significant is whether there was a monetary “seller concession” in the sale. Examples of seller concessions include the seller agreeing to pay a percentage of the buyer’s closing costs (often as much as 3-6% of the sales price) and/or an allowance paid at closing from the seller to the buyer for repairs such as a carpet allowance. This can skew the actual sales price by thousands or even tens of thousands of dollars.

We can take a look at Zillow’s reported data accuracy for the Columbus and Central Ohio area as provided by their site.  As of December 2011, they report a median error margin of 7.0% between a Zillow Zestimate and the actual selling price of the homes in their system. A more telling number may be that only 62.8% of the homes with estimates sold within 10% of the actual sale price.  Only 38% of the homes sold within 5% of the Zestimate.  Those are not very encouraging statistics if you’re looking for accuracy.

All in all, Zillow is a fantastic site filled with valuable data, but as Zillow says, its Zestimates are simply a good starting point to determining your home’s value. For a full estimate of value, with all angles covered, it is always safer to contact a Realtor or licensed appraiser.

Central Ohio & Columbus Ohio Homeowners… Quickly Find Out What It’s Really Worth, by Email, for Free

Are you thinking of selling your home? You should know exactly what it’s worth before making such an important decision.

Let us do a quick “Comparative Market Analysis” for you, for free, and with no obligation. Also known as a CMA, this analysis compares your home to others that are currently on the market and to those that have recently sold.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

Columbus Ohio Home Sales Up for the Fifth Consecutive Month

November marks the fifth consecutive month of increased home sales in central Ohio this year after the first half of the year struggled to keep up with increased sales from 2010 due to the home buyer tax credits. According to the Columbus Board of REALTORS®, 1,406 homes sold in November which is seven percent more than the previous year.

Additionally, the number of residential homes scheduled to close was up over 37 percent, from 1,341 last year to 1,843 last month (November 2011).

We’re finding that sellers recognize the challenges of today’s market and are realistically pricing their homes to sell. Buyers are responding well to the pricing and, of course, the record low interest rates. It’s still a great time to buy a home.

Homes in central Ohio this year have sold for an average of $157,032, down 2.5 percent from the average sale price in 2010, but up over five percent from the average sale price in the first quarter of 2011. The average price of a home sold in November was $153,673, up 3.1 percent from the previous month ($149,082).

The number of homes listed for sale last month (1,949) is 20 percent less than listings added to the market in November 2010 (2,439). The total inventory of homes available for sale in central Ohio was 12,675 at the end of November, which is down 27.5 percent from one year ago.

As a result, the month’s supply, a measure of inventory that estimates how many months it would take to sell the entire home inventory, fell 28.5 percent to 7.4, down from 10.3 last year.

A healthy months supply for our market would be around 6.5. So the decrease in inventory is a positive sign of market recovery. Plus, based on the concept of supply and demand, when we have too many homes on the market, homes are more likely to sell for less.

Click here to view the October sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

For more information about the central Ohio housing market, visit our Housing Statistics.
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit BigHill.com.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group  Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights   Granville  Grove City   Groveport    Hilliard   Lewis Center    New Albany   Pickerington    Polaris    Powell    Upper Arlington    Westerville    Worthington

Columbus Ohio Home Sales Soar in September

Home sales in central Ohio were up almost 17 percent in September making three consecutive months of home sale increases. According to the Columbus Board of REALTORS®, 1,719 homes sold in September which is 16.6 percent more than the previous year’s 1,474 sales.

In addition to the increase in sales, homes that were put in contract also increased by over 58 percent last month. Year-to-date home sales (January through September 2011) are still trailing 2010 by 3.7 percent. However, as home sales for the last three months have surpassed 2010, the year-to-date sales statistics continue to narrow the gap between this year and last year when the home buyer tax credits were in effect. Affordability conditions have improved to historic highs this as interest rates have dropped to all-time lows and this continues to drive home sales.

The median sale price for home sold during the month of September was $128,000, up from $127,500 in September 2010, but the median sale price is still 3.8 percent behind last year’s average for the months of January through September.

The month’s supply, a measure of inventory that estimates how many months it would take to sell the entire home inventory, fell 17.2 percent to 8.7 percent from 10.5 percent last year.

A balanced housing market for central Ohio is around 6½ to 7 months supply, and the decrease is one more positive sign for central Ohio housing!

Click here to view the September sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

For more information about the central Ohio housing market, visit ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit BigHill.com.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group  Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights   Granville  Grove City   Groveport    Hilliard   Lewis Center    New Albany   Pickerington    Polaris    Powell    Upper Arlington    Westerville    Worthington

Thinking of buying or selling a home? Even when both sides agree on a price, the deal could fall apart thanks to an under-appraisal.

Short appraisals typically arise in a declining housing market because the lack of recent comparable area homes sales, or “comps,” making it difficult for appraisers to determine the current market value of a property.

Appraisals are largely based on prices recently paid for comparable local properties. Over the past decade, finding œcomps that accurately reflect values has been a challenge as values rose quickly during the boom and fell just as fast during the bust. Discounts paid for foreclosures and short sales have created a dual price structure between œnormal and distress sales.

Today many buyers rely on popular online valuation tools, called AVMs or automated valuation models, instead of a comparable market analysis from a real estate professional. AVMs give fast property value estimates, but they often differ greatly from appraised values because they are determined by algorithms using available local price data, not actual inspections of the property. During this time of record low home values, it™s no wonder that more and more appraisals are coming in below prices that buyers and sellers have agreed on.

The Home Valuation Code of Conduct, or HVCC,  that went into effect last May has compounded the problem. The HVCC prohibits Fannie Mae and Freddie Mac lenders from having direct contact with appraisers.

As a result, most lenders have opted to work through appraisal management companies, or AMCs, whose pool of residential appraisers includes those with limited training and/or little familiarity with the geographic area being appraised.

Protect Yourself

How can you protect yourself from short appraisals? Here are some suggestions for buyers and sellers.If you’re a buyer:

• Insist that  your Realtor/Lender  confirm the appraiser  serve  your county,  and not come from  a neighboring county. After all, you’re paying him or her.

• Request that the appraiser have a residential appraiser certification and a professional designation. Examples include the Appraisal Institute’s senior residential appraiser, or SRA, or member of the Appraisal Institute, or MAI, designations.

• You or your Realtor can also meet the appraiser when he or she inspects the home and share your knowledge of recent short sales and foreclosures that might skew the comps.

Many appraisers are just pulling up data out of MLS (Multiple Listing Service) or off the deed at the courthouse and not checking it out, most good appraisers will appreciate the information.

And yes, you can speak with your appraiser; only your lender is  prohibited  from doing so.

It may seem ironic that buyers would want the homes they want to buy to appraise for as much or more than they are willing to pay. Remember, the purpose of the appraisal is not to help you get a better price, but to protect your lender should you default. The lender wants assurance that your home will be worth enough to recoup their investment.

Even if you have a great job, sterling credit, an adequate down payment and money in the bank, your lender will still want a conservative appraisal. In light of losses they have taken on the millions of foreclosures in recent years and the tough times many banks have had on Wall Street, lenders are taking no chances these days. They are more interested in protecting themselves from a loss than they are in giving you a loan.

If you’re a seller:

• Get an appraisal before you list a home. Search for a qualified appraiser in your area on the Appraisal Institute site.

• Use the appraisal to set a realistic listing price for your home.

• Give a copy of your prelisting appraisal to the buyer’s appraiser. They won’t be offended, and in fact the more professional appraisers will understand that you’re just trying to add more data and another perspective and assist them in doing their job.

• Question a low appraisal. There’s always a chance the appraiser or a supervisor will take into account new or overlooked information.

What  to Do When  an Appraisal Comes in  Low?

Whether it’s an appraisal  the dream home  that’s come in below the price  the seller has accepted, or an appraisal required for the refinacing of your current home?

Chances are that raising the cash for your down payment and closing cost has tapped you out. Finding thousands more to make up the difference between the appraised value and the contracted amount is probably  out of the question.

You™re not the only buyer who has hit the low appraisal snag. This past June and July, 16 percent of real estate pros reported a cancellation in a sale, mostly due to a large number of low appraisals.

However, you don™t have to walk away. In fact, some real estate professionals and economists say that low-ball appraisals are pushing home values down and undermining the housing recovery.

You can fight back. You have options, and chances are you can find a way to make the deal work without increasing your down payment.

Here are Five Steps You Can Take to Fight a Low Appraisal:

1. Get the seller to lower the price. By far, this is the easiest solution, especially if your appraisal comes in less than 10 percent of the contract price. Obviously, a lower price is a great idea for the buyer, but why would a seller go along? In July, 2011 the average home in America took about 88 days to sell. Demand is soft and time is money. Your seller, particularly if they are selling to buy another home, could be in a real bind if you are forced to back out and they have to put the house on the market again. After all, there is no guarantee that if you walk away, the seller won™t receive a low or even lower appraisal from the next buyer™s lender. Today, many buyers are offering incentives to sellers, such as payment of some or all closing costs. Lowering the price might be a cheaper option for the seller in order to get the deal done on time. Sometimes a bird in the hand is best.

2. Ask the seller to offer to carry a second mortgage for the difference. This solution doesn™t cost the seller anything but the buyer incurs greater debt. If the buyer really wants the home but cannot come up with the difference in cash, making payments or a lump sum payment at a later date to the seller is an option. After the escrow closes, sellers often retain the right to discount the second mortgage, and can sell it for less than face value to an investor.

3. Do your research and dispute the appraisal. Is the contract sales price a fair assessment of the property value based on a well-prepared comparable market analysis (CMA) from your real estate agent as opposed to an online AVM? Was the appraisal done by an appraisal management company that may have used a less-than-expert or out-of-town appraiser?Disputing the appraisal may sound a little aggressive but you might be the victim of a poorly prepared appraisal. Do some research first and go to war if you have the ammunition.  You have the right to get a copy of the appraisal from your lender and to find out who performed the valuation. What is the appraiser™s reputation? Have any complaints been filed with your state appraisal licensing agency? Where is the appraiser based? Did they perform an appraisal in a housing market that they may not know well? Did the appraiser have adequate information about the subject property? If your appraisal was conducted by an out-of-town appraiser unfamiliar with your market, you have every right to demand a new appraisal.

What comparables did they use? Ask your agent and the seller™s agent to put together a list of recent comparable sales that justify the agreed-to sales price. Submit that list to the underwriter and ask for a review of the appraisal. Also, ask the agents to call the listing agents of pending sales to try to find out the actual sales price of those properties. Listing agents do not have to disclose the sales price, but many are happy to help because they could find themselves in the same situation. Pending sales are more current and are not closed, so the original appraiser would not have access to them. The key to a successful dispute is data. You will need as much data you can get to back up your dispute.

4. Ask the lender for a new appraisal. Should you find that you have a good case that the appraisal wasn™t fair or accurate, ask your lender for a new appraisal, which you may be charged for.  

Another strategy is to get two additional, unbiased appraisals and use the average of all three to arrive at a fair price. This is a risky strategy, in light of the fact that another appraisal might not come in higher than your first; it might even be lower if values have fallen.

Depending on how convincing your argument is, your lender has the ability to override the appraisal estimate, which is unlikely, or to order a new appraisal, which is more likely. If a new appraisal is ordered, talk with your agent about somehow splitting the cost with the seller. Perhaps the listing agent and selling agent will split the fee so the buyer does not have to incur additional costs associated with the transaction. Appraisals cost around $400 or so.

5. Get your own, independent appraisal. If you order your own appraisal and your loan is an FHA loan, ask the lender for a list of approved appraisers. Usually the bank will review your appraisal and ask the previous appraiser if they agree or disagree with the newly submitted one.

If the first appraiser disputes your appraisal, the bank may request a third appraisal done by another appraiser, or they may just reject your appraisal.

However, if the first appraiser agrees with the disputes you present, they may adjust their original appraisal and you may get a better price.

If these tactics fail and you cannot make up the shortfall in the appraised value, you may find yourself moving on. If so, be sure that you were protected by a contingency clause in the sales contract, stating that the transaction can be terminated if the home doesn™t appraise at, or above, the sales price.

In terms of the back property taxes owed on a home that is sold through a short sale,  the bank will typically cover this expense and seller’s should be free and clear of this liability  going forward. In most states governmental property taxes convert into a lien on a property as soon as they are due — even before they fall behind, in most areas. That just means that your escrow provider and/or title insurer have to clear those tax liens, making sure they are paid up to the date of closing, before they are able to transfer clear title to the buyer.

In the average short sale situation, what happens is that the seller’s bank(s) has to direct some of the proceeds  from the sale of the home  to cover; any back taxes on the property, agent commissions, transfer taxes and such before they can apply the rest of the sale price to cover the outstanding mortgage balance(s). When escrow closes, and I mean starting the day of or the day after, the buyer is responsible for property taxes incurred from that day forward.

In some transactions, though, there are back expenses that are not extinguished by a short sale.

The most common are homeowners association dues that are not paid off or waived in the short sale. Some HOAs will continue collection efforts on back dues — not as a lien against the property under its new ownership, but as a personal debt of the former homeowner.

The other are second or even third mortgages in which the lender expressly agreed to let the short sale go forward on the condition that the seller or former homeowner pay some or all of the outstanding balance over time and did not agree to a full release.

Such terms would be expressed and  would be pursuant to  the short sale approval agreement, so you would be made aware of  such obligation if the lender does not agree to a full release.

Now to the question of paperwork. At or just after closing, depending on where you live, you should receive a document on legal-sized paper called a HUD-1 closing statement. As with any real estate transaction, hang on to that just in case you don’t get any additional paperwork from your lenders.

To the extent that some portion of your mortgage balances were forgiven by the banks, that gap — that deficiency — is normally subject to income taxes. It’s called cancellation of debt income, or CODI.

This sort of “income” (essentially a loan that was forgiven) is usually documented by the bank sending you a Form 1099-C, in January — just as if you’d earned that income. So, you might see two of these statements in the mail early next year.

I say “might” only because some of the mortgage lenders that are no longer operating as banks or lenders aren’t sending these statements out anymore. In that event, your HUD-1 might end up being the only documentation you receive.

That said, if you close your short sale before January 1st, 2012  chances are you’ll be exempt from income taxes on your CODI “income” under the Mortgage Forgiveness Debt Relief Act of 2007. The act applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012 (it is believed that  this relief will  be extended  however,  at the time this  blog posted was written  an extension has  not  yet been signed into law).

You’ll still need to let the IRS and your state tax agency know of your short-sale specifics, but you’ll be able to invoke the terms of the act (most states now have parallel provisions) to avoid being charged with income taxes on the forgiven debt, assuming the home was actually your primary residence, your mortgage debt was $2 million or less, and certain other guidelines are met.

Visit this dedicated page on the IRS website for more details, and best of luck on your personal financial recovery endeavors.

If you’re planning to get married and buy a home in Central Ohio, but wonder where your down payment funds will come from… FHA might have a  solution for you!

FHA has a Bridal Registry program  that allows  the money you receive as a wedding  gift to  be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender by setting up an account… your friends and family are then able to make gift payments into an interest bearing account on your behalf!

It’s a great program! Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan and a new home!

Bridal Registry Guidelines

Bridal Registry Accounts were originally introduced in 1996, but still remain a little known fact when it comes to down payment assistance.  Newlyweds are now able to make deposits on their own from the gifts they receive.

Here’s how it works:

• You will open a savings account at your bank prior to the wedding
• Friends and family will be given the banking information where the gifts will be deposited
• All of the gift funds can go towards the FHA required 3.5% down payment
• Anyone with an interest in the purchase cannot be party to the gift funds (i.e. realtor)
• There is no requirement that you be married prior to closing on your new home

Another huge advantage is that there are no gift letters or other documentation required other than proof of your savings account named “bridal registry account.” It’s that simple!

Founded in 1976 by Irving and Melvin Schottenstein, M/I Homes is now one of the  nation’s largest residential home builders, building in Ohio, Florida, Indiana, Illinois, North Carolina, Maryland, Virginia, Texas,  Delaware, and Washington DC.   M/I Homes has been the leader in new home sales for more than 25 years, and they are ranked number one in customer satisfaction by J.D. Power and Associates.  

M/I Homes is  dedicated to building homes of uncompromising quality, innovative design and enduring value in the best, most desirable locations possible.   To put it simply,  they care about  their homebuyers and this “we care” philosophy is instilled  in every associate at every stage of the homebuilding process.  It’s what  they believe and it’s how  they run their  Company.

That’s why we build homes for every taste and every stage of life from the first-time buyer to the empty nester.

That’s why, for more than three decades and more than 78,000 customers, home is a two-letter word: M/I ®.

It’s why we instituted our unique Confidence Builder Program with its checks and accountability features that assures you that you’re truly getting a better home.  And you can see it for yourself every step of the way.

Our commitment to caring continued with the addition of Professional Interior Designers and Design Centers, where your vision can be nurtured with the vast array of options and choices that make your new home a perfect reflection of your dreams.

It continues with Energy Star ®.  Every M/I home is 100% Energy Star ® Certified and that means a lot more than the Energy Star ® appliances we install.  It means that we strictly adhere to the rigorous Energy Star ® construction standards that only 20% of new homes built in America today meet.   The result is a home that saves as much as 30% on energy bills when compared to a house built to code.    And while you’re saving money, your home is also saving valuable resources for the good of our planet.

It even extends to this website, where you can use the “My Favorites” and Envision features to review designs, compare floorplans, communities and build your own file cabinet of favorites.   It makes home shopping fun, comfortable and as convenient as possible.

While other builders may offer similar home styles, or build in neighboring locations, our personal pride, dedication to superior craftsmanship and commitment to homeowner service are uniquely our own.   Our reputation is something we’ve earned, one home at a time.   With each new home we work to strengthen the important bond of trust that unites us with our homebuyers, because we know our greatest asset is a satisfied homeowner.

Everything we do is with one purpose in mind: to provide you with a home of your own, just the way you dreamed it.   It’s why more and more people gravitate to our higher standards and move up to M/I Homes.

M/I  Homes is an Accredited Business with the Better Business Bureau (BBB) with an A+ Rating.

Collections:

M/I  Homes offers  close to 70 different  series  of homes to accommodate every buyer!   Each series offers different amenities, features, selections, floor plan, price range and location.   So whether you™re  a First-time homebuyers, Move up buyers, Buyers looking to downsize,  or buyers looking for a maintenance free lifestyle,  M/I Homes  has plenty for you to choose from!

Communities:

There are 13 locations in North Columbus.   The communities are located in: Olentangy Schools, Delaware, Big Walnut, and River Valley Highlands Schools.

There are  9 locations in East Columbus.   The communities are located in: North Fork Schools, Licking Heights, Reynoldsburg, Southwest Licking, Pickerington, Columbus, Lancaster, Canal Winchester and Groveport Schools.

There are  4 locations in South and West Columbus.   The communities are located in: Teays Valley Schools, Southwestern, Hilliard, Marysville, and Columbus Schools.

If you are a buyer considering a new build inventory home or if you™d like to select a lot and build a custom home please, call  us today!  Our team of experts will assist you everystep of the way   and we offer all of  our client™s one stop shopping.   Furthermore their is no cost to you for our service as the builder covers this expense!   Call me today at 614.332.6984  to get started!

Dominion Homes has been building homes in Central Ohio for over 50 years.   Today, Dominion Homes is a leading homebuilder in Columbus Ohio, as well as Louisville and Lexington Kentucky, and is among the top home builders in the country.   Their priority is and always has been to construct the best homes in the best communities for their customers, to provide great service, to be a leader in innovation, and to be a good neighbor.     It is this commitment that ensures their continued success in building affordable, high-quality homes.

Dominion Homes carefully plans their community™s years in advance, selecting convenient locations throughout Columbus and Central Ohio.   In doing so, they keep in mind all the things that are important to homebuyers.   Their communitis are centrally located nearby shopping, dining, entertainment and good schools.  Lovely streetscapes and open green spaces to welcome you home.   And lots of choices in home designs.

Dominion Homes features high-quality products from some of the Nation’s top brands.  Dominion is a home builder constantly striving to bring their customer’s quality they’ll love – at a price they can appreciate.  From name brand stylish state of the art appliances from companies like Whirlpool and Maytag, to energy efficient materials including windows and doors from Jeld Wen and  premium cellulouse insulation from Nu-Wool  that is guanteed to save you 40% on your energy bills.

Dominion is a home builder for every lifestyle.   So whether you™re looking to move up to a luxury home, planning to downsize and simplify, or you™re finally ready for your very first home, we have plenty of home collections and unique floor plans for you to choose from.

At Dominion,  they strive for legendary customer service.   From  their friendly, knowledgeable sales representatives, to  their dedicated and talented Construction Superintendents, and on to  their ever-helpful Customer Care team (just to name a few), you™re in good hands before, during and after the sale.    Their goal is for you to become a customer for life.    

Dominion Homes is an Accredited Business with the Better Business Bureau (BBB) with an A Rating.

Collections:

Dominion Homes offers 6 series/collections  of homes to accommodate every buyer!   Each series offers different amenities, features, selections, floor plan, price range and location.   Sp whether you’re  a First-time homebuyers, Move up buyers, Buyers looking to downsize,  or buyers looking for a maintenance free lifestyle, Dominion has plenty for you to choose from!

Click here to view the Full Collection of Dominion  Homes

Communities:

There are 10 locations in North Columbus.   The communities are located in: Olentangy Schools, Delaware, Big Walnut, and River Valley Highlands Schools.

There are 17 locations in East Columbus.   The communities are located in: North Fork Schools, Licking Heights, Reynoldsburg, Southwest Licking, Pickerington, Columbus, Lancaster, Canal Winchester and Groveport Schools.

There are 15 locations in South and West Columbus.   The communities are located in: Teays Valley Schools, Southwestern, Hilliard, Marysville, and Columbus Schools.

If you are a buyer considering a new build inventory home or if you’d like to select a lot and build a custom home please, call  us today!  Our team of experts will assist you everystep of the way   and we offer all of  our client™s one stop shopping.   Furthermore their is no cost to you for our service as the builder covers this expense!   Call me today at 614.332.6984  to get started!

The central Ohio housing market was active last month as more homes were put on the market and in contract compared to last year. There were 2,610 homes for sale that went into contract (but haven™t closed) which was up 44.8 percent over the 1,803 homes put in contract during May 2010 according to the Columbus Board of REALTORS ®.As for inventory, there were 3,723 homes added to the market in May 2011, up 10.6 percent from the 3,366 new listings during the same month one year ago.

In contracts and new listings are both important housing market indicators, having such strong increases in both areas is a healthy sign for the central Ohio housing market.

Currently, there are approximately 15,146 residential homes available for sale in the central Ohio area “ 12,322 single family homes and 2,824 condominiums.

Home prices continue to inch up, with May™s average sale price up 2.6 percent over April. However, May™s average sale price of $158,191 was down 4.7 percent from the same period in 2010.

Homes closed last month reached 1,875, up 15.7 percent over April home closings, but were down 25 percent from May of 2010.

May of 2010 was a busy month for home sales as so many buyers were on their way to the closing table after meeting the home buyer tax credit deadline. But sales are up over 2009 when we were in the midst of the first round of home buyer tax incentives which is yet another positive sign.

The cliché says that there has never been a better time to buy.   The hard data in the housing affordability index confirms that.   The affordability index, which takes into account median income, median home price, and mortgage rates, has been bouncing around in the 180 to 200 range since the beginning of this year “ the highest reading since the index was first used in 1971.

Click here  to view the May sortable housing market report by area.
Click here  to view the entire central Ohio Local Market Update.
 
The Columbus Board of REALTORS ® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, Muskingham, Perry and Ross Counties.

Click here for more information about the central Ohio housing market.

To view residential properties for sale, visit http://www.JasonOpland.com    - Search for Columbus Ohio Homes – Search the Columbus MLS

To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.

If you, or someone you know is considering  Buying or Selling a Home in Columbus, Ohio  please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group  Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights   Granville   Grove City   Groveport    Hilliard   Lewis Center    New Albany   Pickerington    Polaris    Powell    Upper Arlington    Westerville    Worthington

Roughly forty percent of the homes offered for sale in today™s market are short sales and foreclosures!  Distressed properties are well known for their value, but they also have a reputation for transactional snafus, last-minute surprises and long, drawn-out escrows.  While many inexperienced  agents advise  avoiding these properties altogether,  a better option is to find a short sale specialist  and get  educated about the most common  issues  associated with  these deals, and how to go about  avoiding them.

1.    Drawn out  escrows…  Processing delays.  When you™re buying a home (or selling one, for that matter), time is absolutely of the essence.  And buyers reasonably expect that the big time  drain in real estate is in the house hunting process itself;  as once you find a home you want to buy and the seller agrees to your price and terms, things should move pretty quickly, right?

When it comes to bank owned distressed property sales this isn’t always the case and in most instances  these transactions take anywhere from a few days to a few weeks longer than œregular sales, because of the extra signatures, supervisor-level approvals and/or investor involvement required to seal the deal.  Banks don™t have the same sense of urgency individual home sellers do, and it™s not uncommon for the people who need to sign on the dotted line to be on vacation or scattered across the country, adding days™ or weeks™ worth of time to the escrow.

And short sales are also an entirely different animal when it comes to  processing timelines. While a standard sale from an individual seller to an individual buyer might take 45 days from contract to closing, a short sale  can take anywhere from 45 days to  3  to  6 months to get the deal closed. (your agent should be able to procure an estimated processing timeline from the listing agent, however, if  your agent is a short sale specialist they should have an  idea of  the average  short sale processing timeline for the bank  involved)  

Avoid  frustration by  expecting your escrow to run long, and being pleasantly surprised if it doesn™t.  Expectation management is everything. Make sure you take these extended timelines into account when you™re working with your mortgage broker on the issue of when to lock your interest rate, and how long your rate locks will last. You might even need to plan on and/or set aside an allowance for the cost of extending your low interest rate, if rates are rising rapidly during the time you™re waiting for the deal to be done.

2.  Bank won™t take lowball offer.  Banks owe their shareholders and investors a duty to get as much as they can for these properties. Just because you see it™s on the market and listed as a short sale or a foreclosure doesn™t mean they™re going to give it to you for a fraction of its worth. The bank™s goal is to get a purchase price as close to the home™s fair market value, as determined by the recent sales prices of similar, nearby homes, with some adjustments made for the property™s condition. Fact is, many banks would rather see the listing agent reduce the price by a moderate amount, and wait to see what offers come in, than to accept an offer 30 percent below the asking price just because there are no other offers on the table. Working with an agent who specializes in short sales and foreclosures is key to snagging the best deal as these agents will have insight into realistically what the listing bank might accept, and how to influence their expectations. That said, their are ways of influencing the bank’s value assessment to the buyer’s benefit and an agent specializing in short sales will be able to best assist you in doing this and securing the best deal possible on the property.

Avoid the  frustration by  working with an agent who specializes in short sales and foreclosures  and one who can assist you in making a realistic offer.  Sit down with your agent, review the ˜comps™ and make a smart offer that reflects a good value for you, is within your budget and is not bizarrely out of the realm of the fair market value of the property.

3.  Last minute postponements/cancellations. These transactions have an uncanny way of being delayed at the last minute through no fault of the wanna-be buyer, and in some instances they can be  rejected entirely. You signed docs yesterday, just  loaded up the moving truck, only to  receive a  call from your broker that the deal didn™t close because the  title company which was selected by the bank  failed to have a single sheet of paper signed  (it happens). Or, you™ve been in contract (with the seller) on a short sale for  three months, and the bank refuses the sale entirely because the seller refuses to  contribute $1,000  into the deal to offset the bank’s loss, this  despite their having a flush savings account.

Avoid the  frustration by staying as flexible as possible with your moving plans as long as possible. Best practice is to plan on some overlap between the time you can be in your last place and your scheduled move-in date. Also, if you™re in contract on a short sale, you should take the point of view that you don™t have a firm deal until you get the bank™s approval of the transaction. So don™t even think about starting to make moving plans or paying for home inspections and appraisals until you know the bank has  signed off on  the deal and that the purchase price and terms they™ve approved work for both you and the seller.

4.    Bank™s black out. Make an offer on a normal home and you™re likely to know what the outcome will be within a few hours or a few days, at the outside. If things take longer because the seller is out of town or  such, the listing agent tells you that, and you at least know what™s going on.

Make an offer on a bank-owned property or a short sale?  It™s a crap shoot “ could be days, but could also, easily, be weeks or months before you know what™s going on.  And no amount of calling, pleading, prodding or nudging is likely to get you much information on how your offer or the seller™s short sale application is being handled or what (if any) progress is being made.  And that œblack out  is very frustrating.

Avoid the  frustration by  continuing your house hunt until you have an answer back.  Maniacally pestering the listing agent for answers or harrassing your buyer™s  agent into spending hours on hold with the bank is highly unlikely to get you any insight. (With that said, it does make sense for your agent to check in regularly “ sometimes even daily “  with a short sale or REO listing agent to stay updated on any developments with the property and to make sure your offer/transaction stays in the front of their mind.)

Most of the angst in these situations arises when a buyer feels they passed on properties that would have really worked for them when they pinned their hopes on a distressed home.  You can only control your efforts and activities, not the bank™s.  So, consult with your own broker or agent about staying proactive in viewing and even pursuing other properties until you have a firm œyes from the bank on your short sale or REO offer.    Until that time, and usually for a short time after you get the bank™s approval, you have the right to back out of the transaction if you need to (make sure your broker briefs you on precisely when your right to rescind your offer or exercise contingencies “ i.e., bail “ will expire).

5.  Double standards. In a œregular equity sale with no bank involvement, both buyer and seller are obligated to meet various timelines.  Seller has to provide disclosures by X date, open the property to inspections “ with utilities on “ by Y, and close and move out by Z.  REO and short sale buyers, on the other hand, are often dismayed to find that even though the bank might take weeks or months to sign or handle its deliverables, the bank will insist that the buyer show up, sign or send a check for example when requested and in a timely manner.

Avoid the  frustration by  chalking it up to the (admittedly irritating) way things are “ the price you pay to buy from the bank.  Realize that working with the bank on the bank™s terms is unavoidable when you buy a distressed property. Then, go into the deal with realistic expectations “ including the expectation that the bank will drag its feet, despite expecting you to keep every deadline “ and you™ll be less frustrated, and less likely to make poor decisions out of frustration.

Also, make sure you do respond in a timely manner to the bank™s requests and your obligations under the contract.  I™ve seen banks capitalize on buyer delays in returning signatures and removing contingencies to accept higher offers they received in the interim.  Don™t lose your home on a technicality because you assume that the bank™s lackadaisacal timelines apply to you as well.

If you™re a  buyer, or an  investor, interested in purchasing short sale or foreclosure properties,  please give us a call or send us an email as we™d be happy to assist you by sending over a an inventory of properties matching your criteria.    

The Opland Group  Specializes in  Real Estate Sales, Luxury Home Sales, Short Salesin;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights    Granville    Grove City    Groveport    Hilliard   Lewis Center    New Albany    Pickerington    Polaris    Powell      Upper Arlington    Westerville    Worthington