So you have an idea of how much your house may sell for, but you are wondering how much of that amount is yours to keep? Watch this short video for some answers.
So you are thinking about buying a house and you wonder what you can have inspected, how much will it cost and who will perform the inspections? All great questions and very common. Here in Central Ohio, if you are using a Columbus Board of Realtors standard purchase contract, and have requested an inspection time period, you as the buyer are allotted a specific number of days to have the home inspected. Any aspect of the property may be inspected. From the roof to the sewer. From the gas lines to the sink lines. The seller will make reasonable accommodations to allow you and your qualified, licensed, insured and bonded inspector into the property to perform inspections. Once this is completed the inspector should give you a written synopsis of the condition of the item inspected. This report will be necessary should you need to request the seller perform any remedies on the home. A note of interest here, it is also recommended that you contact your insurance agent during this time to confirm insurability of the property. You do not want any surprises popping up a few days before closing.
As always, if you have specific questions please give me, Michelle Demopolis, a call at 614-940-0655.
Your house was on the market but didn’t sell. Now What? In this video are a few tips on what to ask the next agent when considering re-listing your home in Central Ohio.
The Demopolis Team has another option for some home owners….. we work with a local new home builder that will actually BUY your existing home when you build a new one with them. They will write you a contract so you know exactly how much you will receive, allow you to live in your home while they build your new one and then you will close on both the same day. That takes all the guess work out of the buying and selling process.
Call Michelle Demopolis at 614-940-0655 for more details.
Feeling the breeze from a ceiling fan just may be a step you can take toward greater energy efficiency this winter.
You can save as much as 40 percent on the cost of cooling your home because a fan creates airflow that cools the people in the room, reducing the need for air conditioning, says Leslie Killingsworth, director of purchasing for Progressive Lighting/Lee Lighting stores.
In the winter, she says, ceiling fans recirculate the warm air at the top of the room, which raises the temperature in the living space below (if fans are switched from running counter-clockwise in the summer to running clockwise in the winter). Using ceiling fans can trim heating costs by 10 percent, according to Casablanca Fan Co.
Fans have become an extension of decorative lighting, with people returning to traditional styles with plated finishes or choosing a rustic style for a more casual look, Killingsworth said. Other fans have more natural materials, also fitting with the desire for a greener look and feel in homes.
Ceiling fans with new DC motors (instead of the traditional AC motors) enable homeowners to use less electricity, says Phil Sherer, vice president of sales at Masterpiece Lighting.
Some motors are virtually silent, and since the motors are smaller, the fans are lighter, he says.
The fate of the mortgage interest tax credit seems to be on everyone’s mind at the moment. I get asked about it pretty much everywhere I go these days, from business meetings to media interviews – even casual discussions at holiday parties. People are afraid of this happening, though not everyone sharing their worries seems to fully grasp what losing this credit might mean beyond what it might cost them personally.
In an attempt to avoid careening off the dreaded fiscal cliff, the government is reconsidering many of the things Americans have traditionally considered sacred – this tax credit being one – and essentially putting them all on the bargaining table. From my perspective, eliminating or dramatically reducing the mortgage interest tax deduction is the exact opposite of what would be best for the economy right now. Though some view this tax credit solely as a benefit for so-called wealthy homeowners, it has become a fundamental economic benefit to homeownership for tens of millions of Americans, and is a crucial component to maintaining stability within the housing market.
How significantly changes to the mortgage interest tax deduction will affect the health of the housing market really depends on how deeply the government decides to cut. If the tax credit is eliminated entirely, the impact on the real estate market could be devastating. Right now, the “move up” market is weak, and people who benefit from the tax credit comprise a good portion of that market. Eliminating the financial benefits of the tax credit, combined with tax hikes likely to be imposed on “wealthy” families may very well drive tens of thousands of potential homebuyers out of the market completely. Without the credit, home prices at the upper end of the market will undoubtedly fall, which will have an effect on pricing throughout the housing ecosystem, depressing prices just when the market is finally beginning to recover from a multi-year downward cycle.
While I doubt we’ll see the tax credit eliminated entirely, it seems likely there will be lower caps imposed on what can be deducted, as well as more stringent limits on what properties and loans a borrower can claim interest credit against. If these changes are significant, I suspect we’ll experience some softening in the market as well as the economy as a whole. After all, a weakened housing market will contribute to adverse conditions in related markets such as construction, building materials, home appliances and the like.
So even if we don’t go over the fiscal cliff, burdening the upper middle class and high-income households in this way can only hurt the real estate market. Considering that it’s been the housing market that’s pulled the U.S. out of virtually every recession since World War II, it seems like we should be shifting our focus to stimulating it in any way we can rather than doing anything that might knock it down. Doing the latter – by way of eliminating the mortgage interest tax credit or otherwise – could very well stall economic recovery. Nobody – regardless of their socio-economic class – wants that.
Nearly three quarters of potential buyers believe home prices will increase in their neighborhood in the next twelve months, twice as many as in the first quarter.
Despite forecasts that prices will increase less in 2013 than this year, buyers are more concerned by rising prices than the overall economy. Thirty-three percent of buyers listed rising prices as a major concern in the fourth quarter, up from just 23 percent in the third quarter. Meanwhile, 22 percent said they were concerned with a weak economy, down from 27 percent in the third quarter.
More Than 70 percent of buyers believe prices will rise next year in their markets. The number of buyers who believe prices are rising shot up even higher in the fourth quarter, although most still expect gains to be modest. Ten percent of respondents expect home prices in their area to “rise a lot” over the next twelve months, the same as last quarter; 61 percent expect prices to “rise a little” an increase of ten percentage points over last quarter. Twenty-one percent expect prices to “stay the same,” 6 percent expect prices to “drop a little,” and less than 1 percent expect prices to “drop a lot.”
A growing number of buyers are planning to buy in order to get out in front of rising prices. Thirty-three percent of respondents indicated rising prices as a motivation for buying now, up from 29 percent in the third quarter and just 19 percent in the first quarter. Not surprisingly, a decreasing number of buyers cited “low home prices” as their reason for buying-just 28 percent in this quarter’s survey, down from 33 percent in the third quarter and 40 percent in the first quarter.
More than half (59 percent) of buyers listed low inventory as their top concern with buying now, consistent with last quarter’s rate. When we asked buyers how low inventory was affecting their home search, nearly half (46 percent) indicated that they have expanded their search to include new areas that they hadn’t previously been considering, while 38% indicated that they would be taking a break until more listings come on the market.
The percentage of buyers who were also potential home sellers roughly doubled, from 8 percent to 16 percent; after years of rising, the percentage of first-time home-buyers actually decreased from 48 percent to 37 percent. Buyers who believe prices will rise over the next 12 months has gone from one in three (34 percent), a minority, to an overwhelming majority, nearly 3 in 4 (71 percent); the number that considered delaying a purchase to see if prices dropped further declined from nearly 1 in 3 (29 percent) to one in 20.
For homebuyers who are not first-timers, we asked if they’re planning to buy a home that is bigger, smaller, or the same size as their current home. The most common response was “much bigger,” at 49 percent. Only 9.6 percent intend to buy a home that is much smaller, while the remaining 41 percent are planning to buy a home that’s the same size but is nicer, more affordable, or in a different location.
Most homebuyers are not very concerned about the Fiscal Cliff and possible changes to the Mortgage Interest Deduction. Although the possible consequences of some of the proposed changes may be large for certain people, only about 5 percent of buyers are seriously concerned and only 23 percent are being more cautious in their home search while they wait to see how things pan out.
For many homeowners, decorating is one of the most exciting and tradition-driven parts of the holiday season. Lights, candles and other bright decorations can all be great ways to make your home look festive for the holidays, but faulty wires and open flames can quickly lead to disaster if precautions aren’t taken. There are several steps you can take to holiday-proof your house in order to prevent accidents and ensure that your family and home remain safe—and festive—all season long.
Lights and Electricity
Purchase lights and equipment from a reputable vendor and check labels for safety certification. If you’re taking old décor out of storage, inspect all lights and cords for damage before plugging them in. If a string of lights has broken bulbs or exposed wires, throw it out. Invest in a light timer or set a schedule to ensure you never leave lights on too long, and make sure to unplug everything before leaving the house or going to bed. Avoid overloading outlets or extension cords with too many plugs. Not only is this a potential fire hazard, it can cause electrical damage that could leave you with a hefty repair bill.
If you buy a real tree, be sure to keep it watered at all times. A dry tree will catch fire much faster than a well-hydrated one, and in heated rooms, trees lose water rapidly. For those who prefer artificial trees, make sure to choose one labeled “fire-resistant.” In addition, use non-flammable ornaments and tree trimmings for maximum protection.
Never leave candles unattended. Keep open flames out of the way, where small children and pets can’t knock them over. Be sure to extinguish candles before leaving the house or going to bed, and take care to ensure that wax drippings don’t damage flooring or furniture.
Test your home’s ground fault circuit interrupters (GFCIs) to make sure they are working properly—they are the first line of defense against electrocution. Ensure that all decorations and extension cords are designed for outdoor use and keep electric objects away from snow and water. Inspect all equipment for damage before use, and take proper safety precautions when using ladders and power tools.
Test all fire and carbon monoxide alarms to make sure they work correctly. If a rogue candle or faulty wiring leads to a fire, you want to be alerted as soon as possible. On a similar note, prepare an emergency plan for fires or other disasters, and make sure your family and house-guests know what to do in the event that something does happen. Keep fabrics and other flammable materials a safe distance (three feet is a good rule of thumb) away from heaters and vents, and consider childproofing electrical outlets.
By following these tips and sharing them, you can ensure a happy, healthy and safe holiday for all.
At the Demopolis Team, we strive to help our clients cover all the bases and partner with winning professionals that provide championship service and great rates. Michelle is pleased to work w/ Craig Krenzel and AKL Insurance Group because they know how to deliver great results. Contact Michelle or Craig today if you have any real estate or insurance questions!
Who doesn’t love a new pair of shoes??? For the month of September, we are giving away a $50.00 gift card to D.S.W. to one of our lucky Facebook or Twitter supporters. All you have to do is like and/or follow us and you will be eligible to win. Our Facebook link is http://www.facebook.com/thedemopolisteam and our Twitter handle is @demopolisteam. Remember The Demopolis Team for your Central Ohio real estate needs!!!
Beautiful home for sale in Westerville Schools with a delightful backyard – fully fenced, large deck and mature trees await your BBQ’s!
The Demopolis Team has just learned of a company that specializes in helping people navigate the negative issues on their credit reports and we are very excited about the options this will open up for people. Sometimes potential buyers are just told NO, without being told how to turn that no to a YES. Through the help of this company, a specialist will explain everything on the report and prioritize actions for you. While there is not a magic wand to make things go away, a lot of misinformation is often found on credit. You may have options to buy that house you want after all! Call the Demopolis Team today to get more contact information. 740-362-2400, ask for Michelle Demopolis
I am often asked this question and I am always glad to answer it. The #1 thing is TRUST – you HAVE to be able to trust your Realtor and be honest with them, or they will not be able to help you. Next, they need to be experienced in the area you wish to do business, and they need to have experience with the type of property you are buying or selling. Please don’t be afraid to ask them questions about their experience and results. Any professional, full time Realtor will now their numbers and be able to answer your questions, or know where to get the answers. Call the Demopolis Team today to get more information. 740-362-2400, ask for Michelle Demopolis.
The lending world continues to change and evolve, and circle back and change it’s mind! From bank to bank, from month to month the options change. At the Demopolis Team, we begin the process with our buyer’s by listening to what their needs are – what are their goals and objectives? Then after that, we can discuss what type of properties may meet these needs.
Many options exist for lending currently – from work equity programs at new builds (where you do work in exchange for the builder paying your down payment), to grant programs and even 100% financing in certain circumstances.
We have many lenders we can put you in touch with to discuss each of these options today! So for further information or to ask any questions, please give us a call at 740-362-2400.
Do not automatically rule out selling your home because of what your neighbors are doing. When it comes to purchasing a bank owned home, a foreclosure, or even a short sale, as compared to a home owned by an owner-occupant, the process is completely different and therefor appeals to different types of buyers. Many buyers are opposed to things such as repairs, dirt and damages that accompany many distressed sales. The other big factor in a buyer’s decision to choose an owner occupant home over a distressed home is time – there is a long process to go through in order to successfully close on a short sale and often times a foreclosed property. In contrast, you may be able to successfully sell and close on your home in 30 days or less. Plus you can present clean carpets and a move in ready home to the new buyers! That has value.
If you would like information about your specific neighborhood and how the distressed market may have affected your home, please give us a call at 740-362-2400.
Real Estate Market Update
- 6059 ACTIVE Listings
- 2751 IN CONTRACT Listings
- 2561 CLOSED in last 60 days
- 1160 ACTIVE Listings
- 542 IN CONTRACT Listings
- 573 CLOSED in last 60 days
The Demopolis Team
We currently have 19 Properties IN CONTRACT. Your home could be NEXT!
So what do these numbers mean to you…..?
It means that the housing market in Central Ohio has stabilized and there is now a shortage of sellable homes! These are some of the characteristics of a Seller’s market!
We have less than 5 months’ worth of inventory! Now is the time to put your home on the market. Do not wait until the media figures this out, because by then things locally may have changed. The media doesn’t start to talk about things until AFTER they have already happened. Meaning, it is a huge shifting outcome that the media reports on. This means the market has ALREADY happened when they start to discuss it.
Take advantage of this historic time today! Don’t wait for the news to tell you to!
…In Central Ohio, there has not been a better time to sell or buy, at the same time, in years.
- LOW interest rates means buy more house for a lower payment
- LOW levels of inventory means less time on the market
- Many financing options available, even 100% financing
- New builds available at lower pricing and offering increased incentives
- Homes on the market are being presented in a clean, crisp staged manner
- Serious Buyers and Serious Sellers are in the market TODAY!