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Housing Market Review 11/21/2011

2011-11-27T20:29:00.000-05:00

It was a surprisingly quiet week for mortgage rates with little of the daily volatility seen in recent weeks. Investors continued to watch the situation in Europe, but events there had little impact. The US economic data was roughly neutral for mortgage rates, and rates ended the week with little change.

The economic data released this week was positive for the economy, with stronger than expected economic growth and lower than expected inflation. Retail Sales, Industrial Production, Housing Starts, and Jobless Claims all exceeded their consensus forecasts. Meanwhile, Core CPI inflation was a modest 2.1% higher than one year ago. For mortgage rates, the tame inflation data was positive, while the relatively strong growth data was negative.

Investors continued to closely monitor the debt troubles in Europe. While Italy's bond yields remained below the highs reached last week, bond yields in France and Spain climbed to new highs. Investors are concerned that nearly every euro zone country except Germany is at risk of seeing a sharp rise in yields, which will make it even more difficult to meet their debt obligations. Weaker euro zone countries are increasingly looking to Germany for additional aid, but the Germans are reluctant to bear the cost. The level of aid provided by Germany, most likely through the European Central Bank (ECB), will heavily influence the ability of the other countries to resolve their debt problems.

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Keep your A/C unit working properly

2010-08-23T22:50:00.000-04:00

Follow these tips to keep your air conditioner running smoothly for the remainder of the summer:

(1) Keep It Clear
Keep the area around the outside A/C unit clear of grass, bushes, leaves and anything else so that the fan gets the maximum amount of airflow. Ensure there is nothing blocking the vents or around the unit for one or two feet in every direction.

(2) Keep It Clean
Turn off the power to the unit before cleaning. Check that the interior is free of debris on the inside and outside. Most units can be cleaned with a hose sprayed from the top down, washing any dirt or debris from the inside. Remove one side panel of the outside unit and then take a broom or rake and remove any leftover debris or leaves that have been washed down to the bottom.

Coils can be damaged fairly easily, so spraying them down with water usually is sufficient.

(3) Keep It Cool
The U.S. Department of Energy recommends shading your central A/C unit so that it doesn’t have to work as hard to cool the coils inside the unit. Planting a shade tree near (but not too close) the unit can help keep the unit cool and running efficiently. According to the U.S. Department of Energy, this one action could save you up to 10% on your cooling bill.

(4) Keep It Consistent
Turning the A/C unit on and off can wear down interior switches and potentially damage the thermostat. Instead, set the thermostat temperature and let the air conditioning catch up and do its job without interference.

An automatic thermostat can be programmed to change the temperature when the home is typically empty during the day. This money-saving idea also saves energy, since the house won’t be as cool when no one is at home.

Keep the central air conditioner fan on AUTO and not ON all the time. These systems are meant to cycle on their own terms and keeping the furnace fan ON all the time could actually blow warm air back into the home.

(5) Keep It Maintained
Check the air filter and replace it a little more often than usual. In addition to the filter, look around for any leaks in the hoses or air ducts. Loose ducts with small gaps and tiny air leaks around older duct work can severely diminish the A/C’s efficiency.

(6) Keep It Charged and Serviced
A professional technician can tell if the refrigerant should be recharged or if other system elements need replacing. Consider having a full service on your A/C unit every year or two. The money recovered in energy savings and peace of mind during those hot summer days will easily compensate for the incremental cost.

To search for a new home please visit us at:

www.westervillehomes.info
www.pataskalahomes.info
www.pickeringtonhomes.info
www.gahannahomes.info
www.newalbanyohiohomes.com

Is there Radon in your new home?

2010-06-14T15:07:00.000-04:00

WHAT IS THE SOURCE OF RADON?

Radon is naturally occurring odorless, colorless, radioactive gas that is formed by the ongoing decay of uranium in soil, rocks, sediments, and even well or ground water. While radon that escapes into the atmosphere is not harmful, dangerously high concentrations can build up indoors, exposing residents to possible health risks.

HOW RADON ENTERS THE HOME:

Radon gas can migrate into the home in several ways. Openings or cracks in basement walls or floors are common avenues. Sumps, basement drains, and spaces between gas or water fittings can also allow radon into the structure.

HOW CAN YOU FIND OUT ABOUT RADON IN A HOME?

A Certified Home Inspector can conduct a Radon test as either part of the home inspection process or on its own. An inspector will set up the testing equipment and report on the results once the proper measurement procedure is complete. If an elevated level of radon is detected, steps can be taken to lessen the concentration inside the home.

REDUCING THE LEVELS OF RADON IN THE HOME:

Radon mitigation methods can include sealing likely entry points, improving ventilation, and a process called soil depressurization, which vents air from the house back into the surrounding soil, reducing the level of radon that can enter the home. Professional mitigation services are recommended to provide recommendations for a home's specific conditions. A home with radon can be easily fix and safe to live in!

For more information and to search for your new home please visit:

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Central Ohio March home sales on fire

2010-04-22T22:30:00.000-04:00

There were 1,704 central Ohio homes sold during March of 2010. This is 54.1 percent higher than the previous month and 25.3 percent higher than March of 2009. First quarter saw 3,873 homes sell in central Ohio which is 12.5 percent more than home sales during January through March of 2009, according to the Columbus Board of REALTORS®.

There were 4,949 residential homes put on the market last month – a 44.3 percent increase over new listings the previous month and 32.8 percent higher than homes listed in March of 2009.

“The central Ohio housing market is on fire right now,” exclaims Sue Lusk-Gleich, President of the Columbus Board of REALTORS®.

“There’s no question the home buyer tax credits have a lot to do with our market activity. But the significant increase in listings as well as rising sale prices are clear evidence that our local market is regaining its strength.”

For more information and to search for your new home please visit:

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www.gahannaohiohomes.net
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www.westervilleohiohomes.net

Home Buyer takes first steps

2010-04-06T21:23:00.000-04:00

If you are looking to purchase your first home one of the first steps to take is to get pre-qualified for a loan. This will help you and your realtor learn how much home you can afford. It is a great idea to get pre-qualified before you even start looking for a home.

Here is a brief list of items helpful in the pre-qualification process:

* Have a steady employment history, at least two years with the same employer.

* Consistent or increasing income over the past two years.

* Your credit report should be in good standing with less than two thirty day late payments in the past two years.

* Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.

* Any foreclosure must be at least three years old with good credit for the past three years.

Your mortgage lender will also look at your credit report, earnings, debts, and savings in order to see how much home you really can afford.

For more information and to search for your new home please visit:

www.jeffshomes.us
www.gahannaohiohomes.net
www.newalbanyohiohomes.com
www.westervilleohiohomes.net

Home prices on the rise in Central Ohio

2010-03-23T22:10:00.001-04:00

Central Ohio saw a healthy 12 percent increase in the average price of a home sold in February 2010. The 1,106 homes transferred last month sold for an average of $149,498 which was 11.9 percent higher than the average sale price in February of 2009 and 2.4 percent higher than homes sold in January. The average sale price for the first two months of 2010 is $147,682, a 9.1 percent increase over the same period one year ago according to the Columbus Board of REALTORS®.

The number of homes for sale increased as well last month. There were 3,429 homes added to the market in February, which was slightly higher than the previous month and 17.8 percent higher than the number of homes listed for sale in February of 2009.

“The rise in inventory doesn’t come as a surprise,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “The home buyer tax credits set to expire in April of this year are a substantial incentive for home owners who have been considering selling their home. Further, the credit for existing home owners to sell has attracted more homeowners interested in moving up into the market. And those owners are buying more mid range properties.”

For more information please visit:

www.jeffshomes.us
www.gahannaohiohomes.net
www.newalbanyohiohomes.com
www.westervilleohiohomes.net

Mortgage rates remain steady

2010-03-15T17:06:00.002-04:00

Freddie Mac reports that mortgage rates remained under the 5% mark for the second consecutive week, with the average interest on a 30-year fixed loan coming in at 4.95% from 4.97% a week earlier.

Meanwhile, interest on 15-year fixed loans averaged 4.32% versus 4.33% the previous week. Rates on five-year, adjustable-rate mortgages settled at 4.05%, a decline from 4.11% last week.

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January's Ohio home sales begin to stabilize

2010-03-01T22:24:00.001-05:00

The Ohio housing market continues to display signs of stabilizing, as it continues to rebound from the challenges it confronted throughout 2009, with sales activity in January nearly matching the month's results from a year ago, according to statistics provided by the state's Multiple Listing Services.

"Certainly the fact that our level of sales activity was relatively unchanged from a year ago is outstanding news and provides optimism for our prospects in 2010," said Doug McCloud, president of the Ohio Association of REALTORS. "Equally encouraging is the fact that the average sales price posted its fourth consecutive monthly gain. Having prices stabilize is tremendous news for current and future homeowners and, we hope, an indication that the market is poised for a return to normalcy.

"The economic challenges that affected Ohio and the nation since late in 2008 have certainly not dissipated entirely, but what we've seen transpire in the final quarter of 2009--with robust sales and prices--seems to have carried forward as we start the new year," McCloud continued. "One thing has become apparent...that the desire to make the American Dream of homeownership a reality remains strong throughout Ohio."

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Ways to improve your home for yourself or to sell

2010-02-22T21:18:00.000-05:00

Whether you are looking to sell your home or simply improve it for you and your family, there are several inexpensive projects to achieve your goals:

- Clean your home. Don't forget to wash windows inside and out.
- Eliminate clutter in all areas of the home. It will help make your home more organized, feel larger, and more comfortable.
- Clean up landscaping by trimming overgrown shrubery, removing weeds, edging flower beds, and freshening up mulch as needed.
- Remove large, oversized furniture and replace with sleeker, smaller furniture that compliments the room.
- Freshen up wall paint. Replace white or bright colors with calming, neutral colors such as beiges, olives, and yellows.
- Install window treatments with complimentary colors or update drab window treatments to brighten up a room.
- Replace dated light fixtures with contemporary ones.

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www.gahannaohiohomes.net
www.newalbanyohiohomes.com
www.westervilleohiohomes.net

Short Sale Myths

2010-02-06T00:02:00.000-05:00

There are millions of homeowners in distress who are looking for answers and don’t know what to do.

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. There is an overwhelming amount of misinformation about the options available. Here are some short sale myths:

- The Bank Would Rather Foreclose Than Bother With A Short Sale
- You Must Be Behind On Your Mortgage To Negotiate A Short Sale
- There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
- Listing My Home As A Short Sale Is An Embarrassment
- Short Sales Are Impossible And Never Get Approved
- Banks Are Waiting On A Bailout And Not Accepting Short Sales
- Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need.

If you have any additional concerns about this issue, or your circumstances are urgent, please contact me.

www.jeffshomes.us
www.gahannaohiohomes.net
www.newalbanyohiohomes.com
www.westervilleohiohomes.net

Important Facts about the Homebuyer Credit

2010-01-26T23:20:00.000-05:00

1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.

2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.

3. For qualifying home purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.

4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.

5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.

6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.

Visit www.jeffshomes.us or contact me directly for more information.

Welcome to the blogging world

2010-01-20T22:42:00.000-05:00

If you are looking to buy or sell a property in New Albany, Gahanna, Blacklick, Westerville, or any other Central Ohio community, please visit www.jeffshomes.us. I offer professional real estate advice and would be happy to help you achieve your real estate goals. Please contact me today via email at jeffriegler@remax.net or by calling 614.729.7543