Another challenge for the Columbus Ohio real estate market - no more down payment assistance for first time home buyers.

Ohio First Time Home Buyer Down Payment Assistance programs - Temporarily Discontinued - Effective October 13, 2008
I received a memo regarding OHFA - Ohio Housing Finance Agency’s First Time Home Buyer Program which has been providing down payment assistance grants, enabling Ohio first time home buyers to buy a home with no money down in Central Ohio. It appears the financial crisis is now affecting Ohio’s ability to help first time home buyers make buying their first home more affordable. I have had many first time home buyers over the years utilize this program for their down payment and am sad to see this program being discontinued. It will certainly have an impact on the Columbus Ohio real estate market, with even less buyers qualified to buy homes now, especially homes under $150,000.

Here’s the core message from the memo: As the financial market continues to be volatile, the Ohio Housing Finance Agency is unable to meet the needs of first time home buyers because they don’t have the capital to continue providing down payment assistance grant money. The recent elimination of no money down gift loan programs probably increased the number of buyers that were seeking down payment assistance from OHFA, since that was the only other way to obtain down payment assistance money. The Ohio Housing Finance Agency (OHFA) Ohio first time home buyer program volume has been increasing at a rate they can no longer sustain so they have to discontinue providing down payment assistance grants for first time home buyers.

There are now very limited ways for Central Ohio home buyers to buy homes with no money down in the Columbus Ohio area. A few options still remain including: obtain a gift for your down payment from a family member, 100% VA loans for veterans and 100% mortgage loans for medical doctors.

Also HUD has a great program right now where you can buy a HUD home in Central Ohio, with only $100 down plus they’ll provide a $2500.00 repair credit that can be used toward closing costs or repairs. If you’re open to considering a HUD foreclosure home in Central Ohio, it’s a great deal to take advantage of, while it lasts.

GET FREE COLUMBUS AND CENTRAL OHIO REAL ESTATE AND HUD HOME LISTING UPDATES

If you’re interested in buying a home in Central Ohio, I can help make your home search easier by emailing new listing updates from the Columbus Ohio MLS. You’ll get all the details, photos, virtual tours and price change updates too. The Columbus Ohio MLS includes all real estate listings in Central Ohio, by any real estate agent/broker in Central Ohio plus HUD Repo, bank owned foreclosure properties, short sales and more. To get started complete my Columbus Ohio Home Finder Service Form OR call Petra (Pay tra) at 614-895-0496 anytime from 8am-10pm EST.

I’m sure everyone has heard by now the Columbus Ohio real estate market is not the best for sellers in 2008. Columbus Ohio and many Central Ohio suburbs are currently experiencing a “buyer’s market.” Depending on your situation though, it might still be a good time for you to sell your Central Ohio home. For example, if you want to move up and buy another home in Central Ohio, your current home might sell for less than you hope for, but you’re likely to save more on what you purchase because it is selling for proportionately less too.

While some real estate markets in the Columbus Ohio area are certainly doing better than others, in general, homes that are priced appropriately and prepared properly are still selling. If you are serious about selling your home in the Columbus and Central Ohio area read on to learn more about preparing your home. Contact Petra at 614-895-0496 to discuss selling your home in the Columbus Ohio area or visit: ColumbusCastles.com - Learn how Petra can help successfully sell your home in Columbus and Central Ohio.

August 2008 Columbus Ohio Real Estate Market Update for Home Sellers in Central Ohio

Some good news for home sellers in Columbus Ohio! According to the Columbus Board of REALTORS®, Columbus Ohio real estate sales inventory of homes for sale in Central Ohio, has been decreasing throughout 2008. In August 2008, there were 16,975 homes for sale in the central Ohio area, which is 14.2 percent lower than last year at the same time. The average sales price of a home in the central Ohio area is down 4.8 percent from one year ago. However, the average sales price in August was $175,632 approximately 15 percent higher than the average sales price of $152,790 in January 2008! Some areas in Central Ohio are holding their value better than others and are not necessarily experiencing these same declining values.

Should you need to sell your Columbus Ohio home in this current buyer’s market, it needs to be prepared properly, priced appropriately and staged effectively to attract buyers. Based upon my years of experience working with Central Ohio home buyers, I hear first hand what they like and don’t like in homes. I’m going to share some tips to help your home stand out from the competition and be more appealing to buyers in any market.

1. PRICE IT RIGHT. Set a realistic price based upon recent comparable sales of homes sold in the last 6 months. Your home’s value has nothing to do with what you paid for it or what the Franklin County Auditor has assessed it at. It is worth what other buyers have recently paid for homes similar to yours and that’s where your home should be priced. If you owe more than it is worth in the current Columbus Ohio real estate market and can’t wait to sell, then you may want to consider a short sale to avoid foreclosure. Call Petra at 614-895-0496 to discuss your options.
2. PAINT . . . PAINT AND MORE PAINT!! Paint is probably the cheapest update you can do yourself and it can make your home feel like it’s move in ready inside. You may like red, green and yellow walls or striped wall paper - but what if those colors don’t coordinate with a new buyer’s furnishings? What do you think the chances are that most buyers will have decor that goes with your paint colors? If your walls aren’t neutral - PAINT THEM. If buyers think they have to paint every room in the house - they will feel like the home needs too much work and pass it by in favor of another home that is neutral and feels more ready to move in. Remember, buyers have lots of homes to choose from, in today’s Columbus Ohio real estate market and most will prefer a home that is move in ready over one that needs every room painted.
3. DE-CLUTTER. It is important to keep the buyer’s focus on the home not on your family. Remove most of your personal collections, family photos, political statements, etc. These can distract buyers from the important mission that brought them to your home. Remember you want buyer’s to envision their furnishings in your home so they can see themselves living there. They can better focus on where to place their furniture when there’s less of your clutter and excess furnishings in the way.
4. UPDATE FLOORING. Dirty, dated or smelly carpet, busy linoleum, worn hardwood floors, cracked ceramic tiles, etc. are a real turn off for buyers. To them it seems obvious that these should be replaced. Either replace it up front or acknowledge they need replaced by offering a flooring allowance. It’s typically best to just replace it up front, if you can afford to because it will make your home feel more updated to the buyer.
5. PRIDE OF OWNERSHIP SHOWS. Take care of any glaring repair and maintenance issues. The buyer must establish a sense of trust in your home. Buyers feel more positive about a home when it looks like it’s been well maintained and taken care of.
6. SHOWING YOUR HOME. Presentation should be meticulous - your home should be sparkling clean throughout. Make your home feel light and bright with drapes open and lights on. Eliminate any pet, smoke or food odors. If you’re going to use air fresheners or candles, make sure the scent is clean, refreshing and subtle. I’ve been in some homes where the air freshener scent was so strong we could hardly breathe. The right scent can make your home feel more welcoming and relaxing, but the wrong scent can set the tone for buyers to go through the home trying to find out what you’re covering up with such a strong scent.

   Showing your home is an important step in winning the heart of a buyer. Remember that buying a home is an emotional decision and buyers use all of their senses to experience your home. A dark interior, unpleasant smell, barking dog, or uncomfortable temperature can eliminate your home from their list. I know your home may not be new like a model home, but your home can still show like one with a thorough cleaning, fresh paint and updated flooring.




7. GO AWAY FOR SHOWINGS. It’s not a good idea to be present when buyers come to see your home because they may shorten their time spent in your home feeling like they are intruding on your privacy. Or, they may not feel comfortable discussing your home as freely as they would if you weren’t there. I’ve also seen sellers try to offer certain information they thought was helpful, only to turn the buyer off. Showing your home is not a social visit and it’s best to not make assumptions about what a buyer wants.

REMEMBER - if buyer’s want a fixer upper . . . there are plenty of Columbus Ohio foreclosure properties in the Central Ohio real estate market they can get for a bargain. Unless you want to sell your home at a bargain, it should be in move in condition. The current Columbus Ohio real estate market is for SERIOUS SELLERS ONLY!

The Columbus Board of REALTORS® Multiple Listing Service (MLS) includes real estate listings and sales data for all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, Pickaway and Ross Counties.

Columbus and Central Ohio HUD home foreclosure update

The Columbus Ohio real estate market offers a wide variety of homes for sale, including HUD Repo and bank owned foreclosure properties. Since buying HUD Repo, bank short sale and bank foreclosure properties is so popular in the Columbus Ohio area, I thought I’d share this update on a great program to buy HUD homes in Columbus and Central Ohio for ONLY $100 DOWN. FHA has extended the $100 HUD Repo Program that allows borrowers to purchase HUD-owned properties.

The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) are extending the Sales Incentive Program in Ohio, for OWNER OCCUPANTS only. This Ohio HUD program offers huge sales allowances for owner occupants:

• Buy HUD homes for ONLY $100 DOWN PAYMENT

• Buyers using FHA receive $2,500 at closing to use on repairs, closing costs or to lower their mortgage amount.
• Buyers can obtain up to 3% in seller paid closing cost assistance.

Many HUD homes in Columbus and Central Ohio that I’ve seen typically need work. So it’s important to note that in addition to requiring only a $100 down payment for HUD homes, borrowers may also obtain financing up to 110% of the loan amount to have extra money for repairs. Appraiser-required repairs up to $5,000, all closing costs and pre-paid expenses may be financed up to 110% of the lesser of the appraised value or purchase price.

ALL COLUMBUS AND CENTRAL OHIO HUD HOMES ARE LISTED ON THE COLUMBUS OHIO MLS

The Columbus Ohio MLS - Multiple Listing Service is a database of real estate listings in Columbus and Central Ohio used by all Columbus Ohio REALTORS, who are members of the Columbus Board of REALTORS, to post their real estate listings. Since HUD homes are listed by Columbus Ohio Realtors, you’ll find them listed on the Columbus Ohio MLS. In fact, Columbus and Central Ohio HUD homes are not available to bid on until they are posted on the Columbus Ohio MLS and you must go through a REALTOR to place your bid.

In addition, banks also list their foreclosure properties with Columbus Ohio Realtors. So you’ll find bank owned foreclosure properties listed on the Columbus Ohio MLS - Multiple Listing Service as well.

As a Columbus Ohio REALTOR, I have access to all HUD homes in Central Ohio.

As a full-time REMAX Columbus Ohio Realtor and Accredited Buyer Representative, I’d be happy to help you find your ideal home - whether it’s a HUD Repo, bank foreclosure, short sale or negotiate to get you a good deal on any home listed for sale in Central Ohio. Plus, I’ll look out for your best interests throughout the process, AT NO COST TO YOU. That’s right - it doesn’t cost anything to have a buyer’s agent working for you.

GET FREE COLUMBUS AND CENTRAL OHIO HUD HOME LISTING UPDATES

I can set up a search to email you with any new HUD Repo, bank owned foreclosure properties, short sales and more - the same day they come on the market. Just share information about what you are looking for by completing my Columbus Ohio Home Finder Service Form OR call Petra (Pay tra) at 614-895-0496 anytime from 8am-10pm EST to get started.

You can also search the Columbus Ohio MLS for all Central Ohio Real Estate listings on the internet at www.columbuscastles.com/search-columbus-mls