Following is my latest Gahanna real estate success story.  The Columbus Ohio real estate market is really picking up. I have been showing condos to a first time home buyer in the Dublin and Worthington areas and we have had several go in contract before he could even make an offer on one and are now in a multiple offer situation on a Dublin condo.  I have another buyer looking in Clintonville and a few homes have gone into contract before we could make an offer on them.  I just saw a home in Grandview priced under $200,000, go into contract practically the same day it came on the market.  So there are many areas in Columbus and the Central Ohio suburbs where real estate is selling quickly.  The key is the properties that are selling quickly are properly prepared and priced for the current buyer’s market.  Foreclosures and short sales also remain popular with those buyers who are looking for a bargain and are okay with making repairs and taking the associated risk with purchasing those types of homes.

If you’re thinking about selling your home and buying another, this is a great time to take advantage of the increased market activity.  While it is still a buyer’s market in the Columbus Ohio area, prices are still low and mortgage interest rates are historically low as well.  As I have been saying for a while, you may make a little less on selling your home, but you’ll make up for it in what you buy, if you’re planning to move up.

Here’s the Gahanna real estate success story from Al and Tawny Whicker.  “In December of 2008, motivated by the low rates and falling house prices, we contacted Petra, Realtor with Remax Connection Realtors in Gahanna Ohio,  to ask if selling our Gahanna home of 10 years to step up to a bigger one was possible. She helped every step of the way. From recommending things we could do to make our home more appealing to buyers, to carefully pricing it and marketing it, she made the process much easier than it could have been.

What really blew us away was Petra’s marketing. She took fantastic pictures of the house, designed a beautiful flyer, created a virtual online tour with narration, and listed us on many web sites. The exposure was tremendous. In fact, as we searched the listings for our next home, it really showed how much better ours was marketed than most.

When it came to buying, Petra patiently listened, worked with our schedule, and took us to any home we wanted to see. She gave great input on pluses and minuses for each, including many things we wouldn’t have thought of, like future resale value.

In less than two months from listing, our home in Gahanna, we got an offer. Petra made sure the contract stipulated an extra week of possession after closing so we could have time to prepare our next home and move. There were no ideal homes on the listings for us that day, but one popped up the next day and we thought it would be perfect. That afternoon Petra met us there, and we were hooked at the front door. By the next day we had our offer accepted and were in contract to both sell the old house and buy our new home in Gahanna.

Petra was helpful and proactive every step of the way. We couldn’t have picked a better realtor, and are immensely thankful for Petra’s work and can-do attitude that made the whole process much easier than we expected. Thanks, Petra! We whole-heartedly recommend you for anyone buying or selling!”  Al and Tawny Whicker, proud Gahanna home owners!

I pride myself on providing the best marketing possible, for my listings.  You can view more on this recent Gahanna home sale at 414 Barwood Drive in Gahanna, Ohio 43230 and see the video on youtube below:

If you’re thinking about selling your Gahanna home, condo or real estate anywhere in Columbus and Central Ohio, I would love the opportunity to help you.  To learn more about the marketing and services I provide for selling your home in the Columbus Ohio area, please visit:  www.columbuscastles.com/sellers

Plus, if you are planning to sell your home and buy another home in the Central Ohio area, I offer special savings on the listing commission.   If you sell your current home and buy your next home with me as your buyer’s agent too, you’ll receive a 1% discount on the listing commission to sell your home in the Columbus Ohio area.  While there are some flat rate and discount mls services and for sale by owner MLS services who offer to sell Columbus Ohio real estate at a discount, you won’t receive near the level of marketing and service that I provide.  The extensive online marketing I provide really does make a difference in what you can make, when selling your home and I invite you to compare the services I provide when selling Columbus Ohio real estate to learn more.

Please call me at 614-895-0496 or complete visit:  http://www.columbuscastles.com/sellers_worth to get started.

I look forward to serving all your Gahanna and Columbus Ohio real estate needs!

Petra Hinterschied, Realtor with Remax Connection Realtors, 130 Mill Street, Gahanna, Ohio 43230, licensed since 2001 with over $46 million in Columbus Ohio real estate sales.

If you’re planning to buy Columbus Ohio real estate, you’re probably going to need a mortgage loan. In an effort to help more home buyers obtain government backed mortgages, FHA, VA and conforming mortgage limits have been increased in the Central Ohio area. Central Ohio includes Columbus and the following surrounding counties: Delaware, Franklin, Licking, Madison, Morrow, Pickaway and Union.

These government back mortgages can be used to buy single family homes, conforming condos and 2 to 4 unit multi-family owner occupied properties (meaning at least one unit has to be occupied by the owner). 2009 Maximum mortgage loan limits for homes in the Columbus Ohio area are as follows:

FHA mortgage loans for single family homes, conforming condos and 2 to 4 unit multi family properties in the Columbus Ohio area.

1 Unit = $341,250
2 Units = $436,850
3 Units = $528,050
4 Units = $656,250

FHA mortgage loans are the easiest to qualify for and require a minimum down payment of 3.5%. There are some government programs, for first time home buyers in Columbus Ohio, that provide a grant of 2.5% toward your down payment so you can buy a home with only 1% down. However, right now the interest rates are significantly higher than the going market rate for FHA mortgages.

As an example, Fifth Third Bank in Columbus Ohio has a 30 year fixed FHA mortgage rate at 4.75% right now, whereas the Ohio first time home buyer mortgage rate with the down payment assistance is at 6%. On a $100,000 mortgage loan, that’s a monthly principal and interest mortgage payment of approximately $521.64 versus $599.55. A difference of about $78.00 a month or $936.00 a year - over potentially 30 years = $28,080. So you have to weigh those numbers to decide if the 2.5% down payment assistance makes sense for your situation.

I’ve had many clients obtain a gift from a relative for their down payment or borrow against a retirement account that you can pay back over time. The latter option might make sense with the first time home buyer tax credit of up to $8,000.00, which could enable you to pay back the down payment loan shortly after you close on your home.  Learn more about the Federal First Time Home Buyer Tax Credit.

If you want to obtain a FREE mortgage pre-approval consultation to determine what your best loan option is, feel free to contact Sue Reichard, Mortgage Loan Officer with Fifth Third Bank in Columbus Ohio on her cell anytime at 614-395-4150.  Please let her know that Petra referred you.

Conventional mortgage loans for homes in the Columbus Ohio area

Conventional conforming mortgages for single family homes, conforming condos and 2 to 4 unit multi family investment properties in the Columbus Ohio area. Conventional loans typically require better credit scores and a minimum of 5% down payment, but they offer higher loan limits.

1 Unit = $417,000
2 Units =$533,850
3 Units = $645,300
4 Units = $801,950

GET A VA LOAN TO BUY A HOME WITH NO MONEY DOWN IN COLUMBUS OHIO!

VA mortgage loans are a huge benefit for qualifying veterans and military personnel enabling them to buy real estate in the Columbus Ohio area, with no money down. VA mortgage loan limits for single family homes and conforming condos, in the Columbus Ohio area are up to $417,000, with no down payment. Since the government has eliminated the no money down mortgage programs, VA is the best option for those who qualify to buy a home in Columbus Ohio with NO MONEY DOWN!

LET PETRA MAKE YOUR SEARCH FOR COLUMBUS OHIO REAL ESTATE EASIER

If you’re interested in buying a home in the Columbus Ohio area, I can make your home search easier, AT NO COST TO YOU! Start by calling me at 614-895-0496 anytime from 8am-10pm EST or anytime on my cell at 614-746-2115, to discuss your ideal home. I’ll quickly email you a list of all the current active Columbus Ohio real estate listings that best meet your needs.

Plus, to ensure you don’t miss out on any new listings that come on the market, I’ll continue to email new Central Ohio real estate listing updates directly from the official Realtor® Columbus Ohio MLS. You’ll get all the details including: photos, virtual tours, condo fees, price change updates and so much more that you won’t find in many of the online Columbus MLS searches. The Columbus Ohio MLS (multiple listing service) is the official database that all realtors® in Central Ohio use to post their real estate listings and includes: HUD Repo properties, bank owned foreclosure properties, short sales, Columbus Ohio new build inventory spec homes and more.

Get started now by completing Petra’s Columbus Ohio Home Finder Service Form OR call Petra (Pay tra) at 614-895-0496 anytime from 8am-10pm EST.

2009 First Time Home Buyer Tax Credit

(Click here to see an updated post on the 2010 Expanded Tax Credit)

Are you a first time home buyer thinking about buying Columbus Ohio real estate? I don’t think there could be a better time to buy Columbus Ohio real estate. It’s still a buyer’s market - but only if you buy, of course. You can find many good deals on real estate in Columbus and throughout Central Ohio suburbs. Plus, if you’re a first time home buyer interested in buying your fist home or condo in the Columbus Ohio area, you can take advantage of the $8,000 federal tax credit for first time home buyers who buy a home between January 1 and December 1, 2009.

In addition, mortgage interest rates are at all time historical lows. I spoke with Sue Reichard, a Mortgage Loan Specialist with Fifth Third Bank in Columbus Ohio, and mortgage interest rates are around 4.75% for an FHA 30 year fixed mortgage loan. Feel free to call Sue at 614-442-3156 to get your FREE mortgage loan pre-approval before you start looking to buy your home in the Columbus Ohio area.

Here’s some quick Q&A’s to learn more about the 2009 Federal Housing first time home buyer tax credit:

Q: What’s the first time home buyer tax credit incentive for 2009?
A: You can get a tax credit of up to $8,000.00 or 10% of the purchase price of a home. You would need to buy a home for at least $80,000 to get the full $8,000.00 tax credit.

Q: Who is eligible for the first time home buyer tax credit?
A: Anyone who hasn’t had any ownership interest in or owned a home within the last 3 years.

Q: How does the first time home buyer tax credit work?
A. Every dollar of the tax credit reduces income taxes due by a dollar. Credits are claimed on an individual’s income tax return. Based upon your income and exemptions, you would use the calculations required to figure out your total tax due. Once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. As an example, if you owed $8,500.00 toward your taxes the $8,000.00 tax credit would wipe out all but $500.00 of tax due.

Q: What happens if I’m eligible for the first time home buyer tax credit, but my entire income tax liability for the year is less than $8,000.00?
A. The first time home buyer tax credit is considered a “refundable” credit, meaning the IRS would send you a refund check for the difference. As an example, if your tax liability was $2,000.00, you’d get a refund of $6,000.00 from the IRS. Tax payers can determine their tax liability by referring to the tables the IRS prepares each year.

Q: Are there any income restrictions?
A: Yes, the full first time home buyer credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 if filing a joint return). The credit begins phasing out after those numbers and completely disappears at income levels of $95,000 and $170,000 on a joint return.

Q: What type of property can I buy to qualify for the first time home buyer tax credit?
A: Single family detached home, attached or detached condo or co-ops, townhouse, or any similar type of single family property in the US. You must occupy the property as your principal residence (generally defined at least 50% of the time).

Q: Do I have to repay the 2009 tax credit?
A: There is no repayment penalty as long as you don’t sell the home within 3 years of purchase. If you choose to sell within the first 3 years, the entire amount of the tax credit is due back to the federal government, at the time of the sale (a few exceptions may apply).

Q: When can I get the first time home buyer tax credit?
A: Eligible home buyers who buy a home between January 1 and December 1, 2009, have a choice. You can treat the purchase as if it had occurred on December 31, 2008, and claim the credit on your 2008 tax return that is due on April 15, 2009, to get the tax credit refund this year. If you buy between January 1 and April 15, 2009, you can simply claim the credit on your 2008 return due on April 15. If you buy after April 15, you can extend the 2008 income tax filing as late as October 15, 2009. If you’ve already filed your 2008 tax return, you can file an amended 2008 tax return on form 1040X, to obtain your tax credit refund this year. You also have the choice to wait until your 2009 tax return, due April 15, 2010, to claim the tax credit.

Q: How do I apply for the credit?
A: There isn’t any official pre-purchase authorization, approval or application process. After purchasing your home, you simply claim the tax credit on the IRS form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found on the irs.gov website.

There has been some speculation that FHA (Federal Housing Administration) may permit lenders to allow first time home buyers to use the $8,000 tax credit as a down payment. As of this date, May 20, 2009, I have not been able to confirm the validity of this, with any of the Columbus Ohio lenders, bankers or mortgage brokers that I work with. Should the Federal Government allow this first time home buyer tax credit to be used as the down payment, I’ll certainly post that information here as soon as I am notified about it because that would certainly make it much easier for many first time home buyers to buy their first home. I have some buyers who are borrowing against a 401k, retirement or investment type account for their down payment, knowing that they can replenish their account, once they get the $8,000 first time home buyer tax credit refund. You can also obtain a gift from a relative for your down payment.

To learn more about the first time home buyer tax credit, visit the irs.gov website or consult your personal tax accountant or adviser.

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

If you’re interested in buying a home in the Columbus Ohio area, I can help make your home search easier by emailing new real estate listing updates directly from the official Realtor® Columbus Ohio MLS. You’ll get all the details including: photos, virtual tours, condo fees, price change updates and so much more that you won’t find in many of the online Columbus MLS searches. 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. Best of all, my services as your personal buyer’s agent are are FREE!

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.