Blog

By Chris Harpster on July 28, 2010

I expect to see lagging home sale stats for the next month or two, mainly due to the expiration of the tax credit and lack of consumer confidence. Moving forward, I would expect a slow and steady recovery.

By Larry Schottenstein on July 16, 2010

I have a buyer making an offer on a home listed at $650,000 in Blacklick Ohio. It was built 10 years ago for $687,000. The listing agent hints from the beginning that we could probably negotiate a quick deal at $600,000.  Looking at comps and homes for sale the home is a good deal under [...]

By Michelle Hogan on July 1, 2010

The Senate approaved the Homebuyer Assistance and Improvement Act (H.R. 5623) giving home buyers who were under contract on a home purchased by April 30th until September 30th to close and claim the tax credit. Without this extension approximately 180,000 homebuyers who had signed purchase agreements would have missed the deadline.

By Michelle Hogan on July 1, 2010

For those who wanted to take advantage of the tax credit but missed the opportunity, it may have paid to wait. Reports have shown that with fewer buyers since the expiration, sellers have had to lower their prices to entice them. Although it depends on your price point, some of the decreases in the sales [...]

By Larry Schottenstein on June 24, 2010

Locally the real estate activity for May was up significantly, 33% over May of 2009. Certainly the tax credit program had a great deal to do with this.  The average sales price is now 5% higher then a year ago. The real issue is what this means and what will happen in the future. Last [...]

By Michelle Hogan on June 11, 2010

While setting up a showing for a condo, the listing agent was giving me some information about the property. At the end of this conversation he said “The seller is M-O-T-I-V-A-T-E-D. Make an offer, no matter what it is, just make it, even if you think it’s really low.”
I was a little suprised that he [...]

By Larry Schottenstein on June 7, 2010

I was representing a buyer who was in contract to buy a 1950’s ranch house with an older finished basement, complete with red shag carpet and cheap brown paneling starting to peel off the walls. His plan was to gut the basement and refinish it. During the home inspection we actually saw live termites behind the paneling. [...]

By Larry Schottenstein on May 19, 2010

I thought this article gave an interesting prospective about longer term growth for home owners.
 
By Robert Freedman, senior editor, REALTOR® Magazine
With the housing recovery still fragile, it’s hard to look ahead with anything but caution. However, the long-term prospects for the market are “incredible,” FHA Commissioner David Stevens told REALTORS® yesterday in the opening [...]

By Larry Schottenstein on May 10, 2010

The expiration of the home buyer tax credits won’t deter optimistic households who believe the market is improving, according to a survey released last week. 
More than 90 percent of those surveyed believe the home buyer tax credits have helped both first-time buyers and the overall housing market, but 65 percent say that the end of tax credits [...]