Ohio Real Estate Blog

Tuesday, 29 November 2011

You're ready to make an offer! You've done your homework by visiting similar homes and your agent has given you the benefit of their extensive experience with market values. You have confidence that you know the homes that are priced correctly and which ones are over priced for their condition.

However, there may be "non-tangible" factors that don't fit neatly into the equation. Your representative will endeavor to discover variables like the seller's motivation and if there are other offers coming in from other buyers for the home you have chosen.

If the home you want has been listed much longer than the average days on market, the sellers may have become more realistic and more motivated to accept an offer at the true market value. Some sellers are motivated by the pressure of having purchased or made an offer to purchase another home. Then time becomes more important than money. No one wants to pay the mortgage on both homes for very long or risk being able to purchase the new home they've chosen because they can't sell their current home.

Also, you want to know if other buyers are making offers on your chosen property. If so, make your first offer your best offer, because sellers are unlikely to counter in this situation. They will take the best offer that is presented to them. But don't make an offer for more than your agent believes the home will appraise for, or your financing will fail and you'll be back at Square One with out the home of your dreams. Talk to your experienced, local agent about the facts and the variables, and then make your offer with confidence.

Posted by: Kathy Henne AT 07:44 am | Permalink | Email

Tuesday, 22 November 2011

Too Good To Be True

Many homeowners are still facing mortgage default, and while the best bet is to contact your lender directly, there are tempting advertisements out there for companies that claim they can solve your financial crisis. Fraud is rampant, so look out for the following warning signs.

First, don't believe the hype when you hear, "We'll stop the auction!" or, "Debt eliminated, guaranteed!" If it sounds too good to be true, it is!

You should be suspicious of any company that tries to gain your trust by imitating a government agency. They may (illegally) publish government logos and names, or even copy the look of an official website, so pay attention to the details.

Back out of any deal that requires you to pay any fees up front. There is no need to pay anyone to modify your mortgage terms, because your lender, and only your lender, can do that.

Most importantly, do not make mortgage payments to anyone but your lender. If a person or company presents you with an official looking statement that indicates payments should now be made to them, don't walk - run for the door, and call the Better Business Bureau.

By working directly with your lender, you may be able to modify your loan terms, or agree to a pay-off through a "short sale." Lenders require the property be listed with a local real estate agent if you decide to do a short sale.

Please heed this advice. You don't want to have one of these fraudulent groups to take advantage of you.

Posted by: Kathy Henne AT 09:18 am | Permalink | Email

Wednesday, 16 November 2011

Crunching The Numbers

You recently read here about formulating your listing price based on the information included in a Comparative Market Analysis (CMA). You can fine-tune your price by applying current market trends. Trends may vary by region, state, city and even neighborhood, so do your homework.

You and your agent can study a lot of available statistics - the CMA, local sold listings' days on market, and list to sale price ratios. The CMA compares similar properties, while the Days On Market figure gives you an idea of whether you're looking at a seller's market or a buyer's market in which you'll have more competition and less negotiating power. If possible, look at the Days On Market figures for your neighborhood which are area specific.

Let's move on the average List Price to Sales Price Ratio. Like it sounds, it's simply a percentage based on how closely the final sales price corresponds to the price at which the home was listed. A house that sells for the asking price has a list price to sales price ratio of 100%. So a house that lists for $175,000, but sells for $160,000 has a list price to sales price ratio of 91%.

Look at the homes that most closely match your home and you'll have a good idea of where to price your home.

Posted by: Kathy Henne AT 11:24 am | Permalink | Email

Tuesday, 08 November 2011

Learn From Their Mistakes

Want to increase your chances of a quicker sale at a higher price:? When it comes to real estate transactions, you need representation! A recent survey of 1,000 homeowners reports that of the 96% of those who used a real estate agent to sell their home 60% were successful.

Compare that to the 4% who were unrepresented and only 39% of those were successful. Even more telling is the revelation that 93% of buyers who purchased a home worked with an agent to represent their interests.

Obviously, buyers work with agents who already have along list of suitable properties to match the needs of those buyers. If you are trying to compete on your own against the current over supply of homes on the market, you'll soon understand why you will want representation for yourself.

Your level of satisfaction is greater, too, when you have a professional on your side. Of those homeowners who enjoyed a sale through the efforts of a real estate agent, over 98% said they would use a professional's services again.

And those who at first tried to sell their homes"By Owner"? Most of them ended up contacting an agent for help in the end. Don't waste your time and money. Use a professional and make your home's sale less stressful.

Posted by: Kathy Henne AT 10:25 am | Permalink | Email

Wednesday, 02 November 2011

Recent Piqua Area Real Estate Sales 11/1 - 11/30/11

Recent Piqua Ohio real estate sales

2218 Wilshire, Piqua list price $142,900, sale price $138,000, 125 days on market

1703 Cambridge, Piqua, list price $36,000, sale price $29,800, 36 days on market

424 N Parkway, Piqua, list price $110,000, sale price $96,500, 34 days on market

1240 W High, Piqua, list price $92,500, sale price $91,600, 38 days on market

1201 Nicklin, Piqua, list price $44,500, sale price $45,000, 9 days on market

1018 Boone, Piqua, original list price $62,000, list price at sale $44,900, sale price $45,000, 120 days on market

5590 Stillwell, Piqua, list price $172,000, sale price $165,000, 9 days on market

1512 Amherst, Piqua, list price $73,000, sale price $69,000, 52 days on market

210 Maryville, Piqua list price $38,000, sale price $38,000, 14 days on market

8245 Woodlawn, Piqua, list price $91,900, sale price $87,900, 106 days on market

510 Cherry, Piqua, original list price $44,900, list price at sale $16,000, sale price $14,000, 282 days on market

530 Boone, Piqua, original list price $79,900, list price at sale $72,500, sale price $72,500, 328 days on market

612 Westview, Piqua, list price $99,900, sale price $95,000, 7 days on market

223 North, Piqua, original list price $115,000, list price at sale $89,900, sale price $88,500, 135 days on market

6709 Piqua Troy, Piqua, original list price $146,900, list price at sale $110,000, sale price $115,000, 255 days on market

1214 Walker, Piqua, list price $21,120, sale price $16,651, 41 days on market

Keep in mind that the seller may have paid for the buyer's closing costs which reflect in the sales price. For more information on these Piqua homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com

Posted by: Kathy Henne AT 12:06 pm | Permalink | Email

Wednesday, 02 November 2011

New Listings Of Homes For Sale in Piqua Ohio

Real Estate for sale in Piqua Area

Homes for sale in Piqua Ohio

354 E Main, Piqua, 3 bed, 1.5 bath $55,000

901 Boal, Piqua, 2 bed, 1 bath, $50,000

518 Maplecrest, Troy, 4 bed, 2 bath, $82,000

Fro more information on these homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com

Posted by: Kathy Henne AT 12:03 pm | Permalink | Email

Tuesday, 01 November 2011

Analyze This

When you're ready to sell your home, will you gaze into a crystal ball for mysterious guidance to determine the magical price that the buyers will accept? Oh, if only it were that easy! There are a number of factors to consider when formulating your listing price, but one of the most important tools is the Comparative Market Analysis (CMA) prepared by your real estate agent.

The CMA takes the characteristics of your home - number of bedrooms, square footage, age, location, etc. and compares it to similar sold listings in the area. You'll see the asking prices and final sale prices of homes similar to yours. Current listing prices are irrelevant, but pay attention to the prices at which properties SOLD, because that's what buyers were willing to pay.

Throw out the highest and lowest prices in the range and compare the sales prices for the remaining homes. Your agent will help you determine how those homes compare to the one you are trying to sell so you can adjust your price accordingly.

Posted by: Kathy Henne AT 11:19 am | Permalink | Email