Gahanna Lincoln High School Fundraiser Raffle New Home Groundbreaking

Tomorrow at 1:30pm, channel 6 & 28 anchor, Yolanda Harris will help break ground on the new Dunmoor Home that is being raffled off!!!! This is an excellent example of a School working with a local business to find a solution. Rather than ask the taxpayers for money, Gahanna has partnered with Dunmoor Homes to raise money for Athletics, Student Council and Renaissance Program. Please visit the website for details and how to buy a ticket. www.lionsdunmoor.org

Tax Credit Extension - It finally looks POSITIVE!!

i never thought this would go thru!! but Uncle Sam seems determined to keep the money printing presses running. those of you who love economics are certainly watching the Money Supply - which is increasing at an alarming rate. Good for the real estate industry in the Short Term - absolutely!! Good for the economy in the Long Term - ?????? Our kids will be the judges....

Green and energy savings

i was having a talk with a few realtors the other day and they were "shocked" to learn that "green" will add around $12,000 of cost to a $160,000 home. it's like everything now with our new Socialist mentality - i should get it free - right?? Builders are working off razor thin margins and there is no way they can "eat" this cost. Is the Buyer willing to pay this extra $12,000? Very rarely and if they are - will the Appraiser return the higher value? Not with the pressure they are under. So what is the answer? There isn't one. Alot of the municipalities are trying to force Builders to incorporate "green" elements and all this does is ensure that Builders cannot compete with the inventory of existing homes.

Columbus Values and Buckeye Football

Sunday will be very, very busy for Columbus real estate professionals. It is a well known fact that consumer confidence is on the rebound. With victory virtually assured for the Buckeyes Saturday night, the faithful will be even MORE optimistic and will want to upgrade their living conditions to accomodate all the Buckeye shirts, posters, pictures and memorabilia they will be buying to remember the Day the Trojans Came To Town!!!!!! Have Buckeye flags waving in front of your listings and models. Premiums will be paid of 10 - 20% for these homes and the appraisers will have no problem getting value!!!

Columbus great for Relocation

Columbus is hip!!! Not a cow town. Opportunities galore!!! Great place to relocate. Arts, civic pride, affordable, charitable. We always knew it was a great place to raise a family and follow a college football team. Mount Union is a perennial Division III power and has won TEN national championship (in a real playoff system) in the last 17 years. http://www.relocation.com/blog/relocationcoms-top-cities-for-a-fresh-start

Gahanna Athletics Fundraiser

Gahanna Athletics, Renaissance and Student Council have teamed up with Dunmoor Homes, HER Real Living and Benchmark Bank to raffle off a NEW DUNMOOR HOME in Stonehill valued at over $175,000!!! Our goal is to raise over $200,000 and raise awareness that Gahanna Athletics is over 98% self-funded. Dunmoor Homes is looking for a New Home Sales Professional to join our Stonehill team. They will work about 66% of the model hours so every weekend will not be taken. They plan to drive 700 traffic units to the subdivision in the next 7 months due to the fundraiser and other marketing.

HUD Already Changed It's Mind....

You CANNOT use the $8,000 for the minimum 3.5% downpayment. You can use it for closing costs, interest rate buydowns or additional downpayment. How are Lenders, Realtors and Builders supposed to understand when the rules change almost daily???

You CAN Use the Tax Credit for Downpayment!!!

It's finally official. Better late then never!!!! HUD says the $8,000 tax credit can now be used for downpayment. This makes homeownership available for many who did not have downpayment funds.

Good News!!! Recession Coming to an End??

THREE OF FOUR ECONOMISTS surveyed predict the Recession will be over by the third quarter of 2009!!!! Time for us all to get ready for 2010 when the recovery will truly start!!! It will be nice to see price appreciation in real estate again and people willing to pay premiums for better and/or new homes.

Info on the Central Ohio Communities

Everything you wanted to compare Central Ohio's schools and communities in one place. It will always be subjective on what is best for each homeowner!!! That's what makes it fun!!

Job Growth

Tired of negative press? We stopped reading the newpapers and turned off the TV. Except for 30 Rock, The Office and the playoffs. NHL playoff hockey is incredible!!! The good news always seems to get buried in the media. Chase Bank is creating over 1,000 jobs in Central Ohio!!!!! This bank didn't really get involved in the sub-prime mess and is STRONG!!! We are glad they maintained their substantial presence locally.

New Home Prices to Increase from Lumber Tariff

OUCH!!!! Uncle Sam's tariff on softwoods from Canada will increase the price of a home by 5 - 10%!!! Lumber prices have been very low due to demand and price stabilization but now are going to be hit hard. Builders are already looking at razor thin margins and will need to pass this increase along to Buyers. Buy NOW before this and other price increases go into effect.

Tax Refunds Green For Green Energy

Not willing to leave any stone unturned, Uncle Sam is also offering a HUGE incentive for installing "green energy" components. Obviously, this is alot easier to do on a New Home. New Home buyers can recieve a 30% tax credit by installing:

• Solar energy systems (including solar water heating and solar electric systems)
• Small wind systems
• Geothermal heat pumps
• Residential fuel cell and microturbine systems

Use a Realtor???

Many buyers honestly believe they can find everything they need on the Internet and learn everything they need to buy a home. This is one of the BIGGEST FINANCIAL decisions a consumer will make. There are so many intangibles in buying a home and real estate in general. Why wouldn't you have a Professional help you? Would you perform surgery on yourself if you could? Of course not. Find a realtor who you like and understands what you want.

Variety of Locations

New home buyers can now select from a larger variety of builders and locations. In the past, a buyer would normally select either a Homebuilder or a Location they liked. Homebuilders would generally would not sell lots to another Builder but the economy has changed. Most builders will now sell lots so a Buyer can now get the Builder AND Location they want. This is another huge plus for today's New Home Buyer. Ask your Builder to provide you with ALL the locations where they can now build - not just where they have their own lots. This is also a plus for the communities as there can now be a wider diversity of homes.

Building Green

Prospects always ask Builders WHY aren't "green" features standard? Depending on how "green" you want a new home, it can add well over 5% to the cost. What could you get for that same 5%? Probably granite countertops, hardwood floors in your kitchen, nook and foyer and a home theatre system. The beauty of building a home is that YOU get to make these and ALL the other important decisions!!! Colors, finishes, design, etc.

Downpayment - Sweat Equity

Yes, it is still around!!! With all the Nehemiah-type no downpayment programs, we all forgot about the easy way for home buyers with no money to get their downpayment. The old fashioned way. Work and sweat!!!! Painting, cleaning, planting, etc. If you don't know how - ask your builder - they will help you learn the skills that can be used for a lifetime.

OHFA Will Lend for $8,000 Tax Credit for Downpayment

Ohio Housing Finance Authority has a variety of downpayment assistance programs, including:

1. Using first-time homeowner tax credit as a downpayment
2. Grants for downpayments

http://www.ohiohome.org/homebuyer/downpayment.aspx

Beware Builders Offering "Financing"

If something seems too good to be true - it probably is!!! Interest rates at "below market rates" by homebuilders but ONLY if you use "their" lender. HUD sure doesn't like these sweetheart deals.... A homebuyer should be free to choose their own lender. The internet has levelled the playing field for lenders. A buyer can shop rates and loan fee packages. ALWAYS make sure you are comparing apples to apples. Lenders can call their fees anything they want - Origination, Discount, Processing, Underwriting, Document Preparation, etc. Doesn't matter to the Buyer - just find out what the total fees are for a loan at a certain rate and then compare.

New Home Prices Have Hit Bottom

How did we get here? The two big homebuilders in Central Ohio rushed to secure land to continue their growth. At one time, one of them, had around 20,000 lots or "blanks" (a blank is an undeveloped lot). That was 8-10 years of inventory at their highest production years ever. They pursued more and more land and pushed prices much higher than the market could really handle. So lots in the "sprinkler" communities that are one ring out from the suburbs - Johnstown, Delaware, Commercial Point, Lancaster, etc. - were actually priced higher than lots were 5 years ago in the prime suburbs. Land and lot prices have returned to true market value - maybe even lower!!! Materials and labor have decreased to unsubstainable lows. Increases are right around the corner. Builders have slashed margins to razor thin amounts to move inventory. This is a great time to build a home!!!!

How do the Old $7,500 and New $8,000 Differ??

The link above explains it great in side-by-side fashion.

Interest Rates at Historical Lows

Interest rates are the lowest since they have been tracked in 1971!!! With all the impending price increases, inflation will put ALOT of upward pressure on interest rates.

Columbus Housing Market Ranked Amongst Most Stable!!

PMI Mortgage Insurance Company, who understands housing risk as well as anyone, has ranked Columbus Ohio Metropolitan Area as one of the most stable in the country. They traditionally insured conventional mortgages with less than 20% equity. See page 6 of the attached report.

Federal Tax Credit (Refund) Form

Here is the form for the tax credit. Amazingly simple!!!! Uncle Sam WANTS people to buy homes and take the money. Once in a lifetime opportunity!!

Rent or Own???

On a $200,000 home, your annual tax savings can exceed $2,500!!! This is achieved by Itemizing your Deductions. A renter almost always uses the Standard Deduction. Itemizing allows you to deduct interest, real estate taxes, mortgage insurance premiums, Ohio and city income taxes, Ohio sales tax, charitable contributions and other items. Your mortgage payment is normally fixed - your real estate taxes may change a little but normally not ver much. Rent goes up - normally every year. You eventually own your home. A larger portion of your principal and interest payment goes towards the loan balance every month!!

Get Tax Refunds $8,000 Within the Month

The compromise Stimulus Bill:

• $8,000 tax credit does not have to be repaid, unlike the tax credit passed last summer
• Keeps the tax credit refundable, or claimable regardless of tax liability
• Extends the date from July 1, 2009 until Dec. 1, 2009 - PLENTY OF TIME TO BUILD A NEW HOME!!!
• Allows tax credit home buyers to participate in the mortgage revenue bond program
• Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds