Real Estate and Homes for sale in Central Ohio

2 Story For Sale in Hilliard

Diamond in the Rough

• 1,550 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $250,000 - Land is the value here!!

Hilliard, Dublin

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4997 Avery Road in Hayden

Hayden, Dublin  -  Announcing a price reduction on 4997 Avery Road, a 1,550 sq. ft., 2 bath, 3 bdrm 2 story. Now MLS® $250,000 - Land is the value here!!.

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11155 Rausch Road in Rural is Sold!

Rural, Marysville  -  The ranch at 11155 Rausch Road in Marysville has been sold. Too bad if you missed out on this one. I have a couple of other ones coming soon though. Let me know what you are looking for specifically and you can be the first to know when I see one meeting your criteria.

www.andymorrow.com

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Obama backs extension of tax credit

Bipartisan support builds for first-time homebuyer program

By Inman News, Monday, October 5, 2009.

Inman News

White House spokesman Robert Gibbs today confirmed that President Obama supports an extension of the first-time homebuyer tax credit, along with prolonging jobless benefits and health care subsidies for unemployed workers.

Briefing reporters, Gibbs said the measures don't amount to a second stimulus plan.

Evidence of bipartisan support in the Senate for extending the first-time homebuyer tax credit was also on display Sunday on ABC's "This Week," with guests Sen. Charles Schumer, D-N.Y., and Sen. John Cornyn, R-Texas, finding common ground on the issue.

Host George Stephanopoulos' first guest was former Federal Reserve Chairman Alan Greenspan, who argued against a new round of government stimulus spending.

Only 40 percent of the existing stimulus package has been implemented, Greenspan said, and there is "considerable debate" among economists about its effectiveness.

Many lawmakers -- particularly Republicans -- are concerned about the debt the government has taken on to boost the economy. But Cornyn said he and Schumer agree on renewing the $8,000 first-time homebuyer tax credit, which expires Nov. 30, along with extending unemployment and health care benefits for unemployed workers.

There are a dozen or so pending bills that would extend or even expand the tax credit.

Earlier this year, former real estate broker Sen. Johnny Isakson, R-Ga., introduced S 1230, which would nearly double the tax credit's ceiling to $15,000 and expand the pool of those eligible to claim it by lifting first-time homebuyer and income restrictions. When Isakson introduced a similar bill last year, the Congressional Budget Office estimated it would cost $34.2 billion.

Isakson has since endorsed a compromise bill, S 1678, that would simply extend the existing tax credit to June 1, 2010.

Isakson's argument is "that the housing inventories, or excess housing inventories, are what are dampening the recovery," Cornyn said. "And I think he's right."

Schumer said he'd support extending the credit, as it's "helped get the housing market out of the severe depression it was in. It's getting a little better, (but) has to go more."

Former real estate broker and NBC "Today" show contributor Barbara Corcoran last week advised homebuyers not to rush to beat the tax credit's expiration date, saying she "fully expects" lawmakers to extend it.

www.andymorrow.com

2 Story For Sale in Westgate Park

See The Potential

• 1,415 sq. ft., 3 bath, 2 bdrm 2 story - MLS® $152,500

Westgate Park, Columbus  -  A beautiful home that has been remodeled and is in excellent move-in condition. Gorgeous wood floors run throughout this home that is complete with built in shelving and solid wood posts to accent the living space. There is a tiled entry way at the front door and rear sliding door. The kitchen boasts tile counter tops, all new cabinets and stainless steel appliances. A pantry is next to a built in work station as well. There is beautiful landscaping as you enter the back yard. Starting on a deck there is a meandering path leading to a patio area with a large arbor overhead. The ovesized detached garage has a full finished loft space. It is heated, has window AC and is finished with a kitchenette and a full bathroom with a stand up shower. With your imagination there is a lot of potential for this space. Take a look at the pictures and then call me to set your own private showing.

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72 S. Roys Avenue in Westgate Park

Westgate Park, Columbus  -  Announcing a price reduction on 72 S. Roys Avenue, a 1,415 sq. ft., 3 bath, 2 bdrm 2 story. Now MLS® $152,500 - .

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A real estate window of opportunity

Stars aligned for first-time buyers

By Bernice Ross, Thursday, September 17, 2009.

Inman News

If you are a first-time buyer who has been trying to decide whether to buy your first home, this could be the right time for you. There is a window of opportunity that may be closing soon for some buyers, and here are just a few indications of how the market may be properly aligned for you right now:

1. The lowest interest rates since the 1950s
Interest rates are close to all-time lows, hovering in the mid-5 percent range. When I started in the real estate business in 1978, interest rates were 9.75 percent and soon hit 10 percent. During the 1980s downturn they jumped as high as 21 percent. In the early 1990s they reached 12 percent.

If you're waiting just because you think prices may drop more, you may want to think twice. With the government running huge deficits, it will have to sell Treasury bills to cover the debt. Investors are feeling skittish about purchasing these securities. This means the government will have to increase the interest rate they charge in order to convince more investors to purchase. When the government increases these rates, the cost of home mortgages increases along with them.

2. But prices may go down!
One of the concerns almost all first-time buyers have is: "Will the price go down even further?" To put this in perspective, an interest-rate increase of 1 percent on a $200,000 loan will cost you approximately $50,000 more in interest over the life of the loan. A 2 percent interest-rate increase, which some experts believe is possible in the next 12-24 months, will cost you approximately $100,000 in additional interest over the life of a 30-year loan. That's a whopping 50 percent of the loan amount.

If you believe prices will go down, the issue is by how much. If you believe there is another 25-50 percent depreciation in your marketplace, then you can run the risk of waiting. What you need to know, however, is that virtually all real estate experts are saying that we are at or near the bottom.

Proof that prices are bottoming is coming from a wide variety of places. Many of the hardest-hit areas are experiencing a comeback in sales -- in some cases largely driven by depressed prices and an abundanced of distressed properties. And while the hot pockets of sales activity may not represent a complete turnaround, they do offer concrete signs that the market is bottoming or may be starting to improve.

In terms of how market cycles work, the excess inventory must be sold off prior to the market stabilizing in terms of price. This appears to be what is happening in many areas. Once the excess inventory disappears, there will be more competition for a limited amount of supply.

This is how the next upturn in the market will begin. In fact, many first-time buyers in Orange County (California) are bumping into multiple offers on the homes they want. Multiple offers on first-time-buyer properties are a very positive sign for market improvement.

3. It's cheaper for me to rent!
The challenge with renting is that you are paying off your landlord's mortgage, not your own. Even if your house doesn't increase in value, each month you make a payment you accumulate wealth by paying down the principal. This is the equivalent of putting money in the bank each month. In contrast, renters lose additional wealth as their rental payments increase over time.

A homeowner with a fixed-rate loan has locked in his or her mortgage amount for the next 30 years. If there is inflation, the homeowner pays off the loan with inflated dollars. Rents, in contrast, keep pace with inflation.

Thus, if you elect to wait to purchase, you may be leaving money on the table in two different ways. First, if interest rates increase, you will end up paying more over the term of their loan. Second, by waiting to take action, you will accumulate less wealth and experience less appreciation. Furthermore, the longer you wait to start paying down a mortgage, the later the date will be that you retire that debt.

There's one other key issue to consider when it comes to getting off the fence and buying that first home -- the $8,000 tax credit. The challenge is that if you don't act right away, you may miss this great opportunity. 

www.andymorrow.com 

Do you know what APR is?

New tool simplifies mortgage shopping

So why is it absent from lending reforms?

By Jack Guttentag, Monday, September 14, 2009.

Inman News

The annual percentage rate (APR) that the law requires mortgage lenders to disclose alongside the interest rate is not a useful measure of cost to the borrower. Expressed as a percent, it makes no intuitive sense to most borrowers, does not yet cover all costs, and does not take account of differences in borrower time horizons, tax rates and opportunity costs. A much more useful measure is the "time horizon cost" (THC) that is described below.

The THC is the total cost of the mortgage in dollars over the period the borrower expects to be in the house. I will illustrate it with the example of a borrower choosing between a fixed-rate mortgage (FRM) at 5.125 percent and zero points, and another at 4.25 percent and 4.4 points. The loan amount is $100,000 and settlement costs other than points are $1,000 in both cases.

I am going to assume initially that the borrower expects to be in the house four years, is in the 15 percent tax bracket, and has an opportunity cost -- the return he can earn on other investments -- of 2 percent. The THC for the borrower on the 4.25 percent mortgage consists of the following:

Total monthly payments of principal and interest over four years: $23,613
Lost interest on monthly payments: $803
Points paid upfront: $4,400
Other settlement costs paid upfront: $1,000
Lost interest on points and other settlement costs: $380
Total costs: $30,196

From these costs, we subtract cost offsets:

The borrower's tax savings on interest: $2,548
The borrower's tax savings on points: $700
Reduction in loan balance: $7,195
Total offsets: $10,442

Total cost net of offsets: $19,754

When we do the same for the 5.125 percent mortgage, the total net cost is $18,768, or $986 less.  The high-rate mortgage with zero points is the better deal.

But the results are sensitive to the specific features of the borrower. If we change the borrower's time horizon from four years to eight years, the results are reversed, with the low-rate mortgage becoming the better deal because the lower rate extends over a longer period.

If we then raise the borrower's opportunity cost from 2 percent to 12 percent, keeping everything else the same, the advantage flips back to the 5.125 percent mortgage because of the larger interest loss on the points paid upfront. If finally we raise the borrower's tax rate to 40 percent, the advantage flips back once more to the 4.25 percent mortgage because of the larger tax savings on the points.

In using the THC, there is no need for borrowers to become enmeshed in the details. So long as they have confidence in the source, many -- perhaps most -- borrowers will be satisfied with the single bottom line number. Borrowers seeking understanding, however, have access to the detail that will help them understand why the results are what they are. This educational process is not possible with the APR.

It could be particularly useful to borrowers if the Truth in Lending Act is revised to replace APR with THC, which would provide THCs based on prices actually being quoted to them by loan providers. I hope to see that happen within my lifetime!

Price Reduced on 1376 Restwood Ct. in Clearview Meadows

Clearview Meadows, Columbus  -  Announcing a price reduction on 1376 Restwood Ct., a 1,842 sq. ft., 2 bath, 4 bdrm 2 story. Now MLS® $130,000 - Worth every penny!.

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3433 Westerville Woods Dr. in Westerville Woods is Sold!

Westerville Woods, Columbus  -  The bi-level at 3433 Westerville Woods Dr. has been sold.

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Price Reduced on 11155 Rausch Road in Rural

Rural, Marysville  -  Announcing a price reduction on 11155 Rausch Road, a 1,800 sq. ft., 2 bath, 3 bdrm ranch. Now MLS® $269,900 - Quality built by Jim Wing.

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Ranch For Sale in Marysville, Ohio

Immaculately kept home!

• 1,800 sq. ft., 2 bath, 3 bdrm ranch - MLS® $290,000 - Quality built by Jim Wing

Rural, Marysville  -  Wow!! What an opportunity!!! If you are looking to get to your own piece of paradise, here it is. You will need a phone to call your neighbors and it should remain this way for a very long time. Only minutes to Marysville and 17 minutes to Dublin. Situated in the Fairbanks School District (which was rated Excellent last year), this home was built in 1995 and is on 1.77 acres. It is well landscaped with over twenty trees on the property. A 3 car side load garage is attached and has a built in workbench. A 1 1/2 car detached garage has a service door, some cabinets, and electric. All doors are equipped with garage door openers. A nice shed is in place to handle most all of the yard equipment. There is a very nice brick paver patio off the back of the home.

Upon entering the front door you will notice ceramic tile flooring. Immediately to your right is a fomal living room and straight ahead is a great room. The great room has a wood laminate floor that was intalled one year ago. A nice fireplace with a brick hearth and mantle make a cozy focal point. Vaulted ceilings add to the openness. There are 3 bedrooms and two full baths. The master has a walk in closet. The second and third bedrooms have full size closets. All doors in the home including closets are solid wood doors.

A ceramic tile floor leads into the dining area and the kitchen. Lots and lots of counter space in this open U shaped kitchen with an eating bar along one side. Dark, rich cherry cabinets with rollout drawers in the lowers and 2 lazy susans, one in each corner. The refrigerator, stove and microwave are all fairly new.

There is a full basement with a professionally finished room done in the Owens Corning panels making it nearly sound proof. The current owners use the room as their own private movie theatre. There is a sump pump with a battery back up as well. The salt tank for the water softener is located in the garage, so no lugging salt to the basement.

Invisible Fence, Security S

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Bi-Level For Sale in Westerville Woods

Westerville Schools Columbus Taxes

• 1,382 sq. ft., 2 bath, 3 bdrm bi-level "Very open floor plan." - MLS® $158,900 - Great Deal/Move in Ready!

Westerville Woods, Columbus  -  This home is well maintained and immaculately kept. Upon entry you are immediately drawn to the Brazilian Koa wood floors that run throughout the foyer and main living area. The interior has been freshly painted. On the main level, six panel doors have been added and all composite trim was removed and replaced with a real wood trim. The kitchen is open to the living area and is accessible to an oversized dining area. A large wood pantry in the kithcen is to remain with the property, as well as, the 58" HDTV with the custom installed surround system, and all window coverings including drapes. The second floor boasts three bedrooms with ample closet space and a walk in closet in the master suite. There are updated lighting fixtures and ceiling fans throughout the home. The lower level has an area large enough for the kids playroom, an office, or a workout room. In addition, there is an easily accessible crawl space that is clean and large making for plenty of storage and opening up the space in the basement. Finally, a fully fenced back yard. This home has it all!!!!
It will be difficult to find a home in such a great condition at this price level in Westerville schools. Columbus taxes keep costs at a minimum. Very close to all amenities including Easton, easy access to I-270, and only minutes from downtown.
Don't hesitate on this one. Set your showing today!!

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Price Reduced on 5194 Dry Creek Drive in Hayden Crossing

Hayden Crossing, Dublin  -  Announcing a price reduction on 5194 Dry Creek Drive, a 2,126 sq. ft., 2 bath, 4 bdrm single story. Now MLS® $248,900 - Upgrades Galore!!.

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Single Story For Sale in Hayden Crossing

Large Home Great View

• 2,126 sq. ft., 2 bath, 4 bdrm single story - MLS® $249,900 - Upgrades Galore!!

Hayden Crossing, Dublin  -  Immaculately kept home. Enter to wood floors that run throughout the foyer, den and kitchen. The very large great room is perfect for entertaining. A four foot bumpout upgrade is complete with a gas log fireplace. An eat in kitchen is very open to the great room. The kitchen has upgraded cabinets with lots of counter space. A center island, closet pantry, and stainless steel appliances incuding dishwasher, built in microwave, refrigerator, and flat top electric stove. Upstairs are four spacious bedrooms and two full baths. Most homes are in this area are smaller with only three bedrooms. The master has a vaulted ceiling, a plant ledge and a walk in closet with its own window. The master bath has his and hers sinks with a soaking tub and shower. The full basement has poured walls and a potential 3rd full bath roughed in. Beautiful pond sets at the rear of the property offering plenty of wildlife and one beautiful view. Call me today to set your own private showing in the very hot area!

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