YES, it’s true! Realtor.com named Columbus the HOTTEST housing market in March! Can you believe it?! It was based on days on the market and home listing activity and it proved to be the hottest in the country! That doesn’t surprise me given my experience and transcations in the past few months. Like I stated in the two previous newsletters, I have seen more multiple offers and bidding wars than not. It’s almost few and far between that we see a home that’s been on the market for over 2-3 weeks where we can actually negotiate the price down. It’s hard to believe but our market has come SO FAR in 10 years. I remember when homes took months and several price reductions to sell! But now it’s a matter of days and the prices tend to go UP!! What a difference! But it’s also still a great time to buy because rates are so low and why not lock in now with lower payments. And it’s obviously a great time to sell so call me at 614-431-1770 or email me at firstname.lastname@example.org and I’ll be more than happy to help with ALL your Real Estate needs!!
See below for Keller Williams Market Research.
May 2019 Market Update (Video is for April but is current)
According to the National Association of REALTORS®, existing home sales declined in March 2019 after a significant uptick in February. With mortgage rates at their lowest levels in nearly a year and inventory rising, more buyers may be entering the market soon.
According to Freddie Mac, 30-year fixed rates decreased to 4.20 percent in March from 4.28 percent in February. This rate remains well below the historical average of 8.90 percent.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.2 million in March, down 4.9 percent from February, and 5.4 percent below the 5.5 million sales pace from a year ago.
The median home price increased to $259,400 in March, up 3.7 percent from February. The median home price has increased by approximately $9,600 in the past year alone.
There was a 3.9-month supply of housing inventory in March 2019, up 8.3 percent from February. The total number of available homes for sale has increased by 11.4 percent compared to March of last year.
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.
To Turf or Not to Turf
Yard care is a big consideration for homeowners. Real grass is high maintenance, a water hog, and expensive to replace. Artificial grass may be a good alternative for some households. Here are some of the pros and cons of turf:
Pro: No maintenance. Artificial grass does not require mowing, edging, seeding, or watering. Once you lay it down, you’re done.
Con: Initial expense. Turf prices range from $8–14 per square foot. You can find some sales and deals, but keep in mind that you get what you pay for. The upside is you won’t need to replace or re-seed it.
Pro: Long-term durability. “The life expectancy of artificial turf can be upwards of 25 years,” says Gardenista, “making it a less costly alternative to real turf over its life span.”
Con: It might be against the rules. If you live in a community with a Homeowner’s Association (HOA), be sure to get permission first. Turf is becoming more common, which is convincing more HOAs to approve its use, but check first. You don’t want to make a big investment in turf only to be told you have to rip it out and replace it with grass.
Pro: It’s eco-friendly. The water savings element is huge if you’re looking to live a little greener. Some manufacturers even use recycled materials, such as old tires or plastic bottles.
Con: It’s not biodegradable. Artificial grass will end up in a landfill some day.
Pro: It’s pet-friendly. “The good news is that pet waste won’t negatively impact your artificial grass, and turf is easy to clean,” says Purchase Green. There are also specific types of turf that are designed for animals.
Con: It’s hot. “Real grass has a cooling effect when the air temperature is high. Artificial grass lacks this cooling quality,” says SFGATE. “The grass itself may become hotter than the air and can make the surrounding air feel hotter.”
Pro: It looks great all year round If you live in an area where the lawn is dormant in the winter, it will be a nice change to see your lush, green (faux) lawn, even in negative temps.
My Loan Was Sold. What Gives?
You’ve just moved in to your new home. You’ve unpacked, and you’re starting to settle in when you receive a letter informing you that your mortgage has been sold and is being serviced by a new institution. Is this allowed? Have the terms of your mortgage changed? Why would your lender sell your mortgage?
Among the many documents you signed when you first applied for a loan was a Mortgage Servicing Disclosure. This document tells you what percentage of the lender’s loans are sold. More often than not, the majority of loans approved and funded by a particular mortgage company will be sold to someone else. It’s important to note that just because your mortgage has been sold, this does not change the terms of your loan. Your loan payment and interest rate will not, and cannot, be impacted.
You’re probably wondering, “Why go through all the effort of originating, approving, and funding a loan just to forgo all the interest that new loan provides?” The answer is surprisingly simple. If not for selling the loan, the lender would soon run out of money to lend.
Mortgage companies today work with a line of credit. It’s not as if the mortgage company approves a loan then opens up a vault full of money to fund your mortgage. When it’s time to fund your loan, the lender taps into the line of credit for the necessary amount. In order to replenish this line of credit, the lender sells the loan to a third party. Once the loan is sold, the lender now has more funds to make more loans. Who is the loan sold to? Many times it’s sold to other mortgage companies, but ultimately the loan is sold either to Fannie Mae or Freddie Mac.
The marketplace for all this loan buying and selling is called the secondary market for mortgages. This secondary market is robust and active and keeps the mortgage market liquid. Without a secondary market, there would be fewer loans issued and still fewer choices. When your loan is sold it’s not because your original lender doesn’t appreciate your business, it’s so they can continue to service other home buyers and make more loans.
Do you know of any homes that may be coming up that match the following criteria for my current buyer clients? Or do you own the specific home my buyers need? Call me at 614-431-1770 or email me today! Or visit my website for more info.
1) Up to $200k – 2-3 bedroom NW Columbus outside 270 2) Up to $50k – Linden Rental (rental) 3) Up to $20M – OSU Campus Rentals 20+ units 4) Up to $500k – 4 Unit Multi-family 5) Up to $500k – Dublin, Worthington, Powell, Arlington, Grandview 3-4 bedroom – updated 6) Up to $150k – 2-4 unit Rental on the west side of Columbus 7) Up to $425k – Clintonville Ranch 8) Up to $100k – land of at least an acre close to Hilliard and OSU 9) Up to $300k – 2-4 unit in a emerging neighborhood 10) Up to $200k – 1-2 bedroom near South Clintonville 11) Up to $135k – 3 bedroom near Westerville 12) Up to $200k – 2-3 bedroom condo near Clintonville/downtown 13) Up to $125k – 2-3 bedroom near Gahanna/Reynoldsburg 14 Up to $130k – 2-3 bedroom w/basement in up & coming neighborhood 15) Up to $225k – duplex near Southern Orchards
Central Ohio Home Sale Monthly Stats
Click HERE to get the the Columbus Board of Realtors stats and HERE to see how homes are selling in YOUR neighborhood.