Has Central Ohio Hit ROCK BOTTOM???

Has Central Ohio hit ROCK BOTTOM???

Many Industry experts (including us) feel that it has...........

Read on.

FRONT PAGE NEWS OF THE COLUMBUS DISPATCH!

The headline reads: "THAT SINKING FEELING OUCH!"

Sounds terrible and depressing, right?

However, if you read the article carefully (on page 4) you will see
that the data points to the fact that OUR local real estate market
is nearing the bottom.

How do we know that?

1. Affordability Index--Our homes are undervalued here. Our median price is in the $140's while the rest of the midwest is in the $160's.

2. Cost of resale home vs new home--"A recent National Bureau of Economic Research study found that home-sales prices were below comparable housing construction costs............including Columbus. It means the Columbus market is probably undervalued."---Walter Maloney spokesman for the National Association of Realtors

3. The number of homes on the market is declining--The number of listings was down 15% in September and NEW listings are off by 13.6% (this helps balance the market out)

4. The decrease in value is slowing in our market--NEVER pay attention to national numbers. We started our decline about 2 years ahead of CA, FL, NV, and other parts of the country. We should recover before they do as well. Central Ohio ONLY FELL 5% FROM THE SAME QUARTER AS 2007.

5. The number of incentive programs by the government is increasing for BUYERS--The government is voting to bring back Down Payment Assistance and they created a huge $7500 tax CREDIT for buyers who use FHA (contact us for more details on this incredible incentive).

6. Many people have been waiting for the BOTTOM OF THE MARKET.--Rarely are people able to time the stock market or the real estate market. However, people will try to do it. Most of them are going to get caught on the way UP next year. I can't tell you how many people have told me they are going to wait until prices hit bottom and THEN buy a home. It is happening in 2009 according to the data.

7. Some markets are already increasing in the US and have "bottomed out".--Two states on either side of us (Illinois and New York) have had greater than 8% increases in pricing this quarter compared with 2007.

8. Mortgage Rates are dropping like crazy.--The bond market is going crazy and driving down 30 year fixed rates.

IF YOU (OR ANYONE YOU KNOW) HAS EVER THOUGHT OF BUYING A HOME, DO NOT MISS OUT ON THE MOST INCREDIBLE BUYING OPPORTUNITY THEY MAY EVER SEE!!! (yes, I am yelling with my bold face type because I do not want anyone to miss it) :-)

If you are SELLING (as a move-up buyer) and buying in a higher price point, YOU CAN MAKE (SAVE) THOUSANDS OF DOLLARS BY SELLING NOW AND BUYING NOW. If this does not make sense or seem irrational, contact us for an explanation. Move-up buyers have the BEST opportunity in a buyers market. They PAY MORE in a sellers market and it actually works AGAINST them. Weird huh??

If you MUST sell (and owe more than your home is worth), we have programs to help get your home sold and NOT have to bring any money to the closing table. If you don't know what a SHORT PAYOFF is or a SHORT SALE (they are not the same thing) contact us immediately. These special programs are running out of time. The government is only running Short Sale Forgiveness through 2009!! Don't miss out on it.

If you have ever thought of INVESTING, NOW IS THE TIME!! We have single family homes that cashflow around $100-$150 per month on a 15 year mortgage and have a property management company to do all the UGLY work. You will need about $10,000 to invest to purchase the property. The biggest complaint we hear is "I don't want to be a LANDLORD". Well, neither do we. We have a property managment company that: renovates the home, does the dirty work, rents the home, collects rents, does the lawn care, takes all maintenance calls, screens the clients, (everything) and makes it so you never even have to see the property..........EVER. Call or email for details.

So, keep you head up!!

It is most likely that the WORST IS BEHIND US here in Central Ohio.

Thank Goodness!!! :-)