Did you miss the boat?

Have home sales hit bottom??????

Central Ohio homes sold for an average, $158,893 last year, the lowest since 2001 but only slightly behind 2009's prices.

Central Ohio figures dropped below 20,000 last year, the first time in a decade.

Central Ohio home sales fell for the fifth straight year in 2010, as potential buyers continued to sit on the sidelines.

Last year, 19,676 homes were sold in the Columbus area, 2.8 percent fewer than the previous year, according to the Columbus Board of Realtors. It was the first time in a decade that annual sales dropped below 20,000.

Here is a copy of the article from the Columbus Dispatch

http://www.dispatch.com/live/content/business/index.html

I don't think you have missed the boat, but the bottom is either here or VERY near.

THE PROBLEM WITH KNOWING WHEN THE BOTTOM OF THE REAL ESTATE MARKET HITS IS THAT IT IS ALREADY ON THE WAY UP WHEN YOU REALIZE IT.

By definition, you cannot determine the bottom of the market without 6 months to a year worth of data that shows an upward trend.  By then, it is TOO LATE.  YOU MISSED IT!!

Take my advice and get in NOW!!  Rates are going up this year by a full point on top of increasing prices.  If you are going to buy anytime in the next 5-10 years, you better do it in 2011.  You have been officially warned.

Homeowners who are 'underwater' still dropping

Tuesday, December 14, 2010 02:51 AM
By Alistair Barr

MARKETWATCH
SAN FRANCISCO -- The number of U.S. homes with negative equity shrank in the third quarter, but price declines might threaten this improvement, the real-estate data company CoreLogic Inc. said yesterday.

CoreLogic reported that 10.8million properties, or 22.5 percent of all residences with mortgages, were in negative equity at the end of the third quarter, down slightly from 11million, or 23 percent, in the second quarter.

Check out the rest of the story here:


Homeowners who are 'underwater' still dropping

October 2010 stats from Columbus Board of Realtors

The housing market in central Ohio, which rebounded nicely when the federal tax credits were offered in 2009 and early 2010, today is looking like “more of the same.”

According to the Columbus Board of REALTORS® (CBR), the number of homes sold and the average price of homes sold from January though October 2010 are nearly identical to the statistics from 2009.

The number of homes sold from January through October was 16,891 – almost identical to the 16,932 homes sold in the same period of 2009. Average sale price so far this year is $160,671 compared to $161,623 last year.

Home sales are likely to grow in 2011, but not too quickly. According to the New York Federal Reserve Bank, household finances are improving, and major purchases will increase as well.

The "typical" homeowner of 2010

The typical homeowner of 2010.  (This article is from NAR)


Home buyers today have affirmed a long-term view of home ownership, the typical seller is experiencing positive returns and the vast majority of home owners see their property as a good investment, according to the latest consumer survey of home buyers and sellers.

 

The 2010 NAR Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, preferences, marketing and experiences of recent home buyers and sellers.

 

Although typical sellers had been in their previous home for eight years, up from seven years in the 2009 study, first-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.

 

Here are some highlights:

 

• The typical seller who purchased a home eight years ago experienced a median equity gain of $33,000, a 24% increase, while sellers who were in their homes for 11 to15 years saw a median gain of 40%.
• With #1 reason to buy a home being a good investment, the next biggest reasons for buying, identified by all home buyers, was a desire for a larger home, 9 percent; a change in family situation and the home buyer tax credit, 8%; a job-related move, 7%; and the affordability of homes, 6%. Twelve other categories were 5% or less.  
• The number of first-time home buyers rose to a record high 50% of all home sales from 47% in the 2009 study, building on success of the home buyer tax credit which began in 2009.  
• The profile shows the median age of first-time buyers was 30 and the median income was $59,900. The typical first-time buyer purchased a 1,540 square foot home costing $152,000, with 93% using the first-time buyer tax credit.  
• 56% of entry level buyers financed their purchase with an FHA loan, while another 7% used the VA loan program. 42% said financing their first home was more difficult than expected and 9% had been rejected by a lender.  
• 58% of all buyers are married couples, 20% are single women, 12% single men, 8% unmarried couples and 1% other.  
• Buyers searched a median of 12 weeks and viewed 12 homes.  
• The typical repeat buyer was 49 years old, earned $87,000 and purchased a 2,000 square foot home costing $215,000.  
• The median age of home sellers was 49 and their income was $90,000. Sellers moved a median distance of 18 miles and their home was on the market for 8 weeks, down from 10 weeks in the 2009 survey. Half traded up in size, 28% bought a comparably sized home and 21% traded down.  
• 64% of sellers chose their agent based on a referral or had used the same agent in the past. Reputation was the most important factor in choosing an agent, cited by 35% of respondents, followed by trustworthiness at 23%. 84% of sellers are likely to use the same agent again or recommend to others.  
• Home buyers thought the most important services agents offer are helping find the right house, negotiating sales terms and price. Buyers also most commonly choose an agent based on a referral from a friend, neighbor or relative, with trustworthiness and reputation being the most important factors.  
• Buyers use a wide variety of resources in searching for a home: 89% surf the Internet, 88% use real estate agents, 57% yard signs, 45 percent attend open houses and 36% look at print or newspaper ads. Although buyers also use other resources, they generally start the search process online and then contact an agent.  
• Local metropolitan MLS websites were the most popular Internet resource, used by 59% of buyers; followed by Realtor.com, 45%; real estate company sites, 43%; real estate agent websites, 42%; other websites with real estate listings, 41%; and for-sale-by-owner sites, 15 percent; other categories were smaller.  
• 77% of all buyers purchased a detached single-family home, 9% a condo, 8% a townhouse or rowhouse, and 6% some other kind of housing.  
• Not surprisingly, for-sale-by-owner transactions reached a record low, accounting for 9% of sales in the 2010 study, down from 11% in 2009.  
• The share of homes sold without professional representation has trended down since reaching a cyclical peak of 18% in 1997.

DO ANY OF THESE DESCRIPTIONS SOUND "TYPICAL" TO YOU??  hmmmmmmm

 

Short Sale Closings in 90 Days--Bypass Loss Mitigation with Bank Of America

GUARANTEED closings on Short Sales within 90 DAYS???

The Lambright Team is currently working on a solution to the BIGGEST problem with short sales.......

What is that problem???  You guessed it!  They are NOT short whatsoever.  They take forever to get done and the uncertainty for the seller and the buyer is excruciating.

We are currently in negotiations with a lender representative to SPEED up the process dramatically AND offer our sellers a 90 day WRITTEN GUARANTEE that their home will close via a short sale within 90 days of listing the home.

STAY TUNED!!!!

Ohio "Hardest Hit Area" Funds

I went downtown Columbus to figure out how to get some of these emergency federal funds for our clients who are trying to do a short sale.  It is very confusing if you don't have a guide.  We would be happy to give out FREE guidance to anyone who needs it.