Nice neutral decor.  This unit is in a quiet location in Walker Woods but is close to conveniences like shopping and I-71.  Cozy fireplace and enclosed patio.  Great price!

Great price & great opportunity! Owner did extensive work inside but could still use a new kitchen and bath.  Exterior has some siding, concrete and chimney work to be done.  No gutters.  Roof about 5 years old.  Oil boiler about 2 years old.  2 Acres.

Here’s a little good news today.  Columbus is ranked #2 in the nation as best place to buy real estate.  What Ohio cities are #1 and #3?  Click the link below to find out.  Aren’t you glad you’re a Buckeye? 

Central Ohio real estate experienced a good rebound last year.  2010 looks to match it…at least until the tax credit stimulus money expires in April.  First time buyers still get $8000 and can also qualify for the Ohio Bond program!  Most move-up buyers qualify for $6500 tax credit.  Call me for details.

Thanks to Jeff Lichtenstein of Market Mortgage (614-848-5626) for telling me about this website.  

http://www.housingpredictor.com/predictions.html

The perfect equestrian estate across from golf course.  The house is gorgeous!  Hardwood floors, stainless steel appliances, huge bedrooms, large unfinished basement.  There is a 4 stall horse barn and separate riding arena to complete the picture.

Nicely updated home with new kitchen, bathrooms and all hardwood floors except the master bedroom.  The attached garage was converted to a master bedroom and huge laundry room.  The detached garage has a workshop. 

Cheri, my lovely wife and manager of RE/MAX Impact shared market stats at our monthly meeting today.  Here’s the scoop.  Number of sales in Columbus MLS compared to last year is down 9.4%.  However, RE/MAX Impact is up 30%!  Number of homes on the market is down 12.2%.  Home prices fell a little in 2009…2.3%.  Home inventory declined from 9.8 to a 6.9 month’s supply.  Our agents have averaged selling $2,400,000 in real estate YTD.  RE/MAX Impact remains the #1 RE/MAX office in our local area and #5 in closed sales out of the 82 offices in the Central and Northern Ohio region! 

Some agents say this is a difficult market…but looks like RE/MAX Impact agents have it figured out!

This is a very well maintained home that has been kept neat & clean.  This home is situated on 1 acre of land in the desirable Lewis Center area.  Some of the updates include carpet and painting.  1606 square feet plus a full basement.  Great find!

Had several clients ask this same question this week. 

QUESTION:

 How will the new extended and expanded stimulus affect real estate?

ANSWER:

First, let me reiterate that the $8000 tax credit for first time buyers and the new $6500 tax credit (if you have owned for 5 years) has been approved through April 30, 2010.  It will definitely help as evidenced by the strong number of sales this year.  It will also give an incentive to those who currently own a home, which will help sell homes priced higher than $250,000.  Philosophically, I don’t agree with giving tax money to people to get them to buy things.  It isn’t fair to people who purchased before the incentive program and to those who purchase after it.  However, I’m not raising too much fuss because I benefit greatly by it.  Long story short If you have been wanting to upsize, downsize or move to Florida…you have a 6 month window that will help you get that done.  Will they extend the program beyond April?  Dunno.  I’m not sure they will have the money.  In fact, I’m not sure where they’re getting the money now!

The time to do anything is when you can.  Don’t wait till March or April and hope the government extends the program again.  They can’t continue to do it forever.  Most of the “stars” are aligned now…free money, low interest rates, low home prices, lots of inventory.  As the Buick commercial says, “The only thing missing is You”.  Selling will still take excellent marketing and presentation.  Call me to help with that.  

When you mow for the last time this year be sure to winterize the mower.  Add some StaBil to the gas and run the motor long enough to get it in the carburetor before shutting it off.  I like my mower deck’s underside to be scraped, wire brushed and painted with Rustoleum to prevent rust from eating on the deck all winter.  Take the battery out and keep in a safe warm place.  You can slip the battery in to your wife’s closet and set it on a block of wood while she scraping the mower deck.  I’ve found if you cover the battery up with some summer clothes, she shouldn’t even find out about it…unless of course, the acid eats a hole in her new blouse.           

The 2 cycle motors on weed whips, blowers, edgers, etc. should be okay without StaBil as the oil in the gas slows its evaporation.  It’s also a good time to have the blades sharpened for next year.  I prefer to wait until spring to change the oil and filters so any condensation from the winter will also be drained out.   

Don’t forget to drain the water out of your boat motors.  Used washing machines and dishwashers stored in the garage should be drained also, or you’ll be finding them a new home in the landfill next spring.   

If you could control interest rates, unemployment, layoffs, factory closings, terrorist attacks, tax laws, etc etc. then you could wait and take the chance. Problem is, there are so many variables that affect the cost that you can’t take the chance.   Here’s something to think about.  A $300,000 house purchased today with a 5.5% loan will actually cost less than a $270,000 house purchased with a 6.5% loan.  The chances are greater that interest will go up 1% than the values fall 10%.   

There is an old saying, which I live by, “The best time to go fishing is… when you can.”   

I say, “The best time to buy a house … is when you can.”  If your budget and circumstances allow you to buy now, then don’t wait.  

Reminds me of a story I heard…. well, I better save that for another day!

QUESTION:  (Brett)  On a short sale, (where a bank is not fully paid) is the forgiven debt taxable income?

ANSWER:  (John)  Technically yes, but most people get an exception and do not have to pay tax on the forgiven debt.   I forwarded this question to my accountant for a more complete and accurate answer.  

John,

 Generally, if a taxpayer owes a debt that is canceled or forgiven, the canceled amount is taxable income.  There are exceptions:

Bankruptcy – Canceled debt is not included in gross income if the debt is canceled in a bankruptcy case under the U.S. Bankruptcy Code.  The debtor must be under the jurisdiction of the court, and the cancelation of debt must be granted by the court or occur as a result of a plan approved by the court.

Insolvency – Canceled debt is excluded from gross income up to the amount by which the taxpayer’s liabilities exceed the fair market value of assets.  This determination is made immediately before the cancelation of debt.

A foreclosure or a short sale results in canceled or forgiven debt.  These are treated as a sale or exchange of property.  If this is a primary residence, then the normal rules for exempting the income from taxation come into play.

The bankruptcy and insolvency exceptions apply to income resulting from foreclosure or sale of property.

Have any of your clients contact me regarding their personal situation. I’d be happy to help.

Gary

Here is a secret that not everyone knows…when I worked for other real estate agents I referred my friends & my husband’s co-workers to John.  I think that says a lot in regards to my confidence in his abilities, his integrity, his morals and his vast experience in Real Estate.  What a blessing when it finally worked out that I could be a part of this team.

Recently, John was talking to someone needing a rental.  Turns out that he is filing bankruptcy because of the present economy.  John asked what he was doing with the house he owned.  He was going to give it back to the bank…that is a foreclosure.  John told him that he could do a short sale and though his credit would still be dinged with the bankruptcy he could rebuild his credit in about 2 years.  A foreclosure follows you for 10 years.  John is now helping him avoid foreclosure by doing a short sale.

What is the tip in this you say?  If you need to buy, sell, renegotiate your loan, want advice on short sales or pre foreclosures don’t hesitate one minute to call John.  He will work for YOU!

3 Bedroom end unit condo.  Great secluded location.  Next to park and across from golf course. Not a waterfront but does have a private view from rear of property.  This is a well maintained condo project and this is one of the nicest units in the whole project.  Not a bank owned or short sale.

Here is a secret that not everyone knows…when I worked for other real estate agents I referred my friends & my husband’s co-workers to John.  I think that says a lot in regards to my confidence in his abilities, his integrity, his morals and his vast experience in Real Estate.  What a blessing when it finally worked out that I could be a part of this team.

Recently, John was talking to someone needing a rental.  Turns out that he is filing bankruptcy because of the present economy.  John asked what he was doing with the house he owned.  He was going to give it back to the bank…that is a foreclosure.  John told him that he could do a short sale and though his credit would still be dinged with the bankruptcy he could rebuild his credit in about 2 years.  A foreclosure follows you for 10 years.  John is now helping him avoid foreclosure by doing a short sale.

What is the tip in this you say?  If you need to buy, sell, renegotiate your loan, want advice on short sales or pre foreclosures don’t hesitate one minute to call John.  He will work for YOU!

The real estate market is HOT!  But only for properties under $250,000.  The $8000 tax credit given to first time buyers has really helped this price segment.  Homes up to $350,000 are still doing pretty well, but over that the market slows to a crawl. The higher the price the slower it gets.  A lot of areas have up to a 4 or 5 year supply of homes available at current absorption rates.  

The $8000 tax credit goes away on Dec 1st.  That means a buyer will need to be “in contract” by Nov 1st and if things get stacked up like I think…it may take 6 weeks to get a loan closed.  So, to be safe a buyer will need to be “in contract” by Oct 15th in order to close by the Nov 30 deadline.

If you want to buy or sell, you should do it when this stimulus money is available. Give me a call.

Japanese Beetles won’t kill your trees and plants but will eat all the leaves and cost you the normal growth for the year.  They are partial to River Birch and a few other landscape trees…and they love raspberry and blackberry leaves.  There are several sprays available that work marvelously, however I don’t use sprays on my fruits and vegetables. I remove them by hand or give them a little love squeeze with pliers.  When heavily infested I spray them off with water.  Washing your plants with water and dish soap disposes of the scent they give off which attracts more of their friends.  The soap also repels them.  I know my little brothers sure didn’t like it when I had to wash their mouths out with soap.  That was mom’s trick when they picked up a bad word…I found it handy to get them to do my chores.  

Ron Wilson (Sat 10-12 Gardening show on WTVN) says, “If you have to buy the bags that attract and capture Japanese Beetles…buy them and give them to your neighbor”.