columbus real estateThe demand for Columbus homes isn’t likely to slow down in the New Year, according to projections by Trulia. They recently named Columbus #8 among the top 10 cities poised for growth in 2018! The study compared 100 major cities in the U.S., using metrics such as job growth, home affordability, apartment vacancies, median age of households, and online home search activity.

This is just the latest study showing how popular the Columbus area has become! In prior blog posts, we talked about Hilliard being a hotspot for Millennial home buyers, and Columbus being the hottest “hipster” real estate market. Then came the study by WalletHub naming Dublin, Hilliard and Upper Arlington among 2017’s “Best Small Cities in America.”

The strength of the Columbus real estate market is more than media hype. October 2017 home sales increased 4.4% compared to October 2016, with 2,760 homes sold. This marks the highest October sales volumes on record.

Home prices also reached new highs. The median sales price for a Central Ohio home reached $183,000 in October, an increase of 8.9% from a year ago. Doing the math another way, the average sales price reached $215,296.

Please keep in mind that while statistics provide a benchmark, they do not include sales transacted outside of the MLS – namely, homes sold directly by builders, or homes sold by owner with no listing agent involved.

Still, the direction of the market suggests that 2018 will feature the same home buying challenges we’ve seen throughout 2017. Namely, persistently-low home inventory, buyer competition, rising interest rates and higher home prices.

Fortunately, there is one home buying advantage that remains consistent, too: Exclusive Buyer Brokers! We help you avoid overpaying for a home – even in multiple-offer situations. And because our only loyalty is to you, we don’t pull any punches when it comes to pointing out home defects or other material facts that could affect you. Plus, our reputation for integrity, along with our history of representing qualified, well-prepared home buyers, works in your favor.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

If buying a Columbus home is on your holiday wish list, a little help could put you closer to your goals! But before you ask Santa for money, there are some rules you need to be aware of. Here’s what you should know!

FHA and Conventional mortgages allow you to use cash gifts from family, friends, buyer assistance programs and your employer. However, you cannot accept cash contributions from a lender, home builder, home seller or real estate agent – basically, from anyone who stands to benefit from the transaction.

FHA loans allow all of your down payment funds to be sourced from a cash gift. The minimum down payment of 3.5% can come entirely from gifted funds, or a combination of your own funds and gifted funds. However, if you have a low credit score, the lender may require you to contribute some of your own money, even if the gifted funds meet the minimum.

Conventional loans are a little different. If you put less than 20% down with gifted funds, the lender may require you to contribute some money of your own. The exact amount depends on your credit score, the loan parameters and the PMI company. (If you have at least 20% down and it’s entirely from gifted funds, that’s fine.)

USDA loans and VA loans do not require a down payment. Gifted down payment funds are allowed if the borrower wishes to use them.

In all cases, a gift letter must be provided to prove that the funds are free and clear of any repayment obligation. You can see a gift letter example by following this link.

Next, there must be a paper trail for the funds that are gifted. The person issuing the gift should supply the following:

  • Bank statement showing proof of funds, before the gift is issued.
  • Bank statement showing the same account directly after the gift was issued.
  • If a personal check is issued for the gift, a copy of the cleared check will be required.

You should open a new account upon receipt of the gift funds. Deposit the full amount of the gift by itself; do not add or subtract any funds, and don’t swap money around from other accounts. If more gift funds are received, you can add them to this account, but the issuer must follow the same documentation steps. Keep proof of your gift deposits! Your lender will want all this paperwork, and perhaps more, so maintain good records.

This might seem like a lot of red tape, but it could bring you closer to home ownership! We’ll be happy to refer you to trustworthy, local lenders who can walk you through your mortgage options.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

December 2017 Events in Metro Columbus!

December 1, 2017

‘Tis the season for holiday fun in Metro Columbus! Take some time to enjoy the special events and attractions happening around Central Ohio. We’ve put together a list of family favorites! Old Pickerington Village Holiday December 1. Tree lighting at 5 p.m. at Columbus & Center Street. Indoor gift market with over 40 vendors. Wagon […]

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7 Holiday Money Strategies for Future Home Buyers

November 22, 2017

If you’re planning to buy a home in the future, the holidays can make it tough to keep your goals on track. According to American Research Group, Inc., U.S. consumers plan to spend an average of $983 on holiday gifts in 2017! Add in the cost of travel and holiday meals, and the most wonderful […]

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Central Ohio Small Cities Ranked Among Best in America

November 17, 2017

There are many advantages to living in Central Ohio, and a number of surveys and studies are backing it up! A few weeks ago, we shared the news about Hilliard being a hotspot for Millennial home buyers, and Columbus being named the hottest “hipster” real estate market. Now comes a new study by WalletHub, naming […]

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Quarterly Market Statistics – Third Quarter 2017

November 13, 2017

  Below you’ll find market statistics separated by school district, as well as last quarter’s closed sales and median sales price graphs. Bexley Pickerington (Corp.) Columbus CSD Reynoldsburg CSD Dublin CSD South-Western CSD (Grove City) Gahanna Jefferson CSD Sunbury (Corp.) Grandview Heights (Corp.) Upper Arlington CSD Hilliard CSD Westerville CSD New Albany Plain LSD Whitehall […]

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November 2017 Events in Metro Columbus

November 11, 2017

As cold weather rolls in, Metro Columbus prepares a warm welcome for the holiday season! We’ve put together a sampling of special events taking place throughout November. Mark the calendar with your favorites! Wildlights – Columbus Zoo November 17 through January 1. Experience a dazzling display of over 3 million LED lights from 4:00 p.m. […]

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Home Buyer Education Leads to Successful Home Ownership

November 9, 2017

A recent report by HousingWire shows that first-time home buyers reap benefits from pre-purchase education. A study of 18,000 buyers who attended pre-purchase counseling through NeighborWorks revealed that the majority remained current on their mortgage. Fannie Mae reports similar findings from their own study. Mortgages originated by housing finance agencies who require home buyer education, […]

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Hilliard is a Hot Spot for Millennial Home Buyers

October 26, 2017

In a recent blog post, we talked about Columbus being the hottest “hipster” real estate market for young adults. New statistics are backing this up, and placing Hilliard in a shared spotlight for Millennial appeal! According to Columbus Business First, Hilliard places at #10 in the list of 50 Hottest Zip Codes in the U.S. […]

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What Columbus Home Buyers Should Know About Adjustable-Rate Mortgages

October 20, 2017

As Columbus home prices rise, more home buyers are using adjustable-rate mortgages to finance their purchase. Nationally, adjustable-rate mortgage applications jumped 40% from the first quarter of 2017 to the second quarter, coinciding with the spring home buying season. Adjustable-rate mortgages, or ARMs, aren’t for everyone because of their complexity, but they can be a […]

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