Buyer’s Home: Your Exclusive Columbus Buyers Agency

Columbus home equityColumbus homeowners are seeing rising equity as sales prices soar. According to a recent article in the Columbus Dispatch, Ohio homeowners gained an average of $21,600 in equity during the past year. In Bexley, Upper Arlington and certain neighborhoods of metro Columbus, equity increased by more than $40,000 on average.

Rising equity can benefit homeowners in several ways. For homeowners who have private mortgage insurance or mortgage insurance premiums, a rise in equity could allow removal of these coverages, saving  considerable money on each mortgage payment. Ask your mortgage servicer about the requirements for waiving PMI or MIP.

An equity increase helps homeowners obtain a favorable refinance, too. If you have at least 20% equity in your home, and currently have an FHA mortgage with mortgage insurance, you might refinance into a Conventional loan that may provide a lower interest rate – without a mortgage insurance requirement. As a whole, equity of 20% or more can improve your rate offers.

If you are in need of cash for a home improvement project, you may be able to borrow against your home equity to obtain funds for the project.

For some homeowners, equity is just a number until they sell – and then it becomes a profit. A number of buyers making cash purchases today are doing so with the proceeds from a prior home sale.

When buying a Columbus home, you can improve your potential for building equity by choosing your home and mortgage wisely! Our free e-book, “How to Buy a Home like a Pro,” has valuable advice to help you. Get your copy today, there is no cost and no obligation.

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 at all times.

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
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
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

Columbus property taxesIn today’s competitive market, it’s likely that Columbus home buyers will end up paying more than the assessed value for their home purchase. This means a potential tax bill surprise in the future. Here’s why!

Franklin County conducts property reassessments every six years. There is also a “Triennial Update” performed at the third-year midpoint of each six-year cycle. The six-year cycle involves reassessments, and the three-year cycle involves an analysis of property sales. The 2020 Triennial Update resulted in a 20% increase in median values for residential properties.

The Columbus area real estate listings you see today should be showing annual tax bill amounts based on the 2020 assessment. However, home prices have been rising on a year-over-year basis. The tax assessed value from 2020 is already outdated in most cases. By the time the next Franklin County property reappraisal is conducted in 2023, the difference in appraisal value could be significant.

In other words, if you view an online home listing for $339,000 in Columbus that shows an annual property tax bill of $3,500, that tax bill is likely based on a prior assessed value that is lower than the list price. How much lower? You can find out with a little digging online, such as this tax bill search tool at FranklinCountyAuditor.com.

Homes are assessed at 35% of fair market value for tax purposes. The tax bill itself is based on the assessed value of your property, multiplied by the tax rate in your community. The sum is your share of the operating costs of your local schools, municipal services and so on. The more your property is worth, the larger share of property taxes you are likely to pay! You can find 2020 Franklin County tax rates for 2021 at FranklinCountyAuditor.com.

Do not take the tax bill amount you see on a real estate listing for granted. Your future tax bill will depend on the assessed value of your property – which is influenced by sales prices – and the actual tax rate for your local community. If your property taxes and homeowner’s insurance premiums are escrowed with your mortgage company, increases in your future tax bill can mean a higher mortgage payment. If you pay your property tax bill directly, be sure to sock away a little extra to manage any future tax increases.

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 at all times.

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
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
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

Central Ohio Trails Offer Beautiful Scenery Close to Home

May 19, 2021

This is the perfect time of year to get out and explore the scenery to be found in Central Ohio! Here’s a few suggestions to get you started: Dublin: Indian Run Falls Trail, 700 Shawan Falls Drive This walking path includes scenic overlooks, boardwalks and two shelters. A pedestrian bridge traverses the waterfalls and offers […]

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Columbus Home Buyers Should Choose Carefully

May 19, 2021

Columbus home buyers have been contending with bidding wars, low home inventory and rising prices. As some buyers make offers sight-unseen, it’s possible that buyer’s remorse could follow in the future. This is especially true if buyers haven’t done their homework on the neighborhood – or the house. For example, a homeowner survey by Sears […]

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Columbus among Top Destinations Nationwide for Renters

April 29, 2021

Columbus is affordable and full of opportunity, and the word is getting around! A new study by StorageCafe© names Columbus among the top 20 cities for relocating renters. Columbus placed 16th out of 100 U.S. metros, beating out bigger cities like Atlanta and Boston. The study looked at 1.7 million relocating renter applications processed in […]

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Common Home Construction Defects Buyers Should Know About

April 29, 2021

Dreaming of a new Central Ohio home built to your specifications? Before you explore the notion in earnest, be sure to have the representation of an Exclusive Buyer’s Broker who can provide you with contractual remedies for any home defects. Here’s why! According to a four-year study by LJP Construction Services, which was published in […]

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Columbus Metro Home Inventory Down by Over 50% during March

April 29, 2021

Columbus metro home buyers saw an improvement in home inventory in March compared to the prior month, but inventory remained significantly lower than a year ago. On a year-over-year basis, the March 2021 inventory of Columbus metro homes for sale was 51.9% lower than March 2020. Consequently, Central Ohio homes in all price ranges sold […]

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Inventory of Columbus Homes for Sale Reaches Record Low

March 30, 2021

Home buying conditions in the Columbus area were extremely competitive during February as inventory diminished. According to data from Columbus REALTORS®, February’s inventory of homes for sale stood at about two weeks supply. In other words, if no new homes came to market, the pace of sales would have depleted all available homes within two […]

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Compare Cost of Ownership When Buying a Columbus Home

March 20, 2021

Columbus area home searches usually focus on the list price, but the purchase cost is only part of the picture. Successful home ownership means thinking long-term and looking ahead. Here are a few items to compare when evaluating properties! Property Taxes. The tax rate on your Central Ohio home will vary by county. As your […]

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Views from Your Central Ohio Home are Subject to Change

March 20, 2021

Imagine finding your dream home in Central Ohio along the edge of a subdivision, with a backyard view of a grassy field. The deck is perfect for enjoying a morning cup of coffee as you watch the sunrise over the prairie. Three years later, the field is developed, and the same deck has you staring […]

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