Archives: April 2008

Look for The Silver Lining! You Can Buy A Lot of House in Columbus, Ohio!

I just read an article in the Wall Street Journal real estate newsletter which really helped to put a new spin on real estate in New Albany, Columbus and the Midwest as a whole. We keep hearing about how bad the real estate market is but think about what you can actually buy here versus some other parts of the country.

Using $400,000 as a comparison:

In New Albany, you can buy a 3600 square foot home overlooking a golf course, with a screen porch, a finished recreation room in the lower level, 4 bedrooms, 3.5 baths and a 3 car garage.

In New York City, that same $400,000 will buy a 400 square foot studio apartment on the Upper East Side with a queen size Murphy bed, a new kitchen with granite and stainless steel appliances, hardwood floors, a doorman and a bike room.

For $400,000 in Miami Beach you can buy a 1520 square foot condo with 2 bedrooms, 2 baths that 1,520-square-foot condominium. The condo, built in 1963, has bay views from every room, wood floors, kitchen appliances in mint condition and a parking space.

So, while prices on real estate in New Albany are off the peak of the market, your housing dollars still go a long way. It really is a good time to buy a home! Contact Kate or Tony to discuss home buying options in New Albany or the Greater Columbus area.

Kate & Tony Have Sold More Hampsted Village Homes…

Kate & Tony have sold more Hampsted Village Homes than the next 6 REALTORS® combined!

When it comes to their business goals, Kate & Tony have a shared vision: client comes first, excellence is the standard, and integrity is key. Setting them apart are cutting edge marketing advantages like the custom-designed site, www.newalbanyohio.com with a satellite mapping tool to dynamically plot neighborhoods. The results speak for themself.  If you need your home sold in Hampsted Village in 2008 – you need to call Kate & Tony!

Hampsted Village Listings Sold Since 2000:

* Based on listings sold 2000-2007 per the Columbus Board of REALTORS® MLS. Click here for a brief tour of Hampsted Village!

New Appraisal Requirements Announced for Jumbo Loans by HUD

The procedure for obtaining a loan continues to tighten as the banks, investors, and HUD figure out how best to insure that jumbo mortgages are secure investments.  The US Department of Housing and Urban Development (HUD) announced on April 1, 2008 that jumbo mortgages (loans exceeding the conforming loan limit of $417,000) may require 2 appraisals in order for a buyer to obtain a loan commitment.   According to the HUD Mortgagee Letter, a 2nd appraisal may be required when 3 requirements are met:

  • The loan amount, excluding the upfront mortgage insurance premium, will exceed $417,000, and
  • The Loan-to-Value equals or exceeds 95%, and
  • The property is determined as being in a declining market.  A declining market is determined by either the appraiser or the lender.

Every time I speak with one of our lenders, it seems there are more and more changes that need to be understood and incorporated into the mortgage approval process.  However, this is probably a good change… though it could slow down or add additional cost to the process.  I find myself counseling our buyers that there is a little bit of a learning curve as everyone becomes more familiar with the sweeping changes that have taken place in the mortgage industry.