Category Archives: REO/Foreclosure

“When Should we put our home on the market?”

Now or later?

We get this question at this time of year more than ever. For many Sellers, it a conundrum…list during the holidays when there are fewer buyers looking or wait until the spring? The reality is that homes sell all year long. For sure there are fewer Buyers out looking in the winter months, but there is also much less competition for those Buyers. As of this writing, there are 82 homes for sale in New Albany Country Club, 16 homes  for sale in Hampsted Village and 27 homes for sale in New Albany Links.  Many Sellers have taken their homes off the market for the Holidays and plan to re-list in the spring.

20% is nothing to sneeze at!

A look at Columbus Board stats for 2005-2008 shows homes sold in the first quarter accounted for 20% of annual sales. Even in 2009, when tax credits pushed historically high volume into the 4th quarter, the 1st quarter still represented 17% of the total year’s business.

Few tire kickers.

Although there are fewer Buyers out looking, the ones who are out braving the Central Ohio winter are serious. No one is slogging through the snow looking at homes just for the fun of it. 

Bottom Line

There is no bad time to put your home on the market. While the winter months have fewer sales than the traditional spring and summer markets, the 1st quarter still accounts 20% of the business. There is less competition and the Buyers who are braving the elements are serious.  If your thinking about selling your house, check out our article about preparing your home for sale.  If you find yourself in the tough situation of owing more than the home is worth, make sure to read about short sales and avoiding foreclosure.

REO = Bank Owned = New Albany Buyers Beware

What a New Albany Real Estate Deal?

Big Sale sign in red over white backgroundSo you found this incredible deal on a New Albany home that is owned by a bank, that’s great. But be aware that this will most likely be a very trying and difficult transaction.

Good news – Bad News

Good news:  the price is generally very advantageous.  Bad news:  almost everything else.  Response time from Seller’s side is like glacier movement.  Agent must contact REO management  company who must contact owner (Bank) and then answer must filter back through all the layers.  Continue reading

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