Submitted by Vicki Owens, ABR, CRS, GRI, Branch Owner/Agent, Andy & Associates Realtors,  Marysville Office

 

As of  August 21, 2008 there were 210 residential properties listed for sale in the Marysville Exempted Village School District.  Prices ranging from $12,500 for a mobile home to $599,900 for a large newer custom build on acreage.  There are 45 homes reported to be in contract and pending the close of the sale.

 

From January 1—August 21, 211 homes sold for the year.  The average list price of a home was $174,346 and sold price $168,015 (size average 1939 sq ft) with market days for sold listings averaging 119.  Homes are on the average selling within 96% of their listed price.  Compared with the same time in 2007, 239 homes sold year to date, list price average was $174,763, sold price $169,100, (size average 1848 sq ft) market days average 120.  In review, January through August, 18 less homes have sold in 2008,  taking about the same time to sell at a sold price about $1000 less than in 2007.  Comparatively speaking, for home values in other market areas of Central Ohio, Marysville has held it’s own over the past year, but all of central Ohio has experienced a 15% decline in home values since 2006.

 

These statistics used are per the Columbus MLS for homes listed in the Marysville Exempted School District only, not including all of Union County.  They are a compilation of listings through the Columbus Board of Realtors as reported by agents and participating builders. 

 

If you are considering buying, see www.columbushousingfacts.com for loads of information!  Now is a great time to buy with mortgage interest rates now between 5 and 6.5%. Qualifying for a loan is more difficult, if you have had 2 years of steady employment, a FICO score over 720 there are still solid programs to choose from without any tricky changing rates, and lenders do require a minimum of 3% down payment. It has been announced that soon the FHA down payment requirements will rise from 3% to 3.5%.  Home buyers with good credit and 3.5-5% down payment have a bargaining advantage.  Ohio’s HUD home program is back up and running, there have been a number of HUD homes available but they go quickly. HUD is offering $100 down payment for those who qualify for FHA financing and plan to occupy the home for a minimum of 24 months.  The government has recently announced a $7500 tax credit for first time home buyers* retroactive to April 2008 and extending thru much of 2009—this is a tax credit, so it is essentially a 15 year interest free loan that is paid back to the government.  (Your agent and tax advisor should be able to give you more information)  *First time buyers are defined as those not owning property for 3 years or more previously.

 

The “buzz” word right now is short sale.  Buyers with questions about short sale opportunities should seek the assistance of an experienced real estate agent to guide them through the process, or at the very least consult their attorney to review the sea of paperwork and waivers involved.  Home sellers interested in the possibility of a “short sale” should get all of the facts and contact their mortgage lenders for information.  Short sale means “pre-foreclosure” and is for the most part a complicated process with long term delays in closing for all parties and a good agent who knows the ins and outs of this process is a must.  Not all home sellers qualify and all contracts are subject to approval by the seller’s lender(s), if they agree to offer the option.

 

For more information about our market, if you have a home to sell or are looking to buy, Vicki Owens of Andy  & Associates, Realtors, is our area’s only Certified Residential Specialist (CRS) offering highly recommended services in Marysville, also assisting clients into Franklin, Logan, Champaign, Madison and Delaware counties.   Contact her locally at 937-644-3385, visit her website at www.movetomarysville.com and see her full color full page newpaper ads weekly in Marysville's Hometown Connection.