Are Columbus Mortgage Rates on the UP?

Written by: Joe Peffer

Which way are Columbus Mortgage rates going?

It’s hard to imagine that mid December of 2009 wasn’t a potential bottom point for Columbus Mortgage rates. Today, the best rates are somewhere around 5.125% and as the economy improves (or at least as we’re told it is improving) the rates will rise.

If you plan to buy this year, I would do it sooner rather than later. I’m reading a lot of predictions about year-end 2010 rates in the 6’s.

Don’t just take my word for it….From Reuters the the other day….”The U.S. Federal Reserve will have to raise interest rates as the economy improves or risk losing the public’s confidence in its commitment to keeping inflation low and stable, a top Federal Reserve policy maker said on Tuesday.

Charles Plosser, president of the Philadelphia Federal Reserve Bank, said expectations for future inflation are currently “well-anchored,” but warned that there is “considerable uncertainty” clouding the outlook for price pressures over the next two to five years.” more.

Discussion: 1 Comment »

Who Decides the Commission for Columbus Area Homes? Columbus Realtors?

Written by: Joe Peffer

Columbus Homeowners decide Columbus Realtor commissions.

No. YOU decide the commission. Only You, Mr and Mrs Columbus Area Home Seller.

What is the average Commission for Columbus Realtors?

Conventional Wisdom around these parts says most Realtors will list your Central Ohio home for 6%. That’s a commission of $6,000 for every $100,000 worth of home sold.   Some will list for less, some will list for more, some will have crazy commission structures in place that vary for each Columbus home for sale.

The key here is that Real Estate Companies can’t control what they charge thanks to regulatory anti-trust laws. That leaves room for all kinds of commission models for all kinds of companies running all kinds of business models.  What is much more universal than how much the Listing Agent receives is how much compensation the Buyer’s Agent receives. In Columbus, that number is nearly always 3% – leaving the rest for the Listing Agent and his Broker.

Of the 12,737 residential listings in the Columbus Board of Realtors MLS this morning, about 93.7% of them offer the Buyer’s agent a commission of 3% or more. (11,930)

Recently the CBR had this reminder for its members regarding compensation….

“Under the long-established policy of the Columbus Board of REALTORS®, the Ohio Association of REALTORS®, and the NATIONAL ASSOCIATION OF REALTORS®:

1. The broker’s compensation for services rendered in respect to any listing is solely a matter of negotiation between the broker and his or her client, and is not fixed, controlled, recommended, or maintained by any persons not a party to the listing agreement.

2. The compensation paid by a listing broker to a cooperating broker in respect to any listing is established by the listing broker and is not fixed, controlled, recommended, or maintained by any persons other than the listing broker.”

Discussion: Join The Discussion!

Selling your Columbus Area Home? Do This!

Written by: Joe Peffer

Buyers like peace of mind. Give it to them.

>>improvement list for your for sale Columbus home <<

Your home is for sale. You want to make a good impression on would-be buyers and stand apart from the crowd. You want to convey as much meaningful information as possible without getting emotional and you want buyers to know that your house is better/more sound/more improved than the rest of the homes for sale in Columbus, Ohio.

Do this. Make a list of improvements you’ve done to your home since you’ve owned it. Put the big improvements at the top. Don’t be shy, put the associated price tag. Buyers want to buy your home for the least amount of money possible and when they see the money you’ve put into your home, they’re less likely to hold your list price against you. Better yet, they’re going to feel great about purchasing your home because they know when the roof was put on, when the air conditioning unit was installed, when you updated the electric lines to that portion of the house and they know you paid real money for it. Even if your cousing Larry did the improvements, you paid him money and you should document it.

You don’t have to have receipts, just a line item list like this one goes a long way to putting the buyer at ease. Especially if you haven’t been in your home long and especially if your asking more than the competition because, darn it, your home is better. Prove it.

By providing the actual costs you go a long way toward transparency and Read the rest of this entry »

Discussion: 4 Comments »

Columbus’ 5th Ave By Northwest Neighborhood Real Estate Market Update

Written by: Joe Peffer

This 1248 sf 3 bed, 1.5 bath cape cod on Meadow Rd sold this year for $176,500 after 12 days.

As first time home buyers get pushed farther away from the city core, despite many wanting to be as close to it as possible, areas like 5th by Northwest become more and more important to the city’s fabric. Often written off in the past as a motley collection of University View rental homes and Grandview Heights wanna be’s, 5xNW as its called, has an area plan from the City of Columbus and is starting to receive a little more notice.

Let’s face it, 1st time home buyers are priced out of Grandview and if you could live within Walking Distance to attractions on Grandview Avenue and own your own home, that’s a nice thing. Yes there is heavy rental in the area but it is conveniently located and worth a look.

This update applies to the relatively small area generally bounded by Third Avenue on the south, Glenn/Wyandotte/Northstar Roads on the west, Kinnear Road on the north, and Kenny/Olentangy River Road on the east.  Windgate Village and Somerset Square condos fall in here.

Homes on the market: 8 Homes and Condos for sale today

• $148,097
• $148/sf and
• 100 days on market
• HOMES ONLY – 3 Listings, 2 small ones on Sells Ave and 1576 Meadow Rd, a 3 bed 2bath for $269,900

5 x NorthWest Homes in Contract contingent on financing/inspections as of today: 1

• 1735 Hess Blvd has 1110 sf
• $159,900
• $144/sf
• 52 days on market

Greater Short North area Homes SOLD THIS YEAR: 36

• Averaging 1034 sf
• $147,690 avg List but a $142,322 Sale price or 96%
• $137/Square foot
• 50 days on market — (very tidy)
• HOMES ONLY – 20 @ $160,665, 1125 sf – $143/sf – Only 38 DOM

The Most expensive home sold so far this year was 1624 Ashland Ave, a 1600 sf 3 bedroom, 2.5 bath that sold for $216,000 after 65 days on market but was listed at $259,000.

Joe Peffer is a Realtor who works in 5xNW, Grandview, Upper Arlington and other Columbus Neighborhoods.

Would you like me to break it down bycondos vs single family? email me and I will be glad to

Discussion: Join The Discussion!