Will The Columbus Housing Market be worse in 2010 than it was in 2009?

Written by: Joe Peffer

Robert Hahn wrote an article that appeared on Inman News recently that was ripe with 2010 predictions regarding the state of Real Estate in the country. It is a good read and I liked his take on many of the subjects.  Aside from mentioning the Jets not going to the Super Bowl, Hahn predicted that 2010 will actually see a worse housing market than 2009.

I get tired of reading rosey, pollyanna housing news from NAR and other sources and found Hahn’s prediction to be smart and potentially right on.  Of course all real estate is local and just the other day I posted a 2010 Columbus area market prediction of around a 12-15% increase over this year through April, but this is what Hahn had to say…

“A number of experts believe that the housing market will recover in 2010. Lawrence Yun, chief economist of NAR, recently said that the real estate market will rebound in the spring and summer of 2010. Strong sales numbers in the third and fourth quarters of 2009 have a lot of real estate people thinking that we have hit bottom, and that the market will rebound in 2010.

I don’t believe it. Read the rest of this entry »

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How To Dispute, Appeal or Contest Your Franklin County Real Estate Tax Increase

Written by: Joe Peffer

Real Estate Taxes vary by School District. Where in Franklin County Do you Live?

EDIT: 12/17/2009 Please see the end of this post for a clarification and correction of any inaccuracies from the Franklin County Auditor, Clarence Mingo.

If your home has been re-valued by Franklin County recently, you probably received a notice in the mail regarding the new property tax. Per the Ohio revised code, Franklin County appraisers review property after a sale and/or every three years or so.

If you receive a notice, you’re no doubt glum about having to pay more real estate taxes to Franklin County. When you realize that the tax increase is for the ENTIRE 2009 year retroactively and that the tax bill you get in December for the January 1- June 30 tax cycle will reflect the increase and be based on this new value, you’re downright hot under the collar. What to do? Where to turn?

First, stop and consider if the new value is reasonable.  After all, if Franklin County is saying your home has appreciated in value, that’s a good thing isn’t it? Isn’t that, in part, why you purchased a home – to build equity?

Not buying that? OK. Here is everything you should know about appealing your Franklin County Tax Increase:

• Everything you need to contest the tax increase is available from the Franklin County Board of Revision site, here.
• Make sure you fill out the forms accurately and completely because the Ohio Supreme Court says a complaint MUST be dismissed if it is not completely filled out.
• You will need to sign your appeal in front of a Notary Public.
• If the property

Read the rest of this entry »

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2010 National Real Estate Housing Outlook

Written by: Joe Peffer

Call Delicious Real Estate (614-358-5515) to discuss your 2010 home purchase.

A quick review of National Association of Realtors’ Chief Economist Lawrence Yun’s 2010 preview looks positive. I would caution it as maybe even being a little optimistic and would suggest a 12-15% uptick over 2009 first quarter sales here in Central Ohio. I think over the Holidays a lot of Columbus singles, couples and families will have long discussions about home buying and hit the new year resolved to buy a home in 2010. I think once the tax credits expire and interest rates start to creep up, the second half of 2010 will be slow here in and around Columbus.

As for the rest of the country, this is what Yun has to say….In all, 4.4 million Americans look to take advantage of the home buyer tax credit before it expires by the middle of next year. From the enactment in February of this year through October, NAR estimates 1.8 million households would have qualified to claim the first-time home buyer tax credit. Now with the tax credit deadline extended till the end of June 2010 (for closings, with contracts signed by the end of April, 2010) and also available to many move-up buyers, an additional 2.6 million families would likely claim the home buyer tax credit.

The expected boost to existing home sales by more than 20 percent in the first half of 2010 from comparable period one year before will sufficiently trim away inventory such that home values will begin to show increases by the middle of next year in many parts of the country. The median existing home price could rise by 2 to 4 percent in 2010. New home sales could jump by nearly 50 percent, though from very depressed levels to figures that would be less than half the pace as during the peak sales year in 2005.

One assumption underlying the home sales forecast is Read the rest of this entry »

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Clintonville Real Estate Market Update

Written by: Joe Peffer

This 3 bed, 2 bath Home on West Lakeview sold in Late November for $202,000 and has a 2nd floor deck

Homes on the market: 124 Active Clintonville homes for sale.

Averaging 1,599 sf,

• $239,137
• $162/sf and
• 112 days on market.

Clintonville Homes in contract with escape clauses:

Two – These are Homes you could still, conceivably, swoop in and buy

256 East Longview and 464 E Torrence listed at $189,900 and $269,900 respectively

Clintonville Homes in Contract contingent on financing/inspections as of today: 16

• Averaging 1452 sf
• $188,925
• $138/sf
• 74 days on market

Clintonville Homes Firmly In Contract passed inspection period as of today: 10

• Averaging 1416 sf
• $160,980
• $120/sf
• 54 days on market

Clintonville Homes Closed over the last 75 days: 74

• Averaging 1544 sf
• $213,584 avg List but a $204,113 Sale price or 96%
• $139/sf
• 67 days on market

My impression of the Clintonville Real Estate market since October 1 is that there were a lot of bargains picked up over the last two months and that first time buyers were cramming them in to beat the initial Nov 30 deadline, taking what the market would dish out. It’s been a very competetive year for Clintonville where it continues to be more of a Sellers Market than a Buyers Market despite what I believe to be continually “realistic” pricing forced by Buyer Action.

Joe Peffer is a Realtor who works in Clintonville and other Columbus Neighborhoods.

Would you like me to break it down by43214 vs 43202 or  Northmoor vs Beechwold? email me and I will be glad to

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