So what does all this mean?   On the same day, we get conflicting data on the real estate market.  Home buyers and sellers are frustrated.  They don’t know what to think. 

So is the real estate market improving?  Who knows the answer?

How about Bernanke, Buffett, Geithner or Greenspan….do they know the answer?

The answer is……nobody knows, not even the so called “experts”.

In my opinion, I think we’ve definitely hit the bottom months ago and the market has been slowly improving.  But my opinion or “guess” is no better than any other market expert.

But, the 2 things that I definitely know about the Columbus Ohio real market are:

• The real estate market is extremely turbulant and volatile.  This is not always a bad thing for home buyers.
• We are still in a Buyer’s market.

Good luck out there!

Please feel free to contact me if you need help or have questions

Home Buyer Advocate Mike

Exclusive Buyer agent representation for home buyers has recently (Jan. 2010) been endorsed in the new consumer publication from the Department of Housing and Urban Development (HUD);  “Shopping for your Home Loan:  HUD’s Settlement Cost Booklet“.  This is HUD’s first major revision in 10 years and advises home buyers to hire a real estate agent that will only represent their best interests.  Page 6 of HUD’s Settlement Cost Booklet states, “If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent’, who will be working for you.”

You would think this would be great news for home buyers & exclusive buyer’s agents.  But, now the problem is that many real estate agents are calling themselves an ”Exclusive Buyer Agent”, when they really aren’t EBA’s.    Real estate agents are just making up their own “titles” or “specialities” just so they can generate more business.  But, they are NOT EBA’s or a true Buyer Broker

Quite simply, The only definition of an Exclusive Buyer Agent is an agent that never list property for sale and the company they work for does not list properties or provide any representation for Sellers.

If you are potential home buyer that is interviewing possible Exclusive Buyer Agents then just ask this simple question:

“Do you or any other agents in your office list or sell properties at anytime?”  If they answer yes, then the agent is not a true EBA.

Here is what leading national magazines and newspapers say about “true” Buyer Brokers:

 ”Agents:  How to hire one for your side.”  Most agents who show you homes don’t represent your interests.  They work for   the seller, and their object is to sell the house at the highest price.”

“Many people don’t realize that, unless specifically stated otherwise, brokers are legal representatives of Sellers.  A buyer’s broker representing only the buyer, may be able to secure a better price and better terms.”

 ”Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the  homes you want and then negotiating the lowest possible price.  the best buyer brokers are so-called exclusive agents – that is, they represent only buyers, never sellers…”

“Exclusive agencies are best.  They remove any conflict of interest, which is the main reason for considering a Buyer Broker in the first place.”

“…A Buyer’s Broker is prohibited from disclosing to a Seller that the Buyer can, or will, pay more than what has been offered…  To eliminate conflict of interests, exclusive buyer agents do not take listings.  Buyer’s Broker make a great deal of sense”

“Groups such as Consumer Federation of America and AARP recommend using Buyer’s Agents.  The reason is they work.”

“Buyer Brokers:  agents that buyers can call their own.”  “If you real estate agent isn’t a Buyer Broker, he works for the Seller.”  Buyers no longer have to fend for themselves.”

“A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its Brokers as a Buyer’s agents.  That’s why many people believe, “Exclusive Buyer Broker” is preferrable.  Exclusive Buyer Broker aims to get the best deal for home buyer.”

Good luck out there!

Please feel free to contact me if you need help or have questions

Home Buyer Advocate Mike

Vicki Cox Golder, NAR President states “NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely.  While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.”

So, time is running out, we are down to the last few weeks for home buyers to claim the $8,000 first time home buyer tax credit or the $6,500 move up buyer tax credit.  You must have a found a home and have a binding sales contract by April 30th, 2010.

Review these links for more information on Tax Credit Programs:

Tax Credit For First Time Home Buyers!

 Tax Credit Bonanza

Good luck out there!

Please feel free to contact me if you need help or have questions

Home Buyer Advocate Mike

Unless you’ve been living under a rock for the last year, many potential home buyers & sellers were aware of the great $8,000 tax credit for 1st time home buyers.  But many consumers are not aware of all the other tax credit programs that are available:    

• $8,000 tax credit for 1st time home buyers  extended until April 30, 2010, must close by June 30th, 2010.  Click HERE for more  info. 
• NEW-$6,500 tax credit for move up/repeat buyers.  Existing home owners must have occupied their home for 5 years.  Click HERE or contact me for more detailed info. 
• $1,500 tax credit for energy efficiency updating for existing homes.  Improvements must be completed by December 31, 2010.  Most popular updates are: new furnace, central air, tankless water heaters, windows, doors, patio doors, water heaters, etc.  Click HERE for completed list of eligible improvements and more info.
• State of Ohio Energy Efficient Appliance Rebate Program.  Ohio residents can receive anywhere from $100 to $250 for EACH eligible appliance that they replace ($700 maximum).  Program starts 1st quarter of 2010.  This rebate program offers the perfect excuse to buy a new expensive front loading, super high-efficiency steam washer & dryer.  Program ends when funds are depleted.  Rebates will possibly only last 4-6 weeks.  Important info:  Ohio appliance rebate program, Ohio offers rebates for Energy efficient appliances, Rebate Program Outline

We hope this information can help save you some money.  Please contact me if you have additional questions.     

Disclaimer:  Please consult a tax professional or accountant for additional details and eligibility questions regarding the federal tax credit programs.  Thoroughly review all guideline requirements for energy-efficient home improvements or appliances before making the purchases.   

Good luck out there.   

Home Buyer Advocate Mike   

Here is the fast, quick information you will need to see if you qualify for the $8,000 tax credit for first-time home buyers from The American Recovery and Reinvestment Act of 2009.

• You must be a first time home buyer, defined as not owning a home in the past 3 tax years.
• Tax credit amount is 10% of the sales price of the home up to a maximum of $8,000.
• There is NO price limit on the sales price of home.
• Maximum income to receive FULL tax credit is $75,000 for a single person, the limit for married couples is $150,000.
• You can receive a PARTIAL tax credit for income levels up to $95,000 for a single person and $170,000 for married couples. 
• There is no payback or penalty as long as you stay in home as your principal residence for 3 years.
• You must CLOSE on your new home on or after January 1, 2009 or before December 1, 2009.   

***IMPORTANT:  Congress passes tax credit extension.  Must have binding sales contract dated on or before April 30, 2010 and close on or before June 30th, 2010. 

This is the quick & dirty information that you need right now for the $8,000 Tax credit.  For more detailed information you can go HERE.

It is a great time to be a home buyer.  This is the perfect time to by a home, especially 1st time home buyers, as long as your job is secure.  If you feel safe in your current employment/job, then there are just so many positive reasons to now buy a home.  Don’t miss the “gravy train!”

• Buyer’s market
• Really low mortgage interest rates
• High inventory levels.  Plenty of home options
• Depressed, low prices (buy low, sell high) 

Please contact me if you have more questions or need help.

IMPORTANT:  I’m just trying to help the “average Joe home owner” to understand the new $8,000 tax credit.  I have to put this” CYA” disclaimer in my post.  Please consult a tax professional or accountant for more details and eligibility questions regarding the $8,000 1st time home owner tax credit.  I’m not an accountant or tax professional.

 Good luck out there!

 Home Buyer Advocate Mike

Great article in this past Sundays, The Columbus Dispatch newspaper about home inspections.  “Inspector aims to open eyes”.  Local home inspector, David Tamny of Professional Property Inspections will be the  new president of the American Society of Home Inspectors (ASHI).

David has been a home inspector on our company approved list for nearly 13 years.  His company web site is also on my blog roll link on left.  David is a very competent home inspector.

Suprisingly, home inspectors in the state of Ohio are still not licensed.  Home buyers have to be very careful when selecting a qualified home inspector.   A good option for home buyers to find a qualified home inspector is to check and see if the  inspector is a member in good standing with one of the two big professional trade associations.

National Associaton of Home Inspectors (NAHI) and American Society of Home Inspectors (ASHI) are the two largest home inspector trade associations in the United States.  David Tamny will be the new incoming president of the 5,800+ member AHSI. 

Make sure you take a second to read the article link on home inspections.  It is great information for possible home buyers.

Please feel free to contact me if you need help or have questions

Home Buyer Advocate Mike

• Toll Brothers
• Joshua Homes
• Centex Homes
• CV Perry
• Beazer

Many current Joshua home owners are very concerned about their new home warranties.  This latest new build casualty really magnifies the potential problem of new home warranties.  Joshua Homes had one of the longest home warranties (40 year) in our area.  But, a warranty is only as good as the builder or warranty company.  Does it really matter if you have a 40, 45 or even 50 year new home warranty if your builder is out of business in a few years?  

The home buying consumer needs to realize that new home builder warranties are NOT regulated by any State agencies or the Department of Insurance.  It is buyer beware!  So, make sure you use an Exclusive (true) Buyer Broker when purchasing your next new home.  An Exclusive Buyer Broker will protect you during your transaction and act as your advocate.

Good luck out there.

Home Buyer Advocate Mike

 The good news is that the Columbus Dispatch is reporting that it appears there is NO Chinese drywall in the Columbus, Ohio area.  The Columbus Dispatch did a thorough job of interviewing new home builders, home contractors, drywall suppliers and it appears that no toxic Chinese drywall made it to the Central Ohio area.

The Bad news is that the toxic Chinese drywall is definitely in the United States.  In 2005, Chinese manufacturers shipped 500 million pounds of drywall mainly to southern gulf coast states of Florida, Louisiana & Texas.  Chinese drywall smells like “rotten eggs” and is being blamed for damaging furnaces and electrical wiring, tarnishing jewelry and possibly sickening families.  So the potential is still there for toxic Chinese drywall to be the largest lawsuit in US history.  Just be happy that it is not in our area.

Home Buyer Advocate Mike

NAR Green Designation

Congratulations to Andrew Show for being the only Exclusive (true) Buyer Broker in the State of Ohio that has obtained the  National Association of   Realtors (NAR) GREEN certified designation. (NAR Green Council)

Consumer demand for real estate professionals that are GREEN knowledgeable is exploding.  More home buyers are requiring their Buyer Agents to understand Green building principles and the financial advantages of properties that are energy efficient and ecologically friendly to the environment. 

Again, Congratulations Andy!

Home Buyer Advocate Mike

It seems like the story is really flying under the radar.  I wonder why this isn’t getting more media/press coverage?

M/I Homes is the largest new home-builder in Central Ohio. 

http://tinyurl.com/cmlyak

 (Watch Consumer Alert Story)

This lawsuit has the potential to be the largest class action home defect lawsuit in US History!

Stay tuned for future updates and opinions in blog.  A story this big could be a “game changer”!

Be careful out there.

Home Buyer Advocate Mike