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It is still a great time to be a home buyer in the Columbus, Ohio area. But, in my opinion, the real estate market has now started to turn in Central Ohio. The market will gradually start shifting back to a normal market which is typically a Seller’s market. There are 3 to 4 reasons why the real estate market in Columbus, Ohio is finally starting to change. 
Reason number 1: Mortgage rates bottomed out at a few weeks ago at a low of 5.125% – 5.250%. We have seen the end to flat, low home prices and super low mortgage rates. Everything will start to rise (interest rates and house prices) from this point forward. I predict, in the next six to nine months will still see rates in the range of 6.00% – 6.75% and home prices just modestly increasing. As home buyers we can’t really complain, mortgage interest rates in the “6” range is still really good.
Reason 2: President Bush will sign the economic stimulus package in a few days. In financial terms, the 170 billion+ package will not actually do that much to improve the economy. But, it will help a little. The main benefit of the economic stimulus package is that the consumer confidence in the economy and our government will increase because we were able to get something accomplished, even though that “something” was very small.
Reason 3: My personal buyer activity has increased dramatically in the last 10 – 14 days. I’ve been receiving a lot of phone calls and emails from interested home buyers with questions and looking for help.
Reason 4: It’s all about supply & demand. The inventory in the last 9 months has continued to drop drastically. The end of last Summer we had 21,000+ listings on our multiple listing service(MLS) system. As of right now, we have a little more than 16,300 listings. Granted the drop in the listings is mainly due to the slow winter and holiday season. But, it is still a significant decrease. Even with the listings going down, we are still at insanely high inventory levels. The key months to watch inventory levels will be May, June & July. How these three months go will probably predict the rest of 2008.
This is my prediction on where we are headed in 2008 for the real estate market in Columbus, Ohio. Back in September of 2007 (about 5 months ago), I correctly forecasted in 2008 that we would see all mortgage programs with rates well under 6%. Review my 5.99% or Lower blog post. I did receive a few emails and phone calls from lenders that didn’t think I knew what I was talking about. These lenders didn’t think rates would go that low. I guess I got lucky on that forecast. Again, I could be wrong or I could be right on my latest prediction for 2008. I still think 2008 will be a great year for home buyers. But, the buyer’s market is sort of over. Good Luck!
Finally a good article that fully explains everything the consumer needs to know about buyer agents. Broderick Perkins with deadlinenews.com has put out one of the best articles that I could find explaining the differences among “so called” buyer agents. Fake Buyer Agents have always been a problem for the average home buyer. Hopefully, similar articles will follow in the future. Watch out and good luck out there!
As an Exclusive (true) Buyer Agent since 1996, I have had to consistently deal with the false manipulation of real estate statistics by real estate agents that is often encouraged by our local real estate board and multiple listings service (MLS). Recently the “days on the market” (DOM) statsitic has been in the news lately because multiple listing services in other 
parts of the country (for example, Southern California) are debating on removing DOM from reports that home buyers view.
A quote from the SoCalMLS (Southern California Multiple Listing Service) online newsletter, “the bottom line is that you, the real estate professional are in the best position to explain to your customer-buyer or seller-what the true DOM figure is and what it means”. Part of this quote is true, you need to use an exclusive buyer broker that you trust to help explain the pros and cons of ALL real estate statistics. But one thing I’ve learned from being a buyer broker is that you have to be able to “read between the lines” or “filter out the garbage” when disseminating information. In my opinion, the MLS systems and real estate boards will ALWAYS favor the Seller, and not the Buyer or the consumer in general. The above quote from the SoCalMLS is a perfect example of what I am talking about. It does make sense to have a qualified, experienced agent help explain the DOM statistic to a Buyer or Seller. So, WHY hasn’t this been SoCalMLS policy from the beginning? Isn’t it strange, that they now want to implement this change in a slow real estate market that is now cosidered a BUYERS MARKET? In my opinion, the real estate boards feel that the depressing DOM stat is making it harder to sell homes in this slow market. Why are their so many people out there that have their heads so far up there $%&*@#.
I agree that many times consumers are “bombarded” or overloaded with a lot of information and statistics. Sometimes the information and statistics are meaningless. But the solution to the problem is not to limit, delete or “hold back” information from the consumer. The best type of market for any industry is where the products, services and information are totally open and available to all consumers. That’s my opinion!
Another “somewhat” good article about buyer’s agents popped up over the weekend in the Columbus Dispatch newspaper. Buyer’s agents work on clients behalf, using one can help bring a better deal on home purchase. This story was written by Mary Ellen Slayter of The Washington Post. Mary has a decent history of writing informative articles (for example, Watching Out for You, the Buyer) that help educate home buyers and explain the virtues of using a buyer’s agent.
But, like many writers, Mary’s articles fall short of providing accurate information. Mary’s main sources and references in her articles are mainly tainted by traditional real estate agents and organizations that are trying to promote the real estate industry in general, and NOT really promoting true buyer advocacy. The most important issue for any potential home buyer is to first find a qualified Exclusive (true) Buyer Agent (EBA). Articles like Mary’s do more harm than good because they don’t clearer state the important differences between a traditional real estate buyer agent and an Exclusive Buyer Agent.
Many traditional buyer agents will sell homes and take listings. This creates a huge, conflict of interest to any home buyer and exposes them to being “sold” properties by their so called buyer agent instead of their buyer agent being their advocate and adviser. Almost all Exclusive (true) Buyer Agent have access to all homes in their market but they do NOT SELL homes or take listings at all! An Exclusive Buyer Agent is the highest, best representation possible for any home buyer.
Many traditional buyer agents are just using the “title” to try and capture business. Mary’s suggestion for finding a buyer agent, “Another way to find a buyer’s agent is to visit open houses” is probably one of the most negligent and craziest suggestions that I’ve ever heard. Home buyers should start at the National Association of Exclusive Buyer Agents (NAEBA) if they are trying to find a good, qualified buyer agent. Good luck!
Staging homes is really “storming” the real estate industry. In the past few years, staging homes has become an increasingly growing “cottage” industry within the real estate market. In 2007, The National Association of Exclusive Buyer Agents (NAEBA) surveyed their brokers & agents and found that 82% of the respondents stated that buyers were likely to get distracted from important issues when viewing a staged home. In addition, 51% of the respondents noted that staged homes often cover up 
major defects and structural damage. NAEBA is a small, international, professional trade organization that works to represent the best interests of the real estate buyer. A recent article by columnist Blanche Evans with Realty Times ATTACKED NAEBA’s position on home staging. Blanche’s article is one of the most biased pieces of journalism that I’ve ever read! In Blanche’s article she states that “NAEBA is a spoilsport when it comes to staging homes” and NAEBA’s position on staging is SILLY and can possibly do serious damage” Blanche’s article continues the trend of “old school”, traditional real estate brokers, insiders, agents, etc. that just don’t get it. Blanche’s article is just preposterous!!!
OK, let’s try and help all the “confused” Blanche’s in the world. First of all, Blanche is correct that a home-buyer’s decision (right or wrong) to purchase a home is always going to be based on three factors: emotional, practical and financial. A buyer agent’s responsibility is to properly advise their clients not to rely too heavily on the emotional aspect of buying a home. As buyer agent’s, we believe our home-buyers decision process should be ranked: financial, practical and then emotional. The sole intention of staging a home is to get the buyer emotionally attached to a home. So, why attack the “spoilsports” at NAEBA? 
There is nothing wrong with staging homes. Right now, staging homes is “red hot”. In the past, staging homes was limited more to higher end properties. Not anymore, sellers can spend a few hundred dollars to thousands of dollars to stage their homes. Done the right way, staging a home is another excellent way for the seller to market their home. But, I have no doubt, that the increased emphasis and “frenzy” on more elaborate ways to stage homes will definitely increase abuse and deception by the sellers. Sellers will be more likely to try to hide defects in their home through staging options. For example:
It is OK to add small furniture to make rooms appear bigger, but NOT OK to position furniture to hide holes in the walls or termite damage.
It is OK to play soothing, pleasant music as long as you are not trying to hide, “clangy” plumbing pipes.
It is OK to have cookies baking and pleasant smells as long as you are not trying to hide dingy mildew/mold smells.
It is OK to add a nice, expensive rug as long as you are not hiding a stain in the carpet or damaged wood flooring.
All the examples above are based on a seller NOT disclosing these issues or problems in a state required disclosure form (if applicable). Most states require sellers to provide a disclosure form to potential buyers.
It is a buyer’s agent responsibility to protect their clients by uncovering issues or problems that are listed above in the examples. I do not want to diminish the responsibilities and duties of the buyer’s agent. But as staging becomes more prevalent then deception by sellers is going to occur no matter who the buyers have protecting them.
I can GUARANTEE you that the increased emphasis on more complex and elaborate home staging will increase the number of sellers trying to hide major issues that they should have disclosed (ethically and legally).
”So, be careful out there” – Sgt. Phil Esterhaus, Hill Street Blues
Now let’s end this post on a lighter note. The all time FUNNIEST home staging mistake that our office has seen was when a seller left a ”porn” tape on a bookshelf right below their framed picture of the Ten Commandments. No joke, this funny staging “faux pas” did actually occur with one of our agents and their buyer client. Post a comment to this blog post, if you have a funny or deceptive staging story that you would like to share.
This is not Real Estate for Dummies. But, it probably should be. The basic definition of dual agency is “The same real estate agent is representing both buyer and seller in 
the same transaction”. Dual agency is the single worst issue involved in real estate. The average “Joe” out of the street easily understands that dual agency is WRONG. This seems like common sense to the regular guy. So, why can’t the politicians and many real estate agents & brokers understand this simple terrible concept? The main reason why dual agency exists is because of the glorious MOOLAH. Real estate brokers and agents have a huge financial incentive to be involved in a dual agency transaction at the detriment of their buyer or seller. Dual agency has no benefits to protect the consumer (buyer or seller). One of the simplest and best examples that I’ve ever read about the problems of dual agency actually came from a traditional real estate agent (Matt Difanis) in Illinois and not an Exclusive Buyer Agent. A few years back, Matt had a sent this letter to the Realtor Magazine.
Here is another real simple definition; agency is when a real estate broker discloses “who” & “how” they are going to represent a buyer or seller. Home buyers need to STOP spending all their time on the Internet looking at pretty pictures of potential homes and START spending more time fully understanding all types of agency (dual, single, transactional, limited or designated). Understanding agency is definitely not the most exciting part of the home buying process. As a matter of fact, it is down right boring. But, PLEASE, PLEASE, PLEASE; before you start down the path of buying a home make sure you spend time fully researching everything. As with many major financial decisions (car, home, vacation, etc.) most of us end up rationalizing decisions based on emotion, don’t make a decision based on emotion!!
Non-disclosed dual agency is ILLEGAL in all 50 states. But, only a few states have made (disclosed) dual agency illegal. Dual agency should be”outlawed” and made illegal in all 50 states. If you are a buyer or seller involved in a dual agency transaction and you don’t completely understand dual agency than you should immediately contact or RUN to your nearest real estate attorney.
Here are a few other good blogs and web sites that just say NO to dual agency: Bloodhound Realty & Homebuyer Representation
Representing People, NOT Property!
In 2000, we won FIRST PLACE in the television advertising category for a medium/small real estate firm in the State of Ohio. The advertising & promotion contest was 
sponsored by the Ohio Association of Realtors (OAR). These television commercials were conceived & produced in Central Ohio by a good friend of mine who is in advertising. We produced these commercials for the National Association of Exclusive Buyer Agents (NAEBA). NAEBA is our professional trade organization. I hope you enjoy these spots. I am really proud of the commercials. I think the messages of these commercials are very powerful. Today’s home buyer really has to question their “so called” buyers agent’s loyalty, competency and advocacy. The home buyer really has to be aware of their agents duties and required disclosures to them or LACK OF! The 30 second spots are funny, informative and controversial.
Cannonball II http://youtube.com/watch?v=agN7p1lGvtQ
(This is not a clip of that great Burt Reynolds sequel movie in the 70’s – Cannonball Run)
Problem http://youtube.com/watch?v=1c15qPWkAz8
Flight Path http://youtube.com/watch?v=1ASHpSARguU
Watercooler http://youtube.com/watch?v=5OR8JSETKVs
SOB http://youtube.com/watch?v=C1KfYDx_DAI
Thinking http://youtube.com/watch?v=mTaiJqGDmPg
Hounds http://youtube.com/watch?v=cKFtTGCzHJ0
Cannonball http://youtube.com/watch?v=1xD37nhebGU
In the future I hope to have more home buyer advocate clips on my main youtube site:
http://youtube.com/profile?user=OSUMike64
Ohio Association of Realtors Award Certificate
I hope you enjoyed these funny, informative spots.
The National Association of Exclusive Buyer Agents (NAEBA) is back in the news again. The July 17, 2007 Newsweek Magazine touts the huge benefits of using an Exclusive Buyer Agent that belongs to NAEBA. Not all Buyer Agents are the same. 
Don’t be FOOLED! Many traditional real estate agents just use the title of a Buyer Agent in order to “drum up” more business. The best representation and protection for any residential or investor home buyer is an Exclusive Buyer Agent. Exclusive Buyer agent simply means that the agent will NEVER take listings or sell homes. You will not be steered toward company listings or SOLD a home.
An Exclusive Buyer Agent is the guaranteed highest and best form of representation available for a home buyer. Exclusive Buyer Agents will have access to all the homes on the market and probably have access to more homes then even a traditional real estate agent. Every potential home buyer should read this Newsweek Magazine article. It is great information.
I also really appreciate that the author of the article quoted Stephen Brobeck of the Consumer Federation of America (CFA). For nearly 30 years, the CFA has been the PREMIER consumer advocacy group in the country. The CFA works to advance pro-consumer policies dealing with food, agriculture, real estate, finance and communication. From nearly day one!, the CFA has always advocated using an Exclusive Buyer Agent instead of any other type of “so called” Buyer Agent.
So don’t settle for anything less then a true Exclusive Buyer Agent from NAEBA
Excl
usively representing your interests as the Home Buyer
Buying a new or existing home can be a “nerve–racking”, stressful event in anyone‘s life. Past studies have indicated that purchasing home is in the Top 5 of most stressful events in a person‘s life. The Other most stressful events being marriage, divorce, death and loss of a job. For most people, purchasing a home will be the single, largest financial transaction that they undertake in their lifetime… But you already knew that.
Serving Columbus Ohio Home Buyers 
Hello, my name is Mike Marshall. I am an Exclusive Buyer Agent with Buyer‘s Resource Realty Services. I have been representing homebuyers since 1996. It is my responsibility and my duty to try and get my clients the BEST price & BEST terms on any home they buy. I help my clients with financing options, locating the home, determining a home‘s worth, negotiating the contract, inspections and closing the transaction.
Before becoming an Exclusive Buyer Agent, I worked 7 years in banking as a bank manager. Part of my responsibility as a manager was originating mortgages. So I bring extensive mortgage loan knowledge to my clients that hire me. It‘s a fact that if a homebuyer makes a wrong decision on the type of loan or program that doesn‘t match their goals and objectives, then this mistake could cost them thousands, if not tens of thousands of dollars.
My Buyer Broker Advocate! 
Cool Comments!