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Yikes, times continue to be rough in the real estate market, especially for new home builders & lenders.  Yesterday another good builder in central Ohio closed its doors for good.  C.V. Perry & Co. has gone out of business due to serious financial troubles.

C.V. Perry & Co. was a good, solid builder that had been around for 60 years.  C.V. Perry “folding up” was not as unexpected as Centex Homes leaving the central Ohio          New Build Housemarket last year.  Centex Homes leaving our market was a total surprise to many people.  I’m pretty confident that C.V. Perry probably won’t be the last builder in central Ohio to call it quits or to be bought out by a competitor.

Hmmm, let me guess, maybe Dominion Homes might be the next fatality.  It seems like Dominion Homes has been hemorrhaging cash forever and has had a “ton” of lending problems  (see additional links below).  If you are new home buyer in this market please make sure you are protected.  You need to make sure you fully understand your builders deposit policy.  Don’t risk losing your deposit money.  Contact a real estate attorney ASAP if you have any questions.  Good Luck!

Additional info:

Dominion 5.9 million in red for 3rd quarter

M/I Homes post 21.7 million 3rd quarter loss

Dominion Homes sales drop nearly 25%

Beazer Homes report weak earnings

HomeBuyer Advocate Mike
 

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Forbes magazine recently posted a great article about housing trends in America, “Americas Most Stable Housing Markets”  The article ranks the Top 10 most stable housing markets in America.  The real estate market has been dreadful in the last year.  But, the good news is that  Columbus, Ohio  ranked  3rd on the list.  Even though the State of Ohio & central Ohio consistently rank very high on many of the recent foreclosure rankings list, our area has ALWAYS had a very, stable housing market.  One of the big advantages of living in central Ohio, even prior to the latest downturn in the real estate market, was our stable market.  We’ve almost always enjoyed a solid, decent appreciation rate without the wide volatility swings that many other areas in the nation experience.  

HomeBuyer Advocate Mike

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Great News!  The Federal Reserve (Fed) on Tuesday had a bigger than expected drop in the federal funds rate.  The aggressive drop will really help the local real estate Market Chartmarket.  Lenders in central Ohio now have approximate 30 year mortgage rates in the “low” 6% range.  Many “so called” experts predict additional lower adjustments by the Fed over the next three to nine months.

In my opinion, in 2008 we will see many loan program rates between 5.50% – 5.99%.  The low rates and Buyer’s (slow) market continue to make it a great opportunity to purchase a new home. 

Current homeowners should continue to watch the mortgage rates to see if it would be advantageous to refinance their mortgage.  You can click here to check your local mortgage rates.  If you have questions about possibly refinancing then I would recommend that you contact your mortgage originator/lender or your Buyer agent for more help and information.

HomeBuyer Advocate Mike

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http://www.usatoday.com/money/economy/housing/2007-07-19-existing-home-sales_N.htm

The home sales still continue to be slow across the country and in the Columbus Metro area.  Slow home sales impact Sellers and make it more a “Buyer’s Market”.

This is a very good time for a Buyer in Central Ohio to be purchasing a new home.  Especially a first time home buyer that does not have a home to sell.   Mortgage interest rates are still at low rates.  The State of Ohio has the highest foreclosure rate in the country.

 http://www.dispatch.com/dispatch/contentbe/dispatch/2006/04/07/20060407-A1-01.html

The high inventory of foreclosed homes is a big plus for potential homebuyers.

HomeBuyer Advocate Mike

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Exclusively 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.

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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.

HomeBuyer Advocate Mike


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614.918.3336

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HomeBuyer Advocate Mike


Representing People, NOT Property in Columbus, Ohio. If you are a home buyer, then you need me to protect you. I can help you get the best price and terms for your next home purchase. You must use a true Buyer Broker! 1.614.805.7607

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