Category Archives: Real Estate

Impact of Ohio Tourism

OhioTravelImpact of Ohio Tourism

I had the privilege, through the local Columbus Miami Alumni chapter, to hear Mary Cusick ‘78, Director of TourismOhio, speak.  One of the discussion points that Ms. Cusick brought up was that tourism in Ohio is a $40 Billion business.  That’s right folks that is Billion with a “B” and not million with an “m”.  Another point Ms. Cusick mentioned was that a lot of those dollars are internal to the State of Ohio; people from Cincinnati traveling to Columbus, Columbus natives traveling to Cleveland, etc.

My thoughts after seeing this graphic and hearing how much we as a State spend on ourselves is WOW.  WOW, this state the “Heart of It All” really has loyal people who live here.  I’m one of them.

No, we don’t have mountains.  No, we don’t have the oceans.  However, we DO have an abundance of beauty, a unique topography all it’s own, sports teams, trails, museums and much more.

Really, for my family and many  other Ohioans, there is no better place for quick “weekend” getaways than our own state.

Whether it is heading to Toledo to see the Zoo, Wapakoneta to see the Armstrong Air & Space Museum, the Amish region, Logan for Hocking Hills State Park, Dayton for the  Air Force Museum, Hillsboro for Serpent Mound, Cleveland for the Rock N’ Roll Hall of Fame, Cincinnati for the Art Museum, Columbus for COSI, there isn’t a dead spot for tourism in this State.
For a State that most people think, “Oh, It’s Just Ohio” there is so much  more to Ohio than people not living in our state realize.  One thing Ohio is abundant in:  Experiences.

7 Differences Between New Build and Resale Homes

7 Differences Between New Build and Resale HNew Build VS Resaleomes

What is the difference?

  1. Buyers usually can move into a resale home within 30 to 60 days with an accepted contract.  New builds generally take longer (6 months to 1 year) to move into unless it is a spec home and it’s move in ready.
  2. Dates and time frames are out of the builder’s control.  Acts of Nature, Government, or Third Party Vendor delays tend to push the closing/finish dates out.  Resales do not tend to have these issues.
  3. New builds you can “pick” your finishes and customize to your tastes.  Generally, resale you are stuck with the previous owner’s choices; unless, you go about a renovation or demolition process.
  4. Buyers may have a choice of the lot in a new build.  Depending on where the builder is in the construction phase, the buyer may have the pick of lots.  However, as the builder finishes phases and finishes the subdivision; those prime lots are harder to come by.
  5. You will pay what the market will bear for the price of a resale home.  Whereas with a new build, the buyers are paying for the actual cost of the home.  The difference is that there is a point in resale that you will get a maximum price and you cannot go over it unless you pay for cash.  With new builds, you are paying for the costs of building and the finishes.  Sometimes the new build costs can run higher than the subdivision will be able to sustain.
  6. In Central Ohio, school district is usually important for buyers and the already developed areas of Central Ohio don’t have as many new build subdivisions available.  Unless  buyers purchase a parcel of land (if available and if suitable for building) or demolish an already existing home, resale may be your only choice for certain schools.
  7. New builds will be up to industry code along with having energy efficiency.  Resale homes necessitate that  you will have to put money into bringing the home up to date with today’s building standards.

A new build is not necessarily better than a resale home and vise a versa.  Everything is relative to the buyer – their preferences.  It is a matter of understanding the differences and the effects they will have on the  buyer’s life and  goals.  Understanding these differences is necessary in order to  be an educated buyer when purchasing a new home, either new build or resale.

Multiple Offers Strategies – The Seller Edition

Multiple Offers Strategies – The Seller Edition

iStock
iStock

It is a new phenomenon of late to have multiple offers on the home.  The days on market (time on the market homes spend) has significantly decreased from 13 months in 2010 to 1 to 2 months in 2015.  Life is not the same and now sellers are dealing with their homes being courted.

There are different strategies to take with a multiple offer situation…  So how do sellers deal with multiple offers on their home?

  1. Handling the Situation:
    • Highest and Best Scenario:  Yes, this can get you the highest offer out there but, there isn’t a way to know if the buyer really has the money because they may be just “winning” the property by putting in a very high bid.  Highest and Best does not necessarily mean just highest.  The most important component  of highest and best is ensuring that you have a buyer who is going to come to the closing.
    • Primary Buyer and Back-Up Offers:  Here a seller establishes a primary buyer and offers a counter that suits the seller’s needs.  If the primary buyer does not take the counter, the seller has back up offers to ensure a contract will be established.
  2. Insuring the Best:  Because of how  contracts are handled, there isn’t a clear cut knowledge that a buyer is going to perform.  Everything is based on “Good Faith”.  So what can you do as a seller to insure the best situation?  Remove remedies from mucking up the process unless they are related to health, safety, or structural issues of the home.  This insures small items like repainting trim, leaky faucets, wobbly toilets, etc. are not going to be brought up as issues.
    • Offer money instead of doing repairs:  Know how much you are willing to pay and pay for the work to be done with the process.  Let the new buyer handle coordinating the contractors.  Less disruption for you.
    • Cash: If the buyer is offering a price that is too good to be true, or cash, make sure you require proof of funds and a larger than usual earnest money deposit.  It is security for the seller.

Multiple offers don’t just happen.  The environment must be right.  The multiple offers environment needs to include:

  1. Low inventory
  2. Homes that are priced well
  3. A well presented home. 

Happy Selling!