Open house activity at a Worthington Ohio area condo

Last Sunday there was an open house at 68 Highbluffs Blvd. I wanted to provide an update on what was discussed at the open house.  The day was cold and dreary typical February weather; was hoping for a sunny day.  I was pleasantly surprised at the number of prospective buyers that stopped by. The condo is listed at $186,900 so it wasn’t surprising that all the open house guests were first time buyers. There was a little confusion about the terms of the first time buyer tax credit which was signed into law on February 17, 2009.

 Great opportunity for first time buyers

Some buyers were unsure if they could take advantage of the tax credit if they purchased a condo. All the buyers were aware of the tax credit they just were not sure of the following provisions.

• Only owner occupied single family homes, condos and town homes qualify, must be a principal residence
• Purchase time frame is from January 1, 2009 thru November 30, 2009
• Credit is for 10% of the value of the home up to $8,000 ($4,000 for a married individual filing separately)
• Buyer’s income can’t exceed $75,000; joint return income not too exceed $150,000
• Definition of a first time buyer – have never owned a single family home, condo or town home or those without an ownership interest within the previous three years
• No repayment is required unless the buyer ceased to use the home as a principal residence within 36 months of the date of the purchase then the total amount is due.  

Condo purchase scenario

One interested buyer asked what needed to be done to purchase this condo

• Buyer needs to provide the seller with a lender pre-approval letter
• If a buyer is approved for an FHA loan they will need a 3.5% down payment $6,541
• Closing cost could range from $1,500 to $2,100 depending on the lender and title company charges 
• Principal/interest payment would be $1,003, taxes $301, mortgage insurance $85 condo fee $115 – total estimated monthly payment would be $1,504 based on a 30 year FHA loan with 5% interest.
• If you had $400 in monthly debt your annual income should be no less than $56,000 a year

 Looking to purchase a real deal

I had the following comments from the open house attendees. Is this condo a model, the buyers loved all the quality features such as the  ceramic tile floors, quality carpet, 42” maple cabinets, stainless steel appliances, rubbed bronze lighting fixtures, 3 floors of finished living space, so much storage space, gas log fireplace and the huge kitchen pantry. Both bedrooms have a private bath, the front load washer and dryer does remain, there is a two car garage, maintenance free living and yes you will have fun at the clubhouse and pool.

In conclusion

If you are a first time buyer please do not delay; the tax credit is a home buying incentive that you should not pass on. A few years ago I was fortunate to purchase a Toyota Prius which enabled me to take advantage of a tax credit that was available at that time; that credit is no longer offered. So don’t miss out on what could be the best investment of your lifetime. Before making any financial decisions it’s best to talk to a tax accountant and a reputable lender. At Real Living HER we have a Wells Fargo mortgage affiliate who is always available to explain the loan process in detail. If you are interested in learning more about the mortgage process please don’t hesitate to contact June Zepp, e-mail June.e.Zepp@reallivingmortgage.com office 614-825-8806

 Staging vacant listings

It all started in 2007 when I listed many homes that were vacant. Upon obtaining these listings I knew that if they were given personality they would fetch a quicker sale. Working on a limited budget it was imperative that all of the staging selections were good quality, stylish and pleasing to the eye. 
 

Entry, living room, dining room kitchen, family room, bath

The entry is the most important area of the home. It’s the first and last impression the buyer will have of the home. It doesn’t take much to make the entry appealing a wreath on the front door, a nice throw rug which will allow the buyer to wipe off their shoes upon entering the home. If the area is large enough a small table with a lamp and a floral arrangement makes the entry quite pleasing.

Furniture selection

My allotted staging budget allowed me to purchase a living, dining room and kitchen collection. What has been learned from the staging experience is that it really doesn’t take much furniture to make a room look great  A limited amount of furniture makes a room look larger; just the right arrangement gives the room personality. Neutral colors work best which goes with any decor. A leather sofa and chair was selected for the family room staging which gives this room a casual look. Living rooms call for a more formal look so a nice Pottery Barn style sofa and chair was chosen. The dining room furniture consisted of an urban styled round dining table with matching dining room chairs accented with the popular X back styling. A matching side board gives the dining room a gorgeous touch. The kitchen is staged with a tall gathering table with wrought iron chairs.

 Accent pieces make a difference

 As the old saying goes it’s the small things that really make a difference. The Home Goods retail store is a very good source to purchase trendy accent items at very economical prices. Items purchased at the Home Goods store were pieces that brings the kitchen countertop to life such as a ceramic canisters set, a cute tin display sheet with the caption make from scratch, in the winter season a hot chocolate pot sitting on a tray with two mugs gives the home a warm and cozy feel. The kitchen being the heart of the home, it is very important to change the accent pieces to be in tune with the holidays and the four Central Ohio seasons. Some of the display items that are added upon the approaching holidays range from a box of valentine chocolates, St Patrick’s Day shamrock cookies, chocolate Easter eggs. In the spring a basket of tulips or daffodils are added, patriotic centerpieces at the 4th of July, a lemonade pitcher is a great summer accent piece, fall is time to display pumpkins and autumn leaves, fresh pine sprays and holiday ornaments are a great way to display the cheer of the last holidays of the year.

Lamps, end tables, a coffee table and a rug

 Lamps, end tables and a coffee table were chosen to make the living and family room collections complete. A really cool shag area rug is added to either the living room or the family room wherever the rug looks best. The rug is very versatile and was chosen to tie a room together. A nice coffee table book makes the house feel like home.

Pamper that bathroom

A luxurious towel set is added to the first floor bath along with a display of soap from Bath and Body Works. If space allows a candle arrangement is also a nice addition.   

 So many homes staged 

 I have been staging homes for two years now using all the items mentioned above at no extra charge to the clients’ homes that I have listed. In a market that has been challenging this service has paid off. Upon getting a home staged a good percentage of the time I have to make moving arrangements to pack up and move my collections on to another listing soon after a home is staged because the staged home has gone into contract. I am on a first name basis with the Leaders Moving Company. 

A very happy ending

The last listing that was staged received an offer quickly. The seller was very pleased and so was I because the buyer decided that she wanted to purchase all the furniture that was staged in that home. It took extra effort to plan setup and move all the staging collections. Now when I obtain a vacant listing I start dreaming of the personality that home could have if it was staged. Maybe just maybe I will stage again and start over with a new furniture collection.