Just Listed!
Exceptional ranch in Eastview Heights. Great layout for entertaining. Galley style kitchen opens into dining room. Separate family and living rooms. Master bedroom and bath separate from other three bedrooms. Well maintained and tastefully decorated. Big fenced backyard. Quiet street and subdivision in the county. This is a must see!
Greetings!
This time of year the Real Estate Community celebrates its own through the
Ohio Association of Realtor’s President’s Sales Club Awards.
The President’s Sales Club awards are made based on an individual agent’s, or a real estate team’s productivity. The award is granted based on either the dollar value of transactions closed, or the number of transaction sides closed, between July 1, 2009 and June 30, 2010.
This year The McAllister Team earned the OAR Award of Excellence with over 185 transaction sides closed totaling just under $7.8 Million in gross sales. This means we are one of the Top 10 most productive teams in the state this year.
I am very fortunate to be surrounded by a highly motivated and talented group of agents and staff. We could not achieve this level of sales without the contribution of each and every team member.
Thank you for allowing me to indulge in this once-a-year opportunity to pat ourselves on the back. And remember, no matter how many houses we sell, we are never too busy for your referrals.
All the best!
Chris McAllister
The McAllister Team
Real Estate II
I’m a numbers guy so I find the information on the link below pretty interesting. Many will find this post a little dry, but it’s good to know what is happening in the local real estate market. All the stuff we hear on the national or even state level distorts our reality. All real estate is local, and every market is different.
Our Multiple Listing Service (MLS) is called WRIST, short for Western Real Estate Information Systems and Technology. This MLS covers Auglaize, Champaign, Clark, Logan, Mercer, Miami, and Shelby Counties. The information is set up so that one can few the same information for the current six month period against the same six month period going back every year to 2003.
Here is the link: http://www.wristinc.com/August2010/2010%20Half%20Year%20Stats.pdf
I am going to summarize the stats for the total market area first, then Clark and Champaign counties separately. Clark and Champaign counties are where our three offices are located and where we enjoy dominate market share. I am going to set each of the stats against last year, and then set them against the 2005 market peak.
For the entire WRIST sales area:
All Counties 2009 2010 % Change to 2009
Number Sold: 1545 1987 +28%
Average Sold Price: $101,204 $99,770 -1.5%
Total Sold Volume: $156,359,654 $198,242,687 +27%
Average Days on Market: 147 136 -11
Average Original List Price: $114,096 $110,858 -3%
Average List/Sale Price Ratio: 88.70% 90% +1.3
All Counties 2005 2010 % Change to 2005
Number Sold: 2446 1545 -36%
Average Sold Price: $111,159 $99,770 -10%
Total Sold Volume: $271,896,096 $198,242,687 -27%
Average Days on Market: 118 136 +18
Average Original List Price: $118,831 $110,858 -7%
Average List/Sale Price Ratio: 93.54% 90% -3.54
For Clark County:
Clark Only 2009 2010 % Change to 2009
Number Sold: 459 509 +11%
Average Sold Price: $93,196 $88,381 -5%
Total Sold Volume: $42,776,805 $44,985,736 +5%
Average Days on Market: 126 124 -2
Average Original List Price: $103,839 $97,533 -6%
Average List / Sales Price Ratio: 89.75% 90.62% +.87
Clark Only 2005 2010 % Change to 2005
Number Sold: 742 509 -31%
Average Sold Price: $97,031 $88,381 -9%
Total Sold Volume: $71,996,981 $44,985,736 -38%
Average Days on Market: 112 124 +12
Average Original List Price: $103,472 $97,533 -6%
Average List / Sales Price Ratio: 93.78% 90.62% -3.16
Champaign County:
Champaign Only 2009 2010 % Change to 2009
Number Sold: 120 162 +35%
Average Sold Price: $90,053 $95,649 +6.2%
Total Sold Volume: $10,806,318 $15,495,151 +43%
Average Days on Market: 135 158 +23
Average Original List Price: $103,485 $108,097 +4.4%
Average List / Sales Price Ratio: 87.02% 88.48% +1.46
Champaign Only 2005 2010 % Change to 2005
Number Sold: 228 162 -29%
Average Sold Price: $109,716 $95,649 -12.8%
Total Sold Volume: $25,015,147 $15,495,151 -38%
Average Days on Market: 124 158 +34
Average Original List Price: $116,386 $108,097 -7.1%
Average List / Sales Price Ratio: 94.27% 88.48% -5.79
Champaign County has had a significant rebound for the first half of 2010. Clark County has also improved this year but not by nearly as wide a margin and not in all metrics. The impact of the home buyer tax credit during the first half of the year cannot be overstated. The expectation is that the credit pulled business forward from the second half of 2010. Therefore, I believe the entire year 2010 to 2009 will be flat.
‘Flat’ however, is the new ‘up’. I’ll take flat over another year over year decline any day.
The point to all of this is, as a buyer, you want to understand the market and make the best deal possible. As a seller, knowing where the ‘sweet spot’ in the market is will ensure you price your property to sell as quickly as possible and maximize your potential sales proceeds.
It truly is a great time to buy, which means well maintained houses priced correctly, are moving very quickly.
If you have any questions, do not hesitate to contact me. Chris@RealEstate2.com.
Good Morning –
I hope everyone is enjoying their summer. It has been a little over 30 days since my last email and as expected, distressed inventory is picking back up. If you watch The Foreclosure Tracker™ you will see we are averaging four pages of property. I can also say for sure based on what we are seeing, the banks are becoming more aggressive on price, but they are less likely to ‘bend’ accepted contracts when it comes to closing dates or making repairs to properties that were to be purchased ‘as-is’. So – great deals out there, but they are pretty cut and dry. Lots of multiple offers at these prices.
Also, we are seeing many properties going straight to owner occupants, especially higher priced inventory. So as always, if you know anyone looking to buy a property, and make the deal of a lifetime, have them call me. First time buyers and distressed properties are our specialties. Add on owner-occupant interest rates at 4.5% or less on a 30 year mortgage, and you have the GREATEST BUYER MARKET IN HISTORY.
I have added two links today of ‘Best Bets’ – I have included close to 75 properties today at all price points. You will notice many more properties than usual in Champaign County as well.
Here are the ‘Best Bets’ in our area today:
AGENT-RES Detail B/W Text – Link #1
XPROP Detail View – Link #2
All the best, and Happy Investing!
Chris
‘Best Bets’ are the top single family investment opportunities in Clark and Champaign Counties at this moment in time.
The McAllister Team at Real Estate II tracks the entire bank owned (REO) inventory in the area using The Foreclosure Tracker™. These listings were selected from hundreds of listings on the market based on their potential return on investment.
If you are in the market for investment property, call The McAllister Team today at 937-390-3715 and make an appointment to view these properties.
If you are interested in direct access to The Foreclosure Tracker™, email us at chris@midohioreo.com. This service is available exclusively to the valued investor clients of Real Estate II.
We do not guarantee that any of these listings will be right for you. Many if not most of these homes need extensive repairs. However, based on our evaluation, these are your ‘Best Bets’ in the market.
Two houses, one parcel, one price. Property includes 250 / 254 South Douglas / 2109 Kenilworth, a 3-unit structure. Parcel number is 3400700022108001. (MLS# 321226)Well cared for investment property in owner’s family for over 50 years. Nice du-plex with finished attic space in upper unit. Newer roofs, windows, vinyl,100 amp services, furnaces and water heaters. Hardwood floors and natural woodwork. Washer and dryer hook-ups for both units. Market rent for both units is $425 / month. Amazing maintenance-free properties priced right.
Two houses, one price, one parcel. Property includes 2111/2115 Kenilworth. (MLS number 321228) Well cared for investment property in owner’s family for over 50 years. Newer roofs, vinyl, windows, 100 amp services, furnaces and water heaters. Hard wood floors and all natural woodwork. 250 Douglas is a three unit and 2111/2115 Kenilworth is a du-plex. 250 Douglas is a three bedroom unit renting for $550/month, 254 Douglas is a four bedroom unit renting for $650/month, and 2109 Kenilworth is a two bedroom walk-up unit renting for $410 / month. Amazing, maintenance free properties priced right.
Super convenient location in Northwest Springfield. 2 or 3 bedroom home built in 1950. New paint, carpet, windows, and updated mechanicals. Designed as a three bedroom with master on the main floor. First floor bedroom currently used as a family room. Two updated and very spacious bathrooms, one on the first floor and one on the second. Dining room and eat-in kitchen. Lovely deck overlooking the back yard and over sized detached garage with alley access. Additional parking pad next to garage for additional parking of three more cars. Nearest cross street is Broadway. Very clean, well cared for home.
Great info from our friends at Wright Patterson Credit Union.
Conventional Appraisal Quick Tips
Cosmetic repairs are not required; however, they are to be considered in the overall condition rating and valuation of the property, condition ratings of “Fair” or “Poor” are reasons for rejection.
Unacceptable Locations
Conventional guidelines require that a site be rejected if the property being appraised is subject to hazards, environmental contaminants, noxious odors, offensive sights or excessive noises to the point of endangering the physical improvements or affecting the livability of the property, its marketability, or the health and safety of its occupants. Rejection may also be appropriate if the future economic life of the property is shortened by obvious and compelling pressure to a higher use, making a long-term mortgage impractical.
Site Hazards and Nuisances
The appraiser must note and comment on all hazards and nuisances affecting the subject property that may endanger the health and safety of the occupants and/or the structural integrity or marketability of the property, including: subsidence, operating and abandoned oil and gas wells, abandoned wells, slush pits, heavy traffic, airport noise and hazards, runway clear zones/clear zones, proximity to high pressure gas, liquid petroleum pipelines or other volatile and explosive products, residential structures located within the fall distance of a high-voltage transmission line, radio/TV transmission tower, etc., excessive hazard from smoke, fumes, odors, and stationary storage tanks containing flammable or explosive material.
Soil Contamination
Conditions that could indicate soil contamination include pools of liquid, pits, ponds, lagoons, stressed vegetation, stained soils or pavement, drums or odors. If any of these conditions exist further analysis or testing is required.
Note the proximity to dumps, landfills, industrial sites or other sites that could contain hazardous wastes.
If there is any readily observable surface evidence of leakage from an underground storage tank, further analysis or testing is required.
Grading and Drainage
Proper drainage control measures may include gutters and downspouts or appropriate grading or landscaping to divert the flow of water away from the foundation. Any readily observable evidence of standing water near the property indicates improper drainage.
Private Road Access and Maintenance
Private streets must be protected by permanent recorded easements or be owned and maintained by a HOA. Shared driveways must also meet these requirements.
Appraiser must address physical deficiencies affecting structural integrity. If there is a question to the structural integrity, the appraiser or lender may require a Structural Engineer Certification.
Appraiser must note if there is any dampness or settling of the foundation and if remediation is required.
Roofing
Appraiser is to note if there are any curling or missing shingles or if there is evidence of leaks in the ceiling, attic or scuttle.
Check mechanical, plumbing and electrical systems in the subject property to ensure that they are in proper working order. This examination entails turning on the applicable systems and observing their performance. The water and electric must be turned on for the appraisal.
The following is not an all-inclusive list, but a listing of the more common readily observable property deficiencies.
Electrical System
Plumbing System
Other Health and Safety Deficiencies
Address all health and safety issues, physical deficiencies or adverse conditions that affect the livability, soundness or structural integrity of the property. The nature and degree of any health and/or safety issues will determine if repair is required.
Property Use:
Conventional appraisals are no guarantee that the property is free from defects. The appraisal only establishes the value of the property for lending purposes. Buyers need to secure their own home inspections through the services of a qualified inspector and satisfy themselves about the condition of the property.
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