Building a Home...
If you are in the market for a new home, you have likely entertained the question of whether to buy new or to buy resale. There is no right or wrong answer as there are advantages and disadvantages to both. You have to weigh those factors to your specific life circumstances.
Nothing can beat walking into your brand new home knowing you designed every detail. Here are some other advantages to buying NEW:
- You can pick your location in a development
- Fewer maintenance problems.
- More modern design and standards
- Warranty period is in full effect.
- You decide all of the features from the number of rooms, extensions, and amenities.
Questions to ask yourself and your builder-
- Are you licensed (where required) and insured?
- How do you compare yourself to other builders? What are the most important benefits of the homes you build?
- What type of warranty does the builder offer?
- Can the builder give you references from prior home buyers? Do they build model homes you can tour? If not, can you help me make an appointment to see a home they built for another customer?
- What are the major energy-saving features of their homes?
- Do they build only from home plans you supply? Or can you provide your own set of plans?
- What standard features do their homes include? What options and upgrades can you select?
- Who will oversee the construction of your home? Who is the main contact during the build process for questions or concerns?
- How and when can you make changes or upgrades before and during construction?
- How and when will the final price for your home be determined?
- How often (and when) will you have access to the home during the building process?
- How long will your home take to complete?
- Does the community have a Home Owners Association and/or an Architectural Review Committee? If so, may I get a copy of their rules and the amount of any fees?
- What’s your process for inspection at key points of construction, at final walk-through, and to address any matters that need to be corrected or finalized?
- How many years have you been in business? How many homes have you built?
These questions are just the start of many questions you will have during the build process.
#build a home# custom build a
Central Ohio- Home sales remain strong headed into fall
There were 3,116 central Ohio homes and condos sold during the month of August, a 4.8 percent increase over the previous year and a 1.5 percent increase over July. This was the highest number of closed sales for the month of August ever recorded and the second highest month for 2016, according to the Columbus REALTORS® Multiple Listing Service.
“Central Ohio home buyers are still being very aggressive in their decisions to purchase homes" said 2016 Columbus REALTORS® President John Royer. “Since demand for homes continues to be so high, potential sellers are encouraged to get their home on the market – they don’t have anything to lose"!
The average sales price of a home in central Ohio during the month of August was $204,629, a 3.3 percent increase over August 2015. The median price of a home sold in August was $174,000, up 5.5 percent from one year ago. Year to date (January through August), both the average and median sale prices are up 5.1 percent and 5.6 percent, respectively, from last year.
The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.
The number of homes for sale in central Ohio during the month of August was 6,270, a 2.1 percent decrease from the previous month and a 21 percent decrease from August 2015.
There were 3,389 central Ohio homes and condos added to the market during August, a 2.6 percent drop from the same month one year ago and a 12.3 percent decrease from July.
“Inventory and new listings are beginning to taper, but this is to be expected as we head into the fall selling season" Royer said. “However it’s still a terrific time to list your home as buyers remain eager for inventory and home values remain high!”
During the month of August, central Ohio homes and condos spent an average of 34 days on the market, which is 29.2 percent (14 days) shorter than last year and just 1 day longer than July.
“Homes are continuing to fly off the market, even as inventory begins to dwindle,” Royer said.”
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 98 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong.
When asked what the single most important factor that they believed limited their buyers from purchasing a property so far this year, 92 percent said difficulty finding the right property (low inventory), four percent said ability to sell existing their home, two percent said low consumer confidence and 2 percent said no factor limited buyers.
Current housing report – August 2016
All housing reports