We can all agree, the housing market has been a bit of a roller coaster ride over the past few years. For those looking to buy a home, it can be stressful to figure out when is the best time to buy. Timing is everything in real estate, but your unique circumstances also weigh into the decision of when the right time is for you to buy a home.
We understand many potential home buyers have been holding off due to rising home prices and high mortgage rates. But those rates are starting to trend downwards, and while home prices have appreciated steadily, Columbus remains more affordable than many major metropolitan areas, offering excellent value for buyers.
Stabilizing Prices and Favorable Rates
While home values in Columbus continue to appreciate, the rate of increase has moderated to a more sustainable pace. The median sale price in Central Ohio reached $327,250 in July 2024, representing a 3.9% increase year-over-year. This steady, measured growth can provide buyers with confidence in their investment while keeping prices within reach.
Plus, when you buy a home, you’re not just securing a place to live—you’re also starting to build equity as property values increase over time. This creates more wealth that can help you accomplish other financial goals, like saving for retirement or starting a college fund for your kids or grandkids.
Mortgage rates have also shown signs of stabilization and even slight decreases in recent months. With rates trending downward from their peaks earlier in the year, now is an opportune time for buyers to lock in favorable financing terms. Trying to wait out additional rate decreases may result in higher home prices later that could potentially offset any savings on your mortgage.
Increased Inventory
One of the most exciting developments for buyers is the recent increase in housing inventory. As of July 2024, there were 4,325 homes for sale in central Ohio – a 37.9% increase from the previous year and the highest level we’ve seen since 2019. This means buyers have more options to choose from and face less competition when making offers.
A Vibrant City
Columbus continues to attract new residents, businesses, and investment, positioning it for long-term growth and prosperity. The city’s expanding job market, particularly in sectors like technology, healthcare, and education, provides a solid foundation for sustained housing demand. The market is showing robust activity, with closed sales up 12% in July 2024 compared to the previous year, indicating a healthy, active market with opportunities for both buyers and sellers.
As a trusted name in Columbus real estate, our team at Vutech | Ruff is committed to helping you navigate the Columbus housing market. Our experienced agents have in-depth knowledge of Columbus neighborhoods and can help you find the perfect home to meet your needs and budget. Contact us today to start your home-buying journey in Columbus.
Tell us a little bit about your path to becoming a realtor.
I started out in architecture college prep in high school and went to the University of Denver for a Business major and a leadership minor. After school, I worked for Lowes Hotels management training program, then moved to Chicago and worked for US Chrome in outside sales for their racing division. I moved back to Columbus in 2013 to get into real estate, I worked at Lindey’s across the street from V&R while getting my license and starting my business. For the first 5 years of my Real Estate Career, I built my business while assisting Jeff and Marilyn in being their third Realtor for showings, writing contracts, etc. Learning the business from the two best in town working with them on a daily basis taking what I could from each mentor something that I could apply to my own business and building my knowledge and expertise rapidly. I got thrown directly into the fire on a daily basis.
Flashback to when you were 10 years old. What do you want to be when you grow up?
An architect. I loved building Legos without the instructions, being creative. I also liked electronics and technology, playing with the old computers as/and before the internet became a household staple with AOL.
Why did you choose to become a realtor?
I have a passion for communication, meeting people, and relating to anyone. My business is about building quality relationships and I really enjoy that piece. Real Estate is a people business as much or more than a home business. I worked in service or sales since I was 15 years old and never had a real 9-5 job. For me, being in a job where the effort you put in affects the income you get out was ideal because I knew I could outwork most and hold myself to a high standard.
What’s your favorite thing about living in Central Ohio?
I think it’s the quality of living most. Affordable, easy to get around, amazingly friendly people. Somewhere no matter that we are the 14th biggest city in the country I run into someone, or lots of people I know at every Crew Game, Cosi with my kids, a local restaurant, or at the grocery store. I moved back here to Columbus to be closer to family because after living in Denver and Chicago during the first decade of the 2000s, Columbus was growing and had a lot of things to offer now that I had gone out and searched for in those bigger cities.
What excites you the most about the Central Ohio housing market?
We are really going through a sort of adolescence or growth spurt. There are so many shifts that are happening. People moving from out of state in mass. There is a shift towards local neighborhood centers like Bridge Park, Downtown Hillard, Creekside Gahanna, Main Street Bexley, Astor Park(around the new Crew Stadium) etc, that is adding exciting amenities to each individual neighborhood, there’s always something new and cool to explore in each pocket of Columbus. The appreciation over the last 10 years has been really extraordinary and I expect that to continue and provide equity for home Buyers and opportunities for home sellers as interest rates settle post-COVID.
Describe your typical day for us.
Get my two boys off to school, often start my day with a workout or studying the recent news or equity markets, and learn something new. Then before lunch start diving into growth pieces of my business and marketing. After Lunch is client follow-up, showings, and phone calls. If I’m not in appointments late afternoon, I’m always with my boys, playing outside with them or goofing around in their toy room. Then I cook dinner for my family 4-6 nights a week, cooking is the way I express creativity on a daily basis and take a deep breath from busy days. Get the boys to bed and then 3-5 nights during the work week I am back in my home office for a few hours to dive into a little bit more work while things are quiet and I’m not getting that many phone calls or emails.
What sets Vutech | Ruff, Cuter Real Estate apart from other brokerages?
I think the collaboration in a team of experts is what is the most important piece. We are a team of experts teaching each other, helping each other be better every single day. That makes us powerful, knowledgeable, and ahead of the market and provides more opportunities for us and our clients. We have agents in almost every market around town and therefore insights everywhere. Because of this I can sell and help my clients in every market, not just one small zip code.
What special skills or talents do you have that others may not know about?
Cooking. I love to learn new things and skills across the board but that translates to cooking especially because on top of that is a level of creativity. I rarely cook with recipes and I seek opportunities to learn new skills in the kitchen, experiment, and provide for others new food or meals. Get’s 1 or 2 new recipes a week, for better or worse lol.
Tell us a little bit about your family.
I have a beautiful wife and two young boys. My kids are turning 2 and 5 in October. We live in New Albany. We enjoy playground time, playing with neighborhood friends, sports inside and outside the house, going to COSI and The Franklin Park Conservatory. My wife is from New Orleans and we often go there for holidays including Mardi Gras every year to enjoy the culture and spend time with our friends and family down there. My wife and I have been married since 2016, as a couple we enjoy traveling, outdoor walks, trying new restaurants and dishes.
What do you like to do in your spare time?
I enjoy family time, cooking, watching lots of sports(Soccer, football, F1, basketball).
What are three things you can’t live without?
My family, a sporting event to be excited about, and something new to get excited about (technology, food, something new to learn). If we are talking about physical items: My iPhone (to explore the world and stay in contact), a pair of Jordans, and a car to get somewhere out of the house.
What do you love about your job?
I love the opportunities to work with all sorts of people and help them navigate one of the most challenging transactions of their lives, I get to make so many new clients/friends per year. My office is the city of Columbus, not just our German Village location or my home office, it changes every day and can be wherever I want. There is always something new to learn, every single day. It’s a constant new challenge that I wake up and attack every day. There is nothing boring, normal or consistent. I get to be all over the city weekly. I also enjoy owning my own business, working on the growth of a small business and everything that goes along with that, above and beyond showing houses, I have to know how to be a great marketer, investor, communicator, digital/print advertiser, deep knowledge about conditions of homes and sociological predictions.
Our team at Vutech | Ruff, Cutler Real Estate had the opportunity to tour the latest standout development in Columbus, Jaeger Square. This project is already making waves in the real estate community, so let’s look at what makes it so unique.
“The Pizzuti Companies is excited to offer a new living experience in Columbus’ most historic neighborhood. Future residents will enjoy dynamic floor plans paired with walkability, onsite parking, curated art, and modern luxuries.” – Joel Pizzuti, President and Chief Executive Officer of The Pizzuti Companies
What you need to know about Jaeger Square
Jaeger Square, a groundbreaking project by The Pizzuti Companies, is set to redefine multi-family living at the intersection of Schumacher Place, German Village, and Merion Village. The development promises to transform an underutilized space into a dynamic, walkable urban environment.
Spanning 261 units, Jaeger Square is more than just a residential project—it’s a vision of refined, sustainable living. The development will feature thoughtfully designed amenities, from a state-of-the-art fitness facility and yoga studio to a rooftop solarium and artist studio. With studios, one-, and two-bedroom units, residents will enjoy elevated finishes and an amenity package that caters to modern lifestyles.
A Space Designed for Community and Connectivity Jaeger Square is set to offer more than just exceptional living spaces. The development’s design focuses on enhancing the pedestrian experience and integrating seamlessly with the surrounding neighborhoods. Key features include:
Curated Public Art: The development will showcase artwork by both established and emerging artists, adding a unique cultural dimension to the community.
Generous Outdoor Spaces: Jaeger Square will offer 15,000 square feet of outdoor amenities, including a garden located midway through the block. The area, already named the Kossuth Street Garden, will feature public seating and areas designed for social interaction.
Sustainable and Accessible Design: The project includes green roofs, brick-edged tree planters, and vibrant street frontages that contribute to a lively and eco-friendly urban environment.
Retail and Dining Options: The 8,250 square feet of retail space on the first floor will provide sophisticated dining, commerce, and entertainment options, enhancing the neighborhood’s appeal.
What to Expect
Jaeger Square is already taking shape, with completion slated for Spring 2025. Roth Real Estate Group will handle commercial leasing for this exciting development. For those interested in securing a space, contact Will Roth at will@rothregroup.com or 614.224.8660.
Jaeger Square represents a significant step forward for Columbus, introducing modern design while still honoring one of the city’s most historic neighborhoods. As the development takes shape, it promises to bring new life to an already vibrant corner of town.
For those navigating the Columbus real estate market, Jaeger Square offers the perfect blend of location, quality, and design. It’s an opportunity to be part of a forward-thinking project that enhances both the neighborhood and the city.
At Vutech | Ruff, Cutler Real Estate, we’re excited to see how this development will shape the future of Columbus and are here to guide you through all the latest opportunities in the market. Stay tuned for more updates on Jaeger Square and other exciting developments in Columbus. For more information, visit www.jaegersquare.com.
Tell us a little bit about your path to becoming a realtor.
After working in property management in Columbus for ten years, I spent the next several years in advertising sales with The Columbus Apartment Guide and Columbus CEO Magazine. I also worked for the Columbus Convention and Visitors Bureau, which is now Experience Columbus. At the time I first became licensed in (1993) it was more feasible for me to be part time. Over the years and as I continued to to learn about housing in different areas of central Ohio I eventually wanted to work in real estate all the time.
Flashback to when you were 10 years old. What did you want to be when you grow up?
It was the seventies and I was always interested in the aesthetic of homes on movie sets and tv shows. I would look at everything from the design of the home or apartment to the dishes, furniture and art. I remember I convinced my dad to wood panel our basement so it would look more like The Brady Bunch family room.
Why did you choose to become a realtor?
My first employer in property management always encouraged me to stay in the housing industry. I remember her saying there will always be a need for housing. My years in property management along with my experience in marketing and advertising sales seemed to be an appropriate foundation for understanding the principals of real estate. It was always appealing to know that being a realtor was a way to have your own business whether it be part time or full time.
What is your favorite thing about living in Central Ohio?
There are many things. To be so close to places like the Columbus Museum of Art, The Ohio Theatre, the Short North, Resch’s bakery or watching the TBDBITL march to “the shoe” is an advantage to living in Central Ohio. I also love that you can drive forty five minutes in any direction and be in rural Ohio which has so many great farmers markets and places to visit like Dawes Arboretum.
What excites you the most about the Central Ohio housing market?
MORPC reported that only 38% of people can find affordable housing in Central Ohio which is NOT exciting, but what is exciting is to know that leaders in areas such as Reynoldsburg, Whitehall and Gahanna among others are taking action in rethinking zoning codes and development review processes in effort to create more affordable housing opportunities.
Describe your typical day.
I coordinate the marketing for Vutech | Ruff and with 14 agents we are always busy. Everything is digital now which is so much nicer given how often the status can change for a home on the market today. There was a time not too long ago when there was no professional or drone photography and I might have had to drive out to Granville to take pictures of a farm, then come back downtown and work my way through parking, construction, key fabs and alarms to meet a client who was interested in touring a new condo. Then maybe a drive out to Marysville to show houses and return to German Village and turn off a house full of lights for one of Jeff or Marilyn’s listings. This was my every day at work for a long while and I loved every minute!
What sets Vutech | Ruff apart from the other brokerages?
Marilyn Vutech and Jeff Ruff are class acts and two of the hardest working people I know. If you are an agent starting your real estate career with their team you will see every real estate scenario worked through from beginning to end with patience, grace and no complaining. Marilyn and Jeff truly love helping their clients with the process of selling or buying a home. They’re the best mentors to have and the list of homes they have sold over the years consist of every size and style whether it be a small cottage, a horse farm, a mini farm, downtown condo, a traditional home in the burbs or a pre-civil war home by a busy road, they see them all!
Tell us a little bit about your family.
I live with my husband Dean who works for the Ohio Insurance Institute and our dog, Marley. Our daughter Rachel just graduated from Bishop Hartley this past spring and now attends Ohio University in Athens. My brother-in-law Jeff stays with us often and I consider myself fortunate to have life long friends and family nearby.
What do you like to do in your spare time?
As a recent empty nester, the possibilities seem endless. For today, there are drawers and cupboards that haven’t been opened for way too long because there was never time.
What are three things you can’t live without?
Family, friends and probably GPS.
What do you love about your job?
Selling your home or relocating can be quite the process and most often a stressful one. People move for different reasons but almost every time you can see the excitement or relief once the process comes to a close and that is gratifying.
Working with Vutech | Ruff over the years gave me the opportunity to see the many downtown condo developments come to life and it was a very exciting time. Growing up in Columbus, the only building in view from the east side was the LeVeque tower. Marilyn and Jeff worked endlessly with developers along with many other great agents to help downtown Columbus be a place to live and not just visit.
When it comes to purchasing a home, even the most seasoned buyers can stumble at times. At Vutech | Ruff, Cutler Real Estate, our team of highly qualified licensed agents has seen it all. We’ve helped countless clients navigate the complexities of the real estate market, and we want to share some of the top homebuying mistakes we’ve encountered. By being aware of these pitfalls, you can approach your home purchase with confidence and clarity.
Putting Off Pre-Approval: One of the most common mistakes we see is buyers starting their home search before securing a pre-approval. While it’s tempting to dive right into house hunting, getting pre-approved for a mortgage should always be your first step. Pre-approval not only determines what mortgage amount you qualify for but also shows sellers that you’re a serious, legitimate buyer. Particularly in a hot market where multiple offers are common, this simple step can give you a competitive edge, will ultimately save you time, and will help you focus on homes that fit your budget.
Focusing Too Much on Aesthetics: A beautifully staged home or the latest design trends can be captivating, but focusing too much on a home’s appearance can lead you to overlook more critical aspects. Elements like the home’s structure, layout, and location should take priority. For instance, a home with a less-than-ideal floor plan or in a location that doesn’t suit your lifestyle may lead to regret, no matter how stunning the interiors are. Remember, cosmetic changes like paint color, fixtures, or flooring can be modified to your taste over time, but factors like the foundation, overall layout, and neighborhood are much harder, if not impossible, to alter.
Spending Too Much: It’s easy to get caught up in the excitement of finding your dream home, but it’s important to keep your budget in check. (Remember #1 above?) Stretching your finances to afford a home that’s just a bit out of reach can lead to long-term financial strain, turning what should be a joyful experience into a stressful one. We often see buyers focusing too much on the home’s aesthetics or size, without considering the ongoing costs like property taxes, maintenance, and unexpected repairs.
Not Considering Future Resale Value: When buying a home, it’s essential to think not just about your current needs but also about the home’s future resale potential. Buyers who overlook this may find it harder to sell their home later. Factors like the neighborhood’s growth, school district quality, and nearby amenities all contribute to a home’s resale value.
Chasing Perfection: It’s natural to want a home that checks every box on your wish list, but waiting for the perfect property can lead to missed opportunities. The notion of a flawless home is more fantasy than reality, as even a seemingly perfect property can have its imperfections. Instead, focus on key essentials like location, structural integrity, and potential for future improvements.
Not Working with a Local Real Estate Agent: The value of partnering with a knowledgeable local real estate agent cannot be overstated. With a wide range of listing inventory and a vast referral network of contractors, stagers, photographers, videographers, and mortgage lenders, our team is well-equipped to guide you through every step of the home buying process. Our collective experience includes not just real estate transactions, but also real estate investing and custom new builds, ensuring you receive comprehensive advice tailored to your unique situation.
At Vutech | Ruff, Cutler Real Estate, our team is dedicated to guiding you through every step of the process, from securing pre-approval to considering long-term resale value. By partnering with experienced local agents who understand the market, you’ll be better equipped to make informed decisions and find a home that truly meets your needs.
Let us help you navigate the complexities of homebuying with confidence and peace of mind—your perfect home is out there, and we’re here to help you find it.
Tell us a little bit about your path to becoming a realtor.
I was born in German Village but my family moved out to Delaware when I was three years old. After graduating from Columbus School for Girls, I got my undergraduate degree at Miami of Ohio.
After spending a few years in hospitality and sales in Chicago, I knew I was meant to be in a business in which I could ultimately make my own path. My parents both started their own businesses in their early 30’s which instilled an entrepreneurial spirit in me from a young age.
I got my license in 2015 and was a broker on a top producing team in Chicago from 2015-2022. When we moved back to Columbus, I joined Vutech | Ruff of Cutler Real Estate.
Flashback to when you were 10 years old. What do you want to be when you grow up?
I have always been drawn to beautiful things and spaces. I think I would have said something in the fashion world at that age. I did an internship with Victoria’s Secret in Columbus and various retail experiences in Chicago after college. Ultimately, I found real estate to be the perfect marriage of design and being able to help people find the home and lifestyle that suits their personal needs.
Why did you choose to become a realtor?
I grew up listening to my mom, Marilyn, on the phone with clients as we made the drive from our house to CSG, which was a trek! Real estate was part of the dinner conversation, and I learned a lot about the business through listening and observing at a young age.
What’s your favorite thing about living in Central Ohio?
I love the people and how easily accessible everything is. I grew up in a family that was always driving all over town for various reasons. We have our favorite baker in Worthington, market in Upper Arlington, coffee in German Village…the list goes on. I love that it’s easy to be anywhere I need to be in a reasonable amount of time. With that said, I also welcome the growth we are experiencing and expecting in central Ohio. Having OSU as a hub here brings together a mixture of diverse thinkers and educators. I truly feel lucky to call Columbus home.
What excites you the most about the Central Ohio housing market?
Columbus is full of unique subdivisions and “mini markets” that all have their own flavors and offerings. I love helping clients navigate what feels right to them. The housing market is dynamic and it’s exciting that every day and client experience is unique.
Describe your typical day for us.
The only thing typical about my days is that there is nothing typical about them! A typical week would consist of any combination of popping in and out of the Athletic Club of Columbus, our office in German Village, Pistacia Vera for a coffee, or meeting a client for a showing or a trade for an inspection. My son Will and I also go on various adventures around town. He’s a very active little guy and the more activities for him the better.
What sets Vutech | Ruff, Cuter Real Estate apart from other brokerages?
Experience. Network. Reputation.
What special skills or talents do you have that others may not know about?
I have a real passion for decorating and design. I think my eye for it allows me to help clients envision spaces and see themselves in them.
Tell us a little bit about your family.
I have a son, William, who just turned two years old. My husband Danny is a Chicago native who is a managing partner at Capital Heathcare Properties. My mom, dad, and sister Anna are all real estate agents on the Vutech | Ruff team.
What do you like to do in your spare time?
We often jump in the car for “adventure walks” and drive somewhere new to explore and walk around. We love to check out new places, parks, and things to do. We spend time with friends and family and enjoy going to the Athletic Club of Columbus, Franklin Park Conservatory, and the Zoo.
What are three things you can’t live without?
My family, pets, and coffee.
What do you love about your job?
I love getting to help and meet new people. The ability to be part of someone’s real estate journey is a privilege. The process is completely different from deal to deal. Different personalities, different homes…I thrive in the challenge of helping the process move as smoothly as possible. I’m also passionate about matching buyers with properties and helping them visualize themselves in the space. On the flip side, there are so many layers to maximizing a home’s value to get a seller top dollar. Helping people make informed, educated decisions is the foundation of what I love about my work.
At Vutech | Ruff, Cutler Real Estate, we know a thing or two about selling a home. We also know that staging your home can make a world of difference in how it’s perceived by potential buyers. A well-staged home not only highlights its best features but also helps buyers envision themselves living there.
Whether you’re preparing for a big sale or just looking to make a strong impression, these tips will guide you in showcasing your home’s full potential. From lighting and decor to personal touches and standout features, let’s dive into the essentials of effective home staging.
Essentials of Effective Home Staging
Prioritize Lighting: The importance of good lighting can’t be understated. Natural light is your best friend, but we also recommend turning on all other lights in the home during a showing. Proper lighting can enhance the ambiance across your entire home, making it feel warm and welcoming. So, take this opportunity to replace any old fixtures or bulbs that have seen better days. Outside of overhead lights and larger fixtures, don’t forget to consider cabinet underlighting, front porch and backyard lighting, and motion sensor lights if you have them.
Stage an Office: With the rise of remote work, having a dedicated office space has become more important than ever. While a full room dedicated to an office is ideal, even carving out a functional workspace in a corner or nook can be effective. Buyers will appreciate the flexibility this adds to your home.
Don’t Skip the Deep Clean: For those who haven’t cleaned their ovens since moving in – this one is for you. Now’s the time to get serious about cleaning. Appliances, bathrooms, floors, carpets, and windows should be spotless. A deep clean can make worn items look new again and give buyers the impression of a well-maintained home.
Borrow, Don’t Buy: The right-sized furniture and decor can make a world of difference. Oversized pieces can make a room feel cramped, while too-small items can leave it feeling empty. If your current setup isn’t quite right, don’t rush out to buy new pieces. Instead, consider borrowing from friends or family or visiting secondhand stores for a quick refresh.
Declutter, Declutter, Declutter: While the right furniture and decor can enlarge a space and make it feel warm and inviting, less is still more when it comes to home staging. Too many items can be overwhelming, so aim for a clean, open look that allows potential buyers to imagine themselves in the space. The key rooms you should be paying attention to here should be your kitchen, living room, and closets.
Put Personal Items Out of Sight and Out of Mind: It’s time to tuck away those personal items. Buyers want to envision their own lives in your home, not yours. This includes family photos, personal collections, and any other items that are uniquely yours.
Keep it Neutral: More than likely, potential buyers aren’t going to share your exact taste in wallpaper and paint colors. It’s best to keep things neutral, so consider painting the walls a fresh white or light grey prior to any showings.
Don’t Skimp on Mirrors: Mirrors are a simple way to make any room feel larger and brighter. They reflect light and can create the illusion of more space, which is always a plus.
Remove Valuables: We all like to think the best of people, but it’s wise to remove or securely store any valuables before showing your home. This includes items like Waterford Crystal and family heirlooms—better safe than sorry!
Hide Wires: Unsightly wires can be a distraction. Hide them with strategically placed plants or other decor items to keep the focus on your home’s best features.
Remove signs of pets: While your pet’s toys and belongings might seem charming to you, they can be a distraction for potential buyers. Some may have allergies or simply prefer a pet-free environment. Before showings, clear out any pet-related items such as crates, food bowls, and litter boxes. Also, ensure your furry friends have a safe and secure place to stay during showings.
Highlight the ‘Wow’ Factor in Every Room: Every room should have a selling point. Whether it’s a cozy fireplace, an elegant chandelier, or a spacious kitchen island, make sure to showcase the unique elements that make each room special.
Successfully staging a home requires more than just a few cosmetic changes—it involves understanding what makes a space truly inviting and appealing to buyers.
At Vutech | Ruff, Cutler Real Estate we bring extensive knowledge of the Columbus area and a deep understanding of what works – and what doesn’t – in home staging. Our experience has taught us how to highlight your home’s strengths and address potential pitfalls, ensuring that your property stands out in the market.
With our expertise, we can ensure your home makes a lasting impression and you achieve the best results in your home sale.
Accurate pricing is the foundation of a successful sale and should be at the top of your to-do list when preparing your home for the market. If you price too high, your home may linger on the market, causing it to become stale and potentially discourage buyers. On the flip side, pricing too low might attract plenty of interest but could mean leaving money on the table. When it comes to determining pricing, these are the factors to take into consideration:
Factors Influencing the Sale of Your Home
Market-Driven Factors
Market Demand: The level of demand in your area plays a major role in how a home should be priced. High demand and low inventory may allow for a higher price, while the opposite might require a more competitive pricing strategy.
Economic Factors: There are many broader economic conditions that can impact buyer eligibility and affordability, such as interest rates, borrowing capacity, and loan programs. Higher interest rates, for instance, can reduce buyers’ purchasing power, which might necessitate a lower price. Lower rates, on the other hand, can boost affordability and support higher pricing.
Seasonality: Real estate activity often fluctuates with the seasons, so the time of year you sell will also impact what your home should be priced at.
Location: The desirability of your home’s location, including proximity to amenities, schools, transport, and crime rate all impact its value. The overall real estate market trends in your county or state, including economic health and local regulations, will also influence pricing.
Competition
Resale Homes: The presence of other resale properties in the market can significantly impact your pricing strategy. If there are many similar homes for sale, you may need to price your home more competitively to attract buyers. Factors such as the condition, location, and features of these homes in comparison to yours should be considered.
New Construction: The availability of new construction homes in your area can also influence your pricing. New builds often come with modern amenities, energy-efficient features, and contemporary design elements that can be appealing to buyers. If new construction is prevalent in your market, you may need to adjust your price to compete effectively, especially if your home lacks these newer features.
Renovations: Homes that have recently undergone renovations or upgrades tend to command higher prices. If your home has not been updated recently, your pricing will need to be updated accordingly, taking into consideration the price of updated homes compares to those that are more like your own in terms of age and condition.
Economic Conditions
Industry Trends: Consider the strength of local industries and their impact on housing demand.
Relocation Patterns: Look at trends in job relocations or company expansions that might affect local real estate markets. For instance, the arrival of Intel to Columbus has had a major impact on the market, driving thousands of workers to the area in need of housing.
Disposable Income: Review changes in local disposable income levels affecting buyers’ purchasing power.
Seller-Specific Factors
Professional Appraisal: Obtain an appraisal for an unbiased, expert opinion on your home’s value.
Seller’s Motivation: Your urgency to sell can influence your pricing strategy, with a quicker sale potentially requiring a lower price.
Home Condition: Compare the condition of your home to others. Recent updates or repairs can justify a higher price, while needed repairs might necessitate a lower price.
Property Size and Features: In addition to its condition, consider the size of your home and any additional features (e.g., pools, finished basements) when setting the price.
At Vutech | Ruff, Cutler Real Estate, our realtors are highly trained in using optimal positioning and strategic pricing to ensure your home is market-ready and attracts the best offers in the shortest time. When you’re ready to sell, trust the Vutech | Ruff, Cutler Real Estate team to guide you every step of the way.
When you’re buying a home, there’s a lot more to factor in beyond just the purchase price. One of the crucial considerations is closing costs. But what exactly are these costs, and why should you care?
What are closing costs?
Closing costs refer to the various fees and expenses you incur when finalizing the purchase of your new home. They typically range from 2% to 3% of the loan amount and cover essential services like loan origination fees, title insurance, attorney fees, and more. These costs matter because they can significantly impact your overall budget for buying a home.
Understanding and preparing for closing costs is vital because they ensure the legal transfer of property ownership and protect both you and the lender. By budgeting for these expenses upfront, you can avoid last-minute financial surprises and smoothly navigate the home-buying process with confidence.
In Ohio, closing costs usually include the following:
Loan Origination Fees: These are charged by your lender for processing your loan. They typically cover document preparation, underwriting, and other administrative services.
Appraisal Fees: Before a lender approves your loan, they need to know the home’s value. An appraisal fee pays for a professional to assess the property’s worth.
Title Insurance: Ohio requires both an owner’s title insurance policy and a lender’s title insurance policy. This ensures that both parties are protected against potential claims against the property.
Attorney Fees: While it’s not mandatory to hire an attorney for closing in Ohio, it’s highly recommended. An attorney can help review the title work, handle any legal issues, and ensure that the closing documents are accurate.
Recording Fees: Local governments charge a fee to officially record the sale of the property, making the transfer of ownership public record.
Transfer Taxes: Ohio imposes a transfer tax on real estate transactions, which is typically $1 per $1,000 of the sale price. Some counties may have additional transfer fees.
Settlement Fees: Also known as closing or escrow fees, these are typically split between the buyer and the seller in Ohio. These fees cover the cost of the closing agent or title company managing the closing process.
Costs associated with property taxes, homeowners’ insurance, mortgage interest, and the home inspection are typically paid upfront rather than at closing.
Who Pays Closing Costs in Ohio?
In Ohio, who pays closing costs can vary and is often negotiable. Typically, the buyer pays for loan-related fees. Title fees, on the other hand, are sometimes split between the buyer and seller, but in Central Ohio, the seller often pays for it entirely. If the selling isn’t covering the costs at closing, you will be required to pay all costs in the form of “guaranteed funds” such as a cashier’s check or wire transfer. Your escrow office or mortgage lender will notify you of the exact amount.
Closing costs are an essential part of buying a home, and knowing what they are and planning for them can make your journey to homeownership much smoother and less stressful. Keep these tips in mind, and you’ll be ready to close on your new home with confidence.
At Vutech | Ruff, Cutler Real Estate, we’re here to make your home-buying or selling experience seamless and enjoyable. We recognize that every buying and selling situation is unique, and we tailor our approach to fit your specific needs and make the whole process as easy as possible for you.
Purchasing a home is incredibly exciting, but before you celebrate it’s important to do your due diligence to determine the overall condition of the home. A home inspection does just that.
Conducted by a licensed professional, a home inspection offers valuable insight into a home’s condition, identifying any “reasonably discoverable” problems with the home, such as a leaky roof or faulty plumbing. With this information, buyers can make informed decisions, negotiate repairs or price adjustments, and, if done proactively by the seller, can help them address issues before listing the property.
What to expect during a home inspection
A home inspection is a visual assessment of a house’s physical structure and mechanical systems, including the roof, ceilings, walls, floors, windows, and doors. Generally, the home inspector will check that major appliances are functional, examine the heating and air-conditioning system, assess plumbing and electrical systems, and poke around the attic and basement.
During a home inspection, a professional examines the condition of the property, ensuring it is safe, structurally secure, and not a potential money pit with a long list of concealed, but necessary, repairs. To do this, the inspector will look at various aspects of the property, such as:
Exterior:
Roof condition
Siding, trim, and exterior paint
Foundation and grading around the house
Driveways, walkways, and steps
Decks, porches, and balconies
Interior:
Walls, ceilings, and floors for damage or defects
Doors and windows for proper operation and sealing
Stairways and railings for safety
Structural Components:
Foundation integrity
Basement and crawl spaces for moisture and damage
Attic for insulation and ventilation
Systems and Appliances:
Electrical system, including outlets, switches, and circuit breakers
Plumbing system, including pipes, fixtures, and water heater
Heating, ventilation, and air conditioning (HVAC) systems
Kitchen appliances for functionality
Safety Features:
Smoke and carbon monoxide detectors
Fireplaces and chimneys
Garage doors and automatic openers
What a home inspection does not include
Home inspections, while comprehensive, typically don’t cover certain areas and systems, such as:
Underground Storage Tanks: Inspectors usually do not assess these due to the difficulty of access and the need for specialized equipment.
Lawn Irrigation Systems: These are often excluded because they require specialized knowledge and equipment to evaluate properly.
Septic Systems: Evaluating septic systems requires a separate, specialized inspection.
Swimming Pools and Spas: These may not be covered in a standard inspection and might need a separate evaluation.
Asbestos, Radon, and Lead Paint: Inspectors typically do not test for these hazardous materials; specialized testing is required.
Pest Infestations: While inspectors might note visible signs of pests, a thorough pest inspection usually requires a pest control specialist.
Chimneys and Fireplaces: Inspectors may check for basic functionality but often do not conduct in-depth inspections of chimneys and flues.
Cosmetic Issues: Minor aesthetic flaws, such as paint chips or small cracks, are generally not the focus of a home inspection unless they could point to a bigger problem, such as a ceiling water stain.
For these areas, buyers may need to arrange for additional specialized inspections to get a complete assessment of the property.
When all is said and done, the home inspector will document their findings and provide a detailed report highlighting any issues or potential problems. This report can help you make informed decisions about the property, negotiate repairs, or plan for future maintenance. Any serious issues that arise should be brought to the attention of the seller, and your agent will help you negotiate who should take care of the problems.
When you work with Vutech | Ruff, Cutler Real Estate, you can rest assured that you have a team behind you ready to help with any questions you might have throughout the buying or selling process, including the home inspection.
