There’s a palpable excitement in the market as the spring selling season nears. The Fed may have kept rates on hold, but the market is expecting interest rate cuts in the near future. After two years of 15–20% pa declines in transaction volumes, there could be a big rush if mortgage rates drop significantly. Finally the bottom? After many months of declines, pending home sales for December 2023 jumped 8% month-over-month, as buyers reacted to the fall in mortgage rates. [NAR] But could this just be another ‘head fake’ like we had in January 2023? With inflation approaching the F ..read more

If you want to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac (see graph below): This recent trend is great news for buyers. As a recent article from Bankrate says: “The rate cool-off somewhat eases the housing affordability squeeze.” And according to Edward Seiler, AVP of Housing Economics and Executive Director of ..read more

Each year, the New Albany Chamber of Commerce honors businesses and community leaders for their significant role in community engagement, economic growth and excellence. To be considered for a Delta Award, the organization or person must be setting the standard for excellence and innovation with their business practices, community involvement and collaboration. The Thomas|Riddle Real Estate Group is humbled and honored to receive the Outstanding Medium Business Delta Award from the New Albany Chamber.  This recognition is a testament to the incredible efforts of our dedicated team, and it ..read more

Buying a home in a homeowners association (HOA) can come with both advantages and disadvantages. Here are some items to be aware of when purchasing a home in an HOA, including how the HOA’s financial health can impact your purchase: HOA Fees: Find out the current HOA fees and whether they are likely to increase in the near future. These fees cover various expenses, such as maintenance, insurance, and common area improvements. High fees can significantly impact your monthly expenses. Reserve Fund: Ask about the HOA’s reserve fund. This fund is set aside for major repairs and capital improveme ..read more

Selling your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a seller’s agent, helps market and sell your house while advocating for you every step of the way. But, how do you know you’ve found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have. 01 – They Price Your House Based on the Latest Data While it may be tempting to pick the agent who suggest ..read more

Whether you’re a first-time homebuyer or a seasoned pro, these real estate insights will help you navigate the path to your dream home with confidence. Let’s dive in! 1. What is the inspection period in a real estate purchase contract, and why is it important? Typically 7-10 days to conduct inspections. Allows you to assess the property’s condition and identify any issues. You can negotiate repairs or credits with the seller based on inspection findings. Tip: Attend the home inspection in person, if possible, and ask questions. Being present during the inspection allows you to: Gain Insig ..read more

Buying a new construction home can be an exciting experience. From being the very first owner, to customizing your home’s features, there are a lot of benefits. But navigating the complexities of buying a home that’s under construction can also be a bit overwhelming. This is where a skilled real estate agent can make all the difference. An article from The Mortgage Reports sums it up like this: “Your Realtor or real estate agent will be key to helping you navigate this process. . . . they can guide you through construction and help anticipate and solve for any possibl ..read more

Mass Reappraisal Process • All county auditors in Ohio are required by state law to update the value of all properties by conducting a reappraisal every six years (Ohio Revised Code section 5713.01). • This is an effort to accurately reflect property value changes in the current real estate marketplace. • The Ohio Department of Taxation makes the final determination as to whether updated property values determined by the Auditor are accurate and acceptable. Data is collected from multiple sources to establish updated property values, including: • Recent home sales in the neighborhood – this ..read more

If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale today, it makes sense to consider all your options, and that includes a home that’s newly built. The Number of Newly Built Homes Is on the Rise While there are more houses for sale right now than there were at this time last year, there’s still a historically low number of homes available on the market. One reason for that is years of underbuilding—meaning there haven’t been enough new homes built to keep up with demand. The graph above shows how low the prod ..read more

If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income. Owning a short-term rental can be a tempting idea, but you may find the reality of being responsible for one difficult to tak ..read more