Overview On May 1, 2023 changes to the Level Price Adjustments (LLPA) will impact the interest rate you pay on mortgages. Because the mortgages written over the next few months will be eligible for purchase by Fannie Mae and Freddie Mac in the pursuing 60 days,  lending institutions will begin using these guidelines as early as April, or sooner depending on the lender.  It’s kind of wonky, but it really helps to understand how the lender arrives at the number you pay. The lending institution lends you money. They also want it insured so that if you default, they do not lose the princ ..read more

Below are the residential home sales in Franklin County listed by zip code for the past week (January 13-January 19), as recorded by The Franklin County Auditor’s office.  The full report with parcel numbers and addresses is here. A total of 216 properties exchanged hands in the Columbus, Oh metro last week with an average sales price of $276,061 and a median sales price of $246,400 With 21 sales, Grove City moved the most properties at an average price of $280,345 and a median price of $265,000 Looking at our other focus communities of Dublin, Hilliard, Galloway. Nine properties sol ..read more

When the Federal Reserve dropped interest rates in 2020, the real estate market became flooded with new buyers looking to take advantage of low rates to lock in a mortgage. While interest rates have increased since that time, a large number of buyers still enter the market on a daily basis. If you’re feeling left out and believe that buying a home is right for you, your main goal should be to increase your savings to the point you can afford your first home. Here are some tips on how to save for your first home. Identify Your Budget Before you start saving money, you should first identify your ..read more

Buying a home is a major investment that requires strong financials. If you have a large amount of student loan debt, you may find it challenging to purchase a home for many reasons. From saving for a down payment, to qualifying for a loan, to affording monthly mortgage payments, student loan debt can play a significant role in your ability to buy a home. Debt-to-Income Ratio One factor that plays a part in how likely a lender is to approve a mortgage loan is the amount of debt you currently have. Lenders prefer that borrowers have minimal debt since taking on more loan payments increases ..read more

Below are the residential home sales in Franklin County listed by zip code for the past week (January 6-January 12), as recorded by The Franklin County Auditor’s office. The full report with individual property addresses are here. Dublin Zip Code – 43016 Number of Sales 11. Average Sale Price $379,210. Median Sale Price $380,000 Dublin Zip Code – 43017 Number of Sales 6. Average Sale Price $530,417. Median Sale Price $533,750 Hilliard Zip Code – 43026 Number of Sales: 22. Average Sales Price $320,328. Median Sales Price $342,500 Galloway Zip Code – 43119 Number of Sales: 9. Average Sales ..read more

Credit reporting is pretty simple but the words and language used are not part of most of our daily vocabulary and may be intimidating. This is where an experienced loan officer comes in. They will guide you on what matters most – what you need to tackle first to improve your score. Which should you pay first, the $50 past due bill from last month or the $5000 debt from years ago? Credit plays an important role in the mortgage loan process, but credit challenges do not always mean you cannot buy a home. A proven, positive maintenance record can lead to more purchasing power. I partner with a t ..read more

Franklin County, Ohio Public Information Officers sent this bulletin at 01/08/2023 08:00 AM EST Link to original article COLUMBUS, Ohio –  After a dip in prices last month, the median sale price is once again increasing, according to December data from the Franklin County Auditor’s Real Estate Dashboard.   The median sale price of a home in December was $257,900, an increase of 5% compared to December 2021. By contrast, in November the sale price had decreased 1% year over year, the first time the price had decreased since the dashboard was created in 2020. The total sales amoun ..read more

Looking at the Columbus market and comparing 2022 to 2021, we see continued competition for active listings. For August 2022 (the most recent numbers), new listings fell from 51 in 2022 to 47. Not a huge drop. Not surprisingly, the number of homes sold year-over-year fell from 46 to 43. A smaller drop and one that shows that seller’s grip on the market may not be as strong as last year, but they are not hanging on by just on finger either.  The median sold price continues to rise for the Columbus market So even though interest rates jumped in the last few months, it is difficult to time t ..read more