Morrow County, Ohio Real Estate

My seller in Mount Gilead (or Cardington or Marengo) says "I want more for my house!" "I need more!" "We have more invested!"

But what is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV).  FMV has been defined as "the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell". Sounds great, but really, how is this price determined?

Buyers and sellers both need to understand that it doesn't matter what a seller wants (or needs) nor does it matter what a seller might have paid for a property, or what improvements he's done and what those  improvements might have cost the seller.

The real value of a property (or a car or anything else for that matter) is "What a buyer is willing to pay". The appraisal process by a professional licensed appraiser helps to determine the current Fair Market Value.

The starting point for determining a fair price may be an opinion of the value or "comparative market analysis". Such an analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, and/or 3) expired properties (those which did not sell). Local, national and international trends and market conditions must also be evaluated. The appraiser then sorts and reviews all the data and comes up with an opinion of value based on these similar properties.

By comparing similar properties in each of the three categories and the market conditions, appraisers, lenders and agents come very close to the maximum price that buyers would be willing to pay for a house.
If you've been wondering about the value of your home (or one that you are considering buying) feel free to give me a call and I'll help you through the process of determining value.

In the meantime, to see all homes and land for sale in central Ohio including Morrow County, visit my web site at http://www.herbsells.comor www.morrowcountyhomes.com

The RE/MAX Genesis Hot Air Balloon will once again be coming to Mount Gilead for their annual "Birthday Party" to benefit the United Way of Morrow County.  On Saturday, October 17th, the entire community is invited to come on down to the RE/MAX Genesis office at 745 W. Marion Road in Mount Gilead to enjoy food, fun and fellowship with your neighbors.  There will be live music, a bonfire to roast your marshmallows on, a cornhole tournament, games for the little ones, along with tethered balloon rides in the RE/MAX Genesis Hot Air Balloon.

Although there is no charge for the food or games, we are asking for a donation of $5 to ride the balloon and 100% of the proceeds from the day (balloon rides and any other donations) will be given to the United Way of Morrow County.

So put October 17th from 4-7pm on your calendar and come on down and enjoy the party!

It's gonna be a great party time this weekend at The Edison Depot Restaurant in Edison, OH as they play host to scores of Buckeye fans for the giant tailgate party celebrating the OSU / Toledo game.

The event is free to get in and will include; children's games, great food by Edison Depot, a Large Screen TV to watch the game,  50/50 drawings along with "Punt Pass & Kick"  for kids 1^st grade to 8^th grade.  Come for a day of fun and stay for the announcement of the Pledges to the United Way Campaign of Morrow County. Bring your own Lawn chairs.

Oh, and other fun things to see and do include; the "Cutest Morrow County Buckeye Baby" for little ones up to 4 years old along with the "Best Dressed Buckeye Fan" for ages 5 years and over.

To be sure, it will be a fun event that will benefit the United Way of Morrow County which serves funds 10 agencies that serve the citizens of Morrow County.

Do I Really Need a Home Inspection?

Buyers sometimes question the value of a home inspection.  "Why do I need to spend the money?"

And that's ok, because it's part of my job to help my clients understand the value of what we do throughout the process of buying a home.

I understand that buying a home (especially that first home) can be a very stressful time and I see it as my job to handle the process so that it is less stressful for my clients. I want to  not only help my clients get the "product"  they want (being that new home), but also make sure that the  "process" we use to get the end result is a smooth, stress-free experience.

To that end, the home inspection is one way we can work to make sure that there won't be any unexpected surprises for the new buyers when they move in.  A home inspection is a thorough (typicall 2-3 hour) process that involves examination of structural condition along with inspection of the electrical and mechanical systems.  Home inspectors generally provide buyers with a detailed written report along with digital photos of areas of concern.

After the home inspection, the buyer then has the opportunity to either; proceed with the purchase process without further delay, ask the seller to repair or replace defects, or void the contract entirely.

Generally speaking, the buyer still wants to buy and the seller still wants to sell and if remedies are requested, they most often can be accomplished prior to closing.

Is a home inspection required?  The answer is no, but it is strongly advisable so that the buyer is made aware of any property condition issues that might be a concern in the future.

Again this year, our Mount Gilead, OH RE/MAX office launched the RE/MAX Hot Air Balloon from the grounds of the Morrow County Fair.  The fair runs through Labor Day and this year we had the honor of being the organizers of a raffle to benefit local 4H programs and children in Morrow County.

We distributed raffle tickets to the 4H clubs who sold the tickets throughout the community with 100% of the ticket sales going back to the local 4H programs.  The 4H'ers did a great job and were able to raise $1000 for themselves.

The lucky winners of the ride in the balloon were Bart Wilhelm and Donna Artz, who were putting their faith and trust in RE/MAX Balloon pilot Dick Sigler's hands.  The launch went off without a hitch, and although the wind was VERY calm, the balloon made it's way directly south from the fairgrounds and had a soft (upright) landing in the back yard of Carl and Inis Edwards on County Road 124 just east of Cty Rd 24 near Cardington.

We want to thank Carl and Inis for their hospitality by allowing us to land in their yard.  Plenty of folks along the way got out of their cars to see the RE/MAX Balloon float by.

Although this writer was part of the "crew" to get the balloon up and ready to go and then drove the chase vehicle to retrieve balloon, pilot and occupants, I have flown before and I strongly recommend that if you ever have the chance to go, say "YES"

To see all the pix of the take off, flight, and landing, follow this link

Morrow County market activity has been strong in August of 2009 thanks to; continued historically low mortgage interest rates along with the continued ability to take advantage of the "gift" money of up to $8000 in the form of a tax credit.

During August, Morrow County Realtors sold 23 homes which were listed at an average asking price of $111,078 and which sold for an average sale price of $103,071 or a 92% list to sale ratio.  These homes were on the market an average of 123 days.

There are still currently 151 homes on the market in Morrow County, with an average asking price of $173,877.  These homes have been on the market an average of 119 days.

As is evidenced by the numbers above, still, the lower end homes (average) are the homes that are moving.  Keep in mind that these "average" numbers include distressed properties that include; bank owned, foreclosure, and short sale properties.

For a complete and comprehensive report on all 23 homes that sold this past month in Morrow County, send me an email and I'll email you the pdf file.

To talk with me about buying a new home or selling your present home, call me now at 419-947-4004 or send me an email.