Quarter of a Billion or Half a Billion - Big Numbers

2015 Sales in West Central Ohio Almost $250mil

The Realtor members of the West Central Association of Realtors based in Lima, Ohio have finished 2015 with a total sales volume of just under $200 million.  That is getting close to the Quarter-of-a-Billion mark and if activity and market values both continue to increase then it could easily be expected that this group will finally attain the $250mil number sometime in the next 3-5 years.

Estimates show that there is in excess of $4 billion in residential real estate in the area.  This is based upon the population divided by the average number of persons per household per the Census Bureau and using the current average sale values found the in the MLS of the West Central Association of Realtors.  Currently, using this same averages math, we are buying and selling 2.7 of every 100 residences in the area.  To get to that $250mil volume without changing values or population averages, we need to sell 3.1 of every 100 residences. 

2015 Sales for BHHSPro exceed $600mil in Ohio

Although the final numbers have not been announced, Berkshire Hathaway HomeServices Professional Realty (BHHSPro), a franchise operating in over 22 office throughout Ohio, the preliminary sales reports are showing sales of around $660 million.  

With 400 agents, only a few more than the 300+ in the West Central Association of Realtors, BHHSPro has an average per agent sales volume that is 3X that of our Lima area agents.  As a group, BHHSPro agents account for the 5th most residential sales in Ohio when compared to all other groups of Realtors.  Pretty impressive for only their 2nd full year in business.

High Expectations from BHHSPro Brokerage

The leadership of Berkshire Hathaway HomeServices Professional Realty has stated with confidence that their intentions are to exceed $1 billion in volume over the next 3-5 years.  That's a bunch of sales.

So, from my point-of-view, the race is on and I get to be a part of both of them - West Central Association of Realtors' agents topping a Quarter-of-a-Billion dollars versus Berkshire Hathaway HomeServices Professional Realtors agents topping One-Billion dollars in volume.  

This should be fun.

BHHS Pro Agents WOW the Market in 2015

BHHS Pro Agents Sales Prices 10.1% Above Average

Berkshire Hathaway HomeServices Professional Realty agents in Northwestern Ohio just completed one of the best representative years ever.  Their home-selling clients were able to close at prices 10.1% above what the neighborhood averages were.  Simply put that's over $8,000 in your pocket.

In depth studies of real estate areas where BHHS Pro agents participated, as accumulated from the multiple listing services of Northwest Ohio, West Central Ohio, and the Western Regional of Ohio, clearly indicates that when employed in the service of a home seller, these agents are out-performing their competitors where it counts - higher sales prices!  Comparisons were made of the ratios of the average original listing prices to the average sales price of all homes and of Berkshire Hathaway HomeServices Professional Realty listings in the same geographical areas.

Berkshire Hathaway HomeServices Professional Realty Throughout Ohio

With almost 500 agents in 26 offices in Ohio, BHHS Pro is making quite the impact throughout the state of Ohio.  Since joining Berkshire Hathaway HomeServices in January of 2014, BHHS Pro has joined the "Elite Circle" of brokerages in the network by being in the top 5% due to production. Recognition by RIS Media as one of the top 500 Power Brokerages has also set us apart from every other company in our Northwestern Ohio area.

Locally we are very proud of the continued excellence in representation that our seasoned agents continue to provide their clients.  With a combined expertise of practicing real estate of over a century, there isn't much that we haven't seen or done.  Our experience is showing through daily with reports like this one that further prove the value that can be found in any of our professional Realtors.

Shared Values Bonds us Together for Better Representation

There are 7 core Values that we at BHHS Pro Realty hold dear.  Expertise, Collaboration, Integrity, Innovation, Compassion, Enthusiasm, and Perspective are combined to aid us in determining how we interact with each other, our clients, other brokerages, and our community.  Our true belief is that we are in this profession to advocate for our clients, be champions for our communities, and to increase the perception of real estate agents by our example.

Where Did the CCHTL Buyer's Go?

Two Months of No Sales in CCHTL

October and November of 2015 have passed us by without a single sale in Country Club Hills or Twin Lakes.  Although not the first time that we've gone 60+ days without any action, it is a bit surprising right now.  Interest rates are still low, job growth is up and lenders are finally loosening up a little on their lending restrictions. Buyers should be flocking to buy into the market and our neighborhood has historically been a go-to market for move-up's and downsizers in Bath.

All Will be Well Very Soon in Country Club Hills and Twin Lakes

Just because we don't have the buyers flocking to our neighborhood today doesn't mean that they are gone forever.  It seems that this little two month bump has shaken some who were thinking of selling into waiting.  Let me tell you that this might not be your best option.  Over the past 3 years the months of January, March, and April have been very active in Country Club Hills and Twin Lakes.  Inventory that is aging now should start to wane over the next 3-4 months with increased first quarter buyer traffic.  

If you are thinking about listing your home for sale early next year, now is the time that you should be meeting with an area Realtor to discuss what steps you might need to take to get your home ready for the market - and quick.  

Newer Inventory Might Sell Quicker than Stale

That's right!  For those sellers who are new to the market, attracting buyers to your listing might be easier and more profitable than for those homes that have had to "sit-out" this short slow down in the market.  Their listings are nearing on the stale stage and yours could be the fresh new face that gets all of the attention.

Two of our agents at Berkshire Hathaway HomeServices Professional Realty (BHHSPro) have teamed up to represent sellers exclusively in Country Club Hills and Twin Lakes.  A custom representation package has been put together that no other brokerage in the area can offer.  With over $600million in sales in 2015, BHHS Pro has continued to increase its market share Statewide and now has determined this neighborhood as a focal point for growth in 2016.  Everyone should count their blessings daily, but Sellers in Country Club Hills and Twin Lakes for 2016 have gained a potential blessing right out of the blue.

New Qualified Mortgage Rules for Home Buyers in Lima, Ohio

As of January 10, 2014, the new restrictions on mortgage lenders regarding what loans are Qualified Mortgages (QM) and which aren't took effect.  These newer restrictions were instituted to help prevent the "everybody qualifies" lending practices that were part-and-partial cause of the housing bubble in 2006-07. The question now that everyone in the real estate industry is talking about is, "how will this affect the housing market?"  What we must first understand though, is what the new requirements are for QMs.

New Magic Numbers

Everyone who is interested in applying for a loan to purchase real estate after January of 2014 should be aware of the new magic numbers of 43 and 3.

43 is the percentage of debt-to-income that is now the first number that every lender is to look at in order to determine whether a borrower is qualified or non-qualified.  This ratio that compares a borrower's debt to their income isn't a new idea, but the number 43% is new.  Lenders have long looked at this ratio to determine if someone is stretched too thin. So for those of you who are thinking mortgage, check your ratio.

3% is the new cap on combined costs of lender fees and points.  This is a brand new idea in the industry.  Prior to this lenders would allow the market to determine how much they could charge in points and fees.  If their charges were higher than their competition, they would lose business.  This is how the free market is supposed to work.  Now, though, the U.S. government has stepped in to dictate a cap on these costs to the consumer.  I am just guessing here, but I am telling all of my clients to begin using the 3% number as their costs (why would any lender charge less?).

QM or Not - Mortgage Loans are Still Available

 So, you were thinking of buying a home and now believe that you can't because of the new QM rule limitations?  Not true.  Non-qualified does not mean that you won't be able to get a loan, it just means that you will most likely have to get an insured or guaranteed loan such as those offered by Freddie Mac and Fannie Mae.  This biggest problem is going to be finding a lender that is willing to work with you.  A survey of lenders conducted by the National Association of Realtors showed that 45% of lenders were contemplating not working with borrowers who could not meet the requirements for a QM.

http://www.bhhspro.com/agents/tim-parker

These are just 2 of the many adjustments made to the QM rule.  If you would like more information, or would like to find out if you can get a mortgage, let me know.  I have a lot of contacts in the mortgage lending industry and would be happy to find the right one for your circumstances.