Tuesday, March 10, 2009
Thursday, January 15, 2009
Batelle to spend $100M here, create 200 jobs
Tuesday, January 13, 2009 4:27 PM
Updated: Tuesday, January 13, 2009 04:50 PM
By Kevin Mayhood
THE COLUMBUS DISPATCH
Battelle will invest more than $100 million and add about 200 jobs in Columbus, Dublin and West Jefferson, the nonprofit said today.
The research institute will announce the plans Wednesday to renovate, expand and build new office, laboratory and manufacturing facilities, spokeswoman Katy Delaney said.
Despite the downturn in the economy, Battelle's business has grown, particularly its work for national defense and homeland security.
Local leaders said they are pleased to hear of the plans and many will attend a Battelle press conference tomorrow morning.
More details will be provided then, Delaney said.
kmayhood@dispatch.com
Updated: Tuesday, January 13, 2009 04:50 PM
By Kevin Mayhood
THE COLUMBUS DISPATCH
Battelle will invest more than $100 million and add about 200 jobs in Columbus, Dublin and West Jefferson, the nonprofit said today.
The research institute will announce the plans Wednesday to renovate, expand and build new office, laboratory and manufacturing facilities, spokeswoman Katy Delaney said.
Despite the downturn in the economy, Battelle's business has grown, particularly its work for national defense and homeland security.
Local leaders said they are pleased to hear of the plans and many will attend a Battelle press conference tomorrow morning.
More details will be provided then, Delaney said.
kmayhood@dispatch.com
First-Time Buyer Tax Credit: A Reason to Buy Now
First-Time Buyer Tax Credit: A Reason to Buy Now The homeownership tax credit that the federal government created earlier this year is a hard-won tool at your disposal to encourage your customers to jump off the fence and get into the home buying market.
When you combine the tax credit with today’s continuing low interest rates, large selection of for-sale inventory, and low home prices, many of the pieces are in place for your customers to buy now.
How the Tax Credit Works
The First-time Home Buyer Tax Credit was passed this year as part of the Housing and Economic Recovery Act (H.R. 3221) on July 30 and targets any individual or household that hasn’t owned a home for at least three years. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9.
It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009, so if your customers wait to buy in the first half of 2009 they can take the credit on their 2009 tax return.
The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so your customers can get 10 percent of the home price credited against their tax liability, up to a maximum $7,500.
Income limits are $75,000 for individuals and $150,000 for households. Individuals whose income exceeds the $75,000 limit but isn’t more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000.
Any house is eligible as long as it’s a primary residence and is in the United States.
Buyers Have 15 Years to Pay Back
To help keep the program cost effective for taxpayers, the federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable.
There’s one restriction on the type of financing that your customers can use if they plan to take the credit. That restriction is on tax-exempt mortgage financing. That only applies if your clients are using below-market interest-rate financing from a public agency or nonprofit that’s funding the loan using proceeds from a tax-exempt mortgage-revenue bond issue. For most buyers, this won’t be an issue. It’s mainly an issue for low-income buyers using special mortgage financing.
When you combine the tax credit with today’s continuing low interest rates, large selection of for-sale inventory, and low home prices, many of the pieces are in place for your customers to buy now.
How the Tax Credit Works
The First-time Home Buyer Tax Credit was passed this year as part of the Housing and Economic Recovery Act (H.R. 3221) on July 30 and targets any individual or household that hasn’t owned a home for at least three years. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9.
It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009, so if your customers wait to buy in the first half of 2009 they can take the credit on their 2009 tax return.
The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so your customers can get 10 percent of the home price credited against their tax liability, up to a maximum $7,500.
Income limits are $75,000 for individuals and $150,000 for households. Individuals whose income exceeds the $75,000 limit but isn’t more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000.
Any house is eligible as long as it’s a primary residence and is in the United States.
Buyers Have 15 Years to Pay Back
To help keep the program cost effective for taxpayers, the federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable.
There’s one restriction on the type of financing that your customers can use if they plan to take the credit. That restriction is on tax-exempt mortgage financing. That only applies if your clients are using below-market interest-rate financing from a public agency or nonprofit that’s funding the loan using proceeds from a tax-exempt mortgage-revenue bond issue. For most buyers, this won’t be an issue. It’s mainly an issue for low-income buyers using special mortgage financing.
Friday, January 9, 2009
Price It Right Or Pay The Price! (Pricing - Part 1)
Written by Carl Medford, Real Estate Professional in Fremont
November 28, 2008 11:34 AM
Written by Carl Medford, Real Estate Professional in Fremont
November 28, 2008 11:34 AM
With doomsayers declaring that the housing market is freefalling and the media prophesying catastrophe, many sellers have abandoned any thoughts of selling. They’ve figuratively gone back to bed and pulled the covers over their heads.
The pundits are wrong.
Bottom line: local home sales are not dead.
Heed some basic advice and you stand a very good chance of selling your home even in this current market. As has been mentioned in countless other blogs, home preparation is critical for selling quickly and for top dollar. Additionally, professional home staging has proven to increase your chances of a sale.
However, there is only one basic point that will ultimately determine whether or not you sell your home. The Pareto principle states that 80% of effects come from 20% of the causes. In the case of your home this is certainly true: 80% of selling your home comes from one factor alone:
Price.
No matter how much time, effort and finances you invest in your home (the 20%), if it’s not priced correctly (the 80%) it won’t sell. In this enlightened Internet age, savvy buyers are attuned to a home’s true market value like never before. As Realtors put increasing amounts of information and pictures on the web, buyers are visiting “virtual open houses” and making effective buying decisions without viewing a home in person.
Buyers may love a specific home, but if they perceive that the price is too high, they typically assume the seller is over-optimistic and will not come down to a reasonable price.
As a result, they will usually not even darken your door.
It’s the harsh reality of the current market. If priced too high, your home becomes “invisible” to buyers. And it does so from the very start. Buyers will go on to look at other homes instead of yours.
So how do you price your home to sell?
1. Have your Realtor prepare a REALISTIC CMA. (Comparative Market Analysis) Look at EVERYTHING on the market in your area, not just "the chosen few" that you want to see.
2. Run the trends from your area. Usually your local MLS will provide your Realtor with extensive data.
3. Price AHEAD of the market. In a decreasing market, it must be priced BELOW the previous comparable sale or active listing.
Need to sell your home, but won’t get enough to pay off the loans? Then be honest with yourself and get a short sale specialist to help. Although aggressively setting the price is the highest obstacle sellers encounter when selling their home, in the end it is the one action that will reap the highest possible dividend:
A SALE!
The pundits are wrong.
Bottom line: local home sales are not dead.
Heed some basic advice and you stand a very good chance of selling your home even in this current market. As has been mentioned in countless other blogs, home preparation is critical for selling quickly and for top dollar. Additionally, professional home staging has proven to increase your chances of a sale.
However, there is only one basic point that will ultimately determine whether or not you sell your home. The Pareto principle states that 80% of effects come from 20% of the causes. In the case of your home this is certainly true: 80% of selling your home comes from one factor alone:
Price.
No matter how much time, effort and finances you invest in your home (the 20%), if it’s not priced correctly (the 80%) it won’t sell. In this enlightened Internet age, savvy buyers are attuned to a home’s true market value like never before. As Realtors put increasing amounts of information and pictures on the web, buyers are visiting “virtual open houses” and making effective buying decisions without viewing a home in person.
Buyers may love a specific home, but if they perceive that the price is too high, they typically assume the seller is over-optimistic and will not come down to a reasonable price.
As a result, they will usually not even darken your door.
It’s the harsh reality of the current market. If priced too high, your home becomes “invisible” to buyers. And it does so from the very start. Buyers will go on to look at other homes instead of yours.
So how do you price your home to sell?
1. Have your Realtor prepare a REALISTIC CMA. (Comparative Market Analysis) Look at EVERYTHING on the market in your area, not just "the chosen few" that you want to see.
2. Run the trends from your area. Usually your local MLS will provide your Realtor with extensive data.
3. Price AHEAD of the market. In a decreasing market, it must be priced BELOW the previous comparable sale or active listing.
Need to sell your home, but won’t get enough to pay off the loans? Then be honest with yourself and get a short sale specialist to help. Although aggressively setting the price is the highest obstacle sellers encounter when selling their home, in the end it is the one action that will reap the highest possible dividend:
A SALE!
Wednesday, December 31, 2008
Will 2009 bring a U.S. economic recovery?
Yes, possibly starting around midyear,
assuming no more unpleasant surprises are lurking.
The first half, though, will be tough,
with the economy contracting 4% in the first quarter,
following a 5% decline in the last quarter of 2008.
Still, here are four reasons for optimism:
Low interest rates. The prime is at 3.25%
and will stay there for a while. That makes it cheaper
for qualified borrowers to buy or refinance a home,
or to take out a loan for a car or college tuition.
And the Federal Reserve’s plan to buy up more debt
starting in Feb. will help keep interest rates down.
Low prices. Cheap oil won’t last forever,
but it will last several months, as will modest prices
for food and other commodities, goods and services.
Inflation will be in the 1%-2% range for 2009,
stretching paychecks for those who still have jobs.
Federal spending. President-elect Obama
and Congress plan a stimulus of over $800 billion
in tax cuts and spending as early as this month.
If the money can be put to work quickly...a big if...it will create a few million jobs.
A new sense of public confidence in Washington. About 70% of Americans
say they are optimistic that the Obama administration will be able to spur growth.
Economists say confidence is a key element, especially as it relates to consumers.
That’s a big plus if Obama can deliver quickly enough to keep the momentum going.
But there are plenty of worrisome factors weighing down the economy:
Housing. A million homes are in foreclosure now and a million more will be
by year-end. Unsold houses are piling up, depressing prices. By the close of 2009,
25% of mortgages will be underwater, meaning the loan exceeds the house’s value.
Tight credit. Qualifying for a loan is very hard right now
as banks worry about the job security of borrowers.
As a result, banks are hoarding far too much cash.
Declining exports. The global recession cuts demand
for U.S. goods. Exports will shrink by 0.5% in 2009.
Auto industry blues. Uncertainty about Detroit’s future
is a big cloud darkening the entire U.S. economy.
Gas and oil production. As prices plummet, companies
have less incentive to invest. That’ll mean shortages
when the global economy improves and demand rises.
Deficits. Few are worrying about the federal debt now,
but eventually it’ll jack up interest rates. (More on p. 2.)
1729 H St. NW, Washington, DC 20006-3938 • kiplingerbiz.com • Vol. 86, No. 1
The Kiplinger Letter (ISSN 1528-7130) is published weekly for $117/one year, $199/two years, $263/three years
Though we think the recovery will start in the second half of the year...
We’ll be watching four signposts for clues over the next several months.
Over time, they’ve proved good indicators that a recession is beginning to end:
Stocks. The markets are a leading indicator. Over the past 70 years,
they’ve started rising four months, on average, before GDP turned positive.
Jobless claims. First-time unemployment applications will be a better clue
on timing than job losses, which tend to lag. Claims are running at over 550,000
per week now. When they come down to 400,000 or so, that’ll be very encouraging.
Bond rates. The gap between interest rates on low-grade corporate bonds
and Treasuries has soared to around 17 percentage points. Normally, it is closer
to five points. Until it narrows, businesses with less than stellar credit records
will be virtually shut out of the bond market and have to struggle to get cash.
Housing starts. Once the declines level off, look for home prices to stabilize.
That’ll be the beginning of the end of housing’s negative contribution to GDP growth.
Metal prices will fall further before stabilizing and gaining slightly in 2010.
Meager demand by manufacturers and builders will prevent any significant recovery
from November’s losses of 50% or more when economic unease spread worldwide.
Look for aluminum to decline by more than 10%, from 90¢ to 80¢ a pound,
by the end of 2009. Copper will shed over 15%, slumping from $2.10 to $1.75.
Tin will fall about 5%, to $5.50 from $5.85. No improvement, either, for nickel,
which will drop about 15% in 2009, going from $5.05 to $4.30. It fell 60% in the fall.
Slow global growth will take a big toll on the 240,000 U.S. small exporters.
Their foreign orders are drying up more quickly than those of bigger firms,
and they have less clout than multinationals in fending off resurgent protectionism.
Firms dealing in high-tech and telecom goods are among the most vulnerable.
Smalls are also being particularly hard hit by the sharp drop-off in trade financing,
needed for insurance against nonpayment by foreign customers or political risk.
Smalls with IRS problems will get a break...or at least a quicker resolution.
A pilot program offering a fast-track settlement procedure will be extended two years.
It’s now operating in Chicago, Houston, St. Paul, Minn., Philadelphia, central N.J.
and three areas in Calif. Firms with assets under $10 million are eligible.
You won’t know there’s a recession under way if you watch the Super Bowl.
Advertisers will spend even more this year than last. But a big change
in the mix this year: The Detroit Three will hide, hard-pressed to spend $3 million
for a 30-second ad. Last year, GM was tops among all automakers. No letup
by brewers, though. Budweiser will again get more airtime than any other product.
One consolation in this economy: Some medical costs will be cheaper.
Orthodontic work is on sale, with many dentists offering big discounts
to make up for a 20% decline in business. Other discretionary medical services,
and anything not covered by insurance, are also widely on sale to attract customers.
Cosmetic surgery is 10% to 25% cheaper. Sales, too, on LASIK eye surgery.
Along with lower prices, providers are offering easy credit and low interest.
Many also offer package deals: A Botox shot along with a nose job, for example.
Yes, possibly starting around midyear,
assuming no more unpleasant surprises are lurking.
The first half, though, will be tough,
with the economy contracting 4% in the first quarter,
following a 5% decline in the last quarter of 2008.
Still, here are four reasons for optimism:
Low interest rates. The prime is at 3.25%
and will stay there for a while. That makes it cheaper
for qualified borrowers to buy or refinance a home,
or to take out a loan for a car or college tuition.
And the Federal Reserve’s plan to buy up more debt
starting in Feb. will help keep interest rates down.
Low prices. Cheap oil won’t last forever,
but it will last several months, as will modest prices
for food and other commodities, goods and services.
Inflation will be in the 1%-2% range for 2009,
stretching paychecks for those who still have jobs.
Federal spending. President-elect Obama
and Congress plan a stimulus of over $800 billion
in tax cuts and spending as early as this month.
If the money can be put to work quickly...a big if...it will create a few million jobs.
A new sense of public confidence in Washington. About 70% of Americans
say they are optimistic that the Obama administration will be able to spur growth.
Economists say confidence is a key element, especially as it relates to consumers.
That’s a big plus if Obama can deliver quickly enough to keep the momentum going.
But there are plenty of worrisome factors weighing down the economy:
Housing. A million homes are in foreclosure now and a million more will be
by year-end. Unsold houses are piling up, depressing prices. By the close of 2009,
25% of mortgages will be underwater, meaning the loan exceeds the house’s value.
Tight credit. Qualifying for a loan is very hard right now
as banks worry about the job security of borrowers.
As a result, banks are hoarding far too much cash.
Declining exports. The global recession cuts demand
for U.S. goods. Exports will shrink by 0.5% in 2009.
Auto industry blues. Uncertainty about Detroit’s future
is a big cloud darkening the entire U.S. economy.
Gas and oil production. As prices plummet, companies
have less incentive to invest. That’ll mean shortages
when the global economy improves and demand rises.
Deficits. Few are worrying about the federal debt now,
but eventually it’ll jack up interest rates. (More on p. 2.)
1729 H St. NW, Washington, DC 20006-3938 • kiplingerbiz.com • Vol. 86, No. 1
The Kiplinger Letter (ISSN 1528-7130) is published weekly for $117/one year, $199/two years, $263/three years
Though we think the recovery will start in the second half of the year...
We’ll be watching four signposts for clues over the next several months.
Over time, they’ve proved good indicators that a recession is beginning to end:
Stocks. The markets are a leading indicator. Over the past 70 years,
they’ve started rising four months, on average, before GDP turned positive.
Jobless claims. First-time unemployment applications will be a better clue
on timing than job losses, which tend to lag. Claims are running at over 550,000
per week now. When they come down to 400,000 or so, that’ll be very encouraging.
Bond rates. The gap between interest rates on low-grade corporate bonds
and Treasuries has soared to around 17 percentage points. Normally, it is closer
to five points. Until it narrows, businesses with less than stellar credit records
will be virtually shut out of the bond market and have to struggle to get cash.
Housing starts. Once the declines level off, look for home prices to stabilize.
That’ll be the beginning of the end of housing’s negative contribution to GDP growth.
Metal prices will fall further before stabilizing and gaining slightly in 2010.
Meager demand by manufacturers and builders will prevent any significant recovery
from November’s losses of 50% or more when economic unease spread worldwide.
Look for aluminum to decline by more than 10%, from 90¢ to 80¢ a pound,
by the end of 2009. Copper will shed over 15%, slumping from $2.10 to $1.75.
Tin will fall about 5%, to $5.50 from $5.85. No improvement, either, for nickel,
which will drop about 15% in 2009, going from $5.05 to $4.30. It fell 60% in the fall.
Slow global growth will take a big toll on the 240,000 U.S. small exporters.
Their foreign orders are drying up more quickly than those of bigger firms,
and they have less clout than multinationals in fending off resurgent protectionism.
Firms dealing in high-tech and telecom goods are among the most vulnerable.
Smalls are also being particularly hard hit by the sharp drop-off in trade financing,
needed for insurance against nonpayment by foreign customers or political risk.
Smalls with IRS problems will get a break...or at least a quicker resolution.
A pilot program offering a fast-track settlement procedure will be extended two years.
It’s now operating in Chicago, Houston, St. Paul, Minn., Philadelphia, central N.J.
and three areas in Calif. Firms with assets under $10 million are eligible.
You won’t know there’s a recession under way if you watch the Super Bowl.
Advertisers will spend even more this year than last. But a big change
in the mix this year: The Detroit Three will hide, hard-pressed to spend $3 million
for a 30-second ad. Last year, GM was tops among all automakers. No letup
by brewers, though. Budweiser will again get more airtime than any other product.
One consolation in this economy: Some medical costs will be cheaper.
Orthodontic work is on sale, with many dentists offering big discounts
to make up for a 20% decline in business. Other discretionary medical services,
and anything not covered by insurance, are also widely on sale to attract customers.
Cosmetic surgery is 10% to 25% cheaper. Sales, too, on LASIK eye surgery.
Along with lower prices, providers are offering easy credit and low interest.
Many also offer package deals: A Botox shot along with a nose job, for example.
Thursday, December 25, 2008
Columbus, OH: #1 in America's Most Affordable Places to RetireOur river city tops Forbes list of the most affordable places to retire. Our reasonably priced homes, lower inflation rates and low unemployment rates for those over 65 who wish to continue working, all contribute to the ranking.
As well, Columbus has the most doctors per capita and the highest number of citizens (per thousand people) tapping their Medicare benefits. Both issues are extremely important as the population’s life expectancy continues to increase. With people living longer, the need increases to stretch those dollars as much as possible.
The Columbus Board of Realtors launched “The Grass is Greener Here” campaign during the Spring. This was done to quell the negative rumors from the media, who tend to pain national trends as opposed to what’s happening in our local markets. As we know, “all real estate is local.”
On the heels of this latest news, see what others are saying about Columbus:
•..One of the top 200 Best Places for Business and Careers..."-Forbes
•...A top 50 hottest city for expansion and relocation..."-Expansion Management Magazine
•...The second best city in the nation for African American families..."-BET.com
•..Franklin County is one of the top large counties for recruiting and attracting new business..." -Expansion Management
•..15th-largest city in the United States"
•..One of the fastest-growing major metropolitan areas in the Midwest."
•...No. 1 among the Top 10 Up-and-Coming Tech Cities..."-Forbes, March 2008
•..Seventh-strongest economy in the nation..."- POLICOM, August 2006
•...Eighth-best big city on Money Magazine's 2006 Best Places to Live list..."-Money Magazine, 2006
•..A top hottest city for expansion and relocation..."- Expansion Management Magazine, 2006
•...No. 9 among the Most Affordable Places to Live Well..."- Forbes, November 2007
•...Population in the Columbus Region as grown by 455,000 people (36%) during the last 26 years - to 1.7 million in 2006. Since 1980, Columbus has grown 12 percent faster than the national average and nearly six times faster than the state of Ohio..."
•...one of the largest college populations in the nation, with 110,000 college students enrolled in 20 higher education institutions. Ohio State University was ranked the largest university in the United States in 2006..."
•...Fourth-safest city for businesses in the United States..."- Risk & Insurance Magazine
•...The state of Ohio ranked number one in the nation for the number of attractive micropolitans for capital investment..."
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