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The Cincy BlogThe Cincy BlogReal Estate and real estate topics in greater Cincinnati, Ohio
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Hot Off the Press- January Home Sales for Cincinnati Market
2008-02-25 20:59:00 Press Release Cincinnati Area Board of Realtors® 1,123 Home s Sold in January ; Average Price Off Only 2% A total of 1,123 homes were sold locally last month at an aggregate $171.4 million. Average selling price was $152,600. “Despite 18% fewer sales than the same period one year ago, things are looking up,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors. “There is much more Open House activity since the first of the year. That should bode well for the upcoming spring market.” The average selling price is 2% off from a year ago. That’s not bad, considering the total sales activity includes a number of foreclosed homes, which often times sell for less than comparable neighborhood home sales. Nationwide, January home sales were off .4% from December, seasonally adjusted. They were off 23.4% from a year ago. “Buyers today continue to... More About: Market , Sales , Press
Don’t Lose at Real Estate Dominos in Greater Cincinnati, Ohio!
2008-02-22 18:36:00 In today’s slower market, receiving a decent offer on your house is only the first step toward closing! Before you make repairs, change utilities and order the moving van, make sure your closing doesn’t collapse because of problems with buyers and sellers upstream of your deal. In the normal real estate deal, the seller and buyer come to terms on price, closing dates, inspections and more. Typically the buyer has a home to sell and/or close. Their contract to purchase your home spells out for a certain number of days to apply for a loan and then a loan commitment date. When the buyer’s lender notifies their agent that the loan is approved…everybody sighs with relief. Unfortunately it isn’t quite that easy. Picture this: You are selling “A”. In order to purchase your home, the buyer is selling “B”. The buyer of “B” is selling “C” and so on. The first two properties have purchase cont... More About: Estate , Real Estate , Ohio , Dominos , Real
What Is Real Estate Blogging?
2008-02-18 20:01:00 Two truths you need to know about real estate blogging. Many of you have sent emails or called to ask “what is blogging?”. So to describe blogging in it’s simplest term- it is web logging or web journals. Blogs are written by individuals or companies on just about every topic of interest. Blogs are “interactive” - they want you to comment on the content and share your opinions. At times I have find more useful information contained in the stream of comments- offering a point/counter point to the topic. Here are some of my favorite sites: Indianapolis St Louis St Paul Columbus Chattanooga Clearwater San Francisco Bay Area This is just a peek at some of the real estate blogs. If I am missing your favorite blog-let me know. Share This More About: Estate , Real Estate , Blogging , Real
Good News for Cincinnati
2008-02-14 20:19:00 Cincinnati had the fewest foreclosures for the Ohio metros in 2007. In an article The Cincinnati Business Courier reported yesterday that according to RealtyTrac’s ranking of 2007 metropolitan foreclosures- Ohio had many cities in the top 20, but Cincinnati had the lowest foreclosure rate of the state’s major cities. Reuters had provided more comprehensive view of the same report offering some insights into the country’s worst markets. No surprise that greater Detroit, Michigan market is the worst in the country….echoing the woes of the automotive industry which dominates the employment market for area. The weak markets throughout the country means that sellers in Cincinnati receiving contracts from out-of-town buyers may need to extra steps to ensure they do not to sell their home in order to close on their purchase here. If you need more details about the “domino effect of selling” in today’s market-call or send an email. Sha... More About: News , Good News , Good , Cincinnati
New FHA Loan Limit Proposal
2008-02-13 18:27:00 According to The National Association of Realtors® New FHA loan limits by March 14 There will be new FHA maximum loan limits within 30 days, thanks to the Economic Stimulus package that will be signed into law by President Bush on Feb. 13. The National Association of Realtors® has developed an “estimated” amount of the new loans for each county in the USA. We repeat, these are estimates. HUD has 30 days after the President signs the legislation into enactment to finalize the new FHA loan limits. Thus, it may not be until March 14 that the new limits are published. Also, these are for loans approved on or before Dec. 31, 2008. If the new limits aren’t extended by then, the existing loan limits may be back in place. Jumbo loans, accepted by Fannie Mae and Freddie Mac, will remain at $417,000. Here are the new “estimated” FHA loan limits for the area: Ohio counties: .. . More About: Proposal , Loan
The Iceman Cometh
2008-02-13 13:18:00 The Iceman Cometh and now you basement may be leaking. Between last week’s record rainfall and today’s snow and ice storm many area homeowners are experiencing wet basements. In many cases this is the first time some of my clients have ever had water dripping into their lower levels. For many of you the problem really began during last summer’s severe drought when dried soil pulled away from your foundations. You may have missed a small trickle of water during the fall- but last week’s rain deluge surprised a lot of homeowners. In a lot of cases the weather has just exposed some latent foundation problems - issues that would have appeared sooner or later. Do not assume the problem will take care of itself. If your gutters are are not clogged and running over or some other unique situation is causing the problem ( neighbor’s sump is dumping water into your basement) make an appointment with a qualified foundation specialist as soon as possible. ... More About: The Iceman
2 Key Components to Selling Your Home
2008-02-12 17:51:00 Sellers are calling with questions about the current market and how to price their homes. There are 2 components to pricing and your agent will review all the details with you. The one you are most familiar with is the CMA (Competitive Market Analysis) a canned report available from the MLS (Multiple Listing Service) which provides details about homes currently on the market (actives), homes with contracts that have not closed (pendings), closed deals and usually expired listings- houses on the market that did not sell. The CMA is only one component used to correctly price your property. The second, and I feel the most important component is reviewing the absorption rate. Absorption Rate is a calculation of how long it will take for all the homes to sell (absorbed) based on the number of properties available divided by the number sold in the last twelve months. The number is important to sellers because you want to price your house correctly in order to attract the next b... More About: Selling , Home , Components
Why Sellers Want an Open House!
2008-02-11 13:44:00 According to NAR (National Association of Realtors) 48% of all home buyers go to open houses! So if your home is currently listed by a Realtor and/or are a FSBO (For Sale by Owner), you need one great open house every 3-5 weeks. Many sellers fall into one of two categories for open houses, they either want it open every week or no open houses at all. Remember a balanced approach to open houses is needed in order to maintain buyer interest. It is true statistically that very few properties sell during an open house, however there are intangible benefits that cannot be measured or tracked. Think back about the time you purchased your current home. Did you rely solely on a realtor to find a property- or did you cruise neighborhoods and the internet looking on your own? Perhaps you weren’t even thinking about moving and happened to drive by an open house and decided to stop and take a peak. The “moving juices” were activated and, as a result of an impulse stop at an op... More About: House , Open , Open House , Sellers
January Housing Stats for the Mason School District
2008-02-07 17:52:00 Residential properties in the Mason School District continue to sell in January , 2008. January, 2008 Average Price Active Inventory 495 $466,213 Pending Inventory 34 $305,815 Sold/Closed Inventory 30 $390,054 (Data from Greater Cincinnati Multiple Listing Service) If you have any questions about your property or the values of your neighborhood- call or send and email. Share This More About: Ohio , Housing
January Housing Market for the Fairfield School District
2008-02-07 15:34:00 Thereal estate numbers for the Fairfield, Ohio School District for January , 2008. January, 2008 Average Price Active Inventory 395 $184,558 Pending Inventory 42 $144,230 Sold/Closed Inventory 32 $144,642 (Data from Greater Cincinnati Multiple Listing Service) Trying to decide about the current value of your property- call or send an email. Share This More About: Market , Housing
January Home Sales for the Lakota School District
2008-02-06 20:17:00 January numbers are now avaiable for home sales in the Lakota School District. January, 2008 Average Price Active Inventory 870 $292,504 Pending Inventory 83 $212,550 Sold/Closed Inventory 58 $213, 840 (Data from Greater Cincinnati Multiple Listing Service) This is the simplified version of the numbers. If you would like a detailed break down for your property- call or send an email. Share This More About: Ohio , Sales , Home , January
Greater Cincinnati Multiple Listing Service Stats
2008-02-05 18:25:00 Hot off the press- read all about it! Let’s look at real numbers for the greater Cincinnati real estate market comparing January, 2007 to January, 2008. January 2007 January 2008 % Change Active Inventory 14,634 17,329 18% Pending Inventory 2,161 2,262 5% Closings 1,370 1,071 -22% (Per the greater Cincinnati Multiple Listing Service for single family and condos) While the media will probably focus on the increase in Active Inventory and ... More About: Stats , Relocation
The Advantages of a Vintage Home
2008-02-03 22:37:00 The other day I chuckled while watching a mechanic, in his mid twenties, pop the hood on a vintage automobile from the 1960’s. This “kid” was given the honor of pulling the engine block from the 42 year old Chevy in order to rebuild the engine. At that moment the parallel between today’s first time home buyers and this mechanic became crystal clear. He paced around, admiring the car and engine from all angles, and then got down to business. He’s lucky because he’s surrounded by fellow mechanics with many more years of experience, who are ready and willing to provide advice and, if needed, an extra set of hands. First time home buyers look at many properties before getting down to business. And once the decision to purchase is made, experienced inspectors do a thorough inspection providing you with a work sheet of items to be corrected, maintained or updated in the future. My guess is not too many of you would expect a 1965 auto... More About: Home , Vintage , Ages
Embrace The Ice!
2008-02-01 15:40:00 It’s cold….it’s going to snow- so you can either hide beneath the comforter on your couch or you can embrace the ice. IceFest “Animal Kingdom in Ice” kicks off today in downtown Hamilton, Ohio. The festivities run today (2/1) and tomorrow (2/2). The complete scheduled can be found by clicking here. If you have never attended, I think you will be surprised not only by the number of ice sculptures but also by the detail and imagination exhibited. And if you are concerned that your children get restless after viewing the first 30 or so ice carvings, they can enjoy watching the “Polar Bear Express Sled Race”. This race is special because the “dogs” have been replaced by “human pullers”. Younger kids can enjoy activities Saturday at 10 am then again at 12:30pm in children’s area. They are also events scheduled at the Fitton Center for the Creative Arts- a neat place to visit anytime of the year. Re... More About: Embrace
4 Truths About Subprime Bailout
2008-01-29 16:42:00 On Wednesday, January 23,2008 Walter Williams posted a great article on townhall.com detailing issues surrounding the subprime bailout. In the article he reported that according to Temple University’s professor of economics William Dunkelberg: 96% of all mortgages nationwide are being paid on time. 30% of American homeowners have no mortgage. Delinquency rates were higher in the 1980’s than they are today. Only 2% to 3% of all mortgages are in foreclosure. Share This More About: Subprime , Bailout
1083 Examples of the Spring Real Estate Market in Greater Cincinnati
2008-01-28 19:45:00 Spring has started to bloom in southeast Ohio! A quick check of the greater Cincinnati Multiple Listing Service (MLS) this morning is a clear indication of the beginning of the spring market. Since 1/1/08 a total of 1083 single family homes/condos have gone “pending”. Pendings (properties with accepted contracts waiting for the transaction to close) reflect the marketplace and our area, while slower than past years, is still chugging along. Pendings: Hamilton County-588 Clermont County-135 Warren County-124 Butler County - 236 On the fence about putting your home on the market? Since the spring market is starting to blossom -you may want to consider obtaining a competitive market analysis from your realtor in order to make an informed decision. If you need more a detailed statistical breakdown for your neighborhood, give me a call or send and email. Share This More About: Estate , Real Estate , Real Estate Market , Market , Spring
3 Reasons to Shop for Homes in Fairfield and Fairfield Township, Ohio
2008-01-25 19:16:00 The housing market in Fairfield and Fairfield Township is loaded with affordable housing values for smart buyers. First, let’s take a look at the local market for the last 5 years: Fairfield, Ohio average sale price for single family homes and condos (data obtained from the Greater Cincinnati MLS): 2003 $133,8422004 $142,4622005 $148,0482006 $146,8782007 $137,141 Fairfield Township, Ohio average sale price for single family homes and condos (data obtained from the Greater Cincinnati MLS): 2003 $165,5492004 $170,6352005 $177,6062006 $178,2572007 $174,407 Appreciation on property in Fairfield from 2003 to 2007 and 2.5%and for the same period in Fairfield Township 5.4%. Utilizing the same data the newspapers or TV blurbs on real estate- the headline would be “The Sky is Falling on Real Estate” News has always followed the “If It Bleeds-It Leads” mentality and savvy buyers are ignoring the headlines to grab up great deals. Currently there are 252 single family homes and condos... More About: Shop , Homes , Reasons
3 Things You Need to Know About Building a Home
More articles from this author:2008-01-24 21:30:00 Trying to make a major home buying decision? Do you buy a used home or build a new home? You have been house hunting for awhile and the thought of moving into a “used home” is turning you off? Your house hunting efforts may have turned to new construction. There is something so intriguing about being the first to live in a home- it’s new, it’s clean and hopefully, all the colors match your furnishings. Whether you are building a multi million dollar palace or contracting to build in a local subdivision, there are 3 things you need to know: 1. Know your builder 2. Know if your personality is suited to building 3. Know your budget Check out the builder, don’t hesitate to ask for references, check with the Better Business Bureau and drive around the neighborhood and talk to the neighbors. Many (but not all) require substantial down-payments and you need to do your research prior to signing on the dotted line. You are prob... More About: Building , Home , Things 1, 2 |
