2009 Cincinnati home buyers and sellers
Posted on | February 19, 2010 | No Comments
I was recently reading through the 2009 Profile of Home Buyers and Sellers for Cincinnati, Ohio and noticed a few interesting statistics…
Cincinnati Home Buyers
- 47% of home buyers were first time home buyers
- 20% of recent home buyers were single females (compared to 10% single males)
- 76% of home buyers considered commuting costs very or somewhat important
- 77% of home buyers used the internet
- 80% of home buyers viewed their Realtor as a very useful information source
- The typical buyer searched for 12 weeks and viewed 12 homes (this is also the national average)
Cincinnati Home Sellers
- Sellers received 94% of their asking price but 62% of sellers said they had to reduce their price at least once (both of these numbers are in line with the national average)
- 46% of home sellers gave incentives like home warranty’s or help with closing costs to attract buyers
- Of the 9% of home owners that sold “for sale by owner,” half of them already knew their buyer, but only 10% of these “for sale by owners” sold in the length of time they planned
Feel free to look through the entire summary report here:
2009 Profile of Cincinnati Home Buyers and Sellers
December home sales RISE in Cincinnati
Posted on | February 11, 2010 | No Comments
December sales rose again over the previous year making the seventh straight month of increased home sales in Cincinnati. Although the Cincinnati real estate market is still challenging, there are a few great things contributing to the increased sales:
- Very low interest rates on mortgages
- Tax credits
- Plenty of choice for home buyers
As the market stabilizes, these incentives will start to disappear. Mortgage rates are expected to rise in 2010. Although they will probably still stay at a historically acceptable level, the more they rise, the less home you’ll be able to afford.
The federal tax credit for first time home buyers and existing home owners is set to expire after April 30,2010. You must be “in contract” by the end of April and close on the sale by the end of June.
As the market stabilizes more, there will also be a little less choice for buyers (which will shore up prices for sellers). We’ve already seen the months of inventory decrease from 10.38 months a year ago to currently 8.87 months. A balanced market is around 6 months of inventory. Decreased inventory of homes on the market is great for sellers, but it will leave less choice and less room to negotiate for buyers.
| — Homes | Sold — | Improvement | |
| 2009 | 2008 | 2009 | |
| December | 1,311 | 1,279 | +2.5% |
| November | 1,585 | 1,179 | +34.44% |
| October | 1,742 | 1,499 | +16.21% |
| September | 1,832 | 1,649 | +11.10% |
| August | 1,830 | 1,776 | +3.04% |
| July | 2,007 | 1,866 | +7.56% |
| June | 1,977 | 1,940 | +1.91% |
Check out the press release from the Cincinnati Area Board of Realtors for more information.
2009 HOME SALES SURPASS 2008
Ohio Housing Market Compared
Posted on | January 28, 2010 | No Comments
Let’s compare our Cincinnati housing market to other cities in Ohio.
Units Sold
| 2008 | 2009 | Change | |
| Cincinnati | 17,493 | 17,457 | -0.2% |
| Columbus | 19,295 | 18,771 | -2.7% |
| Dayton | 10,556 | 10,178 | -3.7% |
| STATEWIDE | 105,015 | 96,022 | -8.6% |
Sale Price
| 2008 | 2009 | Change | |
| Cincinnati | $163,825 | $150,563 | -8.1% |
| Columbus | $165,377 | $157,352 | -4.9% |
| Dayton | $126,139 | $122,123 | -3.2% |
| STATEWIDE | $138,276 | $129,437 | -6.4% |
Although our sale prices of Cincinnati homes are being weighed down a little more than other Ohio cities, sales are still happening at a much better rate than the Ohio housing market as a whole. This is helping to get rid of the excess inventory that is currently on the market. The sooner our supply gets back in check, the sooner sale prices of Cincinnati homes will start to appreciate again.
How long will it take my home to sell?
Posted on | January 21, 2010 | No Comments
“How long will it take for my home to sell?” This is a question I hear from Cincinnati home sellers a lot these days. For a little more clarity on the subject, I want to explain two concepts that you’ve probably heard your Realtor talk about.
- Days on Market and
- Absorption Rate
Days on Market (DOM= our abbreviated version) is simply the amount of time a home was on the market before the seller accepted a contract and the home went “pending sale.” Although you won’t be able to see this figure when you’re looking at Cincinnati real estate listings online, your Realtor can provide this to you. Days on Market does start over at zero when an expired home re-lists after it has expired. Because of this, you should look at the CUMULATIVE Days on Market for the home to get a true picture.
Absorption Rate is the rate at which homes sell. If there are 10 homes on the market in your neighborhood, and only 5 homes sold all of last year, this means it could take the market two years to absorb (or sell) that current inventory of 10 homes. This figure assumes that no new inventory comes on the market.
Both of these figures are very important as you plan how fast you need to sell your home. If there is two years of inventory in your neighborhood and you need to sell by next month, you will need to come up with a marketing approach that will make sure you are the first to sell out of the group.
For the days on market or absorption rate for your specific Cincinnati neighborhood feel free to get in touch with me and I’ll be happy to provide this to you.
5 Important Tips for 2010 Home Buying in Cincinnati
Posted on | January 7, 2010 | No Comments
Are you planning to buy a home in Cincinnati this year? Here are a few quick tips to get started off on the right foot…
- Start TODAY!
- You MUST be Pre-approved.
- Decide what is really important to you.
- Partner with a good Realtor.
- Spend some quality time with your neighborhood.
The spring market is starting early this year because of the deadline for the Federal Tax Credit for First Time Home Buyers and the Federal Tax Credit for Existing Home Owners. To be eligible for these, you must be IN CONTRACT BEFORE APRIL 30, 2010 (this is right around the corner!). Here you can find out if you qualify for the federal home buyer tax credit and read all the stipulations.
The lending environment is changing constantly. A pre-approval with a lender can be done over the phone in about a 15 minute conversation. This is very simple and it should be the first item on your house hunting checklist. Ask your friends & family for a good mortgage contact or call one of the Cincinnati mortgage professionals that I trust and work with on a daily basis.
Do you like a bedroom on the first floor or do you want them all on the second? Think about your lifestyle and needs and write it down. Do you really want an open floor plan or do you like more formal spaces? Must have a fence? Figure out how much it would cost to build one. When you really know what you want you’re decision making will come very easy.
I’m not just saying this because I’m a Realtor…but we eat, sleep, and breathe the Cincinnati real estate market. A good Realtor will save you a lot of time by answering all your questions, not showing you homes that don’t fit your needs, pointing you towards great neighborhood resources, and helping you probe yourself to find out what is really important to you in a home.
Settled on a neighborhood or two? Go spend some time there. Walk the streets. Drive from that neighborhood to work. Check out the nightlife. Take your dog to the park. Visit the neighborhood at different times throughout the day. You’ll soon figure out if it is home or not!
Buying a home can be a stressful experience, but it certainly doesn’t have to be! With a little preparation and the right guidance throughout, you’ll feel right at home.
If you are looking to buy a home in Cincinnati this year please get in touch with me ASAP (especially first time home buyers). Some price ranges and neighborhoods are moving very fast and experiencing multiple offers. Want to find out about these hot properties first thing?
Not just another first time home buyer tax credit!
Posted on | November 24, 2009 | No Comments
Not just another first time home buyer tax credit!
Cincinnati Real Estate
The home buyer tax credit is not just for first time buyers anymore! Anyone who wants to purchase a home and gets in contract before April 30, 2010 will be eligible for a hefty federal tax credit if they meet the following criteria:
- Has occupied current home as principal residence for 5 consecutive years within the last 8 years.
- A written, binding contract must be in place by April 30 and closed by June 30, 2010.
- Single-family home that will be used as a principal residence. It can also be a condominium, cooperative apartment, or other type of residence. Vacation homes and rental properties are ineligible . You cannot buy a home from a related person, which includes a spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etc.) and receive the tax credit.
- Maximum of $800,000 or less. Current homeowners do not have to purchase a more expensive home to qualify for the tax credit.
- Income limits are as follows:
To receive the Full Credit, Individual income can be up to $125,000 or Joint filers incomes can be up to $225,000. To receive a Partial Credit, Individuals income can be $125,000 – $145,000, and Joint filers can have incomes of $225,000 – $245,000.
For first time buyers the tax credit is 10% of the purchase price, up to $8000.
For current home owners, the tax credit is 10% of the purchase price, up to $6500.
This is not a tax deduction, it is a tax CREDIT. This means that if at the end of the year you don’t owe any taxes to the IRS, the amount of the credit will be REFUNDED back to you in a check. It won’t be a big cardboard one like you see on TV, but it will make you feel just the same!
For more information, check out the resources below provided by the IRS and CABR:
Congress EXPANDS Federal Tax Credit
Very easy to understand IRS graph for eligibility
Cincinnati Home Sales Are Up!
Posted on | October 28, 2009 | No Comments
Cincinnati Home Sales Are Up!
by Matt Clark, Cincinnati Realtor
Cincinnati Real Estate
In a press release last week, the Cincinnati Area Board of Realtors released stats that showed Cincinnati home sales were UP FOR THE FOURTH MONTH IN A ROW! Although the market is still very competitive with anxious sellers, this shows that buyers are taking advantage of this great time to buy.
- Low mortgage rates
- Lots of available inventory
- Federal tax credit
- The lowest prices we’ve seen in years
These are all key factors playing their part in our market right now.
Below is a chart that compares the number of home sales in recent months to last year’s numbers.
| 2009 | 2008 | Improvement | |
| September | 1,823 | 1,649 | +10.55% |
| August | 1,827 | 1,776 | +2.87% |
| July | 2,002 | 1,866 | +7.29% |
| June | 1,973 | 1,940 | +1.70% |
With the holiday slowdown coming around the corner and buyers reluctantly waiting to see if the government will release another stimulus, the next month or two will continue to be challenging for home sales.
These Cincinnati home sale numbers do show that despite the challenging economy, buyers are returning to the real estate market and feel safe about making an investment in a home.
And that, is good news for everyone.
Current Mortgage Rates
Posted on | October 28, 2009 | No Comments
Current Mortgage Rates
by Matt Clark, Cincinnati Realtor
Cincinnati Real Estate
30 yr fixed CON – 5.125%
30 yr fixed FHA – 5.25%
Jumbo – 6.5%
Please call me at 513.259.8333 for more information or a quick and easy pre-approval over the phone.
Think Green, and UNPLUG!
Posted on | October 22, 2009 | No Comments
Think Green, and UNPLUG!
by Matt Clark, Cincinnati Realtor
Cincinnati Real Estate
Recently, along with my Duke Energy bill I received a very informative email about what they are calling “ENERGY VAMPIRES.” Since it’s almost Halloween, I figured what a great time to talk about these green tips!
Many devices we use in our home use electricity even when they are turned off; these are ENERGY VAMPIRES. This is the opposite of BEING GREEN and nobody likes to waste money right? To get them to stop consuming electricity, you must completely unplug them from their outlet. If they are plugged into a power strip, turn the power strip off. This may not be practical for everything, but there are a lot of little devices around your home eating tons of energy that you could unplug. You can also buy a “smart” power strip that will cut off idle power to these devices. These “smart” power strips aren’t much more expensive than a normal surge protector.
Think about your..
- Coffee Maker
- DVR, DVD player or VCR
- Cell phone chargers
- Video game systems
- Computers
If your power cords look like this, they are likely consuming energy even when the device is turned off.
Think you can’t possibly make a green impact? Energystar.gov estimates that the average American household wastes $100 per year powering these devices while they are turned off.
If you could reduce your electric bill by $8 a month you would, wouldn’t you?
Cincinnati Foreclosure Prevention
Posted on | October 9, 2009 | No Comments
Cincinnati Foreclosure Prevention
by Matt Clark, Cincinnati Realtor
Cincinnati Real Estate
If you or someone you know is facing foreclosure in Cincinnati, there is help. On October 14, 15, and 16, local TV stations and the Home Ownership Center of Greater Cincinnati are holding a Foreclosure Prevention Phone-a-thon. There will be experts on hand to show you options as far as budgeting & counseling, refinancing, and workout programs with your lender.
For more information visit:
http://www.wcpo.com/content/realestate/story/Foreclosure-Prevention-Phone-A-Thon-Set-For-Oct/XFglDfJFyEa8xQ3chb6Aew.cspx
« go back — keep looking »
Recently Written
- Cincinnati Open House Weekend 2011 “Show and Sell” Open House Event
- Norwood Real Estate Year in Review For 2010
- Cincinnati Open House Weekend 2010
- July 2010 Home Sales Report
- OPEN HOUSE 6440 Sherman Ave Anderson Township
- This electrical job probably doesn’t meet code…
- Norwood Ohio Real Estate Market Update June 2010
First Time Home Buyer Guide:
Are you a first time home buyer or just in need of some creative ideas for your home? This Creative Ideas Guide from Lowes features great tips on painting, how to be more green, and easy updates to make your home standout.
Categories
- 2 bedroom
- buyers
- cincinnati
- cincinnati first time home buyers
- cincinnati real estate
- cincinnati real estate market
- cincinnati realtor
- Cincinnati Sellers
- energy saving ideas
- foreclosure
- Green
- home
- home improvement
- house
- mortgage rates
- new listing
- norwood
- oakley real estate
- open house
- real estate
- realtor
- tax credit
- Uncategorized
Welcome!
Want to follow the trends going on with Cincinnati Real Estate? Head straight over the Cincinnati Real Estate Blog or scroll down some more to learn more about Cincinnati's great neighborhoods. Here you'll also find out more about the marketing services I offer if you are Selling your Cincinnati home or how to become a VIP Buyer if you're Buying a home in Cincinnati.
Subscribe to our feed
| Search Oakley Homes for Sale |
| Search Hyde Park Homes for Sale |
| Search Norwood Homes for Sale |
| Search Anderson Homes for Sale |
Search
Need a question answered right now? See if I'm online below.
If I'm not online, the quickest way to reach me is to call or text message 513.259.8333 or you can always reach me by email at Matt@MattClarkCincinnati.com