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.

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.

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?

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

Why do some houses sell and others don’t?

There are many different answers to this question, but as I read an article by Tribune Media Services columnist Ilyce Glink, she pointed out some good answers.

Below are her top 6 reasons a home won’t sell..

– Lousy pictures on the Web.
– Priced too high for the neighborhood.
– Blah interior; ho-hum landscaping.
– Little online marketing and hard-to-find MLS listings.
– Low commissions.
– Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.

Now the good news…many of these are very easy (and inexpensive) to fix.

Lousy pictures. With more than 85% of buyers starting their home search on the internet these days, it is ABSOLUTELY UNACCEPTABLE to have badly taken, or only one or two pictures online. Buyers simply will not ask to see your home. Period.

Priced too high. In this competitive real estate environment, there is no time for testing the waters. If you don’t have compare your house to CURRENT SOLD comparable homes, you may price yourself out of the race from the start. Don’t be fooled by active listings that suggest a higher price than the sold data (there is a reason they’re still active..).

Blah interior. Spruce it up if you want to move. Declutter and make your spaces feel as open as possible. Paint can be very cheap and you’ll be amazed at your return on investment. Landscaping (another great DIY project) also has a very high return.

Little online marketing. This one is the agent’s fault. If online marketing is important to you, which it should be (85% of all buyers start looking on the internet), than you need to choose an agent that has an online marketing strategy. Ask the agent what websites your home will be listed on and ask them to show you their current listings on all of those websites. If they only use the Cincinnati Multiple Listing Service (MLS) and their broker’s website, they are missing a significant portion of buyers on the internet.

Low commissions. Not offering a full commission to a buyer’s agent, or cheaping out on a listing agent are both critical mistakes. You are hiring someone to guide you through the largest financial transaction of your life, this is not the time to buy generic. On the other hand, make your Cincinnati Realtor prove they are worth that commission.

Miserable maintenance. If you neglect the little things like the leaky faucet, the buyer will wonder what other important things you don’t pay attention to. Keeping up with maintenance leaves your potential buyers at peace.

Despite declining Cincinnati real estate values in the past few years, Cincinnati real estate is still a very solid investment. We’ve all watched our 401k and other investments decline at times too, but did they ever provide us shelter? In the long term, real estate can be one of the safest and most profitable investments around. On the other hand, gone are the days where you could buy a home and sell it two months later for a $50,000 profit! (If it happens on t.v. then it probably doesn’t really happen in reality.)

The moral of my story is this: whenever your family needs to buy or sell your Cincinnati home, it is a good time to do it. Our home is more about our lifestyle than investment criteria.

Buyers are out there and they are BUYING! In the past two weeks, I’ve been in two multiple offer situations and had another client miss out on a perfect home by waiting a few days to write an offer. When you find your dream, RUN AFTER IT!

Are you thinking about selling your Cincinnati home in 2009? Well now is the time to get started planning! The last thing you want to do is put your home on the market when it is “half ready.” The first few days and weeks that your Cincinnati home is on the market is when it will get the most viewings from potential buyers. To make the best impression, your home has to be in showroom shape from day one! It may seem overwhelming to sell your home, and it is even more challenging in this competitive market but hiring the right Realtor will help your prioritize your time and focus on the important areas. Here are some quick tips..

• Call your Realtor. Involve us as soon as possible. We’ll streamline the preparation of your home for the market and we provide valuable insight into what Cincinnati buyers are looking for today.
• Do easy fix ups. When buyers see chipping paint, peeling wallpaper, or overgrown landscaping, they see huge dollar signs. A coat of paint and a few weekends of work are very inexpensive compared to reducing your asking price.
• Ask about a professional stager. Does your home need a lot of help or just a little? We have relationships with professional stagers that will come look at your house and get it in tiptop shape. This can be very inexpensive for a consultation but can get more expensive if you rent furniture or use other services.
• Ask to see your Realtor’s marketing plan. This Cincinnati real estate market is more competitive than ever. You must choose your Realtor based on their marketing plan and track record, not out of a feeling of obligation towards someone.
• De-clutter, de-clutter, de-clutter. Pack that stuff up! You are moving!

Lots of Cincinnati homes are still selling everyday! This Cincinnati real estate market is competitive but not impossible by any means. Start with having your Realtor come out and do an honest evaluation of your home’s condition and your local market conditions. Then roll up your sleeves, a little work will go a long way!

Check out this story from Channel 9 WCPO on Cincinnati real estate.

Low rates, great affordability, it may be your time to buy Cincinnati real estate!

Last week a prospective home buyer said “I don’t want to pay for an agent,” and I hear this a lot; that is why I bring it up.

Using a professional Realtor is very important. I’m sure you’ve heard before that buying a home is one of the biggest investments you’ll ever make. If going to the doctor was free, why would you ever try to fix your own broken leg? You wouldn’t. A Realtor sells homes for a living; we sell more each year than you will in your entire life. We have an intense knowledge and expertise of the Cincinnati real estate market (we do much more than open doors..).

FAQs

• Won’t I pay less for a house if I don’t use an agent?

ABSOLUTELY NOT! Many people think that because there is only one agent involved (instead of two) that the seller will be more flexible on price because they only have to pay one agent. In theory this would make sense, but in reality the seller will pay the same amount either way. The only difference is if the seller’s agent keeps it all or has to split it with a buyer’s agent. A good Realtor is a professional negotiator…you will pay less for a home if you use an agent!

• Won’t it be easier if I just use the listing agent also?

The listing agent legally has a duty to protect the seller’s interests. The seller wants the most money possible for their home. Is that what you want? The buyer and seller have conflicting wants. Using your own buyer’s agent will make sure that you have someone biased towards you and fighting for your cause. And it’s FREE!

• What will a buyer’s agent do for me?

Here are just a few of the many things I do for my buyer clients…
Setup automatic home searches, so you’re the first to know when your dream home hits the market.
Refer you to a few reputable lenders to get you the best deal and the right loan for you.
Tour homes with you and point out important characteristics.
Give you my professional opinion of what a home is worth, so you pay the least amount possible.
Refer you to a few reputable home inspectors so you get a thorough inspection of the home.
Explain all the legal contracts involved and guide you through the entire process.
Negotiate offers on your behalf to achieve your objective of getting the best deal possible.
And I answer all your questions, because that’s my job!

To recap, whether you use me or someone else, the use of a buyer’s agent is absolutely crucial when buying a home. We will save you tons of money, and you won’t pay a dime!

We currently have approximately 10 months of inventory on the Cincinnati market. A balanced real estate market occurs when there is approximately 6 months of homes for sale. This means that it is a GREAT time to BUY in Cincinnati. This could possibly be the best time in decades to purchase a Cincinnati home.

In contrast, that does NOT mean you can’t sell your home right now. Like I said, over a thousand Cincinnati homes sold last month alone. Your home must be priced correctly, from day one. There is no “testing” this market. You must be priced more competitively than your competition, you must be staged better than your competition, and you must be ready to show your home on a moments notice. Buyers are looking for a great deal; this doesn’t mean they have to take you to the cleaners, but you do have to give them VALUE.

I’m not one for cold weather, but I’ve been out showing homes every weekend this January and I’m surprised at the amount of people that I see out looking at Cincinnati homes. I love this burst of energy that we’re about to see called SPRING. If you are planning on buying or selling this year, now is the time to involve your real estate professional.

• Maximum of $7,500
• First time buyers only
• Homes purchased April 9, 2008 – JULY 1, 2009
• A zero interest loan for 15 years

I love this program! What Cincinnati first time home buyer doesn’t need a bigger tax refund from Uncle Sam? Although this is really a loan (not a gift), it is a great thing! Cincinnati first time home buyers can use this money to do renovations, buy furniture, a down payment for a new car, or just SAVE IT! The possibilities are endless.

Many Cincinnati first time home buyers can find themselves feeling a little “tapped out” after the purchase of their first home. Coming up with a 3.5% down payment, paying miscellaneous closing costs, inspection fees; all this money going out sometimes depletes the financial cushion that you had in savings. This extra $7,500 in the bank will make you feel a lot more financially sound.

Since this is not a “gift” from our government, it does have to be repaid. The repayment period is 15 years though! If you claim the entire $7,500, and repay over 15 years, this will only be $500 a year. That is only $41 a month to have access to $7,500 right now. I think this is a great loan for Cincinnati first time home buyers. Even better, you don’t start repaying the loan until two years after it is claimed! For a Cincinnati first time home buyer that purchased a home in 2008, you won’t start repaying it until tax time 2010!

Have you found your first dream house but you wrote it off because you didn’t think you had the money to remodel that kitchen? Think again! I specialize in working with Cincinnati first time home buyers, so give me a call and let’s go make your dream a reality in 2009. If you have any questions, please don’t hesitate to call or email me for the answers. Also check out the website below for more information.

Complete legal details of the tax credit can be found at http://www.federalhousingtaxcredit.com/ or by consulting your tax professional.