The Cincinnati Real Estate Market after the Tax Credit A number of my discussions with other real estate agents and clients have focused on the state of the Cincinnati Real Estate market after the $8,000 tax credit.  The situation is very postive because there are a number of other factors that are supporting a very active residential real estate market in Cincinnati and elsewhere in the nation. A recent survey by Better Homes and Gardens found a number of factors weighing on the minds of potential buyers concentrated on the current level of affordability in the market.  The research shows that nearly two-thirds (63%) believe it is a “buyer’s market,” more than half (54%) feel that mortgage rates are affordable, and 70 percent indicate that there are affordable homes on the market.   T... 06/15/2010

New Home Affordable Foreclosure Alternatives Program Rules Impact Cincinnati Real Estate Market The Federal Government has recently implemented another program designed to assist home owners in financial trouble. The government has already rolled out the Making Homes Affordable Modification Program (HAMP) designed to help homeowners modify their mortgages. The new Home Affordable Foreclosure Alternatives Program (HAFA) goes one step further. In the case where someone has already had a loan modification and is still not able to pay their modified mortgage. The HAFA program essentially pre-approves participants for ’short sales’, fast-tracking them to sell their home and settle their debt with their creditors.. The program is efficient because it already uses financial hardship informati... 06/15/2010

  EPA Issues New Lead Based Paint Regulations At the end of April the EPA issued new regulations for contractors who work in homes built before 1978. Before 1978 paint was made with lead as a base ingredient, and therefore the EPA has issued a mandate that all contractors receive proper training on how to safely work in homes that may have Lead based paint in them. If you have been thinking about doing a bathroom renovation, or possibly have dreams of a new kitchen it is important for you to now make sure that your contractor is certified by the EPA to work in an environment with Lead based paint. The contractor must take a course and pass an exam to be certified, or be supervised by someone who is certified in order to do the work. In real estate transactions bank underwriters are requ... 06/15/2010

Pair threatened with fines, jail for house they no longer owned   Mark Bullock and Laura Hamilton thought the fight to keep their West Price Hill house ended the day the bank sent someone over to change the locks in 2007. The married couple faced bankruptcy and had fallen behind on mortgage payments and other bills, so they weren't surprised when the house finally went into foreclosure. They were sad, but they figured the struggle was over and they could begin to rebuild their lives. At least that was the plan. But the couple would spend the next three years trying to navigate the maze of one of the most complicated and frustrating foreclosure cases in Hamilton County since the housing boom went bust. They became the target of building inspectors, faced tens of thousands of dollars in ... 06/14/2010

  Economists surveyed by The Wall Street Journal forecast slow but steady economic growth through the middle of 2011. The key to economic growth will be increased employment, but economists say that the decrease in joblessness will be slow, falling from an employment rate of 9.7 percent now to 8.6 percent by the end of December 2011. Meanwhile, Federal Reserve Chair Ben Bernanke, speaking to the U.S. House Budget Committee, wouldn’t deny the possibility of a double-dip recession, but he said that it appears to the Fed that “the recovery has made an important transition from being supported primarily by inventory dynamics and by fiscal policy toward a recovery being led more by private final demand." Source: The Wall Street Journal, Phil Izzo (06/09/2010) 06/12/2010

HGTV’s real estate site, FrontDoor.com, offers some ways to make a home more appealing. • Restore the roof. Improve its appearance and keep it from leaking. • Clean up the driveway and walkways. They set the tone for the rest of the home. • Maintain the gutters. Clean out leaves and debris. Eliminate signs of water damage. • Pay attention to details. Install attractive street numbers, door hardware and a new mailbox. • Make the front door welcoming. Paint an old but solid one; replace one that is past its prime. • Light it up. Decorate with attractive outdoor lighting. • Paint offers big payoff for a low price. Just doing the shutters, trim and railings can help. • Spruce up the lawn. Mow, pull weeds and fertilize. • Add a WOW factor. Some beautiful plants will impress buyers. Source: ... 06/10/2010

  Builders, designers, and architects say now is a great time to build a new custom home or remodel an existing one. Not only are there plenty of unemployed and under-employed workers available, but also property is for sale at bargain prices and construction materials are at bargain levels. "It makes a lot of sense right now," said Stephen Melman, director of economic services for the National Association of Home Builders. "People are available to do the work. They are going to bid competitively so I'm sure that will drive the price down." The only problem could be financing, which can be hard to arrange. Source: Investor’s Business Daily, Marilyn Alva (05/27/2010) 06/02/2010

Seven U.S. cities, mostly in older, industrial areas, are facing economic problems similar to those of Greece and Spain.Moody’s Investor Services and Standard & Poor’s have identified debt pressures in the following cities as particularly heavy: Harrisburg, Pa. Woonsocket, R.I. Detroit Pontiac, Mich. Harvey, Ill. Littlefield, Texas Central Falls, R.I. When cities default, vendors, such as road construction and garbage collection firms usually take a harder hit than bondholders because cities want to be able to borrow again. Residents often feel the most pain, losing city jobs and services while being faced with higher taxes.Source: CNNMoney.com, Hibah Yousuf (06/01/2010) 06/02/2010

The majority of real estate agents are missing out on a key strategy that will yield them much higher rankings on Web search engines. Most practitioners are competing with each other over short-tailed keywords, which are just a few words strung together that Internet users type in for searching purposes. This is a misguided step on the part of real estate professionals, since as much as 80 percent of all search engine activity actually uses long-tailed keywords — phrases typically consisting of five to seven words. For property searches, many prospective buyers have very specific details in mind and therefore will not search under a broad term such as "San Diego real estate," for example. Rather, they are more likely to enter a phrase like "San Diego three bedroom home in gated communi... 06/01/2010

Companies are changing and expanding relocation policies to accommodate employees who otherwise are refusing transfers because they don’t believe they will be able to sell their homes for enough money. Worldwide ERC, a trade organization for human resource associations that oversee, manage, or support employee transfers, surveyed 129 companies in 2009. The survey found: 28 percent of employers are requiring transferred employees to list their homes within a reasonable range based on an appraisal in order to qualify for assistance. 26 percent have added incentives for employees to find their own buyers for their homes. 26 percent have extended the time they will pay for temporary living assistance. 20 percent have added a requirement that employees use selected real estate professionals... 06/01/2010

Price: $237,300 FIZBER.com ID 15975143 Single Family with 3 bed, 2.5 bath, in 5589 Wayside Ave Cincinnati, OH, 45248 http://www.fizber.com/15975143/ 5589 Wayside Ave - For Sale By Owner Property Details: Type: Single Family Address: 5589 Wayside Ave, Cincinnati, OH, 45248 Sq footage: 0.0 Floors: n/a Bathrooms: 2.5 Bedrooms: 3 Year built: 0 View full property details and seller's contacts. View more Ohio homes for sale. Homes for Sale by Owner. Description: see additional photos below RENTAL FEATURES - Air conditioning - Central heat - Fireplace - Walk-in closet - Hardwood floor - Tile floor - Family room - Living room - Bonus/Rec room - Office/Den - Dining room - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Microwave - Stainless steel appliances - Attic - Basement - Washer... 05/31/2010

Price: $140,000 FIZBER.com ID 16692431 Single Family with 2 bed, 1.5 bath, in 536 Mount Hope Ave, Cincinnati, OH, 45201 http://www.fizber.com/16692431/ 536 Mount Hope Ave, - For Sale By Owner Property Details: Type: Single Family Address: 536 Mount Hope Ave,, Cincinnati, OH, 45201 Sq footage: 1945.0 Floors: n/a Bathrooms: 1.5 Bedrooms: 2 Year built: 0 View full property details and seller's contacts. View more Ohio homes for sale. Homes for Sale by Owner. Description: Michael Holm | Holm's Sweet Homes | 513-638-5417 536 Mount Hope Ave, Cincinnati, OH Gorgeous 2BD/1.5BA in Price Hill - Completely Remodeled!! 2BR/1+1BA Single Family House $800/month Bedrooms 2 Bathrooms 1 full, 1 partial Sq Footage 1,945 Parking 2 dedicated Pet Policy Cats, Dogs (any) Deposit $6,000 DESCRIPTION This comp... 05/29/2010

Price: $347,000 FIZBER.com ID 16692430 Single Family with 4 bed, 2.5 bath, in 10702 Escondido Dr., Cincinnati, OH, 45201 http://www.fizber.com/16692430/ 10702 Escondido Dr., - For Sale By Owner Property Details: Type: Single Family Address: 10702 Escondido Dr.,, Cincinnati, OH, 45201 Sq footage: 1790.0 Floors: n/a Bathrooms: 2.5 Bedrooms: 4 Year built: 0 View full property details and seller's contacts. View more Ohio homes for sale. Homes for Sale by Owner. Description: Michael Holm | Holm's Sweet Homes | 513-638-5417 10702 Escondido Dr., Cincinnati, OH Beautiful 4BD/2.5BA in Up-Scale Montgomery-Sycamore Neighborhood!! 4BR/2+1BA Single Family House $2,150/month Bedrooms 4 Bathrooms 2 full, 1 partial Sq Footage 1,790 Parking 2 dedicated Pet Policy Cats, Dogs (any) Deposit $8,000 DESCRI... 05/28/2010

Miss Out On the Federal Tax Credit? No Problem...State and Local Incentives Now Available If you're like many people, coming up with a down payment and getting a mortgage loan are keeping you from realizing the American Dream. Good news! Now, there are state and local homebuyer assistance programs to help you with a mortgage loan and down payment. If you are an Ohio resident, here are three sources you'll definitely want to check out: 1. Ohio Housing Finance Agency (OHFA), an independent state agency, is offering home buying assistance programs plus help with down payments. 2. City of Cincinnati has the American Dream Down Payment Initiative (ADDI) that provides down payment assistance on home purchases located within the city limits. 3. Community Development Banking Forum, a group of ... 05/28/2010

Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do. Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May. At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82. The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month. That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit. Source: Informa Research Services (05/26/2010) 05/27/2010

Fewer Buyers Consider Foreclosures Fewer U.S. homebuyers are interested in foreclosed properties than they were a year ago, according to a survey conducted for Trulia.com and RealtyTrac. About 45 percent of U.S. adults age 18 say they are at least somewhat likely to consider purchasing a foreclosed home, down from 55 percent of people surveyed in May 2009. Most home owners – 98 percent – expect to pay less for a foreclosure, but 36 percent expect a discount of 50 percent or more. Only 18 percent say they would be satisfied with a discount of less than 25 percent. Some 92 percent of potential buyers were realistic about the likelihood that a foreclosed property will need improvements, but 65 percent wanted to spend less than 20 percent of the purchase price on fixing the place up. Among ... 05/23/2010

Homes sales for the month of March, 2010 jumped noticeably from numbers for 2009.  April is expected to be even better. Playing a key role in this upturn is the Home Buyers Federal Tax Credit of $8000 for first time buyers and $6500 for Sellers who have lived in their homes for at least five years. Other factors that influence the upswing is the current low interest rates, hovering around 5%.  Also, Spring always signals increased interest in home buying. Inventory of homes remains relatively high, at 8.59 months, based on the past month's sales activity.  A year ago, it stood at 9.91 months, so a gradual improvement is taking place.  The National Association of Realtors (NAR) says that 6 months of inventory is a balanced market. The Housing Affordability Index indicates that more peopl... 05/23/2010

The Federal Tax Stimulus drove sales in April, 2010, pushing Buyers to purchase by April 30 and demanding that Sellers price their homes to sell.  Traffic exceeded the usual expectations of Realtors for the April time frame.  Additionally, prices improved in the lower price ranges.                     In fact, traffic was skewed to the lower end of the market.  First time buyers represented the majority of demand.  Homes listed for over $300,000 continue to be more difficult to sell than in the recent past. Currently, in the Mt. Adams market, Mt Adams has 35 active listings and 7 pending sales.  There were no closings in April. 05/23/2010

The Federal Tax Stimulus drove sales in April, 2010, pushing Buyers to purchase by April 30 and demanding that Sellers price their homes to sell.  Traffic exceeded the usual expectations of Realtors for the April time frame.  Additionally, prices improved in the lower price ranges.                         In fact, traffic was skewed to the lower end of the market.  First time buyers represented the majority of demand.  Homes listed for over $300,000 continue to be more difficult to sell than in the recent past. There are currently 452 active listings in Anderson Township and Newtown.  There are 113 pending sales and 44 homes closed in April.  05/23/2010

The Federal Tax Stimulus drove sales in April, 2010, pushing Buyers to purchase by April 30 and demanding that Sellers price their homes to sell.  Traffic exceeded the usual expectations of Realtors for the April time frame.  Additionally, prices improved in the lower price ranges.                       In fact, traffic was skewed to the lower end of the market.  First time buyers represented the majority of demand.  Homes listed for over $300,000 continue to be more difficult to sell than in the recent past. There are currently 291 active listings in these neighborhoods in the Sycamore School distirct.  There are 83 pending sales and 59 homes closed in April.  05/23/2010