Lack of inventory is the number one issue troubling today's home buyers and real estate professionals alike. However for home sellers, it is creating the perfect storm to ask a little more than they would have a year ago. The markets in Greater Cincinnati and Northern Kentucky are hyper-local and it is more important than every to speak with a professional that knows your market. Unlike any other time in the past 10 years, it may be better to obtain financing approval to buy before you sell to prevent being homeless without a home to buy. Again, it just depends where you are at currently and where you plan to go to. Interested in your local market? Call the Jason Bowman Team for a free, no obligation consultation today. 513-766-0647. Now here is your market Snap Shot.
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The Jason Bowman Team Earns Esteemed 2015 Angie’s List Super Service Award For 6th Year!
Award Reflects Company’s Consistently High Level of Customer Service
The Jason Bowman Team at RE/MAX Elite has once again earned the service industry’s coveted Angie’s List Super Service Award! This is the sixth consecutive year that The Team has earned this sought after designation. Candidates must demonstrate an Exemplary year of Customer Service to subscribers and members of Angie's List, the local services marketplace and consumer review site.
“Only about 5 percent of the Real Estate companies in the Greater Cincinnati area have performed so consistently well enough to earn our Super Service Award,” said Angie’s List Founder Angie Hicks. “It’s a really high standard.”
Jason Bowman adds: “We sincerely thank our customers and clients who took the time to review our Team on Angie’s List. Hearing their positive comments makes us feel that the work we do is appreciated.”
2015 Super Service Award winners have met strict eligibility requirements, which include an “A” rating in Overall Grade, Recent Grade, and Review Period Grade categories. In addition, eligible companies must pass a background check, be in good standing with Angie’s List, and abide by Angie’s List operational guidelines.
Service Companies are graded on an A through F scale in areas ranging from Price to Professionalism to Punctuality. Ratings are updated daily on Angie’s List.
Angie's List helps facilitate happy transactions between more than three million consumers nationwide and its collection of highly rated service providers in more than 720 categories of service, ranging from home improvement to health care. Built on a foundation of more than 10 million verified reviews of local service, Angie's List connects consumers directly to its online marketplace of services from member-reviewed providers, and offers unique tools and support designed to improve the local service experience for both consumers and service professionals.
The Jason Bowman Team Earns Esteemed 2014 Angie's List Super Service Award for the 5th Consecutive Year
Award reflects company's consistent high level of customer service!
The Jason Bowman Team of RE/MAX Elite has earned the service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of service provided to members of the local services marketplace and consumer review site in 2014.
"Our Team works hard throughout the year to provide the highest possible level of Real Estate Service. It is truly humbling that so many of our clients gave us great reviewed on Angie's List to help us earn the Super Service Award for the fifth consecutive year," said Team Leader, Jason Bowman.
“Only about 5 percent of the Real Estate Agents in the Greater Cincinnati Area have performed so consistently well enough to earn our Super Service Award,” said Angie’s List Founder Angie Hicks. “It’s a really high standard.”
Angie’s List Super Service Award 2014 winners have met strict eligibility requirements, which include an “A” rating in overall grade, recent grade, and review period grade; the company must be in good standing with Angie’s List, pass a background check and abide by Angie’s List operational guidelines.
Service company ratings are updated daily on Angie’s List. Companies are graded on an A through F scale in areas ranging from price to professionalism to punctuality. Members can find the 2014 Super Service Certification logo next to company names in search results on AngiesList.com.
Angie's List helps facilitate happy transactions between nearly 3 million consumers nationwide and its collection of highly-rated service providers in 720 categories of service, ranging from home improvement to health care. Built on a foundation of authentic reviews of local service, Angie's List connects consumers directly to its online marketplace of services from member-reviewed providers, and offers unique tools and support designed to improve the local service experience for both consumers and service professionals.
CONTACT: Cheryl Reed, 317-396-9134, firstname.lastname@example.org
From med school grads just starting their residency to long time practicing physicians, The Jason Bowman Team has built a practice around serving the needs of doctors and their busy schedules. We are working with lenders that provide New and Established Doctors with targeted benefits and simple solutions to meet their home financing needs.
• 100% Loan to Value (up to $500,000 or 85% up to $1 Million)
• Flexible down payment options
• NO private mortgage insurance
• NO prepayment penalty
• Fixed and Adjustable Rate Loans
Who is Eligible:
Residents, New Physicians, Established Physicians (M.D., D.O., D.D.S. or D.M.D), Ophthalmologists and Veterinarians.
Call The Jason Bowman Team today at 513-766-0647 to get the process started.
It is no secret. Housing inventory is at its lowest levels in years throughout the neighborhoods of Greater Cincinnati and Northern Kentucky. Home Buyers are finding that the good homes go fast… Like, lightning fast…within the first week or day. We have been working throughout the winter to improve our Email Home Search Listing Alert Services in both the Cincinnati MLS and the Northern Kentucky MLS. Sign up today and our system will send you new Realtor listings in your target areas every day. Our Email Home Search System receives direct data feeds from local MLS organizations and sends you all listings from all Greater Cincinnati Real Estate companies. Sign up today! It is free and there is no obligation.
Welcome Home Funds are designated for customers buying a primary residence only, and you must meet certain qualifications to be eligible. Welcome Home Funds can be used in conjunction with FHA, VA, Conventional and USDA loans.
How do I know if I qualify for the Welcome Home Grant?
1. You must have a Fully Executed Purchase Contract to be eligible.
2. You must have a minimum of $500 of your own Personal Funds to contribute to the transaction.
3. You must complete a “Homebuyer Counseling” Program if you are a First Time Home Buyer.
Time is of the essence! If you want to take advantage of this offer that only comes once a year, you need to start now to put the necessary steps in place. Our Team helps dozens of families every year to successfully secure this Grant. We would be glad to meet with you and get started today. Call The Jason Bowman Team for more information about this limited time incentive! Take advantage of low interest rates and FREE money! Funds go quickly, so call our Team today: 513-766-0647!
Local Home Sales End on High Note
December 2014 up over last year
Home sales in December squeezed past last December, up + 0.50%. Homes sold (closed) last month were 1, 616 compared to 1, 608 in December 2013. Home sales YTD are 22,613 compared to 23,003 for the same period ( Jan - Dec ) last year, down - 1.70%.
“2014 was an excellent year for real estate,” said Joe Mock, President of the Cincinnati Area Board of REALTORS®. “December sales ended on a strong note, highlighted by low interest rates and affordable housing,” said Mock.
The December average home selling price climbed to $173,000 vs. $165,239 a year earlier, a +4.7% increase. The average price has increased year-over-year for 34 consecutive months. At the same time, the
inventory of homes for sale, as of December 31, continued its year-over-year declining trend to 7,989 from 8,754 a year ago, down -8.7%.
Local home mortgage rates in December averaged 3.99% for a 30-year fixed rate loan. The rates are even at 4.55% a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $477. “This continues to be a great time for first-time home buyers and those looking to upgrade or relocate to purchase a home. Greater Cincinnati is a market known for being very affordable. I encourage anyone considering selling or buying a home to contact a Realtor today! The existing inventory of homes remains low, so the time is perfect right now to get a jump on Spring, ” said Mock.
Nationwide, December home sales were up +2.4% from November on a seasonally adjusted basis, but were up +3.5% from December 2013.
Compliments of the Cincinnati Area Board of Realtors, CABR.org, Press Release.
Jason Bowman Team Ranks in top 3% of REALTORS Recognized at today's CABR Circle of Excellence Award Celebration
Today, The Jason Bowman Team was recognized at the Cincinnati Area Board of Realtors Circle of Excellence Awards Celebration. We celebrated with 472 REALTORS in our Board who were also recipients of the Circle of Excellence. Celebrating with the "cream of crop, the best of the bunch, the top of the heap . . in other words, we are really good at what we do", Joe Mock, 2015 CABR President, said in our program. Ranked in the top 3% of the REALTORS recognized, we are humbled by the award. Our Team thanks our clients, our affiliate partners and team that helped daily last year to bring 187 buyers and sellers to the table to achieve their goals of buying or selling a home. Looking forward to helping more buyers and sellers in 2015 with one of the best Teams in Greater Cincinnati. (pictures from left to right - Sheri Mapes, Martina Schneider, Jason Bowman (Rachel Drake there in spirit)).
It's official, FHA just released a new mortgagee letter supporting President Obama's speech last Thursday regarding a reduction in FHA mortgage insurance premiums, which will save Greater Cincinnati Home Buyer's $$.
What are the savings?
FHA implemented a .50% reduction in FHA's annual mortgage insurance premium (paid monthly). The current amount is 1.35% of the loan amount and the new amount will be .85%.
As an example on a $100,000 loan amount, a borrower would currently have to pay $112 per month in FHA Mortgage Insurance. When the FHA Mortgage Insurance premiums are reduced to .85% of the loan amount, this same borrower would only pay $70 per month for the same $100,000 loan.
When does the reduction take place?
The annual MIP rate reduction is effective for FHA case numbers assigned on and after January 26, 2015 for mortgages with amortization terms greater than 15 years (mainly 30 year FHA mortgages).
What if I am currently under contract but have not closed yet? Can I receive the lower MI premium too?
Possibly. As long as the closing will be on or after January 26th. FHA will temporarily approve case number cancellation requests for loans with FHA case numbers currently assigned but not yet closed, to allow borrowers to obtain the reduced annual MIP rates. If the closing will be prior to the 26th of January, the borrower will have to use the higher MIP rates.
What you can do:
It is VERY IMPORTANT to know that if you are an FHA borrowers who are wanting to delay a closing in order to take advantage of the lower MIP that all parties need to be on the same page as far as possible interest rate expiration issues and contract extensions. Best practice would be to review your contract deadlines and loan timelines with your lender and Real Estate Agent as soon as possible.
If you have any questions please give our team a call at 513-766-0647 or email us at Team@JJBowman.com. We can put you in contact with a lender so that you can take advantage of the lower MIP Rate and find the right home for you and your family. Getting preapproved is the first step in homeownership.
Home Sales Up 2.75%
Highest Oct. Home Sales since 2006
Home sales in October improved over last October, up +2.75%. Homes sold (closed) last month were 1,979 compared to 1,926 in October 2013. Home sales YTD are 19,412 compared to 19,747 for the same period (Jan-Oct) last year, down -1.7%.
“Home sales improved this month in Greater Cincinnati. 2014 is one of the best years for sales in the past seven years,” said Ken Parchman, President of the Cincinnati Area Board of REALTORS®. “As a result of low interest rates and low inventory, our average sale price continues to climb,” said Parchman.
The October average home selling price climbed to $176,015 vs. $154,701 a year earlier, a +13.8% increase. The average price has increased year-over-year for 32 consecutive months. At the same time, the inventory of homes for sale, as of October 31, continued its year-over-year declining trend to 9,589 from 10,315 a year ago, down -7.0%.
Local home mortgage rates in October averaged 4.10% for a 30-year fixed rate loan. The rates are even at 4.10% a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $483.
“I know I sound like a broken record, but it is an excellent time for first-time home buyers or those looking to upgrade or relocate to purchase a home. Our total inventory of homes on the market is approx. 9,600 homes. There are over 4,600 homes priced under $140,000 in Greater Cincinnati. With low interest rates and a stronger economy, homes in our market are very affordable,” said Parchman.
“There are plenty of buyers looking for that perfect home at a good price. Now, more than ever, is the time to list your property with a REALTOR®,” said Parchman.
Nationwide, October home sales were up + 1.5% from September on a seasonally adjusted basis, and were up + 2.5% from October 2013.
Compliments of Cincinnati Area Board of Realtors.