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Jason Bowman-Realtor CRS

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Home Sales Average Price Sets Record Strong sales fall short of a year ago

by Cincinnati Area Board of Realtors

February home sales were strong, but came up short, down – 3.76 % compared to February a year ago.  Feb. 2016 had 29 days of recorded sales vs 28 days in Feb. 2017. Home sales this month were 1,407 compared to 1,462 in February 2016.

“2017 home sales continue to be strong.  One day of recorded sales can make a big difference in the numbers we report,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “February 2017 home sales were strong and the real estate market is not showing any signs of slowing down,” said Welch.

The average home price climbed to $180,372 compared to $160,839 a year earlier, a +12.14 % increase.  At the same time, the inventory of homes for sale, as of February 28, continued its year-over-year declining trend to 4,815 from 6,520 a year ago, down – 26.15 %.

“The average price of homes set another record this month, extending our consecutive record months of average home sale prices to nine.  Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in February averaged 3.99% for a 30-year fixed rate loan.  The rates were up slightly compared to 3.82% 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.

“Consumers need to contact a REALTOR to help guide them through all the important details involved in buying and selling a home. A REALTOR will assist them through the entire process, and is your absolute best source for professional and accurate information,” said Welch.

Call a real estate professional !!  Call The Jason Bowman Team today!  513-766-0647

Nationwide, February home sales were down – 3.7 % from January on a seasonally adjusted basis, but were up + 5.4 % from February 2016.

 

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Award reflects The Jason Bowman Team's consistently high level of customer service


RE/MAX Elite’s The Jason Bowman Team has earned the home service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of customer service to members of the local services marketplace and consumer review site in 2016.

 

 This achievement is particularly significant as Angie’s List experienced unprecedented member growth in 2016. More than 1.6 million consumers, many of whom were eager to quickly hire highly qualified service pros, joined Angie’s List after the company added a new, free membership tier.

 

“Companies that can meet higher demands without missing a beat in their exemplary performance standards truly do stand apart from their peers,” said Angie’s List Founder Angie Hicks. “Only a fraction of the Real Estate companies in Cincinnati and Northern Kentucky were able to do it.”

 

Angie’s List Super Service Award 2016 winners have met strict eligibility requirements, which include an “A” rating in overall grade, recent grade, and review period grade. The SSA winners must also be in good standing with Angie’s List, pass a background check and abide by Angie’s List operational guidelines.

 

Jason Bowman commented “Receiving this coveted award from Angie’s List is a truly an honor. We aspire to provide the best service Possible to our clients: it is gratifying to be recognized for our efforts. We want to thank all of the members that were kind enough to review our Team”

 

Service company ratings are updated daily on Angie’s List as new, verified consumer reviews are submitted. Companies are graded on an A through F scale in areas ranging from price to professionalism to punctuality.

 

        For more than 21 years, Angie’s List restricted access to its verified reviews to consumers who paid membership fees. When the company removed that barrier, some companies worried that the new, non-paying members would not be as engaged as members of the past. Experience has shown, however, that these newly added members are just as engaged – across all age groups – as prior members. Also, because the company continues to adhere to its review verification process, there has been no degradation of review quality.

 

“The biggest change at Angie’s List is that we are connecting even more consumers to high quality service professionals,” Hicks said. “And that’s good for everyone.”

 

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Angie's List helps facilitate happy transactions between more than 4.5 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.

 

Cincinnati Welcome Home Grants Start March 1, 2017

by Jason Bowman-Realtor CRS

 

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Welcome Home Grants offered through the Federal Home Loan Bank of Cincinnati will become available March 1, 2017. This grant program will offer home buyers $5,000.00 that can be used towards their down payment and/or closing costs. The best part is that you do not have to be a first-time buyer to qualify! To qualify for the program, you must have income under the maximum income limits shown on the table below. The Welcome Home Funds available are limited and they are offered on a first come, first served basis. You must have your new home under contract to reserve your grant funds.

 

The Jason Bowman Team at RE/MAX Elite partners with several Greater Cincinnati Banks that are offering the Welcome Home Grant Funds.  This has historically allowed our buyer clients to have longer access to the funds. If you are hoping to take advantage of the Welcome Home Grant, you need to start the process in February. It is imperative that you lock in by getting pre-approved and securing a contract on a home. Our Team is ready to help guide you through the process. Call or email today:  513-766-0647 or Jason@JJBowman.com

Maximum Income Limits for Ohio Counties -  Welcome Home Grants

 

County                                1-2 persons                   3+ persons

          Hamilton                                         $56,560                               $65,044
           Brown                                             $50,080                               $57,592

            Clermont                                         $56,560                               $65,044

             Clinton                                            $50,080                               $57,592

              Warren                                            $56,560                               $65,044

 First Time Home Buyers are required to take a Home Buyer Education class. The requirement is simple to complete through online courses offered by MGIC. The course can be accessed online at https://homebuyers.mgic.com. Scroll down to STEP 1 of the section for purchasing a single-family home. STEP 1 includes the course material; STEP 2 is Test Tips; and STEP 3 is the Homebuyer Education Test. Once you have passed the test, you will be offered a certificate that can be printed and presented to your loan originator. The entire process can be completed in about 90 minutes.

 

 

Selling an FHA-Financed Property?

by Jason Bowman-Realtor CRS

FHA mortgages are popular with first-time buyers, clients with imperfect credit and buyers who prefer a small down payment her in Greater Cincinnati. However, Appraisers for FHA- financed properties are required to follow FHA guidelines during the appraisal process. If a property is not found to be “safe, sound and secure” per FHA standards, a property sale could be delayed or cancelled. All health and safety issues will have to be cured.

 

Here are some tips to help it pass appraisal. Below is a list of potential repair and improvements that should be considered against FHA current property requirements before an FHA appraisal is conducted:

  • Peeling or damaged paint prior to 1978 
  • Leaks in plumbing, HVAC and other systems that cause damage
  • Foundation shifting/structural settlement (You may need an inspection by a state certified structural engineer)
  • Defective roofing (You may need an inspection by a state certified roofing inspector) 
  • Any loose or missing handrails that post a safety risk
  • Defective or exposed electrical wiring 
  • Broken or non-working windows, doors, and garage doors, including locks 
  • Uneven, broken or loose stairs, flooring and driveways 
  • There may be other items that require repair or inspection that are not listed. 
  • Utilities are required to be on 
  • Attic and crawl spaces will need to be viewed and photographed Roof should have at least a 2 year remaining life. 
  • Be sure that all smoke/carbon dioxide detectors, GFCI outlets, water heater relief valves and other safety items are in good working order.
In Greater Cincinnati and Northern Kentucky, it is very likely that homes with a price under $300,000 could get offers from a buyer using FHA Financing. Both buyers purchasing with an FHA Loan and sellers need to be cognizant of FHA qualifications. If you have any questions at all, contact The Jason Bowman Team at RE/MAX Elite at 513-766-0647.  We would be happy to take a look at the property in question and answer any questions that you may have.  

Cincinnati/Northern KY Physician's Home Loan

by Jason Bowman-Realtor CRS

Whether you are a seasoned physician or just beginning residency, our Doctor Mortgage program was designed specifically with you in mind. Simply put, this top-class loan program meets the unique demands of physicians seeking home financing.

Here are the program’s features:

  • Open to medical physicians, including residents, fellows, doctors of dental medicine (DMD/DDS), or doctors of osteopathy (DO).
  • Proof of valid employment agreement or minimum three years self-employed.
  • Fixed rate and adjustable rate available.
  • Private mortgage insurance not required.
  • Loan to Value (LTV) up to 100% in stable markets.
  • Only available for primary residences, single-family residences, and townhomes.

Contact me to learn more about Doctor Mortgage programs. I look forward to working with you.

2016 just shy of 2005’s record year in sales

by Cincinnati Area Board of Realtors

December home sales continued the year’s momentum, up 6.02 % compared to December a year ago. Home sales this month were 1,937 compared to 1,827 in December 2016.  Home sales for the year, 2016, ended up 7.46% over 2015 and just missed 2005’s record year in sales, 26,114 in 2016 vs 26,553 in 2005.

“2016 was a stellar year for home sales in Greater Cincinnati, recording the second highest year ever in unit sales,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “The market momentum was so strong that we achieved all-time highs in average and median sales prices also,” said Welch.

Home Sales - December 2016 - sent to media 01-24-2017 final_Page_1

The average home price climbed to $190,339 compared to $178,837 a year earlier, a + 6.43 % increase.  At the same time, the inventory of homes for sale, as of December 31, continued its year-over-year declining trend to 5,049 from 6,704 a year ago, down – 24.68 %.

“Nine out of the past twelve months recorded record high average prices of homes.  Our low inventory coupled with low interest rates and consumers ready to purchase made this a very active market that continues to drive the prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in December averaged 4.06% for a 30-year fixed rate loan.  The rates down slightly at 3.91% 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 $481.

“Consumers should to contact a REALTOR to help guide them through all the important details involved in buying and selling a home. A REALTOR will assist you through the entire process, and is your absolute best source for professional and accurate information,” said Welch.

Call a real estate professional !!  Call a REALTOR today!

Nationwide, December home sales were down – 2.8 % from November on a seasonally adjusted basis, but were up slightly + 0.7 % from December 2015.

 

The Doctors Mortgage is In

by Chris Johnstone - Regions Mortgage NMLS #0589834

 

The Doctor is in…their new home that is. 100% financing is common for our Veterans or those seeking to take advantage of USDA financing in designated rural areas. One of the often missed financing options for Physicians and Dentists is the 100% mortgage loan to $650,000. Rates are extremely competitive and for loan amounts from $650,000 to $750,000, the down payment requirement is only 5%. There is no mortgage insurance required.

Cincinnati Area Doctor Only Mortgage

Those finishing Residency or Fellowship and leaving a $50,000 a year position to one ranging from $180,000 to $400,000 may not realize this option is available. Some Physicians may be purchasing their first home well above $500,000. The program allows for the exclusion of deferred student loan debt from the debt ratios as well as the ability to close on your new home within 60 days of starting your new position. The loan is available to those just graduating Medical School or those that have been practicing for years.

If you are a Realtor or Builder, incorporate this financing option into your business plan in 2017 and market to those that can take advantage of it. If you are a Physician or Dentist, homeowner or not, spread the word to your colleagues as you couldn’t pick a better time to take advantage of the low rates and no money down financing. The seller could even pay up to 3% of your closing costs if the contract was structured that way.

One last thought, the 30 Year Fixed Doctor Mortgage comes with a Bi-Weekly payment option that allows for a true bi-weekly amortization at no extra cost. In fact, the rate is normally lower when this option is chosen. Watch your loan amortize over 26 years instead of 30. Please contact me if I can help in any way or if you need additional information.  

Cincinnati Residential Real Estate Update

by Jason Bowman-Realtor CRS

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.


Angie's List Super Service Award!

by Jason Bowman-Realtor CRS

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.

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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. 

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.

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 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, cherylr@angieslist.com

Displaying blog entries 1-10 of 254

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Jason Bowman, CRS, CDPE, ABR, GRI, E-PRO
RE/MAX Elite
5720 Gateway Blvd., #203
Mason OH 45040
513-766-0647
Cell: 513-646-3368
Fax: 513-766-0647