Cincinnati MLS Real Estate Information

The Ohio Department of Eduction recently released the 2009-2010 District Ratings.  As your Cincinnati Real Estate Resource, Jason Bowman gives you one-click access to Cincinnati's East Side and area schools.  Find them by visitng our website and clicking the "Schools" button or by visitng:  http://www.jjbowman.com/Buyer-Resources/Buyer-Suggested-Reading/2009-2010-Ohio-School-District-Ratings-by-ODE

Check back often, we are constantly updating our site and adding more resources.  We want to be your one-stop spot for all your Cincinnati Real Estate needs.

July Home Sales Slide 35%;
But Remain Up for First 7 Months

The rush to buy homes before the federal tax credit program for housing expired on April 30 caught up with sales (closings) in July.

March closings were up 15%, April 34%, May 26%, and June 8%. But July, off 35%, broke that string of gains. Overall, for the first seven months of the year, sales are still up 3% (10,816 compared to 10,495 the same period one year ago).

The spring buying simply accelerated sales from summer buying.

“It was the ‘borrowing from Peter to pay Paul’ syndrome,” said Tim Mahoney, president of the Cincinnati Area Board of Realtors. “And it may continue for a while,” he said, “until it balances out.”

The same thing happened after the nationwide car rebate program expired Nov. 30. Qualified car buyers got a discount up to $4,500 if they turned in older cars and bought a new car. That upped sales for a brief while, but crimped sales immediately thereafter, before it eventually balanced out and auto sales continued their growth. The same scenario is expected for housing sales.

Although July home sales declined, the average selling price held up at $164,424 compared to $164,204 a year earlier.

Mahoney pointed to the jobs picture and its impact on the economy. “The unemployment rate of 9.5% needs to improve to boost consumer confidence in housing and retail sales,” he said.

But for people buying now, they have been given the gift of low mortgage interest rates. A home mortgage now averages 4.56% for a 30-year fixed rate loan. That’s the lowest cost for home loans since they started keeping records in 1971. Compared to a year ago, when mortgages were at 5.45%, a buyer now saves about $55 a month for every $100,000 of home loan.

Vicki Cox Golder, president of the National Association of Realtors, said that “with interest rates at record lows, buyers with good jobs and favorable credit ratings find themselves in a fortunate position to take advantage of today’s buying opportunities.”

Summary of Single Family and Condominium Sales
Multiple Listing Service of Greater Cincinnati
Cincinnati Area Board of Realtors®

 July Monthly Home Sales

Year-to-Date Home Sales

Nationwide, July home sales were down 25.5% from a year ago, and down 27.2% last month from June on a seasonally adjusted basis.

Information compliments of the Cincinnati Area Board of Realtors®

If you are planning on purchasing residential real estate in Cincinnati or Northern Kentucky, what can you expect to pay in closing costs? 

In a recent study, Bankrate.com surveyed 49 states and requested a good faith estimate for a $200,000 loan, assuming a 20% down payment and good credit.  Bankrate ranked the states from the most expensive closing costs to least expense, by average closing costs charged by the lending industry for a mortgage in each state.  Nationwide, the average origination and title fees totaled $2,739.  Where did Ohio and Kentucky Rate? 

Note:  these figures do not include Taxes, or other government fees and escrow fees.

For more information about closing costs and what you can be expected to pay at a Cincinnati or Kentucky real estate closing, call us.  We work with several lenders in the area that can provide you with a good faith estimate so you can get a birds eye view of what you can afford.

Looking for Bank Owned Properties or Distressed Properties in the Great Cincinnati Area including Cincinnati and Kentucky Real Estate?  Receive our weekly Bank Owned Property Update by visiting and signing up at:

www.CincinnatiREOFinder.com

This FREE service will email you active properties in the Greater Cincinnati and Northern Kentucky Areas.  The links in the emails are available for 30 Days!  Don’t see your area listed?  Interested in short sale properties?  If you would like to set up a custom search to find distressed homes the second they hit the market and manage them in your own client portal, call our office at 513-766-0647.  We can typically get you in to see available homes the same business day.

Cincinnati Home Buyers and Sellers constantly ask, "Is a Home Inspection necessary?" When purchasing your first home or your fifth home, a Home Inspection should be part of the budget.  Prior to purchasing a home, or even putting your home on the market, consider a home inspection from a licensed/certified Home Inspector.  The following is a brief 101 on what you can expect.

Home Inspection Report – what in the world is it?

A home inspection report is used as part of contract negotiations.  The full report will give you a written report stating whether there are defects in the property.  This report plays an integral part of the Inspection Contingency in the contract.  An inspection prior to putting your home on the market will give you an idea of repairs that a potential buyer will ultimately ask for.  It may also show you needed repairs that you, the homeowner may not see because you live in the home daily.

Is the Home Inspector Licensed?

Although not a requirement in most states, it is an added benefit that the home inspector you choose is licensed.  Do your homework, ask to see a copy of their license or where online that you can see a copy of it.  One certification to look for is - The American Society of Home Inspectors, Inc. (ASHI) is a not-for-profit professional society established in 1976. Membership in ASHI is voluntary and its members are private home inspectors. ASHI’s objectives include promotion of excellence within the profession and continual improvement of its members’ inspection services to the public.

What inspections will you get?

Does the whole house inspection include a pest inspection, mold inspection, radon inspection, asbestos, lead and radiation inspections.  Not to overwhelm the situation, but make sure you know what you are getting from the inspector.  If you need a specific inspection such as septic, seek the guidance of a professional.

Inspecting Structural Elements

The Home inspection includes identification of structural elements such as walls, roof and foundation. An inspector completes an exterior inspection of sidewalks, landscaping, fences and lighting systems.  All components of plumbing, electrical and heating, ventilation and central air units are checked.   A home inspector checks the appliances and garbage disposal for proper working order

Receipt of the Inspection Report

Once completed, most inspectors will supply you with a written inspection report itemizing all of the inspected components of the home.  With this report comes a repair advisory summary.  This summary is not the entire report. The complete report may include additional information of concern to the client. It is recommended that the client read the complete report.  The repair advisory is typically the items that the inspector feels most important that need attention.  The report will not contain pricing for each repair.  Pricing is provided by a professional that you hire specializing in the defective item to provide you with a professional opinion on repairing the particular defect.

Some things to remember:  No home is perfect.  Consider when you are purchasing a home that routine maintenance and upkeep is going to be part of home ownership.  Get the piece of mind by hiring a professional home inspector to inspect your future purchase.

I has been discouraging for Cincinnati Area homeowners looking to finance more than $420,000 on their home mortgage.  While rates have been at record lows for conforming loans, pricing has been much higher for jumbo loans.  I just received an encouraging call from my local Bank of America representative.  Effective Monday July 26, they are dropping their pricing for jumbo products to allow par rates at around 4.25% on a 5/1 ARM.  Now is a great time to refinance your jumbo mortgage or make that purchase you have been putting off.  Give our office a call for more details.  513-766-0647 

Get Ready To Fall In Love! This Beautiful 4 home w/fabulous floorplan, Large fenced backyard! Terrific Family Room w/hardwood floors, built-in bookshelves and wood burning fireplace.  Large master w/adjoining bath and w/in closet. Many updates include new carpet/paint/windows. Perfectly located in the Forest Hills "Excellent With Distinction" Rated School District.  See a virtual tour at:  http://www.visualtour.com/show.asp?T=2251838  Or, search this and other Cincinnati Real Estate at:  http://www.HomeSearchCincinnati.com.

Being late on your mortgage payment is not only stressful on the homeowner, but heartbreaking for people who are close. Do you happen to know anyone who is having a hard time paying their mortgage? With more than one in seven mortgages not being paid today, chances are someone you know is either facing foreclosure or will be soon.

There are alternatives (i.e. short sale, deed-in-lieu) that may help Cincinnati homeowner's avoid the worst effects of foreclosure.  I've committed myself to being a community resource on avoiding foreclosure and want to share the inforamtion and knowledge.

One of the biggest benefits of these alternatives is their reduced impact on credit scores when compared to foreclosure. I have created a website specifically to help homeowner's who may be in trouble or having a difficult time paying their mortgage payments.  If you have a friend or relative in this situation, please send them a link to my website: 

http://www.jasonhelpshomeowners.com/

This is a no hassle, no obligation information page to help Cincinnati real estate homeowner's.  You could potentially save them or someone they know from unnecessary grief and heartache.

As a CDPE-designated agent, my team and I have been extensively trained in pursuing foreclosure alternatives and I can help homeowners figure out the best possible solutions.

For immediate assistance, don't hesitate to contact me. I'm here to help.
513-766-0647

I will be holding 2 fantastic homes open on Sunday, 7/18/2010.  Details are as follows:

12-2 PM - 962 Hidden Ridge Drive, Milford, OH

3-4 PM - 5452 Christy Lane, Milford, OH

Click the property address for additional information about these great homes.