The Jason Bowman Team is proud to welcome Gary Bennett. Gary brings to our team a wealth of investment property knowledge and expertise. Gary is our newest Property Specialist helping buyers and sellers in Ohio and is just another reason why people enjoy working with our team.
Cincinnati MLS Real Estate Information
Living on Cincinnati's Eastside
Jason Bowman-Realtor CRS
Displaying blog entries 1-10 of 229
A new kind of real estate investor is searching neighborhoods throughout Greater Cincinnati and Northern Kentucky. This investor is not the typical individual that watched too many late night infomercials or sat through too many episodes of “Flip This House” on HGTV. These people do not nail “We Buy Houses” signs to telephone poles or post flyers at Home Depot.
This new investor that I speak of is not a person at all, but rather a huge publicly traded corporation. Pension Plans and Hedge Funds on Wall Street clearly see that today’s market presents a great opportunity to invest in single family homes. They are not buying these homes to flip in the short term. The fact is, that today’s prices are still far below the cost of construction and these firms plan to hold for the long term. Unlike the typical investors, these firms make fair cash offers and have a very easy inspection process. These investor offers do not work for every seller and situation, but it can provide a great option if homeowners are planning to list this summer.
Next week, the Jason Bowman Team with RE/MAX Elite will roll out its new "Instant Offer Program". This program will help homeowners with homes built after 1993 to potentially connect with these institutional investors to possibly get a quick cash offer. “The institutional residential investment groups that we have been in contact with plan to acquire 200 single family homes in Great Cincinnati this year” says team leader Jason Bowman. “We were skeptical at first, but we have helped our clients to sell to these groups and the process has been extremely smooth.”
If your home was built after 1993, has at least 3 bedrooms/two full baths, and a two car garage, you may be able to get an investor offer without even listing or staging your home. Sign-up today by sending us an email to Jason@JJBowman.com with "Instant Offer Program" in the subject line to receive this important email announcement.
April Home Sales Up 24%;
Housing Market Shows No Sign of Slowing Down
Cincinnati home sales (closings) have reached a 6-year high each month in 2013. Home sales last month totaled 1,919 compared to 1,547 from a year ago, up 24.1%. This represents 22 consecutive months of increased sales. Sales in April 2013 compared to March 2013 were up 9.1%.
April’s average home selling price was $156,957 vs. $148,792 a year earlier, a 5.5% increase. The average price has increased year-over-year for 14 consecutive months. For the first 4 months of 2013, the average price of homes has increased 6.1%.
Local home mortgage rates in April averaged 3.42% for a 30-year fixed rate loan. That is down from 4.03% a year ago. The difference represents a $415 yearly savings on a $100,000 home loan, which enhances home affordability.
The inventory of homes for sale as of April 30 continued its year-over-year declining trend to 10,148 from 11,986 a year ago, down 15.3%. However, April inventory increased by 6% compared to March 2013. This means that homes for sale, if priced properly and in good condition, are in a position to
sell faster. It is common for inventory to start low and build as the year goes on. As of today, the inventory of homes for sale is at 10,314 listings.
“We continue to see home sales increasing and home prices continue to see positive momentum,” said Kevin Kelly, president of the Cincinnati Area Board of Realtors. “Fewer homes on the market and lower interest rates continue to attract more buyers.”
Nationwide, April home sales were up 0.6% from March on a seasonally adjusted basis and were up 9.7 % from April 2012. April home sales marked the 22nd consecutive month where home sales – nationwide and statewide – also improved over a year ago.
Compliments of the Cincinnati Area Board of Realtors.
Home Sales Continue Upward Trend;
February Sales Highest Since 2007
Cincinnati home sales (closings) continued the upward momentum in February, a 6-year high. Home sales last month totaled 1,335 compared to 1,163 from a year ago, up 14.8%. This represents 20 consecutive months of increased sales. Sales in February 2013 compared to January 2013 were up 2.7%, which is typical of the season.
February’s average home selling price was $143,424 vs. $130,251 a year earlier, for a 10.1% increase. The average price has increased year-over-year for 12 consecutive months. For the first 2 months of 2013, the average price of homes has increased 5.5%.
Compliments of Cincinnati Area Board of Realtors.
Ohio Housing Finance Agency (OHFA) is still offering the MCC Tax Credit to First Time Homebuyers that qualify. This income tax deduction can reduce a household's federal income tax liability and help some families realize the dream of homeownership by allowing the household to have more available income to make mortgage payments. Those Cincinnati Home Buyers that qualify for the produce receive a Mortgage credit Certificate from OHFA at mortgage application that can be used to reduce their household's tax burden every year for the life of their mortgage loan.
Certain restrictions apply:
- The MCC Product cannot be used in conjunction with OHFA's First-Time Home Buyer Program.
- Meet one of the following:
- Must be a first-time homebuyer - someone who has not owned or had an ownership interest in his/her principal residence in the last 3 years.
- Home must be in a target area - an economically distressed area designated by the U.S. Department of Housing and urban Development (HUD). To see if a house qualifies click here: target area maps
- Be a military veteran with an honorable discharge.
- Occupy the property as a primary residence for every year you claim the MCC.
- Be creditworthy.
- Property must meet the following requirements:
- New or existing single-family units, condos, and planned unit development homes.
- Modular or manufactured homes must be permanently affixed to the foundation and title as real estate.
Call our office today to find a participating Lender to take advantage of this tax credit.
Great news for Northern Kentucky homebuyers! The Kentucky Housing Corporation (KHC) has $1.6 million dollars available for Down Payment Assistance. The “DAP” program is a $10,000 loan, amortized over 30 years at a 1 percent interest rate.
In order to qualify for the DAP Program, one of the following conditions must apply:
- The chosen property has been through, or is in the process of going through a distressed sale: foreclosure, deed-in-lieu, short sale, or HUD, REO.
- The home buyer has experienced a foreclosure in the past, but now has a credit score high enough to qualify for a home purchase.
- The newly constructed homes or existing property has been for sale for at least 6 months.
If you are looking to purchase a home in Northern Kentucky, now is the time! Take advantage of this amazing opportunity! Our Team can walk you through the steps to claiming this fantastic low-interest loan! Call us today at 513-766-0647!
Up to $5,000 available for Homebuyers. You don't have to be a "first time" home buyer to qualify. This product can be used with FHA, Conventional, VA and of course Key Community 100% Financing. Buyer must have a target home because the Grant is not only attached to the buyer, but the subject property address as well. Minimum of $500.00 borrower contribution. First come first serve basis. Funds ran out by March 26th last year so you better hurry!
Income limitations apply. Grant money will use 80% or less of MRB limitations (adjusted for family size).
Office (513) 201-5296
eFax (216) 370-9039
First Time Buyers in Cincinnati and Northern Kentucky now have a program that can offer mortgage financing with no down payment. 100% Financing is available with 620 credit score! This program will allow as low as a 600 credit score but must have 5% down payment. Minimum 12 months rental history required for 100% financing. If borrower doesn't have rental history 5% down payment is required. If lacking rental history we can apply for Grant money to cover 2% of down payment but borrower must have 3% contribution. No Private Mortgage Insurance required and rate is 4.50% today. This rate is higher than FHA but without PMI and Upfront PMI it yields a lower payment. The Rahab feature that provides funds up to $50,000 is available. You can even use this home for duplex homes.
If you are buying your first home and want to know about all of the programs that are available to you, contact the Jason Bowman Team. Our Team can sort through the details and help you to find the best program to purchase your home. Call 513-766-0647
**Income limitations apply. Key Community will be less than 80% of the area median income limit.
Office (513) 201-5296
eFax (216) 370-9039
Rural Development (RD) loans are available with zero down payments for first- time home buyers! There are many out-lying areas in Greater Cincinnati that are designated RD zones which means that buyers can snap up homes with no down payment required and have fixed rate loans with low mortgage insurance rates. On a $100,000 loan the monthly mortgage insurance is only $33.33 per month and with current near all-time low fixed rates, buyers can get into a home with a payment that they can live with and in many cases is less than the rent they currently pay! There are some family income restrictions and acreage limitations but many homes for sale now can be purchased using this mortgage financing option.
Why not contact us now and let us show you how we can help you make an RD loan become the vehicle for the purchase of your first home!
US Government- insured Rural Development (RD) loans are available for first time home buyers and feature low fixed rate mortgages and low monthly mortgage insurance premiums. The program is designed to help people with satisfactory credit but perhaps short on down payment funds to purchase a home with a very low outlay of money. RD-eligible areas are located throughout the tri-state region and typically are located outside of established cities and towns. There are family income limitations and certain caps on acreage but there are many properties listed for sale now that will qualify for this special type of home loan.
We can show you how to utilize an RD loan to help you secure a home with an affordable payment and in many cases the payment may not be much more than you are now paying for rent!
Mortgage Loan Originator
Hallmark Home Mortgage
8150 Corporate Park Dr. Ste.150