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Homeowner Tax Changes

by Jason Bowman-Realtor CRS

The new tax law that was signed into effect at the end of 2017 will affect all taxpayers. Homeowners should familiarize themselves with the areas that could affect them which may require some planning to maximize the benefits.

Some of the things that will affect most homeowners are the following:

  • Reduces the limit on deductible mortgage debt to $750,000 for loans made after 12/14/17. Existing loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap.40009294-250.jpg
  • Homeowners may refinance mortgage debts existing on 12/14/17 up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the existing mortgage being refinanced.
  • Repeals the deduction for interest on home equity debt through 12/31/25 unless the proceeds are used to substantially improve the residence.
  • The standard deduction is now $12,000 for single individuals and $24,000 for joint returns. It is estimated that over 90% of taxpayers will elect to take the standard deduction.
  • Property taxes and other state and local taxes are limited to $10,000 as itemized deductions.
  • Moving expenses are repealed except for members of the Armed Forces.
  • Casualty losses are only allowed provided the loss is attributable to a presidentially-declared disaster.

The capital gains exclusion applying to principal residences remains unchanged. Single taxpayers are entitled to $250,000 and married taxpayers filing jointly up to $500,000 of capital gain for homes that they owned and occupied as principal residences for two out of the previous five years.

Not addressed in the new tax law, the Mortgage Forgiveness Relief Act of 2007 expired on 12/31/16. This temporary law limited exclusion of income for discharged home mortgage debt for principal homeowners who went through foreclosure, short sale or other mortgage forgiveness. Debt forgiven is considered income and even though the taxpayer may not be obligated for the debt, they would have to recognize the forgiven debt as income.

These changes could affect a taxpayers’ position and should be discussed with their tax advisor.

Surprise When Renting Your Home

by Jason Bowman-Realtor CRS

Planning to go to the Masters next April 2-9th and don’t have a place to stay. Each year, there are homeowners who rent their home for a big premium during the Masters because hotels are in short supply and demand for private homes is up.

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Homeowners go on vacation and make tax-free income while temporary tenants rent their home. Homeowners can benefit from a little known provision in the tax code that does not require taxpayers to recognize the income derived from renting their home for less than 15 days per year. See Plan Ahead for Tax Time When Renting Out Residential or Vacation Property- special rules.

This situation can particularly benefit homeowners where there are large sporting events nearby like golf and tennis tournaments, championship games or other high attendance venues. The demand for a private residence can be more attractive than staying in a hotel which makes the price go up.

Obviously, there are challenges with personal belongings and damage but getting a premium rental rate and not having to recognize the income could be worth it. You’ll certainly want to discuss this with your tax professional prior to making this decision. You’d probably also want to get some help from an experienced real estate professional.

November Home Sales Soar !! Average Price Sets Record for 17th Consecutive Month

by Cincinnati Area Board of Realtors

November home sales soared, exceeding last year’s levels, up + 6.55 % compared to November a year ago. Home sales this month were 2,001 compared to 1,878 in November 2016.

“Since June, home sales have been strong, but not as good as last year. This month, home sales showed its fortitude, exceeding last year’s sales and, YTD, coming very near to exceeding 2016 sales,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, should remain strong through the end of this year and into next year,” said Welch.

The average home price climbed to $206,042 compared to $191,389 a year earlier, a + 7.66 % increase. At the same time, the inventory of homes for sale, as of November 30, continued its year-over-year declining trend to 4,997 from 5,777 a year ago, down – 13.50 %.

“Even though inventory remains low and interest rates have climbed slightly; the average price of property, in general, continues to rise and the economy appears to remain strong. Even though we are in the winter months, property that is in “move-in” ready condition in a desired location is still selling quickly. There are buyers that are ready to purchase the home of their dreams. Consumers who are considering selling their home should list it with a Realtor today,” said Welch.

Local home mortgage rates in November averaged 3.90% for a 30-year fixed rate loan. The rates were down compared to 3.98% 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 $472.

“REALTOR’s are available to help guide consumers 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, November home sales were up + 5.6 % from October on a seasonally adjusted basis, and were up + 3.8 % from November 2016.

Home Sales Slip, but Remain Strong Average Price Sets Record for 16th Consecutive Month

by Cincinnati Area Board of Realtors

October home sales remain strong, but couldn’t reach last year’s levels, down – 6.73 % compared to October a year ago. Home sales this month were 2,052 compared to 2,200 in October 2016.

“The average price of homes set another new record for the month of October, extending our consecutive record months to sixteen,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, should remain strong through the end of this year,” said Welch.

The average home price climbed to $199,616 compared to $194,086 a year earlier, a + 2.85 % increase. At the same time, the inventory of homes for sale, as of October 31, continued its year-over-year declining
trend to 5,491 from 6,244 a year ago, down – 12.06 %.

“Inventory is low; interest rates remain low; the average price of property, in general, continues to rise and the economy appears to be strong. We are in “the perfect storm.” Property that is in “move-in” ready condition in a desired location is selling quickly, sometimes with multiple offers. We have buyers that are ready to purchase the home of their dreams. If you are thinking about selling your home, list it with a Realtor today,” said Welch.

Local home mortgage rates in October averaged 3.94% for a 30-year fixed rate loan. The rates were up compared to 3.51% 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 $474.

“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 The Jason Bowman Team Today at 513-766-0647!

Nationwide, October home sales were up + 2.0 % from September on a seasonally adjusted basis, but were down – 0.9 % from October 2016.

Average Price Sets Record for 15th Consecutive Month

by Jason Bowman-Realtor CRS

September home sales were strong, but couldn’t reach last year’s levels, down – 4.75 % compared to September a year ago. Home sales this month were 2,267 compared to 2,380 in September 2016.

“The average price of homes set a new record for the month of September, extending our consecutive record months to fifteen,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, should remain strong through the end of this year,” said Welch.

The average home price climbed to $198,657 compared to $191,837 a year earlier, a + 3.56 % increase. At the same time, the inventory of homes for sale, as of September 30, continued its year-over-year declining trend to 5,633 from 6,447 a year ago, down – 12.63 %.

“It’s the same story; just a different month. Our inventory numbers remain low due to the continued, quick turnover of property. The market is strong and property that is in “move-in” ready condition in a desired location is selling quickly, sometimes with multiple offers. We have buyers that are ready to purchase the home of their dreams. Today, more than ever, we need those consumers who are ready to or thinking about selling their home, to list with a Realtor,” said Welch.

Local home mortgage rates in September averaged 3.83% for a 30-year fixed rate loan. The rates were up compared to 3.38% 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 $468.

“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, September home sales were up + 0.7 % from August on a seasonally adjusted basis, but were down – 1.5 % from September 2016.

August home sales remained steady, just short of last year’s levels, down – 0.61 % compared to August a year ago. Home sales this month were 2,610 compared to 2,626 in August 2016.

“August home sales were 16 sales shy of last year’s number; still the 3rd highest August ever for sales,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Home sales continue on the
same record pace as last year and I anticipate we will end the year strong,” said Welch.

The average home price climbed to $210,300 compared to $193,868 a year earlier, a + 8.48 % increase. At the same time, the inventory of homes for sale, as of August 31, continued its year-over-year declining
trend to 5,647 from 6,753 a year ago, down – 16.83 %. The average price of homes set a new record for the month of August, extending the consecutive record months of average home sale prices to fifteen.

“Our inventory numbers remain low. Homes, in most areas, continue to sell quickly. The market is strong and property that is in “move-in” ready condition in a desired location and priced properly is selling at a
quick pace, sometimes with multiple offers. We have buyers that are ready to purchase the home of their dreams. Today, more than ever, we need those consumers who are ready to or thinking about selling their
home, to list with a Realtor. It’s the same message we’ve been saying for quite some time,” said Welch.

Local home mortgage rates in August averaged 3.95% for a 30-year fixed rate loan. The rates were up compared to 3.41% 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 $470.

“Consumers need to contact a REALTOR to help guide them through all the important details and laws 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!

May Home Sales Rebound Average Price for May sets another record

by Cincinnati Area Board of Realtors

May home sales rebounded from last month to a record setting May, up + 4.05 % compared to May a year ago. Home sales this month were 2,695 compared to 2,590 in May 2016.

“Home sales remain strong, powered by the continued low interest rates and the demand for affordable housing,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Locally, as well as nationwide, low inventory and low interest rates continue to propel the real estate markets, driving prices higher in this “seller’s” market,” said Welch.

The average home price climbed to $199,421 compared to $193,843 a year earlier, a + 2.88 % increase. At the same time, the inventory of homes for sale, as of May 31, continued its year-over-year declining trend to 5,087 from 6,781 a year ago, down – 24.98 %. The average price of homes set a new record for the month of May, extending our consecutive record months of average home sale prices to twelve.

“Even though our inventory numbers are down, do not become distressed over this decline. Consumers need to understand that the market is strong and property that is in “move-in” ready condition in the right neighborhood is selling quickly, sometimes with multiple offers. We have buyers that are ready to purchase the right home. Today, more than ever, we need those who are ready to or thinking about selling their home, to list with a Realtor,” said Welch.

Local home mortgage rates in May averaged 4.09% for a 30-year fixed rate loan. The rates were up compared to 3.64% 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.

“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 at RE/MAX today!  513-766-0647

Nationwide, May home sales were up + 1.1 % from April on a seasonally adjusted basis and were up + 2.7 % from May 2016.

Home Sales for the Month are Strong Average Price for March sets a record

by Jason Bowman-Realtor CRS

March home sales continued the upward momentum, up + 10.02 % compared to March a year ago.  Home sales this month were 2,175 compared to 1,977 in March 2016.

“2017 home sales remain strong even though inventory remains low,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “The real estate market is not showing any signs of slowing down and will probably continue at this pace for some time,” said Welch.

The average home price climbed to $194,390 compared to $185,889 a year earlier, a + 4.57 % increase.  At the same time, the inventory of homes for sale, as of March 31, continued its year-over-year declining trend to 4,779 from 6,469 a year ago, down – 26.12 %.

“The average price of homes set a new record for the month of March, extending our consecutive record months of average home sale prices to ten.  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 March averaged 4.21% for a 30-year fixed rate loan.  The rates were up compared to 3.83% 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 $490.

“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

Nationwide, March home sales were up + 4.4 % from February on a seasonally adjusted basis and were up + 5.9 % from March 2016.

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.

 

google map to real pro systems

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.

 

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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