December Home Sales Up;
2011 Sales At 99.36%

How are 2011 Cincinnati home sales similar to P&G’s Ivory soap TV commercials several years ago?  Both reported favorably over 99%.

The commercials touted Ivory soap at 99.44% pure.  Local home sales in 2011, likewise, hit 99.36% in total volume vs. 2010 sales. 

Home sales in December, for the sixth month in a row, continued a positive trend with 1,294 units -- up 7.65% over December 2010.  Annually, there were 16,829 sales in 2011 compared to 16,937 in 2010.  Second half sales of 2011 were positive, making up for a difficult first half.

Last month’s average price was $146,259, compared to a year ago of $160,295.  The average price for 2011 was $151,384 compared to $158,560 in 2010.

“We had an unbelievable run the second half of this year amidst unfavorable economic news,” said Tom Hasselbeck, president of the Cincinnati Area Board of Realtors.  “The sales performance in the greater Cincinnati market proves that buyers are finding great values and not waiting to make their purchase.  As long as interest rates remain low and the job market stabilizes, now is a superb time to buy as the economy continues to improve.” 

Today, the average interest rate in Cincinnati is 3.91% for a 30-year fixed rate mortgage.  Nationally, the average interest rate is 4.18%.  Many experts claim that the low interest rates will not last. 

The Cincinnati area housing market has 8 months of available inventory compared to nearly 10.5 months a year ago.  A continued decrease in inventory would result in a greater demand, possibly leading to an increase in the average sale prices of homes.  The National Association of Realtors claims that an inventory level of less than 6 months leans toward a “seller’s market,” where the price of homes could rise. 

“So if you are in the market to buy a home, don’t wait,” says Hasselbeck.  “Take advantage of the affordable homes in the Cincinnati market.”

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

December Home Sales

                                                            Closings          Gross Volume         Average Price          

                       December 2011                1,294          $189,258,762              $146,259
December 2010                1,202          $192,674,303              $160,295        

Variance            + 7.65%                    - 1.77%                - 8.76%

Yearly Home Sales

                                                            Closings          Gross Volume          Average Price

Jan-Dec 2011               16,829          $2,547,641,495             $151,384
Jan-Dec 2010               16,937          $2,685,525,814            $158,560        

                                Variance           - 0.64%                      - 5.13%                 - 4.53%

Nationwide, December home sales were up 5.0% from November on a seasonally adjusted basis and up 3.6% from December 2010. 

Compliments of the Cincinnati Area Board of Realtors

In Cincinnati, buying your first home gets better in 2012.

If you or someone you know has resolved to make 2012 the year to purchase their first home, then we are very excited to share this information with you.  Government Agencies and many local lenders are offering many programs that make it easier than anytime in the past 3 years to own your own home.  Super low interest rates, down payment assistance, and even tax credits for every year that you own your new home may be available to help you purchase your first home.

Down Payment Assistance is available in both Ohio and Kentucky through the respective State Housing Agencies (OHFA and KHC).  These programs offer grants of 2.5% of the home’s sales price that do not have to be paid back if you stay in the home for at least five years.

Mortgage Certificate Credit Program can provide you with a tax credit equal to 20% of the mortgage interest that you pay every year that you have your mortgage ($2,000 max per year).  How would you like to get a tax credit every year??

American Dream Loans are offered by one local lender here in the Greater Cincinnati area.  This program is a conventional mortgage with a low 3% down payment and no monthly mortgage insurance requirement.  Qualifying buyers may also get a grant to cover the majority of the down payment. (income limitations apply)

Welcome Home Grant funds typically become available in March, but you have to take action now to ensure your chances of taking advantage of this Federal program. There are a very, very limited number of opportunities for this program that can offer $5,000 in grant money for your down payment and closing costs.  You must be approved and have a home under contract when the funds are released in the spring.

Rural Housing Loans are offered by the USDA and are available in areas this agency considers “Rural Development Zones”.  This type of mortgage requires no money down and has very low monthly mortgage insurance.  By getting the seller of a home to pay your closing costs, you may not have to bring any money to the closing table.  You may also be surprised to learn that Batavia, Liberty Township, Maineville (Hamilton Twp) in Ohio and Independence and Alexandria in Kentucky are areas that largely qualify for this loan!

Even if you have owned a home in the past, you may still be a “First Time Buyer”.  For many programs, you are eligible if you have not owned a home in the past 3 years.  Today’s low interest rates make owning your home more affordable than renting in many cases.  If you are interested in learning more, let’s set up time to meet and discuss the programs that may be available to you.  This consultation is a free service that the Jason Bowman Team provides.  If you already own a home, please share this message with someone you may know that is considering the purchase of their first home.

We look forward to hearing from you!

Jason Bowman Earns Coveted Angie’s List Super Service Award

Award reflects businesses’ consistently high level of customer service

For the second year in a row, Jason Bowman has been awarded the prestigious Angie’s List Super Service Award, an honor bestowed annually on approximately 5 percent of all the businesses rated on the nation’s leading provider of consumer reviews on local service and health providers.

According to Angie’s List, Jason Bowman of RE/MAX Elite, Mason, Ohio is the only REALTOR in the Cincinnati Tri-State Area that was awarded the Super Service Award this year and last year.  Jason and his specialized team of experienced REALTOR’S, work very hard to ensure that every client consistently receives the highest quality of service and communication that they desire and deserve.  Buying or selling a home is on the most important financial decisions our clients will make in a lifetime.  Jason and his Team are a buyer and seller’s guide from beginning to end navigating, them through every step of the process and making it an all around positive experience is the goal they strive to achieve.  “We are extremely humbled to be awarded the Super Service Award 2 years in a row for providing the type of service that everyone deserves.  We truly appreciate and dedicate this honor to our clients without whom, the award would not be possible,” said Jason Bowman, RE/MAX Elite, Mason, Ohio.

“Only a fraction of the businesses rated on Angie’s List can claim the sterling service record of being a Super Service Award winner because we set a high bar,” said Angie’s List Founder Angie Hicks. “The fact that Jason Bowman can claim Super Service Award status speaks volumes about his dedication to consumers.”

Angie’s List Super Service Award winners have met strict eligibility requirements including earning a minimum number of reports, an exemplary rating from their clients and abiding by Angie’s List operational guidelines.

Ratings are updated daily on Angie’s List, but members can find the 2011 Super Service Award logo next to business names in search results on AngiesList.com.

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Angie’s List collects consumer reviews on local contractors and doctors in more than 500 service categories. Currently, more than 2 million consumers across the U.S. rely on Angie’s List to help them make the best hiring decisions. Members get unlimited access to local ratings via Internet or phone, exclusive discounts, the Angie’s List magazine and help from the Angie’s List complaint resolution service. Take a quick tour of Angie’s List and view the latest Angie’s List news.

Cincinnati Home Sales Continue Positive Trent in November

Cincinnati Local home sales in November, for the fifth month in a row, continued a positive trend with 1,235 units -- up 11.8% over November 2010.

Last month’s average price was $146,905, compared to a year ago of $147,890. The average price for the first 11 months of 2011 was $151,764 compared to $158,426 the same 11 months in 2010.

“Five months in a row of increased sales, on a year-over-year basis, is a definite indicator that buyers -- first-time, move-up or even investors -- are finding great value in our market,” said Pete Kopf, president of the Cincinnati Area Board of Realtors. “But, to generate and sustain a healthy housing market, we need to create and maintain more jobs.”

Just last week, it was reported by Governor Kasich that the Ohio unemployment rate dropped to 8.5% in November. “This is a step in the right direction for our economy and the jobs outlook,” said Kopf. “So, for those who have jobs and who can afford to take advantage of our extremely affordable market, now is the time to buy.”

Today, the average interest rate in Cincinnati is 3.93% for a 30-year fixed rate mortgage.  Nationally, the average interest rate is 4.19%.

Read more by clicking on the following link: CABR November 2011 Homes Sales Update

 October Home Sales Up 25%

Local Cincinnati Homes Sale for October - at 1,382 units - wer up 25.1% over October 2010.  it was the fourth month in a row of increased sals on a year-over-year basis.

Last month's average price was $142,893, compared to a year prior of $158,832.  Average price for the first 10 months of 2011 was $152,188 compared tp $159,228 the same 10 months a ear ago.

Read more by clicking on the following link:  CABR October 2011 Homes Sales Update

Home Sales Hit 1,571 in July; Year-to-Date Sales Reach 9,800

Home sales locally last month totaled 1,571 units, with a $166,351 average selling price.

That represents a 19% increase in sales from a year earlier when a surge in spring sales – due to a short-term federal home tax credit -- advanced some of the normal July 2010 sales to a few months earlier. Accordingly, it makes the year-over-year July sales not a true apples-to-apples comparison.

That said, sales last month were still favorable. It brought the total 7-month 2011 sales to 9,800 units and a total dollar sales volume of $1.48 billion.

“Home affordability, right now, is at the best of this year,” said Pete Kopf, president of the Cincinnati Area Board of Realtors.

He’s referring to current mortgage rates, now at a 2011 low of 4.25% for a 30-year fixed rate home loan. It peaked at 5.09% in mid-February. The difference now saves a buyer about $50 a month, or $600 a year, in housing payment for each $100,000 of home loan.

Kopf said “When you add a low mortgage rate to attractive housing prices and a good inventory of houses on the market to choose from, it’s a three-way win for buyers.”

A stronger employment number would further enhance future sales, Kopf added. “That will take some time, but growth in employment numbers will directly correlate with increased home sales.”

For today’s sellers, their homes need to be in tip-top shape to catch a buyer’s interest. That’s because buyers largely expect a home to be in pristine condition. “I have seen buyers quickly walk out of a poor house showing,” said Kopf.

“On the other hand, Realtors have witnessed listings that cultivated a magnitude of showings, which resulted in multiple offers and a strong sale,” he said. “I can’t emphasize enough the importance of the showing condition of a home that is for sale. Condition, along with a competitive price for the area, are the two key factors in overall sales activity.”

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

July Home Sales

Nationwide, July home sales were down 3.5% from June on a seasonally adjusted basis, but up 21% from July 2010. Sales slowed in July of 2010 from the effects of last spring’s home buyer tax credit.

I was just a little apprehensive when I got the call from Channel 9’s John Matarese.  It turned out that he wanted to sit down with me to discuss the amazing bargains that are available in today’s real estate here in the Tristate.  John brought up a lot of great questions about our current, unbelievably low, interest rates and the impressive selection of homes that are currently available.  He is rightfully titling his story “Big Clearance Sales on Homes Right Now”.  The truth is that the dog days of summer are providing those looking to purchase a home with a tremendous opportunity. Potential buyers that get out there and make an offer may just be surprised with the deal that they can get!

In closing, I want to sincerely thank John Matarese and Channel 9 for putting together a positive story about why now is a great time to buy a home.

John’s story will air at 6pm on Tuesday, July 19, 2011 and you can link to his page by clicking this link:  Big clearance sales on homes right now.

It is that time again…. It is time for the daunting task of reappraising all 360,000 plus parcels of property in Hamilton County.  Knowing first hand how much work goes into accurately determining a property’s value, I cannot imagine trying to determine the value of every property in the County.

I personally own two properties in Hamilton County.  One had an appraised value that decreased slightly and is a very accurate depiction of this home’s value.  The other, a small apartment building, had an increase of 54% for its 2011 Tentative Market Value!  I have to admit that I nearly fell off my chair when I opened this letter.  I was shocked that anyone would think that any piece of property could increase that much over the past 3 years with no improvements being made.  Once I got over the initial shock, I settled down and realized that I simply have to go through the process that I have been assisting my clients with for years.

Look, the Auditor is not trying to get you to pay an unfair property tax amount; they are just searching for the correct market value.  I have already personally assisted two past clients this year by attending hearings with them pertaining to their new valuation.  Before you fly off the handle and call Dusty’s office screaming and yelling, you should obtain some qualified comparable sales to determine how far off you think the tentative value is.  There is a process for contesting your 2011 Tentative Market Value and the Hamilton Count Auditor’s site is loaded with information.  As always, you can call our office at 513-766-0647 if you need comparable sales or a market analysis. 

Remember, the value on the letter this summer is the “Tentative Market Value”.  The Final Market Value will be on a letter that you will receive this fall.  Now is the time to take steps if you feel the Tentative Value is inaccurate.  Should you contest your value, the auditor is looking for real data to support your opinion of value so be prepared.

Click Here for the Hamilton County Auditor's Site

Every June, I wait with great anticipation for Cincy Magazine’s “Rating the Burbs” issue. This local magazine for Business Professionals looks at more than 130 communities and ranks them using Census data, crime reports, schools, and home sales. How this publication ranks its top 50 is always intriguing, but this article is also the single best source for current neighborhood, village, and township statistics. The folks at Cincy Magazine also break down the top 35 school districts and the top 50 “safest neighborhoods”.

If you are relocating into the Greater Cincinnati area, this publication is an absolute “must read”. It is a great tool to help narrow down your search for the best place to be in the Tri State. Even if you have lived in the area all your life, this article is helpful to see which communities may be trending up before you make your next home purchase. Of course, this publication is the not end all, be all to your decision making process. It is very helpful to have all of the data at your fingertips.

Planning to relocate to Greater Cincinnati? Read the entire article at: June Cincy Magazine.

The Housing Affordability Index reached a record high of 192.3 for February, 2011. Two contributing factors to the Index are the price adjustments homes have experienced in recent years combined with the unusually low mortgage rates make this an outstanding opportunity for buyers who can qualify.

Before the housing bubble burst in 2006, the index average for the year was 108. The high prices and higher interest rates restricted many buyers from purchasing. As the market started to deteriorate, which resulted in declining values and lower interest rates, the index started to rise.

The opportunities are not being seized by buyers and some real estate professionals feel that it's because there is confusion in the marketplace. Buyers are uncertain whether they would qualify and whether now is a good time to be purchasing a home.

All markets are different and every situation is unique. The only certain way to determine would be to investigate your individual situation. You owe it to yourself and your family to visit with our Team, The Jason Bowman Team.  We are a Team of professionals who can show you the real cost of housing and recommend a lender.  No is the time to buy your Greater Cincinnati Home.

The National Association of Realtors releases the index at the end of each month with a two month lag time for compiling the information. When the index is at 100, a median income family can afford a median price home. As the index increases, housing affordability increases.