Living on Cincinnati's Eastside

New 2009-2010 Tax Credit Video

Sat, 09 Jan 2010 03:00:00 GMT

This easy to follow video clearly lays out many of the changes to the new 2009-2010 Tax Credit being offered by the Federal Government.

The growing trend of… buying a home now, not later.

Fri, 08 Jan 2010 03:00:00 GMT

Home buying has been on the climb the past six months. That’s because many persons have already seen the advantages of home buying, and didn’t want to miss the opportunity. Look at the numbers below, and it will make you a believer in the growing trend of… buying now, not later.

Home sales up 6 months in a row; Here are 3-4 good reasons to buy now

Thu, 07 Jan 2010 03:00:00 GMT

Home sales up 6 months in a row; Here are 3-4 good reasons to buy now

More ‘hopeful’ home buyers will become ‘real’ buyers after the first of the year, predicts the Cincinnati Area Board of Realtors. Why? It’s all about home buying economics:

1) Home loan mortgage rates are near 5%. That’s unbelievably low, and it won’t last. Interest rates, overall, are expected to rise in 2010. The federal stimulus program of 2009 resulted in a massive amount of new debt, as well as continuing federal deficit budgets. That kind of scenario historically has resulted in inflation-driven economics. Which means higher interest rates. It’s not a matter of “if,” but “when.” Buying a home now will help you get a more affordable home loan rate today…compared to higher-cost home borrowing of tomorrow.

2) There is an ample supply of homes from which to select, but it’s decreasing. Housing supply is measured by an inventory count. A year ago, the inventory was 12.5 months of homes for sale. Today it is 7.99 months. A balanced market is 5-6 months. The lower the figure, the more a buyer typically has to spend to get the home of his or her choice.

3) The federal home tax credit program expires April 30, 2010. Buy before that date, and you may be eligible for a tax credit from $6,500 to $8,000. Buy after that date and you get $0 tax credit. Your Realtor has all the details, including income limits.

Another potential reason, 4) You can now buy a home with an FHA-insured loan with only a 3 ½% down payment. That could – we repeat could -- grow to 5% sometime in 2010.

The growing trend of… buying a home now, not later.

Wed, 06 Jan 2010 14:14:00 GMT

‘Tis the season to check up on your Cincinnati Property Value

Fri, 11 Dec 2009 13:46:00 GMT

It is that time of year again when we tend to reflect back on the previous year and begin to make resolutions for the year to come. It is also important at this time to take a close look at your home’s market valuation according to your County Auditor. Real Estate values have been correcting in many areas of Greater Cincinnati, and it is very important to make sure that your taxes are not based on a value higher than the actual market value of the home.

The deadline to file a complaint in all Ohio Counties will be March 31, 2010. It is very important to note when filing a complaint in the coming year, you will be challenging your properties value as of the “Tax Lien Date” which is actually January 1, 2009. Comparable sales to your property that closed six month before or six months after are considered to be the best evidence to present to the Board of Revisions. On the other hand, the Auditor’s valuation of your neighbor’s home is of no use as evidence in a board of revisions hearing. Just remember, you are challenging the Auditor’s valuation of your property on January 1, 2009 and must present strong, market driven evidence to make your case.

As is the case with most things in life, there is potential risk involved with filing a complaint to the Board of Revisions. Although the County charges no fee to file a complaint, home owners are stuck with the decision handed down by the Board of Revisions through the end of the current triennial period. In a recent session that I attended with Hamilton County Auditor, Dusty Rhodes, he told the assembly that in more than 10% of complaints, a properties tax valuation can be found by the Board to be too low. This would result in a property tax increase! It is extremely important to access market data and study it closely before you consider filing a complaint. Our office is always glad to assist area homeowners with any questions or concerns.

Be informed: Get comparable sales with one click by going to: www.PriceMyCincinnatiHome.com

Cincinnati Based Real Estate Site Helps Homeowners doing a short sale

Thu, 12 Nov 2009 11:08:00 GMT

Last week, unemployment reached a level not seen in recent memory....just over 10%. Home involved in the foreclosure process are nearing 4%, and it is estimated that one in four households is falling behind on their mortgage payment. The reality of today's tough economic times is hitting home with our friends, family, and neighbors. It seems as if everyone is affected.

For this reason, we have created a website with a mission of helping home owners in trouble. There are many options available for home owners in financial distress. Some options can allow a home owner to stay in there home with a more affordable payment. This website is: www.CincinnatiShortSaleHelp.com . Please pass this along to anyone that could use this help. The sooner a home owner in financial hardship acts, the better their chances of avoiding a foreclosure.

CINCINNATI REAL ESTATE AGENT EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Thu, 29 Oct 2009 14:18:00 GMT

Jason Bowman of RE/MAX Elite has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Cincinnati area, more and more homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Bowman. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Jason with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

Clermont County’s “Neighborhood Stabilization Program (NSP)

Mon, 26 Oct 2009 10:24:00 GMT

· Downpayment assistance in selected areas with initial emphasis on Bethel; later Amelia and Eastern Union Township

· NSP will appraise the property selected and it must have been foreclosed and vacant for three (3) months, and Purchaser can purchase property up to 15% below appraised value

· Property closes in buyer’s name and NSP will complete the renovation prior to occupancy

· Clermont County places a second mortgage on the property which is forgivable after 10-15 years depending on the size of their mortgage.

· Income guidelines: Eligible for families having income less than 120% of the area median income. (family of four can have an income up to $83,400

· Eight hours of counseling by HUD approved counselor

· CONTACT JIM TAYLOR AT NSP AT 732-7904 or jtaylor@co.clermont.oh.us

August Home Sales Spurred By Tax Credit in Greater Cincinnati

Thu, 24 Sep 2009 14:44:00 GMT

The $8,000 federal home tax credit program – now in place – continues to drive home sales.

Local home buyers, for the third month in a row, bought more homes than a year ago. Sales in August

totaled 1,812 units compared to 1,776 sales in August 2008.

Nationally, homes sales last month were 3.4% higher than a year ago.

A “full” housing tax credit is available for anyone nationwide who hasn’t owned a home in the

last three years, buys one now, and doesn’t exceed $75,000 in income (married couples filing jointly,

$150,000). A “partial” tax credit goes to a new homeowner with an income between $75,000 and

$95,000 (couples $150,000 to $170,000). The tax credit (10%) is based on the purchase price of the

home, but the credit can’t exceed $8,000.

In addition to the tax credit program, other factors favoring current home buying include

favorable mortgage rates – about 5.3% for a 30-year fixed rate loan, a good inventory of homes to

choose from, and favorable home prices.

“Prospective buyers who want to take advantage of the tax credit shouldn’t wait,” said Paul

Jacob, president of the Cincinnati Area Board of Realtors The tax credit program expires Nov. 30. But

a sale must close by that date. It generally takes 60 days -- when financing is involved -- to close on a

sale from the time the contract is executed between buyer and seller. That means financing-backed sales

should take place by the end of September, in order for eligible buyers to benefit from the tax credit.

Jacob said that multiple offers on the same property for sale are happening again. “That hasn’t

occurred in a while,” he remarked. That speaks highly for increased housing demand

Housing inventory locally is now at 7.52 months. That’s the amount of time it would take to sell

all homes for sale that are currently on the market based on August selling activity. A year ago, it was

9.23 months. A lower number is better for sellers (more demand for fewer homes); a higher number is

better for buyers (more homes to choose from).

One Stop Resource for Cincinnati School Ratings by ODE

Mon, 14 Sep 2009 11:00:00 GMT

We thought that you would like to know how Cincinnati area school districts were ranked this year by the Ohio Department of Education. Just click on the “school district” link below and you will find a one stop resource that we have created for obtaining Greater Cincinnati school district rankings. You can also download your district’s report card from this link. Please feel free to call or email anytime if you have a real estate question.

School District

Should I Buy a Home Now, or Wait?

Thu, 10 Sep 2009 03:00:00 GMT

“Should I Buy a Home Now, or Wait?”

Will prices get better if I wait? Will mortgage rates be lower

I if I wait? Will I have a wider choice of homes to buy if I wait?

All good questions. They deserve good answers.

Sept. 1, 2009

(1) Will home prices get better if I wait?

The average home price in the MLS of Greater Cincinnati has fallen by 13 % over the past year. As the number of homes for sale shrinks (see question #3 below), that will create pressure for higher home prices. It may not happen over night, but it will happen. In a recent Baylor University survey, 8 of 10 economists agreed home prices will rise in the next 5 years. So will rental costs. Do you want to capture the advantage of equity build-up…or collect “throw-away” rent receipts?

(2) Will mortgage rates be lower if I wait?

Today’s mortgage rates are near 50-year lows. They are at bargain levels. But if you’ve never bought a home before, you just don’t realize the “borrowing power” of today’s low rates (unless your parents, friends, or other relatives told you). You don’t have to pay 15% for a home loan, as you did in the early 1980s, or 7%-to-8% in the 1970s and 1990s. Today they’re between 5-6%. That’s all. But when inflation returns, you can “kiss goodbye” mortgage rates under 7%.

(3) Will I have a wider choice of homes to buy if I wait?

There are currently 14,182 homes for sale in the MLS of Greater Cincinnati. One year ago that number was 16,680. Two years ago it was 17,880. The trend in the number of homes available is definitely downward. The lower the inventory, the greater pressure for higher prices. So, should you wait for a wider choice? Fewer homes on the market = higher selling prices. So, do you want to buy low (now), or buy higher (later)?

Bonus Question:

Is there any particular reason, as a First-Time Buyer, why I should buy now? Yes. Until Nov. 30, 2009, first-time buyers are eligible for a “federal tax credit” up to $8,000 on the purchase of a home that is closed by that date. Pure credit, not repayable. Anyone who hasn’t owned a home in the past 3 years may be eligible, if they meet income limits -- single buyers, $75,000 a year; married couples $150,000. The credit decreases for single buyers earning between $75,000 and $95,000, and between $150,000 and $170,000 for home buyers filing jointly. If you finance your home through FHA, you may use the tax credit money to help pay for down payment or closing costs. You may also be eligible for further tax credits through the Ohio Housing Finance Agency. If you’ve been sitting on the fence, now is the time to get off that fence. Arm yourself with the facts, and join the 75 million homeowners nationwide who enjoy the benefits of home ownership (equity build-up, home appreciation, tax advantages, and pride of ownership).

Call your REALTOR. He or she knows (a) local market home inventories, (b) homes values,

(c) lending programs, (d) first-time homebuyers tax credit program and (e) everything else to

help you make a housing choice…TODAY. It’s time to…Get Off the Fence.

Great Time to Buy a Home in Greater Cincinnati

Wed, 09 Sep 2009 03:00:00 GMT

Open House Weekend is Sept. 12 - 13 !

REALTORS® have scheduled 2,000+ Open Houses in Greater Cincinnati and the surrounding areas serviced by the local MLS organizations. This is a great opportunity for buyers to get an idea of the homes currently available to purchase and tour the open houses. Even those persons not currently in the market for a new or existing home can benefit from this event. You just may realize that the time is right to make a move.

Cincinnati Real Estate—One of th e Most Stable

Money Magazine

in 2008 published a study that shows Cincinnati is one of six cities where property values are most likely to rise and least likely to decline over the next 12 months. Buying a home today in Greater
1. Great Inventory — More Choices

Anyone looking for a home today will find a tremendous selection—nearly 14,000 properties are listed in the Cincinnati MLS. Whether you’re looking for a starter home, a high-end custom home or something in between, you’ll find just the home you’re looking for.

2. Low Interest Rates — More Buying Power

Mortgage rates determine how much you can afford. With the current low rates, you have significantly more buying power. How low are rates today? Those who bought a home in 1963 were paying roughly the same rate as you’ll pay today. The rates won’t stay this low forever. Buying a home now can save you thousands of dollars in interest.

3. Homeownership Will Always be a Good

Investment

Even if you are on the fence for now, that’s OK. There will be plenty of opportunities to buy ahome when you’re ready. Homeownership is a vital engine in the American economy. It creates strong communities and builds wealth for families who buy homes. Homeownership won’t go out of style. Homeowners are invested in our communities. They are the joiners, fixer-uppers, and watchdogs that make our nation strong. Nine out of 10 consumers consider homeownership to be a sound financial decision. Purchasing a home is a great way to invest your money. In the past 40 years, real estate has delivered the most consistent positive return over any investment. When you are buying a home, you are building equity and adding to your assets.

Up to $8,000 Home Tax Credit Now Available

MLS Open House Weekend on Sept. 12 - 1 3 will benefit n e w b uyers and rep e a t buyers. It will give you the opportunity to see what’s on the market TODAY and realize TODAY’s home pricing.

Cincinnati makes good financial sense.

Cincinnati home buyers can take advantage of "fixer upper" deals!

Thu, 09 Apr 2009 03:00:00 GMT

It has been around for years, but it is making a strong comeback. It is the FHA 203K renovation loan, and it is helping home buyers to take advantage of distressed "fixer upper" properties that only investors could previously purchase. With this loan, you can borrow the amount needed to purchase the home and make all necessary repairs. Basically, if you have a home that can be bought for $70,000 and it needs $20,000 in repairs, you can borrow the total $90,000. You will be required to make a down payment of 3.5% of the total purchase price and repairs ($90,000). Contractors will then be paid for the repairs out of the escrow account once you own the home.

Have you ever been told that you cannot get an FHA loan on a bank foreclosure because utilities will not be turned on for appraisal? This loan can provide a contingency escrow that can allow you to buy these properties with only 3.5% down without the need to have the water or electric turned on for appraisal.

This loan does take a lot more effort on the part of the buyer, the loan officer, and the real estate agent. Many loan officers say that they can offer this program, but very few can actually get it to the closing table. There is a lengthy process of inspections, appraisal, and obtaining bids for the work that needs to be completed making this a 45-60 day process. For this reason, my team is partnering with a lender right here in Cincinnati that specializes in FHA 203K and renovation financing. Her expertise helps us to guide our clients through this process with ease.

If you are interested in taking advantage of the "fixer upper" deals that are giving our buyer clients tremendous equity in their home purchase, then call or email our office for more details on the FHA 203K renovation loan.

Cincinnati Mortgage Rates Drop

Tue, 25 Nov 2008 22:09:00 GMT

Anyone looking to purchase or refinance real estate in the Cincinnati MLS area should contact their loan officer. Rates for mortgage loans dropped to the mid-5% area for 30-year fixed mortgages. Media outlets were touting this as the largest single day rate decline in history earlier this afternoon. The only thing that seems to be certain about this mortgage market is that it seems to bounce up and down day to day. Right now would be a great time to take advantage of rates under six percent.

Is Your Home Energy Efficient?

Thu, 20 Nov 2008 10:23:00 GMT

Cincinnati's Cooler temperatures and higher fuel costs have forced many people to look for better heating solutions. Heating and cooling systems are some of the most important investments you'll ever make in your home. These systems can account for 44% of your home's energy use. The more energy efficient an appliance is, the less it costs to run and the lower your utility bills. Home sellers with modern heating and cooling systems can command top dollar for these features, as buyers will factor the heat source into any offer.

Get Biggest Bang For Your Home Buying Buck!

Thu, 20 Nov 2008 10:22:00 GMT

Greater Cincinnati first-time buyers and bargain hunters everywhere are looking for ways to stretch their dollar. Here are three helpful tips for maximizing your purchasing power:

Save money with a fixer-upper! Although these homes take a little elbow grease, the money you save can be significant. Put that extra money in your savings account, re-invest it in your home, or upgrade your location!
Higher fuel costs have made remote properties less attractive for certain buyers. Don't be afraid to search a little farther out from your work if good public transportation is available.
Size matters. Bigger homes are typically more expensive, so why not buck the trend and look for something a little smaller? There is generally less demand for smaller homes, and you can spot some great deals if you are willing to act fast!

HomeSearchCincinnati.com is a FREE no hassle service to help Cincinnati area home buyers find their dream home. Your first email will list all homes currently for sale that meet your search criteria. Then each morning you will be emailed a list of all of the new homes for sale and price changes since your previous search. No more having to rely on manual searches. Visit http://www.HomeSearchCincinnati.com/ to fill out your search criteria and start your auto-email home search today! It's just that easy!

What Is The FHA EEM (Energy Efficient Mortgage)?

Thu, 20 Nov 2008 10:16:00 GMT

Q: What is an FHA Energy Efficient Mortgage (EEM)?

A: The EEM is an FHA Mortgage feature that allows for a borrower to acquire or refinance their home and add on the cost of Energy Improvefments with no additional qualification restrictions.

Q: Are there benefits for both borrowers and sellers?

A: Yes, to both. Buyer's can qualify for a larger loan on an improved home. Borrower's can recognize the monthly financial benefits as soon as the work is done. Seller's can marken an Energy Efficient Home, the buyer can qualify at a higher debt to income ratio. Borrower's or seller's can increase the potential resale value of their home.

Q: What are some of the improvements that can be incorporated into an EEM?

A: The borrower can add windows, doors, insulation and the list goes on. A HERS (Home Energy Rating System) analysis must be performed by a qualified home energy rater and they will make recommendations.

Q: Can the cost of Improvements be Escrowed?

A: Yes, the cost of the energy improvements can be escrowed for a period of no longer than 90 days. All energy improvements must be performed and completed within the 90 day window. Funds not used within the 90 day period must be applied against principal.

Call Jason Bowman at 513-766-0647 or email him at Jason@JJBowman.com to find out more information about this program.

Call 513-766-0647 for details on $100.00 down payment Cincinnati HUD Homes

Sun, 02 Nov 2008 20:50:00 GMT

Take Advantage of BIG Incentives NOW when you

purchase HUD Homes in Ohio

$100 Down Payments!

Purchase a HUD Home with FHA-insured financing for low down payments.

YES

You can own your

own home!

This special sales offer may not be combined with any other HUD discount sale,

including sales under the Good Neighbor Next Door program or sales to

non-profit organizations.

$2500 Sales Allowances!

The sales allowance is available to Owner-Occupants purchasing HUD homes with a sales price

equal to or greater than $25,000. Purchase can be FHA, conventional, or cash financed.

$2500 can be used for repairs, closing costs and mortgage principal reduction.

Elections are on November 4

Tue, 28 Oct 2008 14:51:00 GMT

Our forefathers fought for our rights and built a country that provides you with the right to elect those who serve us in government. Honor them and exercise your right to vote on November 4th. Use the following link to find your Polling Location in Ohio.

Good News for Veterans.

Tue, 28 Oct 2008 14:50:00 GMT

On September 11, the House of Representatives passed the Veterans Construction and Extension Act of 2008, which helps Veterans achieve their dreams of home ownership. The legislation provides assistance for veterans who need to refinance their Sub prime or adjustable rate loans into a safer, more affordable loan backed by the US Department of Veterans Affairs. The bill has been passed on to the Senate for finalization. If you're in the market for a home in the Cincinnati Area, contact me for information on FHA, VA, and other mortgage programs and mortgage lenders that might be right for you. I have a database of Lender's that offer many programs available to Cincinnati homebuyer's.