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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®

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.

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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.

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.

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

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Are you or do you know someone in the Greater Cincinnati Area struggling to make their monthly mortgage payments?  Avoiding foreclosure now could make or break your attempts to get a loan in the near future and determine whether you can get affordable interest rates.

That's why I've made http://www.jasonhelpshomeowners.com/ available for anyone in the Greater Cincinnati Real Estate Community struggling with their mortgage payments. Foreclosure alternatives like short sales and deeds-in-lieu allow homeowners to avoid many of the damaging effects of foreclosure. In addition, short sales may have less of an impact on credit scores than foreclosure.

To get all the information on how these options affect your credit score, fill out the form at http://www.jasonhelpshomeowners.com/ and click "Send". If you need immediate assistance, contact me, Jason Bowman, right away at 513-766-0647.

I'm here to assist you.

Call Jason Bowman at 513-766-0647 for additional details.

For additional details on terms of Lease, financing information, or to see if you qualify for Government tax credits; call Jason Bowman at 513-766-0647.

Our team is licensed to serve your real estate needs in both Ohio and Kentucky.  The same agent shows you all properties and provides the outstanding service you have come to expect from contract through closing.  Call or email today and enjoy the freedom of shopping for homes on both sides of the river.

Be the first to find out about new listings in Northern Kentucky!  Try out our email home search service at: www.HomeSearchNKY.com .

 Jason Bowman  513-766-0647  Jason@JJBowman.com

The Most Powerful MLS Home Search is now available to home buyers in Greater Cincinnati and Northern Kentucky.  Have you always wanted the tools that realtor's use to search for homes?  Do you want to search every home listed by every broker in the Greater Cincinnati Market?  Click the link above and start your search NOW!

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You will find this tool to be the most powerful MLS Search on the web.  As always, there is no cost or obligation to you. 

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.