Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 10

Summer Activities at the Cincinnati and Hamilton County Public Library

by The Cincinnati Team

Public Library Offerings                                                 

Take advantage of some of the offerings of your local Cincinnati and Hamilton County Public Library this summer.  There's lots going on:

Harry Potter Week - July 10-14

Everyone is invited to "Eat, Drink and Be Harry" for the week. Activities vary from one branch to another, but expect lots of magic and wizardry.

Harry Potter Week - Cincinnati and Hamilton County Public LibraryBlue Ash - Harry Potter's Animals, July 11, 2 pm

Wyoming - Harry Potter Party, July 12, 2 pm

Madeira - Harry Potter Release Party, July 14, 1:20 pm

Downtown - Act it Out: Become a Wizard like Harry Potter, July 15, 10:30 am

 

 

 

 

Frisch Marionettes- Kevin Frisch brings his marionettes to life with a musical show at the Mt. Washington Branch on July 26th at 6:30 pm.

Books Alive! for Kids, an arts literacy program presented by Learning thru Art, a local non-profit.  It is funded by the Kersten Fund and Krogers.  Children will be treated to a live performance of We Had a Picnic This Sunday Past, a take-home craft and a story.

Blue Ash - July 23, 10:30 am

Symmes Township - July 30, 10:30 am

Downtown - July 30, 1 PM 

Don't Miss "Play Me, I'm Yours" Through Sepetember 17th

by The Cincinnati Team

on't Miss "Play Me, I'm Yours" Through Sepember 17th

Last Saturday morning, we went to Findlay Market for lunch and to shop for food and enjoy all the booths.  Lo and behold, there they were playing a piano at the west end of the building, surrounded by lookers and listeners. It's a happening that doesn't happen every day!Play Me, I'm Yours - Cincinnati

Why not take yourself or your children to one of these outdoor installations and play up a storm (rest assured that Piano Buddies cover them, if a real storm approaches). Pictures of you playing outdoors will bring back memories for many years to come!

The concept for "Play Me, I'm Yours" originated in the imagination of artist, Luke Jerram, while he was visiting a laundromat.  He was looking for a catalyst for conversation in our sometime invisible communities.  He certainly found one!

The event is an outgrowth of the celebration of 150 years of public radio in Cincinnati.  A joint event, the organization came from WGUC, WVXU and WMUB. The 35 pianos are located all around their listening areas in Cincinnati, Hamilton and Oxford.

You can get all the locations by going to their website, http://www.streetpianos.com/cincinnati2010/.  Special event schedules are also on the site and now people are adding pictures of their loved ones playing in the various locations.  Please add yours!

June numbers are in for Montgomery, Blue Ash, Symmes Township and Sycamore Township, all part of the Sycamore School district. For the month, 65 homes or condos were sold.  There are currently 406 homes actively on the market and 76 pending sales.Montgomery, Blue Ash, Sycamore Township and Symmes Township Market Snapshot - June, 2010

 

 

 

 

 

 

 

 

 

 

Credit Suisse provides a monthly analysis of real estate traffic (showings) across the country.  The traffic index level dropped to levels not seen since the credit crisis began in late '08.  The sharp fall off in traffic was expected in May, but June only added to the slowdown.  The most worrisome aspect of their index is that the numbers continued to fall throughout the month.

Along with that, the number of pending home sales across the country dropped 30% from May, 15% below May, 2009.  The number of closings will continue to decline in July and August based upon this.

So, what does that mean?  Overall, it demonstrates that the consumer pushed their buying plans ahead in order to qualify for the $8000 or $6500 federal tax credit.  Now, homeowners can expect to be on the market longer and may be forced to further lower home prices, through reductions or concessions in negotiating a sale.

Lawrence Yun, chief economist for the National Association of Realtors notes that, "The tax credit has broadly stabilized home prices.  Now the key test on whether the housing market can stand on its own without the stimulus medicine will depend on private job creation in the second half of the year and conditions on the Gulf Coast.  If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions."

Montgomery, Blue Ash, Symmes Township and Sycamore Township have had 561 sales from June 30, 2009 to July 1, 2010.  That turns out to be approximately 47 per month.  At that rate, there are approximately 8.6 months of inventory.  five to six months of inventory is considered a balanced market.

Cincinnati Celebrates Fourth of July with a BANG!

by The Cincinnati Team

Turn your Fourth of July weekend into three days of celebration.  All over town, villages and cities are providing us an opportunity to celebrate our nation's beginnings.  Just so you don't miss them, here is information about some of the excitement.  Since my birthday is July 4, I'm sure you are also celebrating my birthday!

JULY 2Fireworks - cincinnati

Madeira - Downtown Madeira all the way to Sellman Park. This is part of Madeira's celebration of its Centennial. There will be floats in the parade starting at 6:30 pm with fun and food in the Park until fireworks at 10 pm. Free.

JULY 3

Coney Island Park - LaRosa's Balloon Glow -Starting at 1 pm until fireworks at 10 pm. Coney Island comes alive at the 11th Annual LaRosa’s Balloon Glow! Live music, family entertainment and Coney's Classic Rides make for a fun-filled evening. New this year, see the Wallenda Family Thrill Show at Sunlite Pool! Later, the evening sky illuminates when as many as 20 hot air balloons of every color “glow” for all to see. The grand finale for the event is a spectacular Rozzi’s Famous Fireworks display over the banks of Lake Como beginning at 10pm. Entrance is free.  Fees for pool, rides and parking.

Mason -  Red, Rhythm and Boom - At the Corwin Nixon Park, the fun starts at 2:30 pm and continues until fireworks art 10:30 pm. Features parachute jumpers, clowns, carnival rides, balloon artists, face painting and food.  Music all day. Free 

Anderson Township - "Hometown Pride" Independence Day Parade - Over 100 entrants will cover the route along Beechmont Avenue to the Anderson Towne Center, starting at 11 am.  Afterwards there is a vintage car show, games for children, and  food.  Entertainment from Robin Lacy and DeZydeco.  There are prizes for the best floats or displays. Categories include: most spirited, most patriotic, best business, best neighborhood, and best float.  Additionally, there is a photo contest, where judges will choose one photo taken during the parade that best exemplifies this year's theme.

Mount Washington - Parade -The American Legion Post 484 and the Mt. Washington Community Council are sponsoring the parade that starts at 10 am from Stanberry Park to the Legion Hall. Decorate your bike or trike and be at the Park by 9:15 am to participate in a "best decorated" contest.  Then join in the fun as part of the Independence Day Parade.

JULY 4

William Howard Taft National Historic Site - Ice Cream Social - Tour the former home of William Howard Taft and enjoy the ice cream social on the lawn.  Wonder if they will make us turn a crank style ice cream maker to make our own.  I remember doing that with some mighty fine ice cream my mom made.  Makes you wonder if the 27th President and 10th Chief Justice of the United States ever made ice cream on the lawn of his boyhood home!

Fountain Square -Music, Movies and Fireworks! -Oh, My!  11 am is the starting time for the 2010 Pride Parade, starting at Sentinel St. traveling on Fifth and ending on Race Street.  Immediately following is the 2010 Pride Festival on Fountain Square.  There will be an entertainment stage with a great lineup of live music, a dance floor and full service bars. From 6-9 pm, an evening of gospel, soul and R&B will be a fun way to lay back and relax.  Musicians featured include Adam Joseph, Alfred Beasley & Purple Rose and DJ Easz.  P & G is sponsoring the Rozzi's Famous Fireworks show at 9:15.

Ault Park - Hyde Park and Mt. Lookout in CincinnatiHyde Park - Ault Park Fourth of July Celebration- The Cincinnati East Tea Party could not let this 50 year tradition go  by the wayside.  They have taken over the event.  A Bike/scooter Parade for ages 12 and under will start at noon with registration by 11:30 am.  Helmets are required.  Games and prizes start at 6 pm.  Patriotic Independence Day recognition at 7:45 pm followed by music from Blue Stone Ivory.  Rozzi's Famous Fireworks at 10 pm.  Any profits will benefit the Nashville Flood Relief program with the American Red Cross. 

 

Mt. Adams Market Snapshot - May, 2010

by The Cincinnati Team

Homes and condo sales continued at a brisk pace in May, 2010 in Mt. Adams.  6 homes closed in the month of May.  There are currently 4 homes pending closing and 40 hMt. Adams Market Snapshot - May, 2010omes and condos that are actively listed for sale.

 

 

 

 

 

 

 

 

 

 

Mt. Adams is one of the few areas of Cincinnati showing signs of rebounding. Prices so far in 2010 are significantly above last year and 2005.  Most homes in Cincinnati are currently averaging below prices sold for in 2005.  This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates.  It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May.  This is caused by the end of the homebuyer tax credit.  It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold in the region.  That is more than the 19% reported for nationwide home sales.  June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.

Homes and condo sales continued at a brisk pace for May, 2010 in Montgomery, Blue Ash, Symmes Township and Sycamore Township (Sycamore School district).  59 homes closed in the month of May.  There are currently 80 homes pending closing and 396 homes and condos that are actively listed for sale.montgomery, Blue Ash, Sycamore Township and Symmes Township Market Snapshot - May, 2010 

 

 

 

 

 

 

 

 

 

 

Troubling issues raised by the above graph show that we are back to the average and median prices of homes and condos sold in 2005.  This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates.  It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May.  This is caused by the end of the homebuyer tax credit.  It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold in the region.  That is more than the 19% reported for nationwide home sales.  June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.

The Federal Tax Stimulus drove sales in April, 2010, pushing Buyers to purchase by April 30 and demanding that Sellers price their homes to sell.  Traffic exceeded the usual expectations of Realtors for the April time frame.  Additionally, prices improved in the lower price ranges.Montgomery, Blue Ash, Sycamore Township, Symmes Township Market Snapshot - 2005-2010

 

 

 

 

 

 

 

 

 

 

 

In fact, traffic was skewed to the lower end of the market.  First time buyers represented the majority of demand.  Homes listed for over $300,000 continue to be more difficult to sell than in the recent past.

There are currently 291 active listings in these neighborhoods in the Sycamore School distirct.  There are 83 pending sales and 59 homes closed in April. 

The Sycamore School District and the Montgomery, Blue Ash, Symmes Township and Sycamore Township neighborhoods have had 34 sales in March.  the average Days on the Market (DOM) is 107.  Both average and median sales are significantly higher this month from the year thus far.Montgomery, Blue Ash, Sycamore Township, Symmes Township Market Snapshot - 2005-2010

March buyers were trying to take advantage of the tax credit as the deadline approaches, but employment worries have remained an issue.  As a result, most of the housing demand has occurred at the low end of the market.

Nationally, both the traffic from buyers and the prices have increased to their highest level since Summer of 2006. The number of Days on the Market has remained stable for homes sold. A reduced time to sell would be a positive indicator for future pricing trends.

Lawrence Yun, chief economist for the National Association of Realtors says the the surge of both closings and pending sales is another hopeful sign for the market.  The rise in buyer contracts would signal a healthy gain and that home prices are continuing to flatten out.  This drawing down of inventory is definitely a good sign as everyone hopes the tax credit will stabilize home values.

The Pending Home Sales Index is a leading indicator for the housing market, indicating how many existing homes have accepted contracts, pending a closing.  In the Midwest, the number of pending sales is nearly 19% above a year ago this time.  In fact, there are numerous reports of multiple offers on properties.

With this in mind, the number of closed sales is expected to remain higher than the past three years through June 30, when closings must take place in order to benefit from the tax credit.

There were 17 homes sold during the month of February in the Sycamore School District, including Montgomery, Blue Ash, Symmes Township and Sycamore Township. Additionally there are 68 pending sales.Montgomery, Blue Ash, Sycamore Township, and Symmes Township Market Snapshot

 

 

 

 

 

 

 

 

 

 

Every expectation indicates that the extension and expansion of the home buyer tax credit will help home sales in the first half of this year.  Pending sales are expected to increase as the April 30 deadline approaches for purchase contracts to be in place.  These contracts must close by June 30 to qualify for the $8000 or $6500 credits.

But, what should we expect in the second half of the year?  Economists say that the health of the housing market will depend upon jobs.  The Gross Domestic Product is predicted to grow 3%, but jobs still show a mixed picture.  At this point unemployment could increase to 10.5% in the second quarter before improving. 

Factors that make economists believe that the job market is moving in the right direction include the fact the temporary employment is up, more than a million jobs are being created by the census and that job markets that were hurt by the downturn are now adding jobs.

Realtors have confidence as sales continue to show gains across the board.

So You Want to Buy a Foreclosure...

by The Cincinnati Team

In today's market, there continue to be distressed sales that are either short sales or foreclosures.  First we will discussforeclosures.  In Cincinnati, foreclosures make up a relatively small portion of the inventory in some areas and a large portion of the sales in others.  The stressed areas were often areas with significant subprime mortgages. We expect that will continue to be the case for several more years.

What exactly is a foreclosure?  

Foreclosures occur when a home owner cannot or does not make mortgage payments, until they default per the terms of their mortgage note.  Actually, you are in default if you miss only one payment, but the lender will try to work with you, if they are contacted.  The appointed trustee will force the property to be sold at auction on the courthouse "steps."  Typically, the lender then places a minimum bid on the property equal to the amount still owed on the delinquent mortgage.  If they are the high bidder they then become the owner.  This is where the term REO came from (Real Estate Owned).

The lender's stategy will then either negotiate with Fannie Mae or FHA to take over selling the home.  Sometimes they keep the property and sell it themselves.  When the property owner had an FHA loan, it will be called a HUD home.

So, now, the seller is actually the bank or asset manager and the process is different.  Occasionally, foreclosures do not take much longer to close than a transaction with a normal individual seller.  Every bank will have a different process, so bidding and the paperwork process vary dramatically.  With HUD homes, the bidding process is straightforward and easy to understand, though there is also a lot of paperwork.

Why would you want to buy a Foreclosure?

  • HUD may allow you to roll some of the costs of repairs into the loan.
  • Sometimes homes are priced below market value, but recognize that they often, but not always, need extensive repairs and upgrades.
  • Occasionally lenders offer incentives, such as HUD's $100 Down Program

Are there Disadvantages to buying a Foreclosure?

  • It may take longer to close a sale...longer to do inspections because utilities need to be turned on, longer to get all paperwork and title work to be completed.  Because of the lender's beauracracy, each step takes longer.
  • Buyers must rely of the home inspection.  The lender will not make the typical seller disclosure.
  • Often the lender's contract required that you pay extra if you cannot close on time, so be sure your lender can get the job done!
  • Lenders will not make repairs to the property.  However, this can create a difficult situation if the lender requires a termite treatment or structural repairs be done.
  • The lender's contract addendums often supersede the local real estate contract.
  • It is often extremely difficult to get financing on homes that need extensive repairs.  (Check into 203 loans for these)

If you are hoping to purchase a foreclosure, you need to start looking quickly if you plan to take advantage of the tax credits offered by the government.  You will need to have your contract in place by April 30th and closed by June 30, 2010.

Displaying blog entries 1-10 of 10

Syndication

Categories

Archives

                Preferred Group                                                Last modified: 8/28/17