Real Estate Information Archive

How nice…Forbes magazine has realized what Cincinnatians have known all along.  We live in a bargain city. Cincinnati was recently ranked in the top five of America's best bargain cities by Forbes, tied with Indianapolis. 

To determine which U.S. cities are the best bargains, Forbes looked at the country's 50 largest U.S. metropolitan statistical areas and metropolitan divisions. 

They assigned points to metro regions across four data sets: Average salary for workers with a bachelor's degree or higher (we were ranked 33^rd of 50), annual unemployment statistics (23 of 50),; cost of living (9 of 50), and the Housing Opportunity Index (7 of 50), from the National Association of Home Builders/Wells Fargo, which measures the amount of homes sold in a given area that would be affordable to a family earning the local median income based on standard mortgage underwriting criteria.

Other top cities included Austin, Phoenix,  Washington D.C., and Ft. Worth.

For the first time in over three years, existing home sales continued to grow for back-to-back months. According to the National Association of REALTORS® (NAR), May's 2.4 percent gain can be attributed to greater housing affordability throughout the country, and the first-time buyer tax credit. The last such consecutive monthly increase occurred in September 2005. Housing analysts have revised their forecast and are predicting existing home sales volume of 4.77 million units for 2009, up from the 4.66 million units projected in April.

Home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying home buyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time buyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, buyers must meet general income requirements and close on their purchase before December 1, 2009. See video here.

Under new rules introduced recently by the Department of Housing and Urban Development, qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent.

Please contact us today for more details on this once-in-a-lifetime program.

Strong buyer activity in lower price ranges has helped raise existing home sales by 2.9 percent in April, according to a recent report by the National Association of Realtors (NAR). Housing analysts have revised their forecast and are predicting existing home sales volume of 4.68 million units for 2009.

Studies prove that cities that are noisy can boost your blood pressure, sabotage your sleep and elevate your heart rate. Men's Health Magazine recently decided to evaluate the daily din in our lives.  They checked city laws related to noise, looked into traffic congestion in towns and checked into airport overnight flights.  Finally, they added in the people who report sleeping less than 7 hours per night to Experian Consumer Research.

Results ranked Detroit dead last, with Philadelphia, Chicago, Atlanta and San Francisco also in the top 10.  But, here's a study where you want to come in last.  Cities with an A+ ranking, the lowest noise producers, included Hartford, CT; Cheyenne, WY; and Cincinnati!

When talking about Hyde Park activities...give a huge "Bravo!" to this group of young Cincinnatians who both fundraise and then give back to the community.  In the next month, they're going to be busy.

June 27 - Hyde Park Blast- an entire day of activities around the Square, including a 4 mile walk/run, bicycle races, Taste of Hyde Park (running from noon to 10PM), plus entertainment from the Faux Frenchmen and The Rusty Griswolds until midnight.

July 4 - Give Back Cincinnati takes over the Ault Park Fireworks, starting with the Kids Bike Parade at 10am and continuing through Mambo Diablo and Never 7 playing until the Fireworks.  Bring a blanket and a picnic.  It will be a blast!

July 18 - Gamble-Nippert YMCA will host the Kids Olympics and Give Back Cincinnati will provide the volunteers to do crafts, relay races, kickball and other fun activities with your children.  You must register in advance so visit their website, www.givebackcincinnati.org.

Are you expecting lots of company this summer?

The Cincinnati Preservation Association can provide interesting information for those who value the history of our region.  Architreks – walking tours - are offered on a regular basis between May and October and cover a wide range of areas and topics related to the neighborhoods.  Sometimes, you will actually be invited into a home or cultural site of significance.  Tours are $10 for adults and $5 for children.  Most are 2 miles or less and run from 1-2 hours.

Tours of interest include:

            Downtown Cincinnati South starting at the Contemporary Arts Center

            Downtown Cincinnati North starting at the Contemporary Arts Center

Findlay Market/Brewery District Area leaving from the Market’s north side of

         Elder Street

            Over the Rhine East leaving from the Emory Center Apartments

            Over the Rhine West leaving from the Emory Center Apartments

            Mt. Adams leaving from 1101 St. Gregory

            Clifton leaving from the corner of Middleton and Rawson Woods Lane

            Northside/Cumminsvile Area starting at Sidewinder Coffee

Check the Architreks calendar for dates when different tours are offered at: www.cincinnatipreservation.org/architrekscalendar2009.

Be sure to plan the visit to include lunch/dinner nearby or a more detailed tour of another place you visited.  Great way to spend an afternoon, enjoy the outdoors and get a little exercise!

Wow...you haven't enjoyed the best that summer has to offer if you haven't visited this cemetery dedicated by Salmon Chase himself in 1845!  The Cincinnati Horticultural Society "endeavored to find a location suitable for creating a picturesque park-like institution, a rural cemetery contiguous to the city."  They sought a setting with a "contemplative atmosphere conducive to consolation, commemoration and education."

As you go by so of the resting places of famous Cincinnati families, you can remember the contribution they made to our city.  Watch for names like Proctor, Schmidlapp, Gamble, Laws, Probasco and many others of note. Everywhere, there are important 19th century buildings.

Two events that might interest you occur in the next week.  On June 23, they will hold a "Champion Tree Walk."  Participants will be able to see some of the State and National Champion Trees that are located in the cemetery.  On June 28 from 10:30-3PM they will sponsor "Dog Day."  This is the one and only day that dogs are allowed on the grounds.  There will be a 1.5 mile walk to benefit the SPCA.

We recently enjoyed a dazzling wedding ceremony there, as the light came through the beautiful stained glass window in Norman Chapel.

Then you will want to take advantage of the new Ohio program that offers down payment assistance!  The Ohio Housing finance Agency has launched a new Homebuyer Tax Credit Advantage Program.  Low-to-moderate income Ohioans will be able to receive a loan for up to 3% of the purchase price of their home.  After purchasing, you can then apply for the Federal tax credit in either the 2008 or 2009 year.

This second loan on the property will be a 15-year loan from OHFA that defers mortgage principal payments and carries an interest rate 1% higher than OHFA 's current interest rate until July 1, 2010.  That way you could use your Federal tax credit money to prepay the loan immediately or use it towards other household costs.  Because of changes to the FHA program most commonly used, you can also use some of that money in tax credit to cover closing costs.  At all times with these loans, you still must bring at least .5% of your own money to the closing.

As a requirement of the program, you will be expected to complete a Homebuyer education course prior to closing the loan. For more information, contact them at  www.ohiohome.org.

You might also check out their programs for Ohio Heroes and for Target Area Loans.