Real Estate Information

 Hamilton County Park District is offering a series of winter hikes ranging in length from 4-5.5 miles.  They are to be held on consecutive Saturday mornings starting January 9.  Each hike will start at 10a.m. in parks throughout the county. Reservations at a cost of $5 are required in advance.  All hikers receive a free hiking staff.  The hike is followed by a lunch of hearty soup.  Reservations can be made at their website.

The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010. Here are the details:

First time buyers, who haven't owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home's purchase price, up to a maximum of $8,000.

Current homeowners, who are vacating a principle residence that they have lived in for 5 of the past 8 years, are eligible for a tax credit of 10% of a home's purchase price, up to maximum of $6,500.

The following conditions apply:

The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don't let this opportunity pass you by.  

Catch the Penguin Parade with an African Blackfoot Penguin. It’s free and open to the public everyday on the plaza in front of the Newport Aquarium or inside the Aquarium lobby during inclement weather. The Penguins arrive with fanfare suitable for a parade. Much fun is had by all, especially the child selected as the Parade's Grand Marshall. Every day: 10:15 AM.

Follow that by spending an afternoon feeding the lorikeets, meeting biologists, touching the critters and sharks, watching piranhas, sharks and fish being fed, or even taking a behind the scenes tour in the Newport Aquarium. It is open 365 days a year from 10 AM - 6 PM.

The Cincinnati Area Board of Realtors just released their statistics for November of 2009.  The number of sales made in November 2009 increased by 33.4% when compared to November of 2008.  It was the sixth straight month of increased sales compared to the same time last year.

Why?  Low interest rates and the push to get in on the home buyer tax credit program sponsored by the government as part of the stimulus plan can be credited for the increase in home sales.  Because the credit was set to expire at the end of November, pending sales increased in October, trying to reach closing before that November deadline.

Of course, now the credit has been extended to included homes with purchase contracts signed by April 30, 2010 and closed by June 30.  It was also expanded to include homeowners who have lived in their homes for five consecutive years during the past eight year.

Mortgage rates averaged 5.07% for a 30-year fixed mortgage in November compared to 5.25% in 2008.  However, last year we were in the worst of the credit crunch and all loans were difficult to get.

Inventory is also one way to look at the strength of the housing market.  Last year in the Cincinnati market, there were 12.5 months of inventory.  At the end of November 2009, there were 7.99 months of inventory.  That improvement shows an overall improvement in the market.  However, since the National Association of Realtors indicates that six months is a balanced market, there is still pricing pressure on sellers.  This should be looked at carefully for each local area, since it varies from neighborhood to neighborhood.

 Looking Forward

1. The Federal Reserve has signaled that they will soon stop holding down interest rates.  Even a small increase in rate will lower your mortgage qualification amount.

2. The supply of homes is decreasing, making it harder to find the perfect one.

3. The April 30th deadline for a purchase contract is not really very far away, when you consider the time it takes to find a home you love.  Do you want to risk losing the $8000 or $6500 tax credit you may qualify for?

4. The Federal Housing Administration is indicating that they will probably raise the down payment requirement from 3.5% to 5% sometime in 2010.  Since this is the most commonly used loan program, the impact could be significant, requiring you to save more money and stay in rental housing even longer.

Our Recommendations

• Now is the time to meet with a loan officer to check you credit and find out what kind of mortgage could work for you.
• Sit down with Mary or Saralou to learn all about the purchase/sale process.
• Start researching neighborhoods that might be possibilities.

Now...is a Great Time to Buy a Home!

The Cincinnati Museum Center was recently recognized for its outstanding service to our community.  It was named one of 10 recipients of the 2009 National Medal for Museum and Library Service.  We should be exceedingly proud, as that is the nation's highest honor for museums and libraries.  Along with the award, they will receive $10,000.  They recognize the institutions that win for outstanding social, educational, environmental or economic contributions to their community.

Additionally, Forbes Traveler Magazine recently ranked the museum as the 17th most visited museum in the nation, with 1.3 million people visiting each year.

Walnut Hills High School is a Cincinnati City Public Schools college-preparatory high school serving over 2,000 students.  The school was recently named to the U.S. News and World Reports list of the best 100 high schools, ranked at #65.  These top schools received the coveted Gold Medal Award. This honor is particularly exciting for the school, since many of the other schools in the top 100 were private institutions.

Walnut Hills High School serves grades 7-12.  Its admission is based upon scores on a standardized test.  All those admitted must pass both the math and reading portions of the test. The school has a "classical format," requiring all students entering in seventh or eighth grades to take three years of Latin.  According to their curriculum guide, they offer more advanced placement courses than any other school in the country.

Walnut Hills High School's motto, "Sarsum ad Surrum" which is Latin for "Rise to the Highest," is appropriate for the concept and quality of the school.

You may be asking about the methodology used by U.S. News and World Report. Their research starts with the basic premise that a great high school must serve all its students well and be able to produce measurable academic outcomes.  They analyzed high schools throughout the nation, primarily using data from Ohio state proficiency standards for the 2007-08 school year.  They were looking for schools where students were performing better than statistical expectations, factoring in the percentage of economically disadvantaged students.

The final step in the process attempts to evaluate college-readiness performance, using Advanced Placement and International Baccalaureate test data.  Based upon the number of students who took the tests and the percentage that had passing scores, the school was then eligible for selection into the top tier of schools.

Other local schools that made this listing with its poverty-adjusted performance index are: Bronze Awards to Clark Montessori High School, Fairfield High School, Robert A. Taft Information Technology High School and St. Bernard-Elmwood Place High School and Honorable Mention to Indian Hill High School and Wyoming High School.