Real Estate Information

Tired of paying so much in taxes?  Think your house value is too high for property taxes in these Ohio counties, Hamilton, Warren, Clermont and Butler? Many people in Southwest Ohio think it is...and they may be right!

First step in this process is to look up the value placed on your property by the county auditor.  Here are the sites to go to:

• Butler County Auditor
• Clermont County Auditor
• Hamilton County Auditor
• Warren County Auditor

Now compare the values placed upon your home to that of sales within the last 18 months in homes surrounding yours.  Next. compare the square footages of those sales to your home.  If there seems to be a substantial difference, you may want to consider trying to reduce your taxes with an appeal.

There will be several seminars designed to educate you about your right to challenge the valuation placed upon your home by the local county auditors.  Ohio law gives you a legal right to challenge your valuation.  Wouldn't it be nice if you could reduce your taxes!

Free seminars are being held by the law firm of Finney, Stagnaro, Saba & Patterson.  They will go over the process of filing an appeal and possibly reducing your taxes or even getting a refund.

• Tuesday, January 12 - 6-7:30 p.m. at Crossroads Community Church, 3500 Madison Road, Oakley
• Tuesday, January 12 - 6:30-7:30 pm at Indian Hill Church, 6000 Drake Road, Indian Hill

Many real estate agents have also taken classes about the process and can assist you.  The Cincinnati Team will be happy to give information and advice, if you need help.

The Cincinnati Observatory Center (COC) is known as The Birthplace of American Astronomy. It houses one of the oldest working telescopes and was the first public observatory in the western hemisphere. the observatory is on the National Register of Historic Places.

It was founded by Ormsby McKnight Mitchel, a Professor at Cincinnati College in 1842, by generating public enthusiasm for astronomy.  He must have been persuasive, because he organized the Cincinnati Astronomical Society with over 300 shareholders. He was able to purchase the main telescope, an 11-inch Merz and Mahler refractor for $9000, a huge sum at the time.

The site of the original observatory was a 4 acre lot at the top of Mt. Ida, some 400 feet above the City of Cincinnati, on land donated by its owner, Nicholas Longworth. On the 9th of November, 1843, the cornerstone was laid by John Quincy Adams, former President of the United States. It was at the dedication that Adams gave his last public speech. Mt Ida was renamed Mt. Adams following this event.

Mitchel's dedication and enthusiasm for the science of astronomy has led to his being named the "Father of American Astronomy."  The Observatory's early history was difficult with pressures from a depression, lack of funding and the Civil War.

When a new director was named, the Observatory was moved to the country in Mt. Lookout, because of the clouded night skies up the hill from Cincinnati's heated air, smoke and coal dust.  (Both Hyde Park and Mt.Lookout claim the Observatory in their literature.)  In 1871 the University of Cincinnati took over its operation.

In 1997 the Cincinnati Observatory Center was formed as a volunteer committee dedicated to revitalizing and preserving the Cincinnati Observatory and its historic setting.  They currently have a long term lease to the building and grounds from the University.

The broad-based community volunteer group has revitalized educational programs and increased interest in the study of astronomy in the Cincinnati area.

The historic buildings are designated as a National Historic Landmark, and the grounds provide a serene, park-like setting while still being centrally located in the city of Cincinnati.

Future Galileos - Starry Messengers Project

The Cincinnati Observatory has a program to award 60 quality telescopes and training for 60 individuals or teams to become astronomy ambassadors and further astronomy education in the Cincinnati area.

 Sled Riding

By the way...this is a great sled riding hill!

 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!