Cincinnati Real Estate

October 20, 2011

Contact: Pete Kopf, CABR President, 513-871-4040 [office], 513-235-3867 [cell]

Gene Snavley, CABR Exec.Vice President, 513-543-2211 [cell]

September Sales Up Nearly 9%;

Local home sales for September – at 1,419 units – were up 8.9% over September 2010. It was the third month in a row of increased sales.

Last month’s average price was $ 151,015, compared to a year prior of $ 155,097. Average price for the first 9 months of 2011 was $153,209 compared to $159,260 the same 9 months a year ago.

“Home affordability and low interest rates continue to be the driving forces for home sales in the greater Cincinnati market,” said Pete Kopf, president of the Cincinnati Area Board of Realtors. “Times are tough with economic uncertainty, but this is a great time for first-time home buyers and move-up buyers to take advantage of our extremely affordable market.”

At a current interest rate of 4.25% for 30 years, the monthly payment for an average priced home of $ 151,015 would be $743. When you add in the income tax benefits, it only makes sense to buy vs. rent today,” says Kopf “Interest rates today are very low and today’s buyers are taking advantage of these rates while they last.”

Today, the greater Cincinnati housing market has 9 months of available inventory compared to 11 months a year ago. A balanced housing market has 6 months of inventory. Buyers have the advantage in today’s market with the amount of inventory available. This means that sellers must reasonably price their homes to compete with other sellers and their property needs to be kept in good condition to generate buyer’s interest.

Summary of Single Family and Condominium Sales

Multiple Listing Service of Greater Cincinnati

Cincinnati Area Board of Realtors®

Nationwide, September home sales were down 3.0%o from August on a seasonally adjusted basis and up 11.3% from September 2010. Sales slowed in September of 2010 from the effects of last spring’s home buyer tax credit.

I came across this article today and thought it deserved a reprint. With interest rates at a near 50 year low and home prices down off of 2005-2006 highs, it’s a great time to buy!

Why They Are Saying to Buy A Home Now
by The KCM Crew on June 14, 2011 http://kcmblog.com

Despite what appears to be a non-stop wave of tough news regarding real estate, four major media players have come out this month with the same advice: It Is Time to Buy a Home! Here are the four articles and a breakdown as to why the advice makes sense.

The Wall Street Journal: Why It’s Time to Buy

CBS Money Watch: Why the Time to Buy is Now

Forbes Magazine: 9 Reasons to Buy a House Now

National Public Radio: For Many, It’s Still a Good Time to Buy a Home

With prices continuing to depreciate in most regions of the country, some may wonder why these four entities are suggesting to their readership that now is the time to buy. Each organization realizes that PRICE is not as important as COST. The cost of a home can go up even if prices continue to fall. Unless you are an all cash buyer, you must take into consideration the expense of mortgaging when calculating the full cost of a home. Here is some information to consider.

Interest Rates
Currently, interest rates sit at historic lows. However, Fannie Mae, Freddie Mac, PMI and the National Association of Realtors are all projecting approximately a 1% increase in mortgage rates over the next year. A one percent increase in rate negates a ten percent fall in prices.

Lending Standards
The government has proposed a tightening of lending standards called Quality Residential Mortgage (QRM). If accepted as proposed two things will happen:

The qualification process for loans will become more difficult
The cost of a loan will increase

Bottom Line
There is a reason more and more financial organizations are suggesting to their followers that now is the time to buy a home: because the cost of purchasing a home is about to increase (even if prices continue to fall).

Press Release
Cincinnati Area Board of Realtors®
The following press release was sent to the local media today at 10:20 a.m.
August 18, 2011
Contact: Pete Kopf, CABR President, 513-871-4040 [office], 513-235-3867 [cell]
Gene Snavley, CABR Exec.Vice President, 513-543-2211 [cell]

Home Sales Hit 1,571 in July;
Year-to-Date Sales Reach 9,800

Home sales locally last month totaled 1,571 units, with a $166,351 average selling price.

That represents a 19% increase in sales from a year earlier when a surge in spring sales – due to a short-term federal home tax credit — advanced some of the normal July 2010 sales to a few months earlier. Accordingly, it makes the year-over-year July sales not a true apples-to-apples comparison.

That said, sales last month were still favorable. It brought the total 7-month 2011 sales to 9,800 units and a total dollar sales volume of $1.48 billion.

“Home affordability, right now, is at the best of this year,” said Pete Kopf, president of the Cincinnati Area Board of Realtors.

He’s referring to current mortgage rates, now at a 2011 low of 4.25% for a 30-year fixed rate home loan. It peaked at 5.09% in mid-February. The difference now saves a buyer about $50 a month, or $600 a year, in housing payment for each $100,000 of home loan.

Kopf said “When you add a low mortgage rate to attractive housing prices and a good inventory of houses on the market to choose from, it’s a three-way win for buyers.”

Please click this link to read the article in its entirety.

If you’re considering purchasing your first home I recommend FrontDoor.com’s first time home buyer’s guide. On their site you’ll find valuable information regarding the different steps of the purchase process and negotiating tips. If you’d like to talk in more detail about the process, please give me a call.

Link to Guide

Does this house look familiar? It’s the Dude’s abode from the movie The Big Lebowski. These six historic one bedroom cottages are located in Venice California. Owning this property would be a great conversation starter, but it’s definitely not for everyone at it’s $2,295,000 asking price.

The full listing can be viewed at Bulldog Realtors website: http://www.bulldogrealtors.com/pages/property_detail/venezia-606.html

Are you sitting at your desk today thinking, “I really wish I could find the perfect lighthouse to buy in Ohio”? If so, you’ll need to hurry up to get a bid on this gem up for auction thru the GSA Office of Real Property Utilization and Disposal.

The 60 foot white and black striped tower is located in Conneaut, Ohio and marks the entrance into the Conneaut River from Lake Erie.

It’s not too common to see lighthouses for sale, but another larger Lake Erie lighthouse did sell about a month ago for around $72,000.

As of posting the current bit is $7000. For more information please visit http://1.usa.gov/oK2THM

Press Release
Cincinnati Area Board of Realtors®

The following press release was sent to the local media today at 10:20 a.m.

July 20, 2011

Contact: Pete Kopf, CABR President, 513-871-4040 [office], 513-235-3867 [cell]
Gene Snavley, CABR Exec.Vice President, 513-543-2211 [cell]

Home Sales Reach 1,781 in June;
Median Sale Price Inches Up 1.5%

Thanks to continued low mortgage interest rates and overall housing affordability, there were 1,781 home buyers last month in the local area.

That’s down 17% from a year ago, but at that time there was a $6,500 to $8,000 federal income tax credit for qualified home buyers. That boosted sales in June 2010.

Pete Kopf, president of the Cincinnati Area Board of Realtors, said “Considering there is no home tax credit this year and a 9% unemployment rate, we think that having 1,781 home buyers last month is a testament to the belief that home ownership is a good thing in the public’s minds.”

The average home sale price last month was $166,303, only a 3% dip from a year ago. The median sale price actually rose by 1.5%, to $132,000. The median price is the mid-point in the overall price range of sales.

Mortgage rates have held below 5% this year. They averaged 4.59% in June, compared to 4.78% a year earlier. Lower rates and attractively-priced inventory help home affordability, due to lower monthly mortgage payments.

Another advantage for home owners, as usual, is the deductibility of mortgage interest and property taxes from their taxable income. That means they pay less in federal income taxes. Renters don’t get that advantage. A homeowner also realizes – eventually – that their house will be fully paid for, which is great for retirement planning. Renters never have a residence that is paid for, which could be a detriment to retirement years.

“Smart buying is going on today — 1,781 home buyers proved that just last month,” said Kopf. “With home affordability at a record high (dating back to 1970), the smart trend of home buying will continue.”

Summary of Single Family and Condominium Sales
Multiple Listing Service of Greater Cincinnati
Cincinnati Area Board of Realtors®

June Home Sales

Year-to-Date Home Sales

Nationwide, June home sales were down 0.8% from May on a seasonally
adjusted basis, and down 8.8% from June 2010. Sales surged in May and
June of 2010 in response to the home buyer tax credit.

If you’ve worked with an Ohio Realtor you know there are a few questions your agent cannot answer. Ohio real estate law prohibits agents from commenting on how “safe” a neighborhood is or on if a home is in a “good” school district. I know this frustrates some buyers, but if you think about it, these are very subjective questions. As a Realtor I have been asked these questions many times. My opinion of what is a “safe” area or what is a “good” school district may not be the same as my clients. Everyone has different needs and opinions of what is “safe” or “good”.

The good news is that I can help you get answers to your questions. Crime statistics are readily available from the Cincinnati Police website and thru Trulia’s new crime maping program.

There are also excellent statistics and reports available to help you choose a school district for your child. These can be found thru the State of Ohio at http://ilrc.ode.state.oh.us/

I’m about five days late with this, but it’s still worth posting. The Enquirer published an article about the Cincinnati housing market and they display a breakdown of pricing in many of our neighborhoods. It can be depressing to view the median price change numbers between 2006 and 2010, but the good news is that many neighborhoods are showing signs of recovery.

According to the article: “For the first four months of this year, overall sales in the region have trailed 2010 levels – falling 9.6 percent in Southwest Ohio and 14 percent in Northern Kentucky. But sales and prices so far are edging just ahead of 2009, which didn’t have incentives to inflate the numbers.”

To view the full article please visit http://news.cincinnati.com/apps/pbcs.dll/article?AID=/AB/20110520/BIZ01/105220302/

Whether your looking for a Cincinnati home or investment property, I’ve got some great deals for you. Check out my new listing and price reductions below:

New Listing

3771 Hyde Park Ave in Oakley – Tastefully updated brick 3 story traditional home with an open floor plan that’s great for entertaining. This home has 4 bedrooms, 2.5 baths and a large kitchen that includes granite counters and an island with lots of usable space. Two car garage. Two system zone HVAC. Walking distance to Oakley and Hyde Park Square. Priced at $469,000.

Price Reductions

3013 Lavinia in O’bryonville (Evanston) – Located 1 block off of O’Bryonville, you’ll love the location! Close to great restaurants and shopping. This large 5 bedroom home has newer carpet, replacement windows and the interior was recently painted. This home is currently rented for $1100 per month and could be a great home or investment property for your portfolio. Price reduced to $99,000.

4015 Carter Ave in Norwood – Great home! This 5 bedroom 2.5 bath home would work well for owner occupancy or a Xavier rental. Large rooms, fresh paint on the interior, 2 car garage! This home is currently rented to Xavier students for $1500 per month. Price reduced to $119,000.

Other Great Listings

3818 Floral Ave in Norwood – This 4-bedroom Floral Ave. home is move-in-ready with neutral paint, rich inlayed wood floors, a signature red door and plenty of curb appeal. Accents include a 2nd-floor bay window, pocket doors and a rebuilt front porch. Well-maintained. Priced to sell at $174,900.






2152 Julie Terrace in Reading – This well-maintained 4 BR home is conveniently located and across from Mt. Notre Dame High School & near Cross County Highway. The home has wooded rear yard privacy and a great layout. Many updates over the last few yrs. 1st fl laundry, part fin LL game room. Priced at $171,900.