Housing Market

Cincinnati Housing Market

CABR Press Release – Sept. Sales Up Nearly 9%

Friday, October 21st, 2011

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.

Tags: CABR, CABR Press Release, Cincinnati Board of Realtors, Cincinnati Board of Realtors Press Release, Cincinnati Homes, Cincinnati Housing Market, Cincinnati OH, Cincinnati Ohio, Cincinnati Real Estate, Cincinnati Realtor, Hamilton County, Hyde Park, Mt. Lookout, Norwood, Oakley
Posted in Buy a House, CABR Press Release, Community, First Time Home Buyers, Getting Ready to Sell, Housing Market, Mortgages, Real Estate | No Comments »

Don’t forget to focus on cost. Don’t just focus on price.

Thursday, August 25th, 2011

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).

Tags: Cincinnati Homes, Cincinnati Housing Market, Cincinnati OH, Cincinnati Ohio, Cincinnati Real Estate, Cincinnati Realtor, Hamilton County, Home Sale Tips, Interest Rates, It's Time To Buy, Mt. Lookout, Norwood, Oakley, Real Estate
Posted in Buy a House, First Time Home Buyers, Homes, Housing Market, Real Estate, Real Estate Agent | Comments Off

Cincinnati Press Release: July Home Sales Up 19% From A Year Ago!

Thursday, August 18th, 2011

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.

Tags: CABR, CABR Press Release, Cincinnati Board of Realtors, Cincinnati Board of Realtors Press Release, Cincinnati Homes, Cincinnati Housing Market, Cincinnati OH, Cincinnati Ohio, Cincinnati Real Estate, Cincinnati Realtor, Housing Market, Hyde Park, Mt. Lookout, Norwood, Oakley, Real Estate
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First Time Home Buyer Guide

Wednesday, August 10th, 2011

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

Tags: Cincinnati Board of Realtors, Cincinnati Homes, Cincinnati Housing Market, Cincinnati Ohio, Cincinnati Real Estate, Cincinnati Realtor, Hamilton County, Mt. Lookout, Real Estate
Posted in First Time Home Buyers, Homes, Housing Market | No Comments »

June Home Sale Statistics from the Cincinnati Board of Realtors

Thursday, July 21st, 2011

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.

Tags: CABR, CABR Press Release, Cincinnati Board of Realtors, Cincinnati Board of Realtors Press Release, Cincinnati Homes, Cincinnati Housing Market, Cincinnati OH, Cincinnati Ohio, Cincinnati Real Estate, Cincinnati Realtor, Hamilton County, Housing Market, Hyde Park, Mt. Lookout, Oakley, Press Release, Real Estate
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Cincinnati Housing Market Outlook: Better times ahead

Thursday, May 26th, 2011

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/

Tags: Cincinnati Board of Realtors, Cincinnati Homes, Cincinnati Housing Market, Cincinnati OH, Cincinnati Ohio, Cincinnati Real Estate, Cincinnati Realtor, Hamilton County, Housing Market, Hyde Park, Mt. Lookout, Neighborhood Statistics, Oakley, Real Estate
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Will the Cost of Buying Increase Even If Prices Fall?

Tuesday, April 26th, 2011

From www.KCMblog.com
by THE KCM CREW on APRIL 20, 2011

We have discussed the proposed modifications to the mortgage process several times in this blog already. We want to make sure our readers understand the potential impact to the cost of financing a home these changes will have. The cost of buying a home may increase even if prices continue to soften. The total cost of a home is determined by two factors:

– the price of the property
– the expense of financing the purchase (assuming you are not paying all cash)

Check with a local real estate professional to determine where prices are headed in your region for the type of home you are considering. However, even if prices are predicted to soften further in your area, the COST of the home may rise because of increased expenses in financing. These expenses could increase rather dramatically.

Interest Rates

Interest rates have remained at historic lows for over a year. As the economy improves, there will be less need for the government to keep rates low. Many are predicting interest rates will increase from 1/2 point to 3/4 of a point before the end of the year. We may also see an additional increase in rate for loans deemed ‘less qualified’.

New Mortgage Standards

The government has proposed a new definition for a ‘qualified residential mortgage’. The new standard would set a bar much higher than we have today. Anyone not meeting these requirements would not be eligible for the ‘best’ rates available. What could be the difference in interest rate? In a white paper released last week by a group that included the Center for Responsible Lending and the National Association of Realtors:

Some private estimates have concluded that 5 percent risk retention could result in a three-percentage point rise in interest rates for loans funded through securitization. In other words, today’s 5 percent market would become an 8 percent interest-rate market.

Even if the rates for these loans are only one percentage point higher than the best rate, the additional cost to a buyer could be dramatic.

Impact of Interest Rates on Mortgage Payment

The interest rate you receive obviously plays a big role in determining your monthly mortgage payment. How big a role? Here is a chart showing how your payment is impacted even if home prices fall:

Bottom Line

You may have delayed your home purchase decision because of concern over where PRICES may be headed. To make the best financial decision for you and your family, also take into consideration where the overall COST of the purchase may be headed.

Tags: Cincinnati Housing Market, Cincinnati Ohio, Cincinnati Real Estate, Cincinnati Realtor, Cost to buy Real Estate, Hamilton County, Hyde Park, Mt. Lookout, Oakley
Posted in Housing Market, Mortgages | No Comments »

Press Release Cincinnati Area Board of Realtors®

Thursday, April 21st, 2011

April 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 in March Off Slightly
Using 3-Year Rolling Average

Local home sales – even without the benefit of a tax credit program from a year ago – did relatively well last month.

March sales totaled 1,477 homes. Using the recent 3-year March average of 1,487 sales, activity last month was off only 0.7%. Comparing March 2011 to March 2010, sales were off 7.34%.

March 2009 1,389
March 2010 1,594 (increase was influenced by a tax credit incentive for home buyers)
March 2011 1,477
3-year avg. 1,487

Statewide, housing sales were off during the first quarter of this year compared to the similar period in 2010. That’s due largely to Ohio’s first-quarter unemployment rate of 9.6%. That said, Cincinnati still beat the other three major market areas in Ohio housing sales during the 2011 vs. 2010 quarterly comparison:

Cincinnati -1.65%
Dayton -6.64%
Columbus -7.28%
Cleveland/Akron -8.97%

All of Ohio -4.96%

“Low mortgage interest rates are still in a buyer’s favor,” said Pete Kopf, president of the Cincinnati Area Board of Realtors. A 30-year fixed rate loan this week averaged 4.91%. That compares to 5.25% one year ago. “Lower mortgage rates have a definite impact on housing affordability,” said Kopf.

A recent Cincinnati-vs.-USA comparison shows that local home buyers have 49% more buying power than the average national buyer. That takes into consideration median income, housing prices and monthly mortgage payment. Cincinnati was favored in all three metrics.

In addition, the local unemployment rate last month dropped to 8.9%, the best reading since January 2008. The number of people without jobs in the 15-county region dropped below 100,000 for the first time in 25 months. “These are positive trends that should help boost the local economy and housing market,” said Kopf.

Kopf said that spring buying is in full gear with an ample housing inventory, but admitted that bank lending (qualification) standards have tightened somewhat.

“If you can jump through the hoops to get a mortgage – and there will be hoops — then this is an amazing time to purchase real estate,” said Robert Stein, the former head of the Treasury Department’s Office of Economic Policy. “There are going to be a lot of people kicking themselves a few years from now because they didn’t take advantage of the low (housing) prices and low mortgage rates.”

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

Nationwide, March home sales were up 3.7% from February on a seasonally
adjusted basis, but down 6.3% from March 2010.

Tags: CABR Press Release, Cincinnati Board of Realtors, Cincinnati Board of Realtors Press Release, Cincinnati Housing Market, Cincinnati OH, Cincinnati Ohio, March 2011 Cincinnati Housing Market
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Show & Sell Open House Weekend!

Friday, April 8th, 2011

This weekend, April 9th & 10th, is the Cincinnati Area Board of Realtors Annual open house weekend. With over 3000 open houses scheduled, it’s a great time for buyers and browsers to get out and see what Cincinnati’s housing stock has to offer.

You can research dates and times of local open houses at http://www.comey.com/re/search.

Or you can come by and see me on Sunday between 12:30 and 2pm at 2152 Julie Terrace in Reading! http://www2.comey.com/displaylist.asw?listnum=1259297&mls=mls_cincy&page=1

Tags: Cincinnati OH, Cincinnati Ohio, Cincinnati Real Estate, Hamilton County, Housing Market, Hyde Park, Oakley, Open House Weekend, Real Estate, Show and Sell
Posted in Buy a House, Housing Market | No Comments »

Make Sure Your Real Estate News is Local

Monday, April 4th, 2011

Have you been thinking about purchasing a home this spring/summer? Have you heard the old real estate saying “it’s all about location, location, location”? When listening to national news sources talk about the terrible the real estate market, it is important to remember that it is a very broad statement. The Cincinnati market or our “location”, continues to be a stronger, more active real estate market than most parts of the country. Real estate prices are city/neighborhood and street specific and it’s important to get you facts straight before making any big purchase.

If your in the market for a new home and would like some neighborhood information about local prices, please don’t hesitate to email me or give me a call.

Channel 9 WCPO just posted a great article about what’s going on with Cincinnati real estate.

http://www.wcpo.com/dpp/news/news_archives/ten-years-later%3A–cincinnati-housing-market-slowly-rebounding

Tags: Cincinnati Housing Market, Cincinnati OH, Cincinnati Ohio, Housing Market, Hyde Park, Oakley, Real Estate
Posted in Buy a House, First Time Home Buyers, Housing Market | No Comments »

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CABR Press Release – Sept. Sales Up Nearly 9%

Don’t forget to focus on cost. Don’t just focus on price.

Cincinnati Press Release: July Home Sales Up 19% From A Year Ago!

First Time Home Buyer Guide

June Home Sale Statistics from the Cincinnati Board of Realtors

Cincinnati Housing Market Outlook: Better times ahead

Will the Cost of Buying Increase Even If Prices Fall?

Press Release Cincinnati Area Board of Realtors®

Show & Sell Open House Weekend!

Make Sure Your Real Estate News is Local

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Cincinnati Real Estate

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Rusty ToddSales Vice President

Company Info

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Find Local Homes

Market Recap

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Ask Me a Question

market alert newsletter

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Interesting Sites

Rusty Todd
Sales Vice President