Best Hometowns in Ohio!
January 26th, 2012 categories: Informational
Sometimes getting stuck in the waiting room has it’s advantages. For me it’s a great time to catch up on interesting material and this week the i-pad traveled to OhioMagazine.com and a great article on the Best of the Best Hometowns in Ohio.
And what do you know Lebanon, Ohio is on the list!
Anyone who’s visited historic downtown Lebanon instantly falls in love with its unique shops, cozy eating places or the possibility of owning a historic home. Situated about a 30 minute drive from downtown Cincinnati the area has (according to Yahooo) approximately 20,400 residents, the median home value is $215,000 and the median age of homes is 18 years- which reflects how you can be standing in downtown Lebanon surrounded by 100 year old buildings and minutes away sit lots of new subdivisions.
The Golden Lamb has been attracting people for decades. The historic building, antique furniture, food and hotel has been a focal point in downtown Lebanon forever. But downtown has become the new hotspot for festivals and in addition to the Blues Festival thousands of people flock to the Warren County Festival of Arts, CountryApple Fest and the Lebanon Carriage Parade & Christmas Festival.
Businesses, food and modern conveniences just around the corner and the look and feel of what downtown living and working from years past. Combine with the great location it’s no wonder that Lebanon, Ohio is frequently a winner in “Best Places”.
"On Broadway"
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Weekly Real Estate Buzz for Greater Cincinnati
January 25th, 2012 categories: Pricing
In some areas the condo market is buzzing! If you want to know where-call me.
Throughout the 4 counties (Butler, Warren, Hamilton and Clermont) 1451 condos listed for sale in the Cincy MLS. The lowest price – $7500 and the highest price- $1,950,00 with an average listing price of $158,185. Currently the average days on market stands at 153. Below is data for 6 key zip codes gives for buyers and sellers and idea about pricing, days on market and the number of single family currently listed for sale.
| 90-day stats for Condo properties in WEST CHESTER, OH45069 as of January 20, 2012 | |||
|---|---|---|---|
| Median List Price: | $95,058 | Average List Price: | $128,184 |
| Total Inventory: | 100 | Price per Square Foot: | $69 |
| Average Home Size: | 1,577 | Median Lot Size: | n/a |
| Average # Beds: | 2.29 | Average # Baths: | 2.13 |
| Homes Absorbed: | 4 | Newly Listed: | 2 |
| Days on Market: | 288 | Average Age: | 33 |
| 90-day stats for Condo properties in MASON, OH45040 as of January 20, 2012 | |||
|---|---|---|---|
| Median List Price: | $150,777 | Average List Price: | $166,956 |
| Total Inventory: | 124 | Price per Square Foot: | $81 |
| Average Home Size: | 1,910 | Median Lot Size: | n/a |
| Average # Beds: | 2.36 | Average # Baths: | 2.33 |
| Homes Absorbed: | 5 | Newly Listed: | 4 |
| Days on Market: | 212 | Average Age: | 31 |
| 90-day stats for Condo properties in FAIRFIELD, OH45014 as of January 20, 2012 | |||
|---|---|---|---|
| Median List Price: | $71,958 | Average List Price: | $74,339 |
| Total Inventory: | 96 | Price per Square Foot: | $52 |
| Average Home Size: | 1,255 | Median Lot Size: | n/a |
| Average # Beds: | 2.14 | Average # Baths: | 1.89 |
| Homes Absorbed: | 4 | Newly Listed: | 3 |
| Days on Market: | 248 | Average Age: | 19 |
| 90-day stats for Condo properties in HAMILTON, OH45011 as of January 20, 2012 | |||
|---|---|---|---|
| Median List Price: | $75,881 | Average List Price: | $82,923 |
| Total Inventory: | 30 | Price per Square Foot: | $59 |
| Average Home Size: | 1,286 | Median Lot Size: | n/a |
| Average # Beds: | 2.11 | Average # Baths: | 2.06 |
| Homes Absorbed: | 1 | Newly Listed: | 1 |
| Days on Market: | 236 | Average Age: | 50 |
| 90-day stats for Condo properties in CINCINNATI, OH45233 as of January 20, 2012 | |||
|---|---|---|---|
| Median List Price: | $104,662 | Average List Price: | $128,155 |
| Total Inventory: | 10 | Price per Square Foot: | $68 |
| Average Home Size: | 1,402 | Median Lot Size: | n/a |
| Average # Beds: | 2.12 | Average # Baths: | 2.15 |
| Homes Absorbed: | 0 | Newly Listed: | 0 |
| Days on Market: | 242 | Average Age: | 35 |
| 90-day stats for Condo properties in CINCINNATI, OH45208 as of January 20, 2012 | |||
|---|---|---|---|
| Median List Price: | $199,942 | Average List Price: | $235,676 |
| Total Inventory: | 47 | Price per Square Foot: | $103 |
| Average Home Size: | 1,954 | Median Lot Size: | n/a |
| Average # Beds: | 2.26 | Average # Baths: | 2.18 |
| Homes Absorbed: | 1 | Newly Listed: | 1 |
| Days on Market: | 283 | Average Age: | 20 |
Condos make up a fair share of the current greater Cincinnati real estate market and some areas have an abundant supply of inventory. In order to make the right decision about selling your condo- call for detailed information about your unit and complex today.
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How Are Existing Home Sales?
January 24th, 2012 categories: Sales
The National Association of Realtors (NAR) is a great resource for information about the housing market.
Soruce: calculatedriskblog.com
The headline for the graph is that the number of properties for sale declined 21.2% from December 2010 and that means we are edging closer to balanced market for both buyers and sellers. It doesn’t mean that prices have recovered to the market highs.
The next graph is the level of sales by year indicating a slight gain over the past few years.
Source: calculatedriskblog.com
Perhaps the most interesting fact is that all-cash sales comprised 31% of the purchases in December, 2011-which was up from 28% in November, 2011 and 29% in December of 2010. According to NAR, investors are responsible for the bulk of the cash sales. Unfortunately the Multiple Listing Service of Greater Cincinnati doesn’t provide data for cash sales in our area- but we’re probably fairly close to national levels.
Call or email if you need more detailed information about our local real estate market.
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Cincinnati Real Estate Offer and Counter Offer
January 23rd, 2012 categories: For Buyers, For Sellers
How would you like to walk up to your favorite piece of real estate, point at it, then somebody would it scoop up, wrap in a bag, weigh it and tell you what you owed?
Buying real estate would be as easy as buying candy!
Many of today’s real estate buyers and sellers throughout greater Cincinnati are expressing frustration about the entire process and, as an agent, I’d have to agree. Pages and pages of paperwork, confusion how the process works (or doesn’t work), short sales, foreclosures, lender requirements and the list goes on and on. Most agents I know sit down and discuss the process with both their buyers and sellers prior to ever listing or purchasing a property..but somewhere in the excitement lots of people show symptoms of what I call “selective amnesia”. Also known as – we only remember what we want to remember. Sound familiar? I’m not making fun of people with selective amnesia- at times- we all suffer from it. We just need to recognize the stumbling blocks in the real estate buying/selling process and prepare in advance.
One of the most misunderstood steps in the real estate process seems to be making offers and handling counter offers.
For some reasons buyers, sellers and some agents react very personally to offers. Of course, if you’re the seller and the offer is 30% lower than list price, the offer may seem like a personal insult.However I can honestly say that in all the years I’ve never heard a buyer or seller actually say their goal was to upset the other side by making a “low ball offer”. The best way to the “sting out of a low offer” is to take the offer as a “knock on the door” which requires a some type of response or “counter offer” from you. Responses on price can range from full price counter- which sends a signal that if the other party is serious they need to make a better offer. Or the counter offer could be as simple as a slight reduction in price. There are a number of ways of responding and the bottom line is you need to respond and keep negotiating with the goal of coming to an agreement.
Many times buyers and sellers can agree on price but hit a road block when it comes to occupancy, personal property and other miscellaneous things. As for personal items, I’m not an attorney, but I strongly discourage buyers or sellers from adding pool tables, lawn mowers, flat screen tv’s and surround sound systems (and whatever else you can think of) to the contract. This is a real estate deal and appraisers don’t like handling personal property and many deals go south because the buyer or seller gets so attached to $400 item and forgets the bigger goal of buying the $260,000 item. Problems with occupancy, closing dates, inspections are usually resolved with simple communications. Sellers who cannot vacate at closing because of: arrival of new baby, school schedules, next house isn’t built yet- should include a viable alternative in the counter offer. Staying in the house after closing rent free for 90 days is not a viable counter offer! However setting a time frame and paying to stay usually is a win win for both sides- so think about presenting alternatives that might work for both parties.
And one final thought about offers and counter offers- and I need to disclose I’m from the old school- any changes to contract is a counter offer. Sometimes I hear that a contract has been accepted but when the actual contract arrives, the dates, items of personal property or a request for a home warranty have been changed. That’s not an accepted contract- that’s a counter offer and the other party needs to initial/sign and date it before it’s a done deal.
Many years ago (in another life) I had the opportunity to take several courses on negotiation and the most important thing I learned was that the best negotiations happen when neither party walks away thinking they got everything they wanted- in short -no slam dunks.
Offers and counter offers in real estate are really all about give and take.
Now I’m wondering, if I knew then what I know now, if years ago I could have countered and made a better deal with the guy behind the candy counter? What do you think?
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Living and Working in Over-the-Rhine!
January 20th, 2012 categories: Cincinnati Ohio, Informational
Mention Cincinnati’s Over-the-Rhine (OTR) in a conversation and watch what kind of response you get!
Chances are that if you live anywhere in greater Cincinnati you have visited Over-the-Rhine. Located within walking distance of downtown Cincinnati- loosely bordered by Dorsey, Sycamore, Eleanor, Reading, McMicken, Central Parkway and Vine Streets- the area is probably best know as the home of historic Music Hall.
The School for Creative and Performing Arts
In addition these well known popular spots, the area boasts a thriving and involved business community am you guessed it – a robust residential real estate market. Apartments, condos and single family homes are available. Much of the inventory (apartments, lofts, townhomes, flats, freestanding) are located in buildings which have been totally renovated/updated throughout. However since the location has begun to bloom again -sections with empty lots are already under construction.
One example is Pleasant Street which appears to have several empty lots on Google Earth…….
…today boast several active and pending sales of for brand new homes.
Many organizations and businesses have a vested interested in helping OTR. One of the better known is 3CDC which has spearheaded several improvement projects within the area.
In addition to being able to walk or ride a bike to work or shop at Findlay Market, OTR also has a lot of activities-not only in the evening but also during the day. Check out the OTR Gateway which provides a calendar of events and activities.
Once again talk of moving into the city sparks discussion in our household-not because of actual location- but because like many boomers one person wants a house in the woods (men) and the other wants to walk out the door to get a cup of tea and grocery shop at Findlay Market.
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