Cincinnati had the fewest foreclosures for the Ohio metros in 2007.

In an article The Cincinnati Business Courier reported yesterday that according to RealtyTrac’s ranking of 2007 metropolitan foreclosures- Ohio had many cities in the top 20, but Cincinnati had the lowest foreclosure rate of the state’s major cities.

Reuters had provided more comprehensive view of the same report offering some insights into the country’s worst markets.  No surprise that greater Detroit, Michigan market is the worst in the country….echoing the woes of the automotive industry which dominates the employment market for area.

The weak markets throughout the country means that sellers in Cincinnati receiving contracts from out-of-town buyers may need to extra steps to ensure they do not to sell their home in order to close on their purchase here.

If you need more details about the “domino effect of selling” in today’s market-call or send an email. 

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According to The National Association of Realtors®                  

New FHA loan limits by March 14

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Sellers are calling with questions about the current market and how to price their homes. 

There are 2 components to pricing and your agent will review all the details with you.

The one you are most familiar with is the CMA (Competitive Market Analysis) a canned report available from the MLS (Multiple Listing Service) which provides details about homes currently on the market (actives), homes with contracts that have not closed (pendings), closed deals and usually expired listings- houses on the market that did not sell. 

The CMA is only one component used to correctly price your property.  The second, and I feel the most important component is reviewing the absorption rate.

Absorption Rate is a calculation of how long it will take for all the homes to sell (absorbed) based on the number of properties available divided by the number sold in the last twelve months.  The number is important to sellers because you want to price your house correctly in order to attract the next buyer in the marketplace. 

The current absorption rate (in months):

• Hamilton County  8.5

• Clermont County  8.3

• Butler County  7.75

• Warren County  8.45 

The next time you walk into the grocery store and try to imagine your house as a product on the shelf!

Think about how would you price and position your “product” to grab the buyer’s eye?

Call or send an email if you need detailed on absorption rates for your neighborhood.

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According to NAR (National Association of Realtors) 48% of all home buyers go to open houses!

So if your home is currently listed by a Realtor and/or are a FSBO (For Sale by Owner), you need one great open house every 3-5 weeks.

Many sellers fall into one of two categories for open houses, they either want it open every week or no open houses at all. Remember a balanced approach to open houses is needed in order to maintain buyer interest. It is true statistically that very few properties sell during an open house, however there are intangible benefits that cannot be measured or tracked.

Think back about the time you purchased your current home. Did you rely solely on a realtor to find a property- or did you cruise neighborhoods and the internet looking on your own? Perhaps you weren’t even thinking about moving and happened to drive by an open house and decided to stop and take a peak. The “moving juices” were activated and, as a result of an impulse stop at an open house, you ended up moving.

How well your house presents itself is entirely up to you!

Hopefully your realtor has give you some feedback or you have watched enough “fix up” shows on tv -if not, here are some tips:

1. Clean up everything and everywhere. Drag out your digital camera and take pictures of shelves in closets, or bookcases in family room. If pictures look crowded and messy to you…..you get the picture.
2. Touch up paint or repaint anywhere with nicks, smudges or gouges.
3. No sticky surfaces anywhere in the kitchen.
4. Vacuum and mop.
5. Clean windows inside and out.
6. Get rid of extra furniture and stuff- you probably aren’t planning on moving with 8 extra rooms of furniture stored for various family members- so donate it now.
7. Clean out the garage.
8. Air out your house- especially in colder weather.
9. Recheck the front walk, front porch, front door and garage door for dirt.

Now it is time for the Open House- do not light heavily scented candles, or scented oils- strong scents turn many buyers off. Leave lamps or lights on. Open drapes/blinds/shades and let the light shine in.

Since it is still winter and you have a beautiful rose garden- don’t be afraid to leave a few pictures out on the table.

Just prior to the open house- take your pets, kids and leave! Anxious sellers tend to crowd interested buyers. Your agent will provide feedback from the day’s visitors.

Great events don’t happen- they need planning and attention to detail.

Take some time to ensure your property is picture perfect for all showings and especially for the open house. If you need some help getting ready or have any questions call or send an email.

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Press Release from the Cincinnati Area Board of Realtors:

December new pending sales, year-over-year, slipped 17.2% locally, but improved to off only 4.1% last month.  Nationally, December year-over-year pending sales were off 24.1% 

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