Living in Southern Ohio builds offers a lot of advantages- great housing at affordable prices, easy access to freeways and airports, Midwestern charm, non-stop allergies and let’s not forget “Radon”.

For those of s who have lived here for awhile, Radon is just a shoulder shrug- often forgotten until somebody mentions they had high radon levels in their home.  Last Saturday’s Wall Street Journal had an interesting and informative article written by Gwendolyn Bounds ”My $1,200. Radon Job” which was a good reminder that while it isn’t the first upgrade job homeowners want to do- it is a good idea to get tested and mitigate any problem.

I do not pretend to be an expert on Radon.  However, any home purchase in our area should have a radon test.  Sellers would be wise to have a whole house inspection and a radon test prior to marketing their properties.  This sort of proactive marketing minimizes unpleasant surprises for everybody. 

There are a variety of Federal Government and Ohio websites with detailed information about radon with links to more sources:  EPA Map of Radon Zones  , Radon and Real Estate , The U.S. Environmental Protection Agency site on Radon, and Ohio Department of Health  Radon in Homes .

Be an informed consumer- go to the state and/or federal web sites for information and make sure you have a qualified radon inspector perform the test for radon.  If you have questions call 513-300-4090 or email.

Share This

This week’s magazine stands are overflowing with articles offering real estate advice for home sellers and buyers.                                                                                                
 

There is no shortage of “how to’s” needed to survive in today’s roller coaster real estate market.  In the Home section of the May issue of Money Magazine a bold “For Sale by Any Means” article reviews several old and new strategies for getting your home sold.  One suggestion about “swapping properties” has been covered on TV news and in the press- and while it sounds great- it has not caught on in our market. 

There are additional articles covering topics such as enhancing curb appeal, finding a good mortgage broker, and the best places to buy homes today.

The current issue of Cincinnati Magazine is loaded with information about surviving in the “rough real estate market” and includes all sorts of “how to”, “what if” articles as well as statistical details about neighborhoods.

No I am not a reviewer for real estate articles.  The average consumer has access to a multitude of magazines, newspaper articles, tv shows and friends all suggesting if a seller just follow “50 steps” “8 inexpensive makeovers” “10 ways to entice buyers”…that  their property would sell instantly.

Sellers need to sort out what “ideas” are appropriate for our local market and not waste time and money on the wrong “fixes”.

Shop your competition!  Today there are 13,042 single family homes and 2,386 condominiums listed for sale in the Greater Cincinnati Multiple Listing Service.  Do you know how many are competing with your property in the same price range, same amenities, same schools?  The buyers know all the details as they do comparison shopping on the internet and then in person.  

Read “3 Key Words in Real Estate” spell out why pricing is still the most important element in real estate.  Don’t over improve your property and expect today’s buyers to pay for your investment.

Put your consumer’ hat on and decide if there was a choice of several very similar products - would you purchase the most expensive one?

Magazines, newspapers, cable shows all have great ideas and insights into today’s real estate market.  Make sure you are utilizing this information overload to your advantage.

Need help figuring out what to improve before listing your property?  Give me a call at 513-300-4090 or send an email.

Share This

This morning’s Wall Street Journal had an interesting article on “Why Lenders Are Leery of Short Sales“. 

In articles posted to “thecincyblog” I have tried to educate consumers on:  “Crucial Sort Sale  Advice for the Greater Cincinnati Area“, “Foreclosure Assistance“, “How To Understand The Mortgage Mess” and “4 Truths About the Subprime Bailout“.  And while the article in the Wall Street Journal fairly represents the lender’s point of view, I think it fails to address the failure of mortgage servicers and their investors to look at the “big picture” and act accordingly.

3 reasons Lenders should jump at short sales are:

1. A bird in the hand is worth- what?  Lenders who stall on short sales and ultimately lose the buyer(s) are not only losing money they are losing equity.  The National Association of Realtors as well as any realtor will provide you with statistics indicating the longer a property remains on the market the lower the selling price.
2. Empty properties cost the investors more than occupied properties.  Homes that fail to complete the transaction during the “short sale” period may end up as vacant properties.  As a former relocation company employee, I can tell you that empty homes are expensive to maintain and give birth to a host of problems which may be costly to repair. 
3. The short sale you ignore may impact other nearby properties that your investors currently “own”. 

As an investor I am always reminded to cut my losses and move on- perhaps these investors should heed the same advice.   

The servicing companies need to leverage the eyes, ears and noses on the ground.  Many real estate brokerages have departments/ groups/individuals  who are equipped to handle vacant and or damaged properties.  Keeping the property in good shape will aid in a future sale and may provide the “neutral” resource to determine value.

Finally, the second mortgage/home equity investors need an incentive to stop holding “short sale” contracts hostage to 100% recovery of their investment.  Many mortgage holders are willing to negotiate a reasonable deal only to have the contract fall apart due to 2nd (and in some cases 3rd, 4th…) lien holders balk at any deals.

What do you think about the current mortgage situation?

For more information call 513-300-4090 or send an email.

Share This

This past weekend I had the pleasure of working with F.F.T.H.B.’s.  No this is not some new real estate program, or a tour bus driving around looking at foreclosures…I was working with “Focused First Time Home Buyers”. 

In today’s housing market many buyers are hovering waiting for a better deal to come along.  The home of their dreams sells to somebody else, because it was priced right and a Savvy Buyer jumped on it.  If you believe everything you read and hear about today’s real estate, buyers think that homes can be purchased for about half of what they are worth.

While that may be true in many markets, Cincinnati, West Chester, Mason , Fairfield and the surrounding markets in southwest Ohio have been not experienced the horrible losses (nor have we had quantum leaps in appreciation).

Buyers need to understand that while mortgage rates remain stable, a well priced property will sell, while they are still thinking about making an offer.

So what made F.F.T.H.B.’s so much fun to work with….well:

• Preapproved loan
  • They did their homework and had approval letters from 2 lenders- a great signal to the seller that they were prepared to buy the property.
• Lots of internet “leg work”
  •  In addition to properties I was sending, they were weeding through a lot on their own.  Based on their searches, we were able to narrow down the areas and focus only on homes that met their needs
• Flexibility- willing to look at properties that did not meet all their “wants”
  • Too often a property is eliminated from the search because it is missing a key component -like a 3rd full bathroom, over-sized garage or a fenced yard.  By looking at all the options, the best house may have a lot of extra features-plus the space to put the extra bathroom, add to the garage or put up fencing and still meed price criteria.
• A sense of humor
  •  Just like warning on your car’s side view mirror, things may not look same as their photos on the internet.  Wide angle lens and photoshop can distort reality- so don’t get discouraged if the house does not match expectations.
• Willingness to negotiate
  • While the price is important, there are several components to the purchase contract which may affect how your offer is viewed.  Earnest money, down payment, days until closing, occupancy are usually important to sellers.
• Staying on track with contract dates
  • Congratulations you purchased your new home- let’s not forget to get inspections, loan applications and approvals, and anything else with a time-frame completed within the time-frame spelled out in the contract.

F.F.T.H.B.’s only comprise 10% of today’s buyers what are you doing to put yourself in the driver’s seat?

Need help getting organized before you start house hunting, call 513-300-4090 or email.

Share This

They are the typical hunters laden with checkbooks, cash and credit cards….hunting for the right piece to add to their collections!  In search of the “great deal” they will be driving from all over to Fairfield, Ohio.

Last February I wrote a short blog about the “Ohio Valley Antique Mall” and was totally surprised by the emails and calls trying to track down more information.  Good news, the mall is officially opening on Friday, April 25th @ noon. The “Celebration” (schedule) runs the whole weekend and will bring welcome traffic to area businesses on Route 4.  I have yet to drive by the  Mall without seeing lots of cars in the parking lot so I am guessing there will be many antiquers making the trek from Friday, April 24th through Sunday, April 27th.

So if you are in the area watch out for the antique hunters scoping out the Ohio Valley Antique Mall for their trophies.

Share This