The golden rule in business is to never talk about politics or religion.
I agree with the rule and though the “bailout” has become highly political-the problem is really financial and the outcome affects everybody.

Last night on ABC News, Robert Kruwich had a short animated segment “An Animated Look at the Credit Crunch”

This animated look at money flow provides a good insight into why financial problems impact the real markets in West Chester, Fairfield, Mason and greater Cincinnati. If there isn’t any money- then buyers cannot secure mortgages to purchase real estate.

Less money means less demand for all products- including real estate and Stacy Johnson, Our Money Editor, explains “Housing Turn Around Supply and Demand” 

I don’t know if the answer to the problem is the rescue of financial institutions and/or for qualified* home owners heading into or already in foreclosure -new mortgages on property at current market value**. *Qualified= owners with a good credit rating who cannot afford the higher interest rates of their current mortgages.  ** What the property is actually worth in today’s market. 

Until Washington comes to a decision, real estate in greater Cincinnati is business as usual.  Buyers should obtain loan approval -pending contract and appraisal- before they start house hunting.  Sellers need to watch supply and demand and be realistic about pricing.

Stay tuned for future reports on the impact on our local real estate market.

Your comments and questions are always welcomed.  Comment below, call or email.

Habitating- verb; give back to community, learn how to build and have fun.

It’s Habitat (Habitat for Humanity) time again and I drove to Kentucky and learned (once again) that I’m “hammer challenged”. But I did learn how to cut and hang “styro” insulation. I also had the opportunity to work with fellow agents and our loan officer.

Randy (orange shirt) and the “professional volunteers map out the work list.

Shelly Mangus showed off her “circular saw” skills.

Angela Rose worked on prepping the framing for drywall.

Kevin Herthel -simultaneously framing a wall and handling loan issues.  It’s unusual to  find a loan officer swinging a hammer.

Randy- Habitat’s Building Foreman- a man with endless patience and a sense of humor.

Housing sales and prices are plummeting….just a little.

This morning’s Cincinnati Enquirer Article covering the local housing market is full of doom and gloom.  And yes, we are in a housing slowdown, but if you look at the numbers-properties continue to sell.

Let’s take a look at 14 days of real estate activity for single family homes in a few areas:

Without going into great detail, in most areas sellers continue to put their properties on the market and buyers are buying.  During the last 14 days it appears that real estate is really moving in Beckett Ridge, Hyde Park, Liberty Township and Mason.  Next week the numbers could just as easily show spurts in other neighborhoods.

The latest Real Trends commentary on the real estate market touched key points:

• “….the key point here.  The longer that sellers and real estate professionals put off pricing homes at today’s market the longer the period of time it will take for the market to recover.”
• “Real Trends believes that the market bottom is still in the future as closings of home sales weakend in August from July.”

Mortgage rates remain low and money is available for qualified buyers.

As Wall Street and Washington DC contiue to grapple with bailout issues, the buying public is standing around waiting for some sign to jump back into the stock and real estate market.  Meanwhile, in greater Cincinnati there are buyers househunting today-who will buy a home/condo in the next 30 days.

The “silver lining” is for the sellers who priced their property for the “next buyer”…and have sold and/or will sell their properties…and move on. 

 It’s a bird! It’s a plane….it’s…..nope it’s the Goodyear blimp.

As I pulled into the garage late yesterday I heard engine noises overhead.  Looking up and expecting to see a small plane- I was surprised to see the Goodyear blimp floating in the sky.  Alas the Butler County Auditor found another way to raise everybody’s assessments again.

Actually, I think they were enjoying the wonderful weather and the beginning of the fall season.

Thinking about bidding on a foreclosed property in Cincinnati, West Chester or Fairfield?

If you are thinking about getting a deal at a Sheriff’s Auction or by some other means- have you thoroughly researched the property prior to making a bid?

In today’s real estate market most buyers have no clue about property liens. 

What is a lien?

In simple terms- a lien is ”a charge on the property to satisfy a debt or other obligation.” (Article) The mortgage is the most common form of real estate lien.   In 95% of the real estate transactions in our area,  buyers and sellers sign documents at the closing-then the title company files the mortgage note (lien) at the courthouse.  If you purchased an Owner’s Policy of Title Insurance at the closing, the policy helps to protect you from any prior liens that may have been missed during the title search.

Other examples of common liens are: equity loans, 2nd mortgages, home owner association dues and, of course, federal and state taxes.  (there are several other types of liens too)

Foreclosed properties often have a variety of liens and many buyers unwittingly assume once the first mortgage holder is paid- the job is done.

So if you are thinking about bidding on a foreclosed property and don’t how to conduct a thorough title search at the courthouse -contact a title company (or call your realtor to get the name of contact) to ensure you aren’t bidding on a “lien machine”.

There are deals to be made in this real estate market- remember to take the time to investigate before making a bid.