According to the Cincinnati Area Board of Realtors, mortgage rates have dropped 62%….since 1981. 

Before you snicker, we were one of the lucky ones in 1981 (with rates over 16%) who obtained special financing from a builder- a 14% -3 year arm.   The 2% saving was enough for us to move forward with building a home. 

Borrow $150,000 in 1981 and your payment was $1171.31.  Borrow $150,000 today and your payment is $814.42.

Many buyers are waiting for the bottom and risk missing out on low affordable interest rates.

Bottom line, if you qualify for a mortgage, this may be the time to start looking for a home or condo.  Not sure whether you are qualified -contact a reputable loan officer through your agent, bank or credit union.  If you have any questions- call or email.

Did the new year really change anything in real estate for Cincinnati, West Chester, Fairfield, Mason and surrounding areas?

Slowly but surely, homes and condos are selling.  The chart below is just a snapshot of properties which have gone pending (sold but not yet closed) since January 1, 2009.

If you don’t see your neighborhood listed and would like more information call or email.  Or if just want to stay up-to-date with the latest real estate information- subscribe.

Everbody wants great service!

So it was no surprise when Melanie Staggs sent an email introducing herself as the “Personal Shopper” for Ohio Valley Antique Mall on Rte 4/Dixie Highway in Fairfield.   The place always seem to busy- every time I drive by the parking lot is full.

But just like real estate, business is business and adding a personal shopper should help motivate people (like me) who may have an interest-but absolutely no knowledge- to shop a little more.

The Ohio Valley Antique Mallis an unique business for Fairfield and the new customer base is good for everybody in the area.

Need help- give Melanie a call @ 513-874-7855 

Related Articles:  Old is New ,  Antique Shoppers

Remember when you were a kid and couldn’t wait for snow?

Bundled up in layers of clothes heading outside to build a snowman (or snow person) or hurl snowballs at your siblings and neighborhood friends.  And, on a really good snow day, even your parents ignored discipline after you repeatedly pelted them with snowballs while they tried to shovel the driveway.

Such great memories of enjoying snow.

Well in real estate there are no fun snow days!

Most buyers will not bundle up in layers of clothes and dance along the icey roads to go look at properties until the snow stops and the driveways are snow free.

Face it- if your home is on the market- snow is your friend and your enemy.  It’s your friend because while the neighborhood kids drag snow and slop into the house- chances are nobody will attempt to make an appointment to show the property.  Snow is the enemy of real estate because it’s jams the brakes on a market that is just gaining momentum.

Oh well-it is just a few days- but be prepared.  If you have a property for sale make sure the driveway, walkways, porch (and whatever) are cleared. 

Remember, the snow will pass and the buyers will be out looking for real estate by the end of the week.

Buyers are hovering around homes in West Chester, Fairfield and greater Cincinnati Ohio- looking for the perfect spot to land.

The problem with hovering is mortgage rates may go up- stalling -then crashing your chance to land on the right property.

Today’s mortgage rates for qualified buyers (qualified buyers= decent credit scores) are hovering around 5%.  So if you are looking for a home in West Chester (average sale price $244,000) and need a mortgage for $200,000, principal and interest is $1,073.64 per month.  If the rate goes up to 6% the payment jumps to $1,199.10.   The difference is approximately $126 a month or $1512 a year (or $45,360 over 30 years).

Hovering in a buyer’s market is only good as long as both interest rates and housing prices are going down. 

 Given the number of showings and contracts currently flying around the office- I think we are seeing the bottom on  housing prices.  If you want to wait and see how much lower interest rates will go- you may have a valid argument for circling.  But what will happen if mortgage rates go down and housing prices stabilize and begin to increase?  The net effect may be the same monthly payment on a smaller home.

Everybody wants to buy low and sell high- just make sure your real estate hovering doesn’t create such a large dust cloud that you miss your chance to land on the right piece of real estate at the right price.