While I am in Scottsdale I thought I would do a quick comparison of the real estate markets.   

                    
A 2 Bedroom/2 Bath with a stunning view and located in a golf community is listed for $399,000 with annual taxes of $1,235. But with no basement and just 1385 square feet it would be a tough sale in the greater Cincinnati market.Or in Beckett Ridge a 3500+ square foot, 4 bedroom, 3 full bath with a basement and a view for $469,000.  Semi annual taxes are $3948.76.

It looks like sun and low property taxes are available in Arizona and larger and moderate property taxes houses are available in greater Cincinnati.

Over the years every neighborhood has established rules.

Whether it was based on ancient law like the Code of Hammurabi or established by the developer- rules do exist.  You know, the homeowner rules- no goats, no pigs, no above ground swimming pools, no sheds, no washing machines on the front porch. 

Written or unwritten, neighbors have a code of their own- our unwritten code is to not be the first one to cut their lawn in the spring.  Last Sunday, my next door neighbor broke the rule and now the sacred game of “catch up”has begun.  Who will mulch first (the lady behind us) who will seed and water the lawn (across the street)-you get the idea.

Neighborhood codes are good and after months of barreling into the garages, neighbors are out talking to each other and the grayness winter is disappearing.  Things start to look welcoming and I see  “For Sale” signs starting to bloom- no doubt in anticipation of an improved spring real estate market.

Rules are good for neighborhoods or streets and the “catch up game” helps to improve the look of any area.  If you look out your window and don’t like what you see- be the first to start “spiffing up” your property.

The lastest flurry of bills passed in Washington has left many buyers (and realtors) somewhat confused.

The most important is the:  Homebuyer Tax Credit – The bill provides for a $8,000 tax credit available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

If you have questions about your eligibility-contact a reputable lender (or in the case of bankruptcy you may want to contact your attorney) to discuss the details.  In addition to the Federal Tax Credit many, many local municipalities within the greater Cincinnati real estate market are offering additional incentives…which is why you need to work with a lender with knowledge of the local market .

Other Sources of Information:  IRS information, John Matarese Report, National Association of Realtors “Frequently Asked Questions”

No matter how you try to sponge up and analyze the local real estate market for greater Cincinnati, there is no perfect way to predict days on market.

Many relocation companies and realtors use “absorption rate” to get a better handle on inventory supply and demand.   Loosely defined, absorption rate is how long it will take the real estate market to absorb or sell all the house in a given amount of time. 

Based on data from the Multiple Listing Service of Greater Cincinnati the following chart reflects absorption rate in months for the 4 counties and certain neighborhoods:

So if you live in West Chester, there is a 6 month supply of single family homes on the market,  Liberty Township has a 12 month supply of listings.

Soaking up all the market details can be overwhelming-need more detail on absorption rate for your area-call or email.

Related Articles: West Chester, Liberty Twp. Beckett Ridge Stats,  Mason Stats, Fairfield, Fairfield Twp. Stats

Clearly somebody did not check their calendar to ensure sunny warm weather for the first day of spring.

My desk calender indicates today is the first day of spring- I added the flower as a reminder that we should be outside wearing shorts and flip/flops.  Instead we’re wearing coats and turtle necks.

Fortunately very low mortgage interest rates and tax credits are warming up the local real market!

Pending sales from March 1st through Thursday morning indicate single family homes and condos are selling. 

According to the Multiple Listing Service of Greater Cincinnati:

The buyers are finally starting to get off the fence and write purchase contracts.  The pending numbers are still low- but the slight rise in contracts is a sign the spring real estate market may increase sales.

However, it doesn’t matter what the weather may be- if you are overpriced your “spring market” may not blossom until late fall or next winter.

Need help being proactive in this market?  Call or email.