thecincyblog is out of order until further notice.

This morning I snapped on the television to catch the morning news and …..found myself listening to blues music.  Somebody moved my station!  It may take several minutes, hours or days to sort out where my favorite TV shows now reside.

Hopefully nobody changed the address to my house – and at least the newspapers are in the right place.

First time home buyers often deal with tons of issues and unknowns when purchasing real estate.  Part 1 covered questions buyers need to ask before starting the process.  Part 2 started to answer dealt with the basics and today’s article is zeroing on the buyers and the buying sphere of influence. 

Many years ago when I started in the business a “mature agent” told me…..the decision maker sits in the front seat of your car- so pay attention.  Well you can understand my doubts about the veracity of the statement when a twelve year  jumped in to rode shot gun.   Fortunatley (or unfortunately) he tended to be the final decision maker for that particular purchase. 

So you are thinking about buying house or condo- who will be sitting in the front seat?

• The actual buyer(s)- if there are 2 or 3 of you- decide who has the final say.  House hunting can be very frustrating and if no one can make a purchase decision- well you get the picture
• Parents or grandparents- I am all for parental support -if it is support and not a distraction.  Family members are great at helping new buyers visualize decorating and many are good at figuring out what if any of the repairs or upgrades might cost.  Family members who instill fear, jealousy and genrally display a total  lack of knowledge about the housing market are not much help to anybody.
• Your friends and coworkers mean well- and you need to take their comments under consideration- but remember who is buying the house or condo (you). 

Choosing a realtor (unless you are buying a For Sale by Owner) is the final part of the equation

• Recommendations are common in our industry and it’s a great way to find a realtor with  a known track record.  Friends, family, coworkers and bosses are great sources for suggestions.  Thank them for their recommendations- but investigate on your own.  There are a lot of great agents-you don’t need to work with somebody if you are not totally comfortable with their business practices and communication skills.
• Lots of buyers meet their agent while roaming through open houses.  Open houses provide an easy way to gauge the agent’s personality, follow up skills and overall market knowledge.
• Listing agents often end up representing buyers- because the buyer met them at an open house or called them about the property.  This is known as dual agency- where the agent has a fiduciary responsibility to both the seller and the buyer.  Make sure you understand and are comfortable with dual agency before committing to work with the agent.
• Since 80%+ of the buying public begins the process online-many agents are found through web sites or blogs.  (For obvious reasons I am OK with bloggers) The agent selection process may begin via email and continue for some time before you actually meet face-to-face.  Once again, you (the buyer) need to feel confident about your selection.

Honesty is always the best policy for buyers and agents- if you are uncomfortable working with me (or any agent) tell them.  If the problem cannot be resolved, shake hands, part friends and move on.  All Realtors have access to the same Multiple Listing Service databases but some buyers think there is an advantage to using several Realtors at the same time to shop for homes in the same area…..this often leads to confusion and questions about who is really representing the buyer.

Bottom line – buying a piece of real estate requires decision making.  First time home buyers need to decide who is, the decision maker, the impact of their “buying sphere of influence”  and which agent will represent them.  If those decisions are made before you start serious house hunting- the whole process will be much easier.

Still not sure about buying now or buying later- call or email.

Related Articles: What Buyers and Sellers Should Know; FHA-Common Questions; About.com; Tax Credit

Sunday September 6th at 3:00pm the Rubber Duck Regatta begins.

As part of the annual Riverfest, the Rubber Duck Regatta splashes into the Ohio River with a mass a yellow rubber duckies- floating toward the finish line- where the winner gets a car and all the money raised goes directly to the Freestore Foodbank.

It’s a win/win for everybody.  Don’t forget to buy your ducks.  Remember your donation will help your neighbors. 

Owning a piece of real estate is part of the American dream.

In part 1 of “First Time Home Buyers in Cincinnati”, there were some questions first time buyers of real estate should be asking themselves.  For the first time in my lifetime (no snarky remarks -please) critics are challenging the concept of home ownership as part of the American dream.  The Wall Street Journal published an article “The New American Dream: Renting”  by Thomas J. Surge challenging the ideas about home ownership.  Today potential buyers spend hours and hours on the internet looking at homes and condos with the intent of eventually making a purchase.

So today’s blog will address the first set of questions-

1. Why are you buying a home or condo?
2. Can you really afford to purchase?
3. Did you sit down with a lend and get preapproved?

#1- are you really ready to purchase or are you feeling pressured because family and friends think you are wasting money on rent?  It is amazing how many buyers are unsure why they are house hunting. Take some time to think through the motivation for buying real estate -long before you start the process. 

#2- and # 3 are related-somewhat.  Many buyers “qualify” for a loan but really cannot afford to purchase.  The lifestyle change required to meet monthly mortgage payments (principal+interest) taxes, insurance, utilities and upkeep is not for everybody.  Buyers need to review personal budgets and do some soul searching.  The current $8,000. tax credit has been the deal maker for many buyers- allowing them to stay within budget and maintain their lifestyles.

#3- buyers often call me wanting to bolt out the door and look at a home in West Chester or Cincinnati or a condo in Mason.  The first question I ask is whether they have contacted a lender to obtain a preapproval?  The answer is usually no- and they don’t want to talk to a lender until they find a property.  Talk about taking the backwards approach to real estate- go look at house, fall in love with it -then find out you cannot qualify for a mortgage to buy it.  Get smart and get preapproved.  As the housing market picks up, great properties are selling quickly- and unqualified buyers don’t have a chance of bidding because no seller in their right mind would tie their property up for a buyer without money.

First time home buyers have a lot of opportunities available to them in today’s real estate market- take the time to answer the questions before going to the next step.

Stay tuned for part 3.

Questions or comments- call or email. 

Related Articles: What Buyers and Sellers Should Know; FHA-Common Questions; About.com; Tax Credit

To buy real estate or not to buy?   This is the question.

Many readers have emailed requesting a guide or work sheet for first time home buyers.  It’s a great idea- but every first time home buyer is not created equal and my attempts to write down guidelines usually end of up almost as thick as the yellow pages. Whether you live in West Chester, Liberty Twp, Fairfield or greater Cincinnati there are too many details and way too many what ifs!  So for the sake of brevity and ease of use -I’m going to try a series of articles for first time property buyers.

Some questions for first timers:

1. Why are you buying a home or condo?
2. Can you really afford to purchase?
3. Did you sit down with a lender and get preapproved?

Things to think about when purchasing real estate:

1. Can you afford to maintain interior and exterior?
2. Do you like to cut the lawn, weed, paint, caulk and shovel snow?
3. How long do you think you will be residing in the property?

Who is (are) the decision maker(s):

1. You (the actual buyers)?
2. Your parents or grandparents?
3. Friends or coworkers?

How do you find a realtor?

1. Recommendation?
2. Open House?
3. Listing agent?
4. Web site or blog?

Each real estate deal is unique! 

Buying real estate can be a fun and frustrating experience and usually the process and usually proceeds along a path of: of -house (or condo) hunting, writing a purchase contract, negotiating contract, inspections, lender requirements, appraisals, negotiating again after home inspection, securing property insurance and closing the transaction.

Stay tuned for part 2.

Related Articles:   What Buyers and Sellers Should Know;  FHA-Common Questions; About.com; Tax Credit