HUD (Housing and Urban Development) has adopted a new 3 page Good Faith Estimate (GFE) as part of its RESPA reform package.  The new GFE  along with the new HUD-1 form goes into effect January 1, 2010.

The goal of the new Good Faith Estimate is to limit the confusion and pricing differences that borrowers were experiencing -and that is a good move.  However any changes bring confusion and as lenders and other parties phase into utilizing the new forms expects some stumbles and delays -at least through the first quarter of 2010.

Normally I would be glad to answer your questions however since this is so new the government has provided a website with updated information. Best advice if you are closing on a property early next year -plan on the actual closing taking a bit longer.

Low mortgage rates keeping buyers interested in real estate.

So you ask- what’s happening in real estate throughout greater Cincinnati area. For a quick look at Market Action Reports by zip-code see below:

45011

 45014

45040

45069

45208

45233

Conditions are the same as last week with some areas showing an increase (slight) in list prices, while other locations are decreasing (slightly). A good indicator of what is going on is DOM or Days on Market. All the areas in the report have very high number of days on the market.

This is the short version of the detailed information available for the zipcodes- call or email if you would like the details.

Related Articles: Last Week’s Stats

The lisitng price for single family homes in both Fairfield and Fairfield Township take a slight dip!

According to the Multiple Listing Service of Greater Cincinnati real estate activity is shown below:

Data from Greater Cincinnati Multiple Listing Service

Data from Greater Cincinnati Multiple Listing Service

Sellers in Fairfield sold/closed 26 single family homes and 13 condos during November while Fairfield Township sold/closed 20 single family homes and 1 condo. Both the City and Township experienced far fewer closings and the listing prices  -except  for condos in the Township - are in step with with the slower market. 

Related Articles: October Stats; Updated Home Buyer Credit Information

Condo sales volume for the greater Cincinnati real estate market is showing some signs of life.  Both Butler and Warren county closings are nearly equal to 2008- which is a good omen for sellers.

Interest rates remain at historical low levels- I know you are tired of hearing the phrase-but they really are unbelievably low. (Freddie Mac Mortgage Rate Comparison Chart) The extension of the first time home buyer tax credit as well as some incentive to sell and buy again will continue to spur activity.

Condo sellers need to be aware of the FHA and other government guidelines which may impact sales and price accordingly.

Pricing and marketing assistance is available -plan ahead if you are going to list your condo or home soon.

Related:  2008 vs 2009 Single Family Homes

Data from Multiple Listing Service of Greater Cincinnati

Home sales volume lagging from 2008….but it could be worse.

Review of 4 surrounding communities around greater Cincinnati (Butler, Clermont, Hamilton, Warren) shows that overall dollar volume is below 2008 level- but not nearly as much as many other markets throughout the midwest.  Data from various zip codes reflects a slight increase in listing prices which flys in the face of the realities of our current market.

Detailed information about your particular area is available upon request.