The gold standard used by Wall Street and others to track the national housing market is the Case-Shiller Index.  Both the New York Times and the Wall Street Journal are reporting mixed results for the housing market.  The Case-Shiller tracks 20 metro markets throughout the country- while Zillow is tracking 143 cities and the mixed results in the key locations indicates that while there are pockets of recovery in the housing market – housing prices and sales are still below a few years ago. 

Many greater Cincinnati sellers already know -housing prices are still low and it’s important to remember that real estate is “local”- so have a good Competitive Market Analysis  (CMA) and make an informed pricing decision.

Is March Madness affecting the housing market?

As the teams prepare for next weekend’s match up….buyers have 30 (+) days marching toward the tax credit deadline of April 30th.  To qualify for the credit properties must be under contract by April 30th and close by end of June.  Prices seem steady with minor ups and downs each week. …and judging by the showing and open activity some people are getting the message to “do something soon”.

Below is the Market Action Reports for 6 zip-codes in the greater Cincinnati area:

45011

 45014

 45040

 45069


45208

45233


This is the short version of the detailed information available for the zip-codes- call or email for detailed reports.

Recently RIS Media ran an article highlighting a problem Realtors have been dealing with for some time.  Debt ridden homeowners have been pleading with their lenders to accept “short sale”deals assuming that once the property is sold- the debt problem disappears.   And while short sales usually provides the first mortgage holder with money or the property as collateral-behind the scenes holders of the 2nd mortgages and home equity loans have been selling your debt in order to recoup more money. 

So, in some cases,  after the closing the sellers are  pursued by the new note holders (of 2nd mortgage and home equity loans) and/or their collection agencies.

If you are in a “short sale” or “foreclosure” position- make sure to obtain legal advice- so you don’t end up with more debt than you planned.

Need help- call or email.

 Today there’s, literally, tons of information available to buyers with instructions on “how to” buy real estate.

The articles, books and information on the internet provide a wealth of details and great ideas…but sometimes buyers read too much and don’t think for themselves. 

So what it’s worth buyers should avoid the following danger signs:

1. Ignore a house because it is priced slightly higher than others in the neighborhood.  
   -  Take a look at the property -if it meets all your requirements- make an offer.  Sellers have been known to negotiate with buyers.  What a shame to skip a great home because it is priced just a bit higher than the neighbors.
2. Skip having a whole house inspection performed by a professional. 
   -  All properties have potential problems (very few are really deal breakers) so be a smart and informed buyer.
3. Utilize a lender that can only be contacted via the internet.
   - Hard to believe but many mortgage lenders are eager to take you application (and money) but never return phone calls after you write a purchase contract.  Ask around and/or check with BBB about potential lenders.

Everybody could probably add to the list – but keeping it simple by combining common sense and real estate buying  makes the transactions a whole lot easier.

Yesterday the Cincinnati Area Board of Realtors released a press release:

According to this morning’s article in the Enquirer, the housing market was hurt by February’s record snow fall, however prices were up.

The housing market needs to quit crawling and learn how to stand on its own again.

We’ll never learn to walk again if we don’t address the core issues affecting the soft real estate market.  What are the issues? Well too much inventory, skittish motgage lending, and the turtle pace at which many lenders deal with their stacks (and stacks) of short sales and foreclosures. And lets not forget to also address the economy which has 6.5 million borrowers struggling with late mortgage payments.  On April 5 some of the “short sale” properties should become easier to sell with the implementation of HAFA. 

The one place we can help each other is with the housing inventory.  The buyers are out there and when they perceive value-they do write contracts. (look at February all that snow and people were house hunting)  Sellers need to have adequate market data in order to make informed pricing decisions. The sooner we can sell some of the housing stock that has been listed for more than a year- the sooner we will see a balance in real estate between buyers and sellers.

Learning to walk again requires patience, practice and something to hang on to.  Don’t wait practice to long before making a purchase decision-low fixed mortgage rates may not be with us forever.