Net income -or what you earn after taxes, insurance and whatever- has long been the gold standard to determine whether buyers could qualify for a mortgage, auto loan, equity loan and some types of credit cards.

But like many so many of today’s standards, net income as a measurement is useless if a consumer has allowed their credit rating to drop below 600.  And many sellers are stunned to discover they don’t qualify for a mortgage on a newly purchased property- even though they’ve been making mortgage payments for years. Unfortunately a few late pays on their mortgage and only paying the  minimum on their credit card bills are signs of potential problems to lenders.  Yes you have a high “net income”  but lenders are scrutinizing every detail in today’s market.

If you currently have your home or condo for sale in the greater Cincinnati area and  think you may have some issues obtaining a mortgage- do yourself (and everybody else) a favor and apply for a mortgage sooner rather than later.

The last thing any seller wants to experience is to sell one property and not be able to secure financing on the next home.

If you need help finding a lender-call or email.

Mortgage Basics

Fairfield and Fairfield Township real estate market is smooth sailing.

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

Prices have varied only by a few thousand dollars (up here and down there)-buy not anything earth shaking. Fairfield closed 29 single family homes and 8 condos while the Township closed 19 single family homes and 0 condos.  What really stands out is the number of condos for sale in Fairfield- surely a sign that sellers need to be conscious of pricing.

Life after home buying tax credits for buyers and sellers in the  Fairfield School District is still up for grabs.  Buyers are back to circleing looking for a rebate or a great deal.

Email with questions or if you need more detailed information.

This week versus last week for metro Cincinnati real estate.

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

45208 real estate

45069 Real Estate

45040 Real Estate

45014 Real Estate

45011 Real Estate

This is the abbreviated version of the detailed information available for the zip-codes.

Click here to order your report….or call or email for details.

Press Release from:
Cincinnati Area Board of Realtors®

June Home Sales Up 7.6%;
Mortgage Rates Under 5%

Local homes sales (closings) last month — at 2,129 units — showed a 7.63% gain over the same
period one year ago, reports the Cincinnati Area Board of Realtors. The increase was due largely to closings that needed to be completed by June 30, from contracts written by April 30, in order for qualified buyers to receive a federal tax credit up to $8,000.  

In addition, June sales were up slightly over last month (+0.57%).
Nationwide, June home sales were up 9.8% from a year ago, but down 5.1% last month on a seasonally adjusted basis.
Year-to-date closings on a local basis show positive numbers on three major points:
Sales units were up 11.94%, gross dollar volume sales grew 21.35%, and average selling price climbed 8.41%.

Contributing to the average increase in selling price was due partly to fewer foreclosure sales in early 2010 compared to last year, which helped this year in the 2010-to-2009 selling price comparison.

For more detailed information-call or email me.