Kathy S. Koops
kathy.koops@cbws.com
Direct: 513-300-4090
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All About Urban Cincinnati

Information about greater downtown Cincinnati coming soon!


Should I Buy a House Now or Wait?

housing and interest rates rs

At a picnic, a wedding, golfing or just “hanging around” the 2nd most asked question is “should I buy a home now or wait?”. 

It’s a fair question if you have never owned real estate – but current homeowners (you) already have a good idea how much interest you’ve been paying on a 30 year fixed mortgage. 

But to put it in simple terms-yes with current unusually mortgage rates -now is the time to sell and buy.

Just do the math- for a 30 year fixed rate mortgage for $150,000 at an interest rate of 4.55%  (easily obtainable for qualified buyers) the table below shows what will happen when the Fed no longer has these ridiculous low low interest rates.

Interest Rate Payment 30 years of Interest
4.55% $764.59 $125,216
4.75% $782.47 $131,689
5.0% $805.23 $139,883
5.25% $828.31 $148,190
5.5% $851.68 $156,606
6.% $899.33 $173,757
7.% $997.95 $209,263

A  person today buying a home and mortgaging $150,000 @ 4.55% pays $764,59 a month and $125,216 in interest if they take 30 years to pay off the loan.
The buyer who waits and maybe gets a 5% rate will pay $805.23 monthly and additional $14,667 in interest. And the lucky person who really waits and snags a 6% interest rate will be paying $899.33 a month ($134.74 more than @4.55%) and an additional $48,541 in interest.

Add to those numbers the lower sale prices and the bottom line equals a very good time buy real estate.

You don’t have to be “right brained” or “left brained” to understand how much money you lose by waiting and that today’s real estate market is balanced favorably towards buyers.  The next consideration most homeowners grapple with is adjusting to lower sale prices on their existing properties- but if you look at the lower prices on the property you purchase-sometimes it is almost a “wash’”. 

Don’t get me wrong- for many of us it is a giant leap right now so if you need help figuring out “your numbers” call or email me now!

In case you’re wondering -the 1st question everyone asks a Realtor- “What’s my house worth?” or “”What did the neighbor’s house sell for?” – Let me know if you need those questions answered!

 

Spoken by Kathy Koops | Discussion: No Comments »

Mason’s Real Estate by the Numbers

Mason real estate clock

Did Mason’s housing market keep ticking this month?

According to the Multiple Listing Service of Greater Cincinnati:

Mason School District

Single Family

Average Price

Days on Market

Condos

Average Price

Days on Market

Actives

186

$416,336

109

106

$160,804

107

Pendings

45

$348,350

60

27

$159,008

117

Closed (01/01/10-07/31/10)

149

$282,830

79

94

$153,493

93

Data from Greater Cincinnati Multiple Listing Service

During Juy 6 condos and 24 single family homes closed.  Condo sale prices remain the same however single family homes took a tumble.  Good news is that the current listing prices have gone down a bit which means sellers are tuning into the market.

Don’t wait to find out about the state of real estate-stay current on market conditions.

Need more detailed information- email or call.

Spoken by Kathy Koops | Discussion: No Comments »

This Week in Real Estate for Greater Cincinnati

Below is the Market Action Reports for 6 zip-codes in the greater Cincinnati area – click here to order your report….call or email for details.

45208
45208
45014
45014

45011
45011

45069
45069

45233
45233

45040
45040
 
This is the abbreviated version of the detailed information available for the zip-codes.

 

 
 
 
 

  

Spoken by Kathy Koops | Discussion: No Comments »

Is It Time to Water Your Foundation?

Time to water the foundation

Just a quick reminder that while we are watering grass and shrubs- we also need to “water the foundations” of  our homes.

The rain greater Cincinnati area is approximately 3 inches below normal and the lack of rainfall leads to the soil drying up and pulling away from the foundations.  If you don’t keep an eye or a sprinkler on the potential problem- you may experience wet lower levels when the fall rainy weather arrives.

Tim Carter from Askthebuilder.com has some tips:
YouTube Preview Image

Just a little bit attention to detail now may save you a lot of problems in the future.

Spoken by Kathy Koops | Discussion: No Comments »

Real Estate Activity for Beckett, Liberty and West Chester

liberty township rs

Real Estate activity in West Chester, Beckett Ridge and Liberty Township -all located within the Lakota School District slumped in July.

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

West Chester

Single Family

Average Price

Days on Market

Condos

Average Price

Days on Market

Actives

306

$279,352

88

113

$108,478

108

Pendings

75

$250,631

76

14

$112,364

100

Closed (01/01/10-07/31/10)

319

$231,158

66

67

$101,306

124

Data from Greater Cincinnati Multiple Listing Service

Beckett Ridge

Single Family

Average Price

Days on Market

Condos

Average Price

Days on Market

Actives

12

$275,358

76

16

$98,494

61

Pendings

1

$207,500

366

1

77,900

0

Closed (01/01/10-07/31/10)

19

$191,287

68

8

$97,613

114

Data from Greater Cincinnati Multiple Listing Service

Liberty Township

Single Family

Average Price

Days on Market

Condos

Average Price

Days on Market

Actives

304

$304,589

115

3

$169,133

75

Pendings

54

$249,245

73

0

0

0

Closed (01/01/10-07/31/10)

214

$242,395

74

1

$257,683

116

Data from Greater Cincinnati Multiple Listing Service

Overall, listing and sale prices have declined-the aftermath of the end of tax credits.  Sellers seemed to have gotten the message and pricing reflects meeting the market demand.

Stay ahead of the by market by clicking here.

More detailed information about your property’s market value is available-just email or call.

Spoken by Kathy Koops | Discussion: No Comments »

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