All About Urban Cincinnati
Information about greater downtown Cincinnati coming soon!
Should I Buy a House Now or Wait?
September 2nd, 2010 Categories: For Buyers
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!
| Discussion: No Comments »
Mason’s Real Estate by the Numbers
September 1st, 2010 Categories: Mason Ohio
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.
| Discussion: No Comments »
This Week in Real Estate for Greater Cincinnati
August 31st, 2010 Categories: Real Estate Stats
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.
45011
45069
45233
45040
| Discussion: No Comments »
Is It Time to Water Your Foundation?
August 30th, 2010 Categories: Home Maintenance
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:
Just a little bit attention to detail now may save you a lot of problems in the future.
| Discussion: No Comments »
Real Estate Activity for Beckett, Liberty and West Chester
August 27th, 2010 Categories: Beckett Ridge, Liberty Township Ohio, West Chester Ohio
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.
| Discussion: No Comments »
