Greater Cincinnati Home Invetory Down to 2006 Levels
December 3rd, 2009 categories: Cincinnati, Ohio, First Time Buyers, Real Estate Buying
A quick check of the Multiple Listing Service of Greater Cincinnati 12,454 Active Listings (single family homes and condos). The last time we experience the number of active listings below 13,000 was in January, 2006 when we had 12,900 homes/condos on the market.
Buyers who have been house hunting for the past several months can tell you- there aren’t a lot of new listings and newly listed properties- that are priced right- are selling quickly.
The continuation of the Home Buyer Tax Credit (for first time home buyers and repeat buyers) combined with low mortgage rates provides the perfect real estate storm”. Sellers waiting for spring market-might want to reconsider and seize the opportunity to sell now.
If you need more information to make a decision-make an appointment now.
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Just the Facts on the Home Buyer Tax Credit(s)
November 21st, 2009 categories: First Time Buyers, Real Estate Buying, Real Estate Selling
There is a lot of information floating around about the recently passed home buyer tax credit bill. The Cincinnati Area Board of Realtors produced a useful informational piece about the extension as well as details about the credit for “repeat” buyers. For current property owners, the repeat buyer could be just enough of an incentive to move on to your next home.
See sections of the article below:
“Congress just recently voted to extend the tax credit until April 30, 2010.
Eligibility requirements have been broadened to make the money available to both first-time homebuyers and “repeat” homebuyers who have owned a home as their primary resident for at least five of the past eight years. For most people, maximum qualifying earnings is based on their adjusted gross income (see line 37 on the 1040 federal tax form).
In most situations,single buyers can now earn up to $125,000 per year and get the full credit; and joint filers can earn up to $225,000 per year. The credit decreases for single buyers who earn between $125,000 and $145,000 and for buyers filing jointly who earn between $225,000 and $245,000. Home buyers earning more than the maximum qualifying income – over $145,000 for singles and over $245,000 for couples – are not eligible for the credit.
In either case, you must have a binding purchase contract no later than April 30, 2010, and you must close the transaction by June 30, 2010.
Any home you purchase will qualify for the credit, provided the purchase price does not exceed $800,000. This includes single-family detached homes, condominiums and other residences. However, you cannot receive the tax credit if you purchase a home from other family members: your parents, grandparents, children, grandchildren, or your spouse’s family members.
Congress’ decision to extend the credit and expand it to a larger home buying group is indeed good news for everyone; not only prospective homebuyers, but home sellers, Realtors, lenders and our community at large. Economists estimate the tax credit has already contributed about $22 billion to the general economy, and a total of about two million people will take advantage of the tax credit. The extension and expansion will make it possible for more individuals to take advantage of the low interest rates and affordable prices, and most importantly, invest in their future through home ownership.”
—Reported by the Cincinnati Area Board of Realtors®
The Board also provided a simple table explaining eligibility:
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Record Setting Year for First-Time Home Buyers
November 18th, 2009 categories: First Time Buyers, Real Estate Buying, Real Estate Stats
According to the National Association of Realtors the results of the NAR Survey indicates that first-time home buyers are fueling the real estate market.
- 47% of all Americans who purchased a home this year had not previously owned one during the previous 3 years
- The rate for first-time buyers has increased from 41% in 2008 and 36% in 2006.
- The first-time buyer tax credit (now in effect for contracts written prior to May 1 2010) gives a credit up to $8,000 which can be deducted from income taxes.
Sellers thinking about waiting until the spring market should evaluate the impact of first-time home buyers and may decide to list now. Questions or concerns about the local real estate market- let me know.
Related Articles: First-Time Home Buyers-CNN Money; Real Trends
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Grants for Grads Helps Buckeyes Buy Real Estate
October 20th, 2009 categories: First Time Buyers, Real Estate News
The State of Ohio is trying to keep more of its citizens in Ohio after college.
On Monday the Ohio Finance Agency (OFA) announced that the Grants for Grads program was open for business. Recent college graduates, including those earning postgraduate degrees, can now receive down payment and closing cost assistance and a favorable mortgage interest rate through OHFA’s Grants for Grads Program. Eligible borrowers can use the grant to reduce the out-of-pocket expenses associated with buying a home.
If you are an income-eligible first-time homebuyer, graduated from an Ohio high school and have earned an associate, bachelor’s, master’s, doctorate or other postgraduate degree within the last 18 months, you can take advantage of the Grants for Grads Program. Income restrictions for the program limit income by area (see chart) so the income a grad wanting to live in Hamilton county could not exceed $69,200 in non targeted areas and $83,040 in targeted areas.
Like many other programs this one has a hook- in order to qualify for the grant the buyer must maintain residence in Ohio for at least 5 years- or pay back a portion of the grant. The aid comes in the form of a mortgage loan that’s forgivable after 5 years.
some of your up-front costs, you may still be required to contribute some money as well.
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September Real Estate Activity for Greater Cincinnati Market
September 22nd, 2009 categories: First Time Buyers, Real Estate News, Real Estate Sales, Real Estate Stats
I took a quick look at real estate closings for single family homes and condos during the first half of September. Since many geographic areas fall within school districts, the data is broken down by school district. Remember, most of the closings happen during the last week of the month - so you should expect a large increase in these numbers.
As many buyers are timing their purchases to close at the end of November in order to qualify for the the First Time Home Buyer Tax Credit- the closing numbers in October and November should increase significantly.
A word of caution for FHA and VA buyers- as noted previously- new condo approval regulations may delay your closing. If you are using FHA or VA mortgages make sure to get a list of approved condo complexes or plan on adding several weeks to your anticipated closing date.
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