Fannie and Freddie Say “Show Me the Money”
October 21st, 2008 categories: Cincinnati, Ohio, Real Estate Buying, Real Estate News, West Chester, Ohio
People in Cincinnati and West Chester who want mortgages will need 5% more of their own money starting December 13, 2008.
As a response the current sub-prime mortgage mess, the new Fannie Mae mortgage lending guidelines will require borrowers have more invested in their properties.
Mortgage money is available, but if you have been sitting on the fence waiting for the real estate market to bottom out…think about increased down payment requirements as well as the upward creeping mortgage interest rates.
The home you fell in love with last week may never be a better buy than right now!
Call or email if you questions. Talk to your loan officer/lender to determine the impact of the new Freddie and Fannie guidelines and then make an informed decision.
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Is Your Real Estate Ready for Autumn?
October 19th, 2008 categories: Cincinnati, Ohio, Fairfield, Ohio, Real Estate News, West Chester, Ohio
The beautiful fall foliage is appearing everywhere….letting us know that cooler weather is on the way.
So is your real estate ready for fall?
No, I’m not talking about caulking, raking leaves and stacking wood.
If you are selling your home or condo- are the pictures in the Multiple Listing Service (and all the web sites) reflective of the season?
In today’s real estate market in Cincinnati, West Chester and Fairfield, many homes are on the market for an extended time period.
Pictures taken in May of your lush green grass and trees stick out like a sore thumb when buyers are shopping on the internet.
Or perhaps nobody has updated photos for a very long time.
As the seasons change, agents and sellers (FSBO’s) need to take a few moments to review pictures and update both interior or exterior pictures as needed. Quite often a new front exterior picture is taken- but the backyard and view from windows is still showing another season.
When cruising the internet for real estate, many buyers make up their minds in a matter of a few seconds….don’t lose your the opportunity to catch their attention.
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Can Joe Six Pack Obtain a Mortgage?
October 15th, 2008 categories: Cincinnati, Ohio, Fairfield, Ohio, Real Estate Buying, Real Estate News, West Chester, Ohio
If you believe the media, there isn’t any mortgage money available anywhere!
According to the politicians and the news, the average citizen “Joe Six Pack” cannot get a mortgage to buy real estate in Cincinnati, West Chester or Fairfield….
Well that story is just plain false.
Qualified buyers are not experiencing any difficulties getting approved for a home loan.
So if you are thinking about buying a home or condo in the next 6 months- pick up the phone and call a reputable loan officer and start the loan approval process now.
A good loan officer will do a thorough credit review, and if it needs to be improved- offer you counseling on how to improve your FICO score.
Remember higher FICO scores mean better interest rates for you!
If you need the name of a good loan officer- call or email me.
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What’s Your Opinion on the Bailout and Cincinnati Real Estate?
October 6th, 2008 categories: Cincinnati, Ohio, Real Estate News, West Chester, Ohio
Many of you have called or emailed asking for my view of the bailout and the impact on real estate in the greater Cincinnati area.
I’m flattered…but have to admit I have mixed emotions about the “whole mess”. Obviously, any time government intervention is required the problem is never crystal clear. In order to clarify my ideas- I had a mock interview with myself.
Interviewer: Do you think the bailout will have a positive or negative impact on real estate in West Chester, Cincinnati, Fairfield and the 4 county area?
Me: Yes!
Interviewer: Do you think the bailout is the way to go or is there a better way to handle this financial mess?
Me: Yes!
Interviewer: Well you seem to be evading most of my questions- do you have an opinion or are you unsure about the results of the current legislation?
Me: Yes!
As you can see I’m as conflicted about the current (and I think long term problem) as everybody else.
How this all will all shake out -nobody really knows.
I do know, for qualified buyers, there are some great bargains in real estate. For sellers, who think they are losing money, the house you’re buying will probably cost less too!
If you have questions or need real estate advice call 513-300-4090 or send an email.
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Related Article: How the Financial Crisis Impacts Cincinnati Real Estate
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Is the Local Cincinnati Real Estate Market Chugging Along?
October 3rd, 2008 categories: Beckett Ridge, Cincinnati, Ohio, Liberty Township, Ohio, Real Estate Buying, Real Estate News, Real Estate Selling, West Chester, Ohio
In spite of the daily deluge of nasty economic news, the greater Cincinnati real estate market is chugging along.
Think of our real estate market as an old train grinding its way slowly up the side of a mountain eventually reaching it’s destination….despite all the lurching, groaning and creaking.
Everybody on the train will arrive at their destinations- but the “ride” will not be comfortable or hassle free.
Mortgage money is available- for qualified buyers. New real estate listings appear everyday and buyers are house hunting!
In the last 30 days, homes and condominiums in greater Cincinnati, Ohio continue to sell.
Pending sales for the last month:
Good news is that Washington may get its act together and begin to reassure investors. The bad news is that it will take some time for the “fix” to trickle down to main street. However, remember- real estate in West Chester, Hyde Park, Mason and the rest of the area continues to sell. So if you are thinking about buying or selling real estate - now is the time.
If you need help or questions answered- feel free to call or email.
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