Real Estate Sales
Is Cash King in Cincinnati Real Estate?
August 23rd, 2010 categories: Real Estate Sales
Does cash really make you a king in real estate? For one buyer in greater Cincinnati $3,200,000 in cash purchased an Indian Hill palace.
The greater Cincinnati area is experiencing the same phenomenon that many other cities are experiencing – an increase in real estate buyers paying jaw dropping amounts of cash to buy a home.
According to the Multiple Listing Service of Greater Cincinnati from January 1st through August 10th of this year- 75 single family homes and 16 condos with sale prices of $300,000 and above have sold for cash in Hamilton, Butler, Warren and Clermont counties. The highest price home sold for $3,200,00 and highest priced condo for $842,026. Don’t take this the wrong way, metro Cincinnati is by no means moving toward a “cash driven real estate market”- but cash deals do happen in our area.
Last year during the same timeframe 62 single family homes and 14 condos were cash deals. The highest priced home was sold $4,500,000 however the tax records indicate a holding company was the purchaser- so I’m guessing somebody is going will eventually sub-divide the lots and build more homes on the property. The winner in the condo category sold for $1,500,000.
While it may seem “to good to be true” there’s always a “slim chance” in our area that the buyer will offer cash and yes we’ll probably take a 2nd and 3rd look at the contract to ensure somebody didn’t check the wrong box.
Don’t forget that cash buyers need to provide similar information as a buyer with conventional financing- proof the funds required to close are readily available. The information needs to be provided by a reputable source such as a bank, trustee, lawyer or investment firm.
Cash is only king-if you actually have the money to close on time.
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Are Single Family Homes Selleing in Greater Cincinnati?
August 20th, 2010 categories: Real Estate Sales
Good news for sellers in all 4 counties in metropolitan Cincinnati. According to the Multiple Listing Service of Greater Cincinnati, sales volume is up for 2010 as compared to 2009.
However, as the chart below indicates, increased sales volume doesn’t convert into huge price gains for sellers.
Single Family Sales by County
| 2009 | 2010 | |||
|---|---|---|---|---|
| # Units | Avg Sales Price | # Units | Avg Sales Price | |
| Butler | 1889 | $140,398 | 1900 | $148,656 |
| Clermont | 952 | $165,775 | 1052 | $168,802 |
| Hamilton | 4524 | $143,573 | 4477 | $162,911 |
| Warren | 1156 | $218,728 | 1196 | $214,822 |
In Warren County, the average sale price has actually decreased and the # of houses sold is down for Hamilton County.
Real Estate is selling, but sellers need to stay on top of the market and price accordingly.
If you need help figuring out today’s real estate realities- call or email me now.
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R U Confused About Conflicting Cincinnati Real Estate Information?
August 13th, 2010 categories: Real Estate Sales
Well join the party. It’s a well known fact that we hear what want to hear (I’m guilty of it too) and the article in Thursday’s morning Enquirer by Lisa Bernard Kuhn lit up my cell phone.
Sellers now think they can raise their listing prices-not.
Sellers read the newspaper and saw the word increase. Well the article was based on a routine report released by the National Association of Realtors Chief Economist Lawrence Yun with details about existing home sales in metropolitan markets (See Report) and it highlights a big problem for Cincinnati sellers. Yes there has been an increase in the sales volume -but sales prices has actually decreased since 2009.
So while we all hear what we want to hear- sale prices have actually decreased during the last 12 months- so sellers shouldn’t plan on raising their asking price anytime soon.
If you need help determining the “right price” for your property-let me know- real estate is local and you need to understand the real estate economy for your specific area/suburb.
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June Homes Sales in Metro Cincinnati
July 23rd, 2010 categories: Cincinnati Ohio, Real Estate News, Real Estate Sales, West Chester Ohio
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.
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Real Estate Happenings in Mason
July 19th, 2010 categories: Mason Ohio, Real Estate Sales, Real Estate Stats
Has the end of the home buyer tax credit affected Mason’s housing market?
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 |
194 |
$428,592 |
100 |
107 |
$162,074 |
102 |
| Pendings |
33 |
$283,741 |
67 |
11 |
$153,545 |
134 |
| Closed (01/01/10-06/30/10) |
149 |
$275,969 |
79 |
88 |
$153,164 |
96 |
Data from Greater Cincinnati Multiple Listing Service
Sellers of single family homes do not appear to be reading the market well- listing prices are up and sold/closed prices were down in June. However pending sale prices have jumped- so perhaps a trend is beginning…either way keep an eye on absorption rates and prices. The condo market prices remain consistent with the previous month.
Don’t be a real estate slacker-stay current on market conditions.
Need more detailed information- email or call.
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