Does a Day Make a Difference in Cincinnati Real Estate?
January 27th, 2010 categories: Cincinnati, Ohio, Real Estate Selling, West Chester, Ohio
Yes it does?
The story of 2 days in Cincinnati real estate. Sellers- the showing appointment you turned down on Monday- because -well because you didn’t want to make a bed or clean a bathroom. You wanted the agent and buyers to come back on Tuesday because it was more convenient for you.
Well -what a difference day can make in this real estate market. Mr./Mrs/Ms. Seller remember Monday was sunny and flowers are actually starting to sneak above ground looking for spring. Oh and the buyers you turned down went house hunting and wrote a contract on a different home.
On Tuesday, just 1 day later, West Chester, Fairfield, Mason and greater Cincinnati woke up to this- and some buyers backed away from house hunting until the roads were cleared.
Sellers (and buyers) cannot predict the real estate market so it’s important for sellers to always be ready for showings and for buyers to jump when new inventory hits the market.
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Will Real Estate Values Increase in Greater Cincinnati?
January 6th, 2010 categories: Cincinnati, Ohio, Real Estate News, Real Estate Selling
According to Housing Predictor home sales prices in the Cincinnati housing market are expected to increase by 8.8% in 2010. Good news for homeowners who have recently experienced flat or declining housing values. We ranked right near the top of the list:
In fact Ohio is predicted to have 3 strong markets in 2010- here, Cleveland and Columbus. Unfortunately Housing Predictor does not provide data for review and while activity is picking up-prices have remained flat. As the number of listings decrease prices should inch up and the tax credits will help fuel buyers and sellers through April. The thing to watch will be activity after the tax credits lapse. Stay tuned for market updates or subscribe and have them delivered to your mailbox.
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Coming January 2010-New Good Faith Estimate and HUD-1
December 16th, 2009 categories: Real Estate Buying, Real Estate News, Real Estate Selling
HUD (Housing and Urban Development) has adopted a new 3 page Good Faith Estimate (GFE) as part of its RESPA reform package. The new GFE along with the new HUD-1 form goes into effect January 1, 2010.
The goal of the new Good Faith Estimate is to limit the confusion and pricing differences that borrowers were experiencing -and that is a good move. However any changes bring confusion and as lenders and other parties phase into utilizing the new forms expects some stumbles and delays -at least through the first quarter of 2010.
Normally I would be glad to answer your questions however since this is so new the government has provided a website with updated information. Best advice if you are closing on a property early next year -plan on the actual closing taking a bit longer.
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Who Moved My Property?
December 9th, 2009 categories: Neighborhoods, Real Estate News, Real Estate Selling
Last night WCPO News ran an interesting story highlighting a frustrated homeowner who purchased a home in Hyde Park in 2001 and now finds the Multiple Listing Service of Greater Cincinnati (MLS) considers the house location as Oakley!
Talk about surprise- who moved the house? Well actually the property didn’t sneak to another location while the owners were sleeping- MLS was simply adhering to their rules by following CAGIS (Cincinnati Area Geographical Information System). CAGIS is an organization comprised of business, city and county entities (details here) working together on a shared data base.
Realtors rely on the MLS to help provide accurate address location data.
I am sure you have heard somebody describe their property in some location- Wyoming, Glendale, Finneytown -when in reality it was situated on a street near or very near the actual boundary lines. Over the years, the lines become blurred and as confusing (and probably frustrating for owners caught in the middle of the change) the location of any property needs to be decided by “neutral well informed source” and not the general public or their Realtors. (me included)
If you live in Cincinnati and want to know your exact location in CAGIS- follow the link below. Once you are on the site find Locating Tools on the left side bar, click on address and you are ready to go. Click here to get started.
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What is Almost Sold in Greater Cincinnati Real Estate?
December 7th, 2009 categories: Real Estate News, Real Estate Selling
How do know your property is considered “almost sold” in today’s real estate market?
Let’s see- you’ve had lots of showings, lots of internet page views, decent feedback from buyer’s agents, homes in your area are selling (even selling slowly counts)……but you haven’t any purchase offers. Sound familiar? Well the number one question sellers ask is “what’s wrong” and honestly a lot of the time it is usually pricing. However if pricing seems to be correct consider some of the following marketing ideas:
- Are they exterior and interior pictures up-to-date? It’s pretty amazing to house hunt on the internet and see “just listed” in the remarks combined with exterior photos showing green green grass and leafy trees. Also take a peek at interior pictures as well. Lots of photos show outside views -make sure everything is in-sync with the season.
- Showing appointments should be super simple. Today sellers who insist on numerous numbers and people be contacted prior to agreeing to any appointment are losing buyers.
- If you have been on the market for an extended period-break down and pay for a professional home-stager. Sometimes a few simple rearrangements (or major fixes) help to catch the buyer’s eye.
- And finally- cancel the contract and relist with your agent (or if you are a FSBO -do the same). There are many opinions whether a new MLS # really helps to sell the listing. I have always felt that if the seller (or agent) made steps to revitalize the listing- a new # cannot hurt the property. The best way to catch the new buyers in the market is combine “sprucing up” with at the very least- a minimal price reduction.
Sometimes the sad truth of wanting more than the market will pay at this time is the hardest challenge for sellers to face. If you are simply “testing the waters” save yourself a lot of work and delay listing your house or condo when you’re really want to sell…..the whole process becomes much easier when everybody is motivated.
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