Real Estate Outside of West Chester, Fairfield and Cincinnati Ohio
June 10th, 2008 categories: Area Employers, Real Estate News, Relocation
No big surprise- most of the housing markets east of the Mississippi River are experiencing slight price declines.
I just returned from a great meeting with real estate/relocation people representing major cities from Florida to New York. The information was fairly uniform, slightly declining housing prices, problems with constant media attention on the worst markets, foreclosures and how employers are dealing with transferees who are upside down with mortgages.
The good news, sellers are beginning to adjust their prices, subsequently there is a slight uptick in pending sales in most markets.
No mad rush on real estate, but a picture of the market finally adjusting pricing to meet demand. (sort of like the stock market)
Consensus of the group is that foreclosures will continue to impact all markets. There is no easy fix and for many borrowers-”a bail out” will only delay their problems. The markets with big home owner associations (HOA), such as Florida are feeling the pain of foreclosure. Foreclosed property owners do not pay the association fees-leaving the remaining home owners (or condo owners) scrambling to cover expenses.
Relocating employees -many without a “buyout package” (buyout is when the employer will guarantee the purchase of the property after so many days on the market) leaves many transferees struggling with selling a property in one market while having to rent housing in their new location.
States with the most diverse economies are doing better than the states relying on one or two major industries. With new progressive governors, Alabama and Louisiana have done a lot to attract “very large” employers into their states. The State of Ohio’s focus appears to be on small employers and this does impact the real estate markets around the state.
New trends are always of interest……
In the greater Cincinnati, West Chester, Mason and Fairfield real estate markets the term “turnkey” describes a property in “move in condition”. The buyer won’t have to paint, carpet or do anything to the property. On the west coast of Florida, turnkey has a taken a whole new meaning. Turnkey means the seller is supplying new bathroom towels, kitchen utensils, linens, china, glassware and silverware for the buyers.
Wow- I think I like the idea.
It’s important to stay up with what is going on inside and outside our local real estate market. If you have questions or comments- call 513-300-4090, send an email or use the comment section below.
If you would like to keep up to date with the local market-subscribe now.
Related Articles: Formula
| Discussion: 1 Comment »
Part 2 -Are You Prepared for a Green Fried Computer?
June 6th, 2008 categories: Fairfield, Ohio, Liberty Township, Ohio, Real Estate News, Relocation, West Chester, Ohio
Judging by the emails I received, I guess there is a lot of interest in “online storage”. The previous article “Are You Prepared for a Green Fried Computer?” raised questions and I took the liberty copying one of the emails into the comments because it covered several very good points.
It seems as if the “senior sector” has spawned all sorts of new relocation types of services, usually free to seniors, but often requiring hefty referral fees from vendors.
Today many assisted care facilities are partnering with relocation companies to provide end-to-end services. Occasionally problems arise when the facility’s management team does not disclose to the incoming seniors - that they will be ”pushed” to utilize the services. Many of these seniors do not require or want the services-yet they must deal with repeated calls and micromanagement from a relocation service provider - usually located in another city.
If a family member, living in a distant location, requires help with a move I would suggest you check with their community senior services groups to find help. Or check with the real estate agent to determine if they have a “services department”. (Or call me 513-300-4090 and I will find the right agent for you) Several brokerages offer access to preferred vendors and these contractors are usually bonded and insured.
Also The National Association of Realtors (NAR) has a professional designation Senior Real Estate Specialists (SRES). The training enhances a realtor’s ability to work with the 50+ age group. Several real estate web sites allow you to search by designations. A quick search of the just the SRES site rendered 17 names of agents serving the 45069 zip code.
However the online data storage component is another story and I did not have any luck finding companies offering a service to handle inputting the information as well as providing storage.
Sometimes the solution is as simple as using the online tools we access on a daily basis.
Both Google and Yahoo offer free online “storage” for documents. Google Docs and Yahoo Briefcase allow you to upload documents for storage. I have used Google Docs extensively and am able to create new documents and spreadsheets to share or store. My son told me about Yahoo Briefcase and it was very easy to upload a current document to the site. Both of the services require a sign-in/ password to activate.
A friend of mine has taken a much easier approach- he emails “stuff” to a free email account (in this case Hotmail). Many of the documents are sent as attachments and the attachments are password protected. By the time I study all the alternatives, this may be the easiest way for us to “store” information too.
The article that peeked my initial interest (but no actual activity on my part) was written by Walter Mossberg of the Wall Street Journal at the end of 2006. The article titled “These Services Make Backing Up Your Files Safe and Inexpensive” provides detailed explanation on a few services. Another of Mr. Mossberg’s columns in the Wall Street Journal and a recent issue of PC World review SugarSync- a software product which allows users to keep multiple devices up to date. For owners with a variety of computers in many locations- this may be the best bet for keeping information.
Finally a quick search of ConsumerSearch.com provides a good comparison of several sites/services available for back-up.
Stick with what works for you- if you make it too complicated you’ll never follow through with compiling and retaining the documentation.
If you would like to share information on real estate for ”seniors” or online data storage -post a comment below or send an email.
| Discussion: No Comments »
2007 vs. 2008 Condominium Sales for Greater Cincinnati,Ohio.
May 28th, 2008 categories: Real Estate News, Real Estate Selling, Relocation
2nd look at….”they say a picture is worth a thousand words!”
So in lieu of a long drawn out description on the current market- the charts below compare 2007 to 2008 closed sales for condominiums for Butler, Clermont, Hamilton and Warren Counties.
The dates covered for both years is 01/01- 05/15- an apples to apples comparison.
Sales for both single family homes and condominiums have declined but the greater Cincinnati market is in much better shape than many other places.
If you need more data or more details call (513-300-4090) or send an email.
Related Article: USA Today Discovers Cincinnati
| Discussion: No Comments »
What is the Winning Formula for a Great City?
May 16th, 2008 categories: Area Employers, Cincinnati, Ohio, Real Estate News, Relocation
Stable Economy + Affordable Housing = Greater Cincinnati Ohio.
The other night I had the opportunity to spend the evening with a number of graduate students from a variety of universities. Their number one question- “what is Cincinnati really like?”. I was ready to launch into a verbal tour of the area - but that was not what they were really asking. The real question is…. if they uprooted themselves from their university cocoon and moved here- would they be happy?
As we stood out on the steps of the Cincinnati Museum Center and looked at downtown, I pointed to headquarters of just some of the 7 companies in the top of the Fortune 500. (P & G, Kroger, Macy, Fifth Third Bancorp, A K Steel Holding, Western Southern Financial and Chiquita Brands International) Plus there are another 5 companies in the Fortune 1000 (American Financial Group, Cincinnati Financial, Cintas, Convergys and E. W. Scripps).
These companies and a myriad of other businesses provide economic stability for our region. They were all amazed that many Fortune 500 companies call Cincinnati home.
Unlike other areas, like southeast Michigan, our economy is not tied to a single industry.
Most of these students will be entering the workforce with decent salaries and the affordability of housing throughout the area is a huge draw. Go online and compare housing for Chicago, Atlanta and then look at Cincy. Apartments, condominiums and single family homes are reasonably priced throughout the region. And even the most remotely located community is ever far from the freeways and access to work.
Beyond the basics, we have 2 major league sports teams (don’t get picky- we have professional teams), great biking trails winding from north of Dayton to Lunken airport, with more trails in Fairfield and Miami Whitewater. Nightlife on both sides of the river. In short, the activities they are currently participating in are available here.
We get so busy with everyday things that I sometimes think we miss the things around us…the zoo, Music Hall (Opera, Ballet and Cincinnati Symphony Orchestra), Aronoff, all the Art and Historical Museums, Freedom Center, Kings Island, Eden Park, Findlay Market, …..you get the idea.
Finally, the discussion about living here always comes down to… how long have we lived here and why? The answer is simple….while we miss some things from our home state -Cincinnati has been a wonderful place to call home and we never regretted moving here.
Still need convincing or more information about the area-send an email and I will be glad to pass along more detailed information. The easiest way to keep up with all the information is to subscribe…now.
| Discussion: 2 Comments »
New FHA Loan Limit Proposal
February 13th, 2008 categories: Real Estate Buying, Real Estate News, Relocation
According to The National Association of Realtors®
New FHA loan limits by March 14
There will be new FHA maximum loan limits within 30 days, thanks to the Economic Stimulus package that will be signed into law by President Bush on Feb. 13.
The National Association of Realtors® has developed an “estimated” amount of the new loans for each county in the USA.
We repeat, these are estimates.
HUD has 30 days after the President signs the legislation into enactment to finalize the new FHA loan limits. Thus, it may not be until March 14 that the new limits are published.
Also, these are for loans approved on or before Dec. 31, 2008. If the new limits aren’t extended by then, the existing loan limits may be back in place.
Jumbo loans, accepted by Fannie Mae and Freddie Mac, will remain at $417,000.
Here are the new “estimated” FHA loan limits for the area:
Ohio counties: New limit Old limit
Hamilton, Clermont, Butler, Warren, Brown….$337,500 $256,500
Highland, Clinton………………………………..$271,050 $200,160
Kentucky counties:
Kenton, Boone, Campbell……………………..$337,500 $256,500
Indiana counties:
Dearborn, Ohio, Franklin……………………….$337,500 $256,500
Switzerland………………………………………$271,050 $200,160
The new “estimated” FHA limits for multi-family properties are calculated as follows:
2-family….. 7% higher than the new single- family limit.
3-family….30% higher than the new single- family limit.
4-family….50% higher than the new single- family limit.
To review the entire USA “estimated” new FHA ceilings for single-family homes, click here.
Need more detailed information or your questions answered in person call or send an email.
| Discussion: No Comments »
