West Chester, Ohio (2)

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.

Posted by Kathy Koops | Discussion: No Comments »

Weekly Market Action Report for Greater Cincinnati

January 26th, 2010 categories: Cincinnati, Ohio, Real Estate Stats, West Chester, Ohio

Same real estate news-different week.

Tracking real estate activity for single family homes in specific zips and this week’s data is the”same old/same old” Housing prices remain steady, however the number of sellers reducing their list prices continues at a steady pace.

Below is the Market Action Reports for 6 zip-codes in the greater Cincinnati area:

45011

45014

45040

45069

45208

45233

This is the short version of the detailed information available for the zip-codes- call or email if you would like the details. Last week’s stats

Posted by Kathy Koops | Discussion: 1 Comment »

Are You Suffering From Information Overload?

January 25th, 2010 categories: Cincinnati, Ohio, Real Estate Sales, West Chester, Ohio

Unemployment is up! Unemployment is down! Salaries are up…salaries are down. Interest rates are up….interest rates are down. Home sales are up…..home sales are up.

Wait a minute-did you read it correctly. Yes you did!

Real estate unit sales for Cincinnati, Hyde Park, Mason and West Chester are either ahead 2008 or just a little below. No great crashes but no great leap and bounds either. As usual for our market area no big gains in appreciation. Unit volume is gaining and although prices are steady or increasing ever so slightly- sellers cannot expect to sell their homes/condos for the same price at 2002 or 2005.

It’s easy to spot the increase in unit sales- they’re highlighted in green.

And while we hear everyday about foreclosures and short sales (expect just as many in 2010) the 2 highest priced sales in 2009 indicate that the market is still moving. The most expensive home sale was in Indian Hill -closing in June for $4,500,000. The most expensive condo closed in March in Walnut Hills for $1,500,000. (data from Multiple Listing Service of Greater. For sale by owner data not available)

Cut down on information overload by talking to a real estate professional familiar with our market.

Call or email with questions.

Posted by Kathy Koops | Discussion: No Comments »

Can Real Estate Buyers Protect Themselves?

January 15th, 2010 categories: Cincinnati, Ohio, Real Estate Buying, West Chester, Ohio

If are currently looking to purchase real estate in greater Cincinnati and you read the article in yesterday’s Wall Street Journal ”What Home Sellers Don’t Tell Buyers”- you are probably wondering what you may be missing when you look at a home or condo.

The article offers some good information for potential buyers but in Ohio many of the “problems” are addressed through use of the Ohio Residential Property Disclosure Form and by your home inspector(s). I would like to address some of the main points discussed in the article and provide you with some resources. However before I go any further -remember real estate is like any other transaction between a buyer and seller (even though it is usually the most expensive) and if somebody sets out to intentionally deceive potential buyers the usual fix is to pursue legal action. This sometimes happens between buyers and sellers (and agents and brokerages) though the majority of the sales close without any problems.

Article highlights:

Disclosures about any problems (form) which should be disclosed. The Ohio Property Disclosure clearly states it covers items that occurred in the last 5 years and “uncorrected problems” older than 5 years. So if the basement flooded in 1996 because of a sump pump failure and the sump was repaired or replaced stopping the problem-the owner does not have to disclose. If you have some questions-add them to contract and get answers.
Lot size. Most Realtors rely on the dimensions provided by the County Auditor sites. If you concerned about lot lines for fencing - then either the seller and/or the buyer needs to pay for a stake survey to ensure accurate boundary lines.
Termites-wood eating insects/pests should be a routine part of the home inspection process. The forms are fairly clear cut-there is either evidence of damage and/or active infestation or the property is clear. Sometimes inspectors find evidence of old damage-then buyers need to decide whether they want another opinion or treatment.
Flooding- is the property in a flood zone? If yes-when was the last time it flooded? Are there any tell tale signs of water damage in lower level? For buyers with allergies this is a real problem so you if you have doubts I would suggest paying for a mold inspection. Remember if the property was flooded 10 years ago and the problem was corrected- the seller is not obligated to disclose.
Taxes and maintenance- well taxes are also on the County Auditor sites. Most of the area utility companies will give you a 12 month rolling billing average. Obviously 2 people living with the thermostat set at 64 degrees in the winter will consume less energy than the normal homeowners. As far as home maintenance, hopefully your home inspector can tell you if the property has been well maintained. It is hard to gauge maintenance costs -I don’t know about anybody else but some years we spend a lot more on maintenance and some years we spend very little. Sort of depends on what’s happening with the property at any given time.
Quiet neighborhoods- always good advice is too drive through the area at various times of the day and evening. I’ve had clients go back on their own and knock on neighbor’s doors with questions about area. If you are concerned about crime-contact the local police precinct.
Pool and golf courseare planned…..make sure there are sufficient funds to build the promised amenities. Today’s economy has taken a toll on developers and builders. Their intentions may be good-but if you are buying a lot on a “golf course”-I would suggest you investigate thoroughly before assuming the course will be built. The second thing to watch out for is development in vacant areas. If the property backs up to large swatches of vacant land (unless the land is part of the development’s “green space”) nobody can promise you that retail or multi-family will not appear there in the future. If you have questions -check with the local zoning board to see what can be developed in your back or front yards.

And finally one thing the article did not hit upon- purchasing a buyer’s title insurance policy at closing.

So thanks to the Wall Street Journal for pointing out some of the rough spots for buyers- just remember to ask questions and get the answers in writing. If you have any additional questions- send me an email!

Posted by Kathy Koops | Discussion: 2 Comments »

Real Estate Facts for West Chester, Liberty Township and Beckett Ridge

January 14th, 2010 categories: Beckett Ridge, Liberty Township, Ohio, Real Estate Sales, Real Estate Stats, West Chester, Ohio

2009 ends with mixed results for real estate buyers and sellers in Lakota School District.

According to the Multiple Listing Service of Greater Cincinnati real estate activity is shown below:

West Chester	Single Family	Average Price	Days on Market	Condos	Average Price	Days on Market
Actives	241	$285,701	104	83	$119,022	122
Pendings	65	$262,642	86	12	$108,920	97
Closed (01/01/09-12/31/09)	519	$224,116	74	129	$93,537	75

Data from Greater Cincinnati Multiple Listing Service

Beckett Ridge	Single Family	Average Price	Days on Market	Condos	Average Price	Days on Market
Actives	15	$232,787	85	6	$108,117	108
Pendings	4	$166,088	107	2	$114,950	31
Closed (01/01/09-12/31/09)	33	$241,073	67	8	$86,094	65

Data from Greater Cincinnati Multiple Listing Service

Liberty Township	Single Family	Average Price	Days on Market	Condos	Average Price	Days on Market
Actives	217	$290,268	129	2	$269,950	140
Pendings	43	$239,116	94	0
Closed (01/01/09-12/31/09)	452	$248,139	76	9	$242,611	119

Data from Greater Cincinnati Multiple Listing Service

In December 40 homes and 6 condos closed in West Chester-which is a slight decline from November. In Beckett Ridge 1 homes and 1 condo closed-the same as November. And 27 homes and no condos in Liberty Township - a significant drop from November. On the bright side, while sales decline a bit the closed sale prices have increased slightly.

Overall the area had approximately 50 less sales in 2009 than in 2008. The continuation of the first time home buyer and other tax credits may fuel some buying during the first quarter of 2010.

More detailed information about your property’s market value is available-just email or call.