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.

If you want to receive the latest local real estate stats delivered to your inbox (free) Subscribe now.

Related Article:  How the Financial Crisis Impacts Cincinnati Real Estate

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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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Well with all the doom and gloom in the markets…including the real estate in the greater Cincinnati area- I thought it would be fun to share Coldwell Banker’s “Housetrology“ with you. 

With a few simple clicks, your “house sign” will be revealed!

Hope you enjoy as much as we did. (Husband and I are looking for 2 different type homes)

Make sure you let me know your “sign”.

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In order:

Cleveland:  $978. a month
Columbus:  $1,060. a month
Pittsburgh:  $1,187. a month
San Antonio:  $1,216. a month
Indianapolis:  $1,232. a month
Nashville:  $1,256 a month
New Orleans:  $1,296. a month
St. Louis:  $1,299. a month
Charlotte:  $1,336. a month

Cincinnati:  $1,353. a month

Personally, I was surprised to see Charlotte was less expensive than Cincinnati.  Affordability has made the greater Cincinnati area home for many Fortune 500 Companies and this recognition is good for our area.

If you are having trouble finding affordable housing- call or email.

Information Source: Forbes article by Lauren Sherman

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Last night on ABC News, Robert Kruwich had a short animated segment “An Animated Look at the Credit Crunch”

This animated look at money flow provides a good insight into why financial problems impact the real markets in West Chester, Fairfield, Mason and greater Cincinnati. If there isn’t any money- then buyers cannot secure mortgages to purchase real estate.

Less money means less demand for all products- including real estate and Stacy Johnson, Our Money Editor, explains “Housing Turn Around Supply and Demand” 

I don’t know if the answer to the problem is the rescue of financial institutions and/or for qualified* home owners heading into or already in foreclosure -new mortgages on property at current market value**. *Qualified= owners with a good credit rating who cannot afford the higher interest rates of their current mortgages.  ** What the property is actually worth in today’s market. 

Until Washington comes to a decision, real estate in greater Cincinnati is business as usual.  Buyers should obtain loan approval -pending contract and appraisal- before they start house hunting.  Sellers need to watch supply and demand and be realistic about pricing.

Stay tuned for future reports on the impact on our local real estate market.

Your comments and questions are always welcomed.  Comment below, call or email.

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It’s Habitat (Habitat for Humanity) time again and I drove to Kentucky and learned (once again) that I’m “hammer challenged”. But I did learn how to cut and hang “styro” insulation. I also had the opportunity to work with fellow agents and our loan officer.

Randy (orange shirt) and the “professional volunteers map out the work list.

Shelly Mangus showed off her “circular saw” skills.

Angela Rose worked on prepping the framing for drywall.

Kevin Herthel -simultaneously framing a wall and handling loan issues.  It’s unusual to  find a loan officer swinging a hammer.

Randy- Habitat’s Building Foreman- a man with endless patience and a sense of humor.

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This morning’s Cincinnati Enquirer Article covering the local housing market is full of doom and gloom.  And yes, we are in a housing slowdown, but if you look at the numbers-properties continue to sell.

Let’s take a look at 14 days of real estate activity for single family homes in a few areas:

Without going into great detail, in most areas sellers continue to put their properties on the market and buyers are buying.  During the last 14 days it appears that real estate is really moving in Beckett Ridge, Hyde Park, Liberty Township and Mason.  Next week the numbers could just as easily show spurts in other neighborhoods.

The latest Real Trends commentary on the real estate market touched key points:

• “….the key point here.  The longer that sellers and real estate professionals put off pricing homes at today’s market the longer the period of time it will take for the market to recover.”
• “Real Trends believes that the market bottom is still in the future as closings of home sales weakend in August from July.”

Mortgage rates remain low and money is available for qualified buyers.

As Wall Street and Washington DC contiue to grapple with bailout issues, the buying public is standing around waiting for some sign to jump back into the stock and real estate market.  Meanwhile, in greater Cincinnati there are buyers househunting today-who will buy a home/condo in the next 30 days.

The “silver lining” is for the sellers who priced their property for the “next buyer”…and have sold and/or will sell their properties…and move on. 

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As I pulled into the garage late yesterday I heard engine noises overhead.  Looking up and expecting to see a small plane- I was surprised to see the Goodyear blimp floating in the sky.  Alas the Butler County Auditor found another way to raise everybody’s assessments again.

Actually, I think they were enjoying the wonderful weather and the beginning of the fall season.

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Thinking about bidding on a foreclosed property in Cincinnati, West Chester or Fairfield?

If you are thinking about getting a deal at a Sheriff’s Auction or by some other means- have you thoroughly researched the property prior to making a bid?

In today’s real estate market most buyers have no clue about property liens. 

What is a lien?

In simple terms- a lien is ”a charge on the property to satisfy a debt or other obligation.” (Article) The mortgage is the most common form of real estate lien.   In 95% of the real estate transactions in our area,  buyers and sellers sign documents at the closing-then the title company files the mortgage note (lien) at the courthouse.  If you purchased an Owner’s Policy of Title Insurance at the closing, the policy helps to protect you from any prior liens that may have been missed during the title search.

Other examples of common liens are: equity loans, 2nd mortgages, home owner association dues and, of course, federal and state taxes.  (there are several other types of liens too)

Foreclosed properties often have a variety of liens and many buyers unwittingly assume once the first mortgage holder is paid- the job is done.

So if you are thinking about bidding on a foreclosed property and don’t how to conduct a thorough title search at the courthouse -contact a title company (or call your realtor to get the name of contact) to ensure you aren’t bidding on a “lien machine”.

There are deals to be made in this real estate market- remember to take the time to investigate before making a bid.

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Homeowners beware!

This summer, while not as dry as last summer, is starting to cause foundation problems for some homeowners.

To keep your house from shifting/settling- take some time to “water the foundation” during the next few weeks.

Nothing complicated.  If you are watering the your lawn aim the sprinkler to “water the foundation” at the same time.

Currently in the Cincinnati area we are experiencing lower than normal rainfall for this time of the year.  As the ground dries out it pulls away from the poured foundation.  Once the foundation has some space- it may shift- causing anything from minor foundation cracks and sticking doors….to major foundation issues and cracked basement floors. 

Homeowners usually don’t notice the problem until water comes through the basement walls or floor and/or windows and doors cannot be opened or closed.

So the next time you water your grass- aim the water at your house and help stabilize your foundation.

If you still have questions or comments-call or email.

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