The numbers are out in review of January 2010 - what homes sold in Cincinnati and what didn't. So here is the damage:
Residential sales for the month of Jan - 761, which is down -7.87% from the 826 that were closed in Jan of 2009.
Condo sales for January 2010 were 85, where is down -12.37% from 97 comparatively of January 2009.
Active Inventory:
Listed residential property saw a decline as well by more than 6% over January 2009, which is not a horrible thing as lower inventory can help to stabilize prices within the market. As for those prices though: up almost 12% with an average sold price of $137,025. This is due in large part to a decline of almost 25% in lender owned properties on the market.
While it is normal this time of year for the market to be slow, I predict it will pick up in the upcoming months as the first time home buyer credit gores away on April 30, 2010. There will be a big rush to get those offers in by the end of April.
How the summer will go...well, that's a bit of a crap shoot, but I do believe we will see some normalization during the early summer months, followed by a decline and drought of sales late summer and early Fall. Hopefully, I will be wrong.
Chris Wood
Star One Realtors
This is perhaps one of the best posts on banks and why they sometimes behave the way they do. Why sometimes, it can be far more profitable for a bank to foreclose, rather than complete a loan modification. I wouldn't normally link back - but this article by Patrick Pulatie of Loan Fraud Investigations, is nothing short of exceptional.
Well, I guess the Farmer's Almanac was correct - we will be seeing significant snow fall between January and March this year! How quickly can the tri-state adapt to these winter challenges? More specifically, how quickly can our Real Estate Market adapt? Buyers have been hard to come by for many sellers these days, and with all this snow many buyers are choosing to stay at home. As a seller, what can you do to prepare your home for the wintry visitors that do brave the cold and snow?
For starters, make sure your driveways and sidewalks are kept clear of snow and ice! A snow covered walkway doesn't just make it seem uninviting it's a liability risk for you. From there, make sure that you have plenty of welcome mats or towels laid out at the entrance, especially if you are asking your visitors to remove their shoes before walking around the house. You could consider providing those disposable shoe covers, but they can be a pain to put on especially if you are wearing snow boots. Best way to approach it, is to plan for at least 3 people trying to get into your entry at the same time.
Once inside, you want the house to seem as inviting as possible, so warm is nice and very welcoming. If the home is vacant but not winterized, consider leaving the heat on in the mid 60's. That's warm enough that folks will appreciate it but low enough to save you some dollars. On the same note, if the house is vacant - stage it! You don't need to pack the house full of furniture to stage it, but a small piece in each room can help establish a reference point for the size. Essentially you are just offering a perspective.
On a side note, candles should NOT be left burning in the house! As an agent this always terrifies me when I walk into a home with numerous candles burning. Approximately 15,000 homes burn every year due to candles. If it's a smell you are trying to cover, the buyers will know it as soon as they walk in the front door. It's better to purchase another scented alternative that plugs in or diffuses it's sweet smell into the room.
And buyers, remember, this is someone's home. Respect their wishes and remove your shoes, if that's what they request...tell your agent to crank the heat once your back in the car. Better yet, claim your dominion over the knobs and dials of your agent's car from the start!
Chris Wood
REALTOR
Office: 513-791-2255
Star One Realtors
A quick look at the December 2009 sales report shows us that sales were up 2.5% for December and higher volume of sales over 2008 by 21 units. Hey, we'll take our good news when we can get it!
Check it out here: http://www2.cabr.org/files/homesalesdec2009.pdf
So every now and then the government wants to take a head count...it teaches us many different things about our society. Let's call it a brief snapshot of ourselves, our culture and who we are. No small undertaking when you think about it, going door to door to count every human being in the United States. So what should you do when that person rings your door bell and starts asking you questions. For starters, be smart and pay attention to the person at your door. For your security and safety the Census Bureau has provided some simple things to look for in determining if the person you are speaking with actually works for the Census.
First of all, they will have ID. If they are unable to produce an ID that looks like this, they may not be a census worker. All Census workers are required to have their ID on them in a visible location at all times, and be able to produce this ID to prove that they are employed by the Department of Commerce.
Secondly, and perhaps more importantly Census workers have a form that they use to ask specific questions. There are in fact 10 questions and they should only ask you the 10 questions on the list. If you are asked for additional information, you are not required to answer. What they won't ask you are questions regarding your legal status as a citizen of the United States. Your information, like your name, your address, your Social Security Number are protected and Census Workers all take an oath to protect your personal information. They can and will face imprisonment and hefty fines if they do not protect that information adequately.
Census workers will not ask to enter your home. They will have an official ID, they will be carrying an official Census bureau bag and all their forms will be official. If someone claiming to be a Census worker that does not provide official ID, or asks to enter your home, immediately call the Toll Free number of your Regional Census Bureau.
You will be contacted by the Census Bureau soon and this information is important to your community and it is also mandatory for you to provide the information. It helps to establish amounts of federal tax money provided to your communities, also it helps to establish the amount of representation that we as a community are provided in Congress. It is also important that you are educated in the process so that you are prepared and can provide your information in a timely manner. A good resource to locate is the Census Bureau website at: http://2010.census.gov
Chris Wood
REALTOR
Office: 513-791-2255
Star One Realtors
Check back for updates on getting ready to buy. I will be expanding on this topic throughout the year.
What exactly does a first time home buyer need?
Planning! and then more Planning! Start by having a good conversation with a trusted lender. Perhaps talk to several, however, you need to choose one and stick with them. New regulations within the banking industry will make it difficult for home buyers to avoid delays in closing if they decide to "shop" their rate. Once you find a lender you trust that provides what you are looking for, stick with them or be prepared for delays - and if there is one thing sellers are not interested in, it's delays!
In fact, you can greatly increase your odds of getting that offer accepted, even in multiple offer situations, by going ahead and getting approved. This puts you in a position as a buyer to tell the sellers - yes, I can close faster than those other buyers - and I am SERIOUS about buying.
Chris Wood
"Turning Obstacles into Opportunities"
If you, or someone you know is looking to make a move, contact me at chris@chrisjwood.com for good advice.
This wonderful Bungalow style home in the hear of Blue Ash, OH has been completely updated on the inside. New paint througout, with all new flooring, it's simply ready for you to move right in. This is not a large house, by any means, but if you are just starting out or perhaps are renting that one or two bedroom apartment and would like to take advantage of the First Time Home Buyer Tax Credit then this home is for you. It is bright and airy with two spacious bedrooms and an eat in kitchen. A nice sized living room and a front porch that views Chamberlien Park provide all the relaxation and comfort you'll need. You can walk to the local shops in Deer Park, for restuarants, cafe's, sports bars, and other local merchants are a couple minutes walk from your front door.
Contact me to schedule your private viewing. 
Chris Wood
Office: 513-791-2255
Email: chris@chrisjwood.com
The snow is falling again here in Cincinnati - that just means that traffic will slow to a crawl - it does not mean we'll actually have snow on the ground. Real Estate sales are another thing that has slowed to a crawl here locally. Inventory is low and so are the number of buyers out there it seems, the phone is quiet, no showings to be heard!
The Farmer's Almanac does not offer up nice tidings of a "warmish" winter, rather snow, snow and potentially a bit more snow. We'll hope that buyers will return to the market after the first of the year, bring their snow boots and come visit some houses! My question is this - "If you are a buyer who is not out looking at houses now, what is keeping you away"? Post your comments below! And Happy Holidays!
Chris Wood
Snowed In Realtor
When comparing home sales in Cincinnati Ohio there were 1,724 homes sold in October 2009 compared to 1,499 in October of 2008. That is an improvement of +15.01% while nationally home sales saw an increase of 23% from a year ago.
While good news - homes are selling - this is likely due to the first time home buyer tax credit, with the large increase in October because at that time first time home buyers were in a rush to get their offers in and closed in preparation for the November deadline. This was extended through April 30, 2010 - but we didn't know that at that time. So that was the rush - and it was nice - and we all rejoiced in our closings.
Looking ahead, with the extension of the tax credit and the expansion to pick up Second time home buyers we should begin to see inventory come on the market and improve the lacking choices that our buyers have at this time. If that doesn't happen - we could have a quiet winter when it comes to home sales - but the reality for sellers is they need to get their homes for sale NOW! There's only 5 months to get your property, ready, listed and sold to be in a position to take advantage of the $6500...that's not a long time in the life of real estate.
Now for the rest of the FACTS: While unit to unit sales have increased what about the Volume? How are home prices fairing these days? Well, comparatively October 2009 saw a 12.59% increase in Gross Volume - but the Average Price of homes sold in Cincinnati are down -2.01%. Now, that's not all that bad when you look at the rest of the US - in fact, the Midwest is poised to experience any turn around first - with a greater inventory of more affordable homes than other areas. Looking at the year to date numbers paints a more realistic picture with our average home price down -8.64% to $150,931.
Good news? Well, it's not horrible news. I'm not one for speculation as we look to what 2010 will bring us - so I will reserve judgment and pass along to my clients that great Boy Scout Motto: "Be Prepared" - for anything. It's hard to go wrong with that logic.
I'm getting that question quite a bit this past week and I have to say my answer varies but it always starts like this: "Why are you moving?” Real Estate dominates the media these days and some folks are getting caught up in the message and making decisions, when they should step back and identify the reasons.
First of all, if you don't have to move you are in a good place! Assuming you purchased your home in Cincinnati area pre 2004, you stand a chance to be in an excellent position to make some money on the sale of your home. Not tons...mind you and it depends on the area of town that you are in along with a few other variables. But taking advantage of the low home prices and the tax credit might just swing things to your favor. You may take a loss on your home, but benefit BIG time on your purchase, plus $6500 credit on your taxes next year. Nothing to sneeze at!
However, if you don’t' have to move, and you have not paid down much of your mortgage since your purchase well, now may not be a good time to put your home on the market. For starters you would not be doing the economy any favors! The last thing this market needs is another home listed by sellers who are not motivated to sell. That's just inventory that will sit on the shelf and clutter the homes of sellers who need to sell, and who are motivated. My advice, be realistic to the reasons why you want to move and evaluate all possibilities prior to putting your home on the market. Talk to a REALTOR, talk to several! We have the tools to evaluate what's going on specific to your area and provide you with all the information so you can make an informed decision. That's what REALTORs do; we provide consultation and help guide our clients through the many choices they face in regards to their homes.
In the end, it's not my place as a REALTOR to tell you if now is a good time to buy or sell. It is my duty, my responsibility, to provide to you the information and guide you through the process so that you can determine whether or not now is a good time buy or sell. If you're looking for someone to sing roses and lollipops about the market...I'm not your guy...I don't sing - ever. I am reminded of Joe Friday, "Just the facts, ma'am". That's my goal - in fact, that's my fiduciary duty to you.
Chris Wood
REALTOR
www.chrisjwood.com
Email: chris@chrisjwood.com
(513) 382-2474
The extension of the first time home buyer tax credit has included "move up" buyers, although that's a bit of a misnomer. You can actually move down, they just want you to move! If you have lived in your home for 5 consecutive years, of the past 8 years, and you purchase home you can be eligible for a tax credit of up to $6500! (yes, some restrictions apply, email me for more info)
On November 6, 2009, Presidnet Obama signed into law the extension of the $8,000 tax credit for first time home buyers. This law has a few additional perks, though, for some move up buyers! Along with extending some unemployment benefits for several hard hit areas of the country, it also adds a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
Find out more at the Federal Housing Tax Credit website! Along with boosted income limits for buyers: $125,000 per year for single buyers, $225,000 for married couples. We look to this extension to maintain some strong sales of homes for sale in Cincinnati through the winter and kick start our spring season!
It won't last forever! You need to have a property under contract by April 30, 2010 but then until June 30, 2010 to get it closed. Don't look for this to get extended again...this will likely be the last shot for this tax credit!
If you or someone you know is thinking about making a move, call me now for a FREE, no obligation evaluation! I can help you make well informed decisions regarding your next move!
Chris Wood
REALTOR
chris@chrisjwood.com
The House and the Senate have both passed legislation to extend the $8000 first time home buyer tax credit and to add an additional $6500 for move up buyers provided they have lived in their home for at least 5 years. Home prices were capped at $800,000! This passed quite easily and quickly through both houses and President Obama is expected to sign the bill this week.
This is excellent news for First Time Home Buyers as well as move up buyers. Homes for Sale in Cincinnati have seen a good amount of movement over the summer in large part to this tax credit and while we do not expect this to knock home sales out of the park, we do expect this to continue to move homes through the winter months. Recent reports on sales for october of 2009, show that sales are up comparatively over October of 2008, by 10.21% and the dollar volume is up by 7.84% for October! Add in the current pending closings for November and we could end the year overall in the positive in regards to units sold. Volume in $ will still be down for the year, as buyers have continued to depress prices overall, and that will likely end the year near a 10% deficit over 2008. While this is mixed news, overall it is positive - as the reduction of inventory will help prices to stabilize and perhaps increase if more buyers move into the market.
Check back for updated information as it becomes available!
Chris Wood
Real Estate Consultant
Star One Realtors
chris@chrisjwood.com
Facebook / Twitter
Senator Bill Nelson of Florida has stated that he feels the tax credit will be worked out by the end of the week. The fact he was standing next to President Obama when he said this is a good sign. Senators Harry Reid and Max Bacus are pushing to add an extension of unemployment benefits to this bill as well, which will help a significant number of people. No bill will do us any good, if we end up with another round of foreclosures in 2010. Extending the unemployment benefits will no doubt help a large number of laid off workers while they continue to search for those hard to find jobs!
Homes for sale in Cincinnati, have seen a boost with the first time home buyer tax credit over the summer, but now that the deadline is looming pending sales have dropped off. Realtors believe that extending the tax credit will help to stabalize prices and continue to move homes through the winter months and carry us into Spring.
Keep visiting for updates on what's happening and if you or someone you know is looking to make a move, shoot me an email or text me!
Chris Wood
REALTOR
Mobile: (513) 382-2474
Email: chris@chrisjwood.com
Facebook / Twitter
We may have something here! A senate committee reached a "compromise" yesterday regarding extending the first time home buyer tax credit. Now, it's not law yet, but things are definately looking up! So where would this put us and what compromises are being made? See below for some details.
- The income limits are being raised to $125,000 for single taxpayers, and $225,000 for joint taxpayers, that's up from $75,000 for single and $125,000 for joint.
- A $6,500 tax credit has been added for other primary-home purchases, Basically anyone else buying a home that meets the income requirements. - The stipulation here is that you need to have owned your current home for at least 5 years.
- To qualify buyers need to have executed contracts to purchase in hand by April 30, 2010 - but have an additional 60 days to get the puppy closed. - That's June 30, 2010.
This still faces a vote in the full Senate and the House - so DO NOT consider this a done deal but rather a step in the right direction. Keep checking back to get more updates as we learn them!
Chris Wood
REALTOR
Mobile: 513-382-2474
Email: chris@chrisjwood.com