Our local Cincinnati Mortgage Broker Dan Green is seen below giving an interview on the nature of how and why the mortgage rates are in such a state of flux. I like Dan’s explanation of how greater economic events in stocks and bonds impact our local mortgage rates. As a home buyer, working with an aggressive mortgage broker who is able to lock you into the best rate is critical. When mortgage rates are changing as much as 1/2% each day, having a good broker and a good plan can become quite important in the home buying process.

Recently a San Diego couple filed a lawsuit against their real estate agent because as buyers they feel he did not give them sufficient information to make a competitive offer on their home. According to the post from the Today Show the agent was allegedly negligent in not telling them about other houses that sold for less, including one three doors away that has a pool and sold for $105,000 less and another that was considerably
larger that sold for $175,000 less.
A professional Cincinnati Real Estate agent should provide you with a comparable market analysis with recent sales in the surrounding area. They should be happy to answer any questions and help you form your opinion of the value of your perspective new home. Remember, this is a referral based business so it is in the best interest of the sales person to give you the best experience possible. As a consumer making a life purchase you have the right and should feel comfortable asking your real estate agent tough questions about market conditions. Much of this information is public and can be found in public records accessible to anyone. Watch the video here.

A recent article in the St. Pete Times discusses the apparent fraudulent appraisals that very well may have contributed to a number of mortgage fraud cases in the Tampa Bay area. Appraisers are a critical part of the home buying process because they help the lender determine the value of the purchase property. Appraisers evaluate the home value compared to comparable homes in the immediate area so that a lender does not lend more money than the home’s collateral is worth.

Most often the lender is the The article details how some homes were appraised fraudulently way above their actual value. When you work with a Real Estate Agent they should be able to show you a number of resources including comparable area sales so that you know that the price you are paying is inline with what the neighborhood commands.

Downtown Cincinnati has once again come alive. With plenty of new restaurants opening up and a thriving nightlife, it has once again become a thriving place to be. In the past year, we have seen new restaurants open on or near fountain square such as Boi Na Braza (Brazilian Food), Nada (Contemporary Mexican Food), and Vie Vite (Italian). Mortons reopened in the Carew Tower and Fountain Square welcomed their new tenants Greaters Famous Ice Cream and Potbelly Sandwich Shop. The nightlife has revived with The Lodge Bar on 7th Street, Havana Martini, Sully’s reopening, and Cadillac Ranch the Country Bar with a mechanical bull for endless entertainment. Although McFaddens closed there will be a new restaurant/bar opening soon in the same location.

Since a lot of the 20, 30, and 40 somethings that are re-locating to Cincinnati from larger cities like I did such as Atlanta, Chicago, New York, Los Angeles, Miami one of the concerns about moving to Cincinnati is losing the culture and excitement of living in a large city which includes the fine dining that is available there. The restaurants listed above as well as Jeff Ruby’s (steakhouse), McCormick and Schmicks (steak and seafood), Palomino (American), Pigall’s (French),Oceanaire (a new seafood restaurant opening soon), and Nicholsons (Irish pub food) are only adding to the excitement of the new downtown. These are all trendy restaurants that have excellent food and service and have a contemporary decor and ambiance that was not found in Cincinnati a few years ago. Many of these restaurants have hip bar areas where guests can enjoy happy hour as well.

Fountain Square has been reconfigured and currently has an ice skating rink with rental equipment available for visitors to enjoy. There were many events over the holidays and as the weather warms up the lunchtime events during the week will return. All Cincinnati residents should come see for themselves the changes that have occurred and support the businesses who have taken the leap of faith that things have changed and will continue to improve.

Downtown has returned as the hot place to be. You should feel safe coming downtown to work, eat, and party! Crime rates have decreased in the double digit percentages over the past 7 years and the crowds have returned. I look forward to enjoying the places that are there now and to see the new restaurants and bars that will open soon. You will not be disappointed!

Part of being good neighbors is recycling as much as you can. Rumpke and the city of Cincinnati have changed their recycling requirements lately. At this point they are only accepting #1 and #2 plastics (milk and OJ jugs and water bottles) along with the usual paper, glass, metals containers. Here is a link to the website giving a very clear description of what is accepted and what is not. I hope to soon find a drop off location for our #3-#7 plastics which make up items like yogurt containers, fruit cups, and the plastic containers from take out food. If you know of a center that takes these please post it here in the comments.

The Cincinnati Art Museum hosts One World Wednesdays (OWW). This event is a cocktail hour that takes place on the first Wednesday of the month and features a different world culture through art, music, and wine. This event is free to members of the art museum and costs non-members only $8. OWW is one of the many multicultural and worldly events that Cincinnati has to offer its residents and visitors. This event attracts community groups and individuals alike to celebrate some of the cultures that live together in Cincinnati, as well as provide a social setting for its participants to network with other professionals. The next OWW is scheduled for February 6th and will highlight Japan.

In the real estate transaction process it is commonplace to see a home buyer inspecting a home. It makes sense to see the issues that will need repair up front for piece of mind and bargaining. However it is not uncommon for agents to be recommending, or even paying for pre-listing inspections. If you are working with a top Cincinnati Real Estate Agent they should be encouraging you to have a pre-listing inspection to give the seller the opportunity to fix problems before a seller finds them and asks to discount the selling price.

The American Society of Home Inspectors has a good national website with important information on it. In fact ASHI has a virtual home inspection on its website that you can do with your perspective clients for education purposes. We will have links to local Cincinnati Home Inspectors in our links section that is coming soon so please check back soon.

The Today Show had a very neat feature called Sell Your House In 30 Days with Barbara Corcoran. You should go and watch the video as it is informative and really give a few basic no nonsense tips on getting your home prepared to sell quickly. There are two main aspects to selling a home quickly; first make it desirable, and second price it properly.
1. Clean your house top to bottom and then remove a substantial amount of your ’stuff’. Think of making your home look like a model home - with closets that are mostly empty and minimal furniture that shows off the space you have to offer.
2. Research your competition and work with your real estate agent to price it appropriately to sell. Homes sit on the market for ages in part because they are not priced right. Market price and the price you want may not always be identical. Talk with your sales agent and make sure they have a good understanding of the realities of the market.

One of the hard realities of the current housing market is that some people took up loans that they can not afford to keep once their Adjustable Rate Mortgage began to adjust. In a some cases homeowners are having to sell their homes in pre-foreclosure sales, or in some cases the lenders are foreclosing and taking possession of the property. RealtyTrac has an online tool that allows home buyer to look at some of these properties. After a quick look today I saw a variety of properties ranging from an $432,000 foreclosure in Amberly to a $9,500 bank owned 4 bed 2 bath home in Norwood. The website does require a registration and membership fee but it does provide some very good free preliminary information and it is worth reviewing.

One of the great things about living in Cincinnati is taking the opportunities to volunteer and give back the community. Over the weekend we went and helped to sort food at the Freestore Food Bank in conjunction with the Act Out program.

The Food Bank services dozens of local agencies providing provisions for soup kitchens, emergency shelters, and even in school programs for children. Freestore relies on food donations as much as it relies on volunteer labor hours and monetary donations to pay for transportation of the creates of food and the administrative staff. The operation is so well run that 94% of all financial donations go straight to helping the hungry. Be a good Cincinnati neighbor and volunteer at the Freestore Food Bank.