- 5592 Waterside Dr
- $159,900
This is an immaculate townhome with both 1st & 2nd floor master suites. There is also a separate lofted study. The home features hardwood floors on the 1st floor. The upgraded eat-in kitchen has maple cabinets, stainless steel appliances & ceramic tile floor. The great room features vaulted ceilings that accentuate the open floorplan of the living space. The 1-car garage is attached, and the community has a pool and greenspace.
Real Estate Price Reduced and Open House!
4106 Sherel Lane Price Reduced to $209,900!
Open House this Sunday January 24th 1:00 pm – 2:00 pm
Call me for directions or additional details 513-518-1140
The Making Homes Affordable program is designed to help individuals restructure their mortgages with their lenders. In lowering the monthly payments through renegotiating the terms of the loan, more people are able to avoid short sale and foreclosure situations.
One unforeseen consequence is that the homeowners benefiting from the program may also be taking a 50 to 100 hit on their credit score. The challenge is that lending institutions and banks are reporting the loan modification differently to the various credit agencies. It is this variation in credit reporting that is difference how credit scores are being impacted.
What is important to keep in mind is that a loan modification’s impact on a credit score will be substantially less damaging than a foreclosure or a short sale. In all three cases lenders report the change in credit, but a modification is not reported as a ‘charge-off’. Charge-offs are typically associated with short sales and foreclosures and stay on credit reports for 7 years. Modification is much preferable to a foreclosure, just make sure you are aware of the potential impacts on your credit.
here has been a lot of talk recently about the impact of the Federal First Time Home Buyer tax credit. The newspapers, the talk shows, the blogs, and the radio dj’s have all been talking about how important it is. I wanted to take the opportunity and make clear, in detail, the benefits to first time home buyers, aside from the $8,000, and give some much needed insight into how this program is going to impact the number of home and condo sales in the Cincinnati real estate market in the winter/spring 2010.
The Federal Government extended the tax credit through April 30. This means that you must have an accepted contract signed by both parties by then and must close the sale on or before July 1, 2010. But there is more.
Did you know it now offers $6,500 to people who have already owned a home and are buying another larger or smaller home? So if, for example, you are looking to move out of Hyde Park and into the burbs, this credit is great news for you. The program is designed to create new inventory for first time home buyers. If you have owned and occupied your current home as your primary residence for 5 of the last 8 years then you may be eligible for a $6,500 tax credit depending on your income as there are income limits.
To qualify for the $8,000 tax credit you (and your spouse if you are married) cannot have owned a home within the last 3 years. If you owned a home and sold it back in 2005 to relocate and rented for 4 years then you may qualify! Never have you ever owned a home you say? I’d say it is worth finding out if you’re eligible for an $8,000 credit. There are income limits and sale price limits on this tax credit so please check with your accountant or Realtor to be sure you meet the criteria.
You should also know that you can use the tax credit in a number of ways. You can use it on your 2009 or 2010 tax returns. The credit amount is equal to 10% on the purchase price of the home up to $8,000 of credit, or $80,000 of purchase price. Now that you know there is an $8,000 credit waiting for you, how are you going to take advantage of it? What should you do? Who should you call? When do you need to take action?
The first step is thinking about your home as an investment, an investment you can sleep and entertain friends in. Start evaluating if home ownership is right for you right now. This is not a decision you should rush. It is always better to wait and buy when the time is right for you. Next, you need to speak with a mortgage lender and get prequalified for a loan that is within your financial means. Mortgage brokers or mortgage lenders can help you with this step. The third step is finding a house that is the best fit for you. But with an April 30th deadline when should you start and when should you write a contract?
If possible, you should start your home search in earnest in February, and submit your offer no later than mid April. You have to work backwards and look at the contracting process and the whole market to understand why February is the key month. Sellers who want to capture the surge of these qualified first time home buyers are going to need to get their houses prepared for sale and listed in February to give them the most exposure to the potential buyers. The same thing is true for buyers. If you are not actively looking for your dream home it may be purchased before you even see it. I believe that February is going to be a very active month for new listings and proactive buyers in every neighborhood in Cincinnati.
Typically the process of completing a contract from purchase to closing takes between 30 and 45 days. There are many steps that go into a real estate transaction, including home price negotiations, home inspections, repairs, remediations, loan applications and acceptance, appraisals and more. Another important tip is that it is best to try to secure a property before the April 30th deadline if possible to ensure enough time to find the property and negotiate agreeable terms. Inspectors will be busy, contractors will be booked, and banks underwriters will be backlogged. So the sooner you make an offer the better the chance you have of making the deadline.
If you have any additional questions about the Tax Credit and how you can take advantage of it please feel free to call me and ask questions. I would be happy to provide you resources and information that will make your home buying experience exceptional.
Alison Moss is a 9 year veteran of the real estate industry and can be reached at 513-518-1140 or by e-mail at Alison.moss@comey.com
I was recently featured in David’s Voice, an online periodical produced by the Jewish Federation of greater Cincinnati. I am now a regular contributor to David’s voice and I look forward to writing their real estate column. My column is going to focus on the various neighborhoods in Cincinnati, and the amenities that they offer. The articles will include information on the types of architecture, home size, and price that is typical to the area. I am also going to use the space to educate the readers on the changing tax rules that will impact both purchases and sales.
The University of Cincinnati recently created a map of the more prominent blogs currently discussing urban issues in Cincinnati. On this chart are a number of prominent architecture and real estate blogs including Cincinnati Living Online. As a local Realtor I think it is important to follow the conversations taking place that involve our market.
Click on the image to visit the interactive URL and see how each of these blogs interact and the nature of their content.
The Ohio Association of Realtors features the 2009 home sales in their monthly publication. The below graphic shows a state wide look at sales volumes and price changes in specific regions of the state.
The good news is that here in the Cincinnati market the annual volume has not changed much year over yer. What is concerning is the 8% price reduction year over year. Cincinnati real estate sales increases by 33% in November, which was a surprisingly strong month. That influx is most likely due to the $8,000 first time home buyer tax credit.
With 2010 beginning my expectations and hoped for the local market are a continued stabilization in price, and a slow and steady increase in volume. The tax credit extension should help drive spring sales and as we move into the summer and fall the slowly rebounding economy should help more people feel more confident in purchasing a home.
Offered at $219,900
Come see this beautiful move in ready 2 bed 2 full bath gem in the desirable Pillars neighborhood of Oakley! Walk to shops, restaurants and the Oakley Playground!There is an abundance of storage throughout the home. The kitchen has newer cabinetry and a classic country farm sink. The tudor home features new windows, a finished lower level with gorgeous full bath, a private study, room for a wet bar, and it walks out to attached garage. The home also has a newer high-efficiency HVAC, hardwoods throughout the main level, and Rookwood tile wood burning fireplace.
The Cincinnati Area Board of Realtors reports that local home sales are up by 33%compared to the same time period one year ago. This marks the sixth straight month of year over year increases and is a strong indicator that the housing market is in recovery.
November 2009 Vs. November 2008
The above chard shows the monthly sales activity and is proof that the Cicninnati real estate market is improving slowly but surely.
Offered at $198,000
Located in Prime Clifton Gaslight District, walk to UC, Ludlow shopping & restaurants. 3 bedroom brick Victorian with an attic loft. The basement has high ceilings for additional storage. Spacious rooms & hardwood floors. Off-street parking with driveway and garage. Add your finishing touches.
