Nation wide it seems like the drop in home values is slowing. According to a recent Standards and Poors report on home values, 18 of the 20 index cities lost less value over th last quarter than in previous quarters.

In looking at the chart the most critical piece of information I see is data out of Cleveland and Chicago. Both large mid western centers show a significant slowing in depreciation compared with previous quarters and in aggregate if you look at those as leading indicators for the region our decline may be slowing as well. We have reported before on Cincinnati real estate price trends and this is another report that makes us confident that the overall depreciation will most likely end with the calendar year especially if the summer sales season sees absorption of some of the foreclosed properties currently on the market.

Cincinnatians ‘get’ cell phones. They understand their value, and they use them for more than just talking and texting. Cincinnati actually ranked as the #7 market for mobile phone coupons by Cellfire as published in the Entertainment Marketing Letter. Such an appropriate time, considering all of the interesting cellphone based applications for real estate.

Back in December we reported on GotZapp for developers to send content to potential home buyers on their phones. In November we wrote about Hosefront which allows users to search tax records on a property with SMS or TXT messaging. In both cases the systems rely on savvy users, and according to recent reports Cincinnati has them in droves!

Part of being a good real estate agent is understanding how to price a home to sell. The facts are that if your home is initially priced correctly it will sell and not languish on the market. Looking at the inventory within our office we saw a significant disparity between Days on Market between the sold / pending and what is active. SALABLE properties spent an average of just 88 days on the market while properties waiting to sell average 143 days on the
market - and they’re NOT SOLD YET! Look over the chart at our sample data from our office:

Information has not
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As home sellers it is important to always remember that you home is worth what the buyer is willing to pay for it. In a slower market sellers must balance their desires for maximum price with an understanding that an overpriced listing could sit idle for well over a year, and will most likely sell only after numerous price reductions. If you are looking to move up in this market read our November post on the price and inventory of the Cincinnati housing market. You will learn how moving into a larger home makes financial sense in the long run if you do it is a slower market.

There are times and situations when home owners need to sell off their personal property. There are numerous circumstances that may lead up to an estate sale, but the one thing in common is that having a reputable company is essential.

Everything But The House is an estate sale company that services the greater Cincinnati market. They specialize in helping people gather their belongings, appraise them, and then sell them through tag sales, auctions, and even online auctions. If you are moving or have moved and need someone to sell your estate contents, local estate sales companies would be a good place to start.

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.

I know that we all struggle with the same question - what repairs or upgrades should I do before I sell my home? We wonder if we are going to get the money back in a higher sale price, or with it help get my home sold before my next mortgage payment is due. Home and Garden TV shows give tons of great ideas on how to inexpensively update the feel of key rooms in your home, you just have to be willing to spend a little bit of money to make a lot of money.

Homegain,com has a Sales Maximizer that give you insight on the best investments you can make in your home before you sell it. Cleaning and de-cluttering a house is listed as the most cost effective investment you can make!A good Cincinnati Real Estate Agent can help you though the process of getting your home ready to sell for top dollar. An absolute must read is this Home Sale Maximizer Guide. Coming soon we will have a list of contractors we have worked with and would recommend so check back often!

A recent product launch proves to be a possible boon for the Real Estate marketing industry. GotZapp is a mobile social network that allows users to send photos, data, sounds, and more to mobile phones as a single download. Some of the developers have pointed to the fact that it could be an exceptional medium for quickly sending home information to potential home buyers. The great thing about the company is here in Cincinnati, Ohio.

Part of what impacts home prices are the outside forces such as interest rates, supply, demand, schools, and other business and neighborhood factors. Personal perception is a major factor in the market value of a home or neighborhood, and it is valuable information for any buy looking to get a fair deal, and any seller looking to market their property at a reasonable price.

So here is Home Predict, website that is allowing people from all over predict the value of homes and neighborhoods. What is important is that market value is a function of the Wisdom of Crowds. If 90 of 100 people think that a neighborhood’s average home is worth $200,000 it is good bet that as a buyer you should be looking to pay about that much, and as a seller it would be wise to list it as such.

In the market boom what we saw collectively was a skewing of the perception of value. We all thought homes were worth more, and therefore the price tags went up. Now as the market cools, and the economy slows we collectively are correcting our perception. Potential buyer’s value perception are the most important information to have, but a community wide poll would probably return similar results. I’d like to see a group of us getting on and helping to set the value of our homes and real estate here in Cincinnati.

Here is an amazing pricing game. The game asks participants to price some various properties and depending on how much the house sells for the participants win points. It is an exceptionally brilliant way to gauge the public’s perception of property value and can be a great tool to help buyers and sellers understand the market value of certain property in particular areas. I have to say it is a wake up call to see how affordable homes are here in the Cincinnati area. Logging onto the site give you a real appreciation for our cost of living. Moreover it is a neat tool for Real Estate Agents to practice drafting Competitive Market Analysis and comparing their findings with other players.