- 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
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 $200,000
6727 Smith rd is a secluded custom built retreat on over an acre of wooded property in quiet Miami Township. The house features a 1st floor master with a walk in closet. The lower level has an in-law suite that walks out to a private patio. In addition there is an updated HVAC, water heater, and roof. The upstairs has two large bedrooms and a full bath. The oversized living room features a central brick fireplace, vaulted ceilings, a wall of built-in book cases, and a walkout to a wraparound deck that has picturesque views of the rest of the wooded lot.
It is important that condo buyers be aware that new FHA lending regulations will be implemented starting November 2, 2009. It is still possible to get FHA financing on some condos but it will take more time. There are plenty of other ways to finance condos as well, so don’t let this deter you from buying a condominium.
If there are Condominium listings in MLS that state that a condo is “FHA approved” or “has FHA approved financing,” it is HIGHLY recommended that those remarks be removed if the condos were FHA-approved PRIOR to Oct. 1, 2008 (approx. 1 year ago). FHA policies have recently changed:
1) As of Oct. 1, 2009, all lender “spot approvals” are terminated.
2) Effective Nov. 2, 2009, all condos with “permanent” FHA approval status granted PRIOR to Oct. 1, 2008 will be rescinded. This means that the condo complexes MUST be re-approved by FHA.
3) Mortgagee Letter 2009-19 outlines the new approval process for Condo Projects, allowing lenders to determine project eligibility, review project documents, and certify to compliance of Section 203(b) of the National Housing Act and 24 CFR 203 of HUD rules. This new approval process will be effective for all case numbers assigned on or after Nov. 2, 2009.
Yesterday the Case-Shiller home price index came out, and it had some positive numbers. The C-S index looks at 20 major metropolitan real estate markets and watches the change in home sale prices on a monthly basis. The index provides numbers that are normalized for the home prices in the first quarter of 2000.
Because Cincinnati is not one of the markets observed by the index, we have o draw some conclusions from our closest neighbor, which is Cleveland. The below chart shows the decline and slow rebound of the housing market over the last 12 months in Cleveland.
Case Shiller Home Price index July 2009 - Cleveland
What we see in the numbers is that in February, March, and April of this year home values in Cleveland fell below the their 2000 value levels for the same months. But we also see an increase in home values as the spring and summer months arrive. In Cincinnati we saw a similar trend, driven by a number of factors including the season, first time home buyer credit, and improving macro-economic conditions.
If you have been thinking about moving up into a large home this may be the time to make the move. As prices begin to rise proportionately more expensive homes will gain in price faster than lower priced homes. A $500,000 home will cost $550,000 if it gains 10% in value, while a $200,000 home will cost $220,000. That is a $30,000 difference. call me today if you are interested in deeper local market analysis! 513-518-1140
This Sunday we are having a bonanza of open houses! We will be holding 5 open houses, so come by and see us!
12:00 PM – 1:00 PM in Deer Park!
4005 East Galbraith Rd
3946 Trebor Dr
1:30PM 2:30Pm in Oakley
3646 Brentwood
3:00Pm – 4:00 PM in Oakley!
2825 Andrew St
3:00PM – 4:00PM in Clifton!
255 Hastings Rd
The deadline for the First Time Home Buyer tax Credit is quickly approaching. The language of the legislation reads that the homes must be closed by November 30th, and many home buyers are not aware of the time it takes to complete a real estate transaction. On average I have seen transactions take 30-35 days.
HOWEVER those transactions did not have to contend with a lending system that is currently running slow, and an impending of new contracts and lending requests that are certain to enter the system in the upcoming weeks. Considering the current systemic challenges I am telling my buyers that mid October is their deadline for securing a contract on a home and qualify for the credit.
The bottom line is if you are waiting until the beginning of November to make an offer and qualify for the credit you may be risking $8,000. If you have have your eye on a home CALL ME TODAY at 518-1140, or send me an e-mail to schedule a showing.
