The Cincinnati Real Estate market is regaining some of it value according to an article in the Cincinnati Business Journal. The local market ranked #14 out of 50 national metropolitan areas based on value increases over the second quarter. Nationally home values are up almost 8% in the second quarter vs the first quarter. However Cincinnati gained 10%. As a region the Midwest has seen the strongest price increases in real estate compared to last year.
The challenge continues to be that all real estate is local. Some desirable areas of Cincinnati actually appreciated as the housing bubble burst and continue to hold their value. This situation speak volumes about the strength of our community and our local market
249 Hastings offered at $189,900
249 Hastings is a 2 bed 3 bath townhome situated on a quiet cul-de-sac. Walk to the University of Cincinnati, and live just minutes to downtown., Both bedroom have private baths and walk-in closets. Enjoy 180 degree panoramic city & river views from the two tier deck. The kitchen is complete with new granite counters, a breakfast nook, and a large pantry. There is a large lower level study with a separate laundry area and a 2-car garage.
1549 Northview Ave.
Offered at $150,000
This charming cape cod is in a prime Northside neighborhood. This home is nestled on a quiet street but is walking distance to local restaurants and The Comet. This house has been well maintained and has newer windows! There are three bedrooms and two full bathrooms. The upper level master suite has a walk in closet and expansive sitting room. The back yard is very large and beautifully landscaped.
Due in large part to the Federal Housing tax credit the pending home sales in April surged to a 110.9 index rating up from 104 in March. How do we know that the tax credit was the cause of the increase? Well we can look at the historical data and see that the last surge of pending home sales occurred in October 2009 just as the prior tax credit was expiring according to RSI media.
Locally in the Midwest the index rose 4.1% to 104.2 and is 17.9% above April 2009 index. The Cincinnati market was certainly impacted by the credit. Scores of buyers looked to take advantage of the program, and in turn helped to stimulate the regional economy as well. Each new home purchase helps to provide work for contractors, inspectors, title companies, and movers just to name a few impacted industries. While the tax credit was positioned to help the real estate market the halo effect is that the increased volume of home transactions really has stimulated commerce in a number of sectors.
Homeowners across the nation and here in Cincinnati are appealing their property taxes, taking advantage of a drop in housing prices over the last few years. Marketplace recently ran a story about the rise in property tax appeals across the country.
In most counties and cities properties are assessed every three years, which means that there is a chance that you are paying taxes based on the 2007 price of your home. Most of our property taxes have declined since then, but we are still paying taxes on that inflated value. In order to file an appeal for a reduction in property taxes it is important to gather information that shows the decline in your home’s value. In most instances a Cincinnati Realtor can help you gather that information and make the case.
If you are interested in finding out more information on Cincinnati property tax appeals send me an e-mail.
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 $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.
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.
The challenge continues to be that all real estate is local. Some desirable areas of Cincinnati actually appreciated as the housing bubble burst and continue to hold their value. This situation speak volumes about the strength of our community and our local market
