REAL ESTATE NOW Cincinnati Market Update – March 2021

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What’s going on in real estate now? Find out in this Cincinnati market update!

As you probably know, the Cincinnati real estate market right now in most areas and price ranges is going absolutely crazy. Homes are selling in just hours after being listed, getting numerous offers, and are selling above list price. Sometimes by quite a large amount! Not to mention the fact that there is a major shortage of homes for sale. It’s an unprecedented situation, so let’s dive into the details.

Is now a good time to sell my Cincinnati home?

In the last three months, home sales are up anywhere from 12-20% over the same period in 2020. This is a huge increase for our area! It’s important to note that same period last year was also a very strong period in real estate. So if you have been considering possibly selling your home, now is the very best time to find out what it might sell for in today’s market, and what the best timing and strategy might be for that.

You can get an idea of what your home might sell for at www.CincyHomeValuesNow.com. This home valuation tool will give you a starting point for estimating what your home might be currently worth.

However, a better solution would be to schedule a time for us to come out and give you an actual market analysis. You’ll get a more detailed, accurate idea of what your home will sell for in today’s market, and what the optimal strategy is to get you the best price possible. Right now is very likely the best time we are going to see this year to get top dollar for selling your home.

The best time to sell is when there are plenty of buyers and when the competition is very low. And right now we are at such a low level of homes available for sale, it’s unprecedented. Meaning, if you’ve got a home to sell, you are a hot commodity, completely in command. You will be able to dictate terms and get the very top dollar for your home.

Everyone wants to sell at the top, and currently 2021 is as near the top as we will probably get. In 23 years of selling real estate, I have never seen anything like this. However, it’s not something that will likely be sustainable long term. So, if you have a home to sell, this is your moment.

Is now a good time to buy a house in Cincinnati?

Now, if you’re a buyer, you may be thinking, “Well this doesn’t sound so good for me right now.” But actually that’s not true. There are couple things you have to keep in mind when buying in today’s market.

The first thing – low interest rates. Rates are historically low right now. These crazy low rates that we’re seeing are definitely fueling the market and the activity, but they are also a historic opportunity to borrow money at a significantly lower cost. Low interest rates dramatically lower monthly payments, making homes more affordable even though we are seeing higher prices.

The other thing to think about is if you’re thinking of delaying your purchase until the market “cools down”, you will be buying a home when the interest rates are potentially significantly higher. And the home that you might have bought this year will cost more in a year or two years. Thus you are paying more for the home, and you are paying more for the money you’re borrowing to get the home. That means your monthly mortgage payment would be significantly higher than if you buy today. So the moral of the story is, waiting will cost you money.

So if you’re thinking about buying a home or selling a home, please reach out to us and let us know what we can do to assist you.

Call or text Eric Lowry at 513-368-3751.

Buy a house with zero down with a USDA Loan

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West Chester Liberty Township Mason
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USDA Loans apply to more areas than you think!

Buy a house with zero down with a USDA LoanWhat is a USDA Loan?
USDA loans are backed by the Rural Housing Division of the U.S. Department of Agriculture. These loans are available to thousands of home buyers with low to moderate incomes or scarce funds for down payments. In 2017, the USDA helped approximately 127,000 families buy their homes.

No down payment is required for USDA loans. They are typically thirty-year, fixed-rate loans with no pre-payment penalties. Rates are very competitive with conventional loans. These loans are limited to “rural” areas, though you might be surprised by some of the areas that qualify as rural.

Who is eligible?
Funds are available for qualified borrowers who earn up to 115% of the area median income. For example, if your area’s median income is $50,000, you could make up to $57,500 and still qualify. Even candidates who have had past credit issues with late pays, bankruptcies, or foreclosure may be eligible.

The home you are buying must be your primary residence, meaning you plan to live there full time or at least majority of the time. Rental properties, investment properties, and second home purchases are not eligible for the USDA loan program.

If you’d like to learn more about what areas qualify for USDA Loans, call or text The Lowry Team at 513-368-3751.

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Linda Crossman Joins The Lowry Team

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Linda Crossman Joins The Lowry Team, Keller Williams Realty

Linda Crossman Joins The Lowry TeamLinda Crossman joins The Lowry Team as a Buyer Specialist. Linda grew up in Tennessee, married her high school sweetheart, and has lived all over the United States. She has two wonderful sons. Linda has a degree in science and art.

Linda is honest, outgoing, and dedicated to serving others. She would love to have the opportunity to help you find the perfect house to make your home. Linda specializes in residential real estate sales in the Greater Cincinnati area with a focus on West Chester, Liberty Township, Mason, Fairfield, Fairfield Township and the Northern Cincinnati suburbs. He can be contacted at 513-324-1506.

The Lowry Team is an award winning, full service real estate firm specializing in the Northern Suburbs of Cincinnati. The Lowry Team’s culture is that of a fun, high energy group who prides themselves on providing, personal, professional real estate service.

The Lowry Team is “Different by Design”…taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director. Don’t Hire an Agent…Hire a Team. The Lowry Team.

Contact The Lowry Team today!
Call or text 513-368-3751

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Things To Do For St. Patrick’s Day in Cincinnati 2018

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St. Patrick’s Day in Cincinnati 2018

Things to do for St. Patrick's Day in Cincinnati 2018This year St. Patrick’s day falls on Saturday, March 17th. So if you are looking for fun ways to celebrate St. Patrick’s Day in Cincinnati, you’ve come to the right place! Check out this list of great events all around the Cincinnati area, or if you’d rather just hit an Irish Pub for some green beer here’s a list of all of those too!

Cincinnati St. Patrick’s Day Parade – Saturday, March 10th in downtown Cincinnati at noon there will be the annual St Patty’s Day Parade! The parade is held rain, snow, or shine!

St. Patrick’s Day Parade Viewing Party – Line the decks at Moerlein Lager House for the best view of the St. Patrick’s Day Parade on March 10th! Doors open at 11am, the Hops Garden will be open and the parade starts at noon. Grab lunch and pair it with an Irish Style Beer.

Shamrock Shuffle – West Chester Ohio’s annual Shamrock Shuffle will take place this year on Saturday, March 17th. Check-in and registartion is at 7AM. You will have your choice of 5K or 10K, and there will be breakfast, t-shirts, and more!

Fountain Square St Patrick’s Day Celebration – Festivities will take place Saturday, March 17th from Noon – 8PM. There will be live music, food, beer and more!

Irish Pubs in the Cincinnati area:

Dingle House Irish Pub & Grub – 9102 West Chester Towne Center Rd. West Chester, OH 45069

Trinity Gastro Pub – 8953 Princeton Glendale Rd. West Chester, OH 45069

Molly Malone’s – 112 E 4th St. Covington, KY 41011

R.P. McMurphy’s – 2910 Wasson Rd. Cincinnati, OH 45209

Hap’s Irish Pub – 3510 Erie Ave. Cincinnati, OH 45208

O’Malley’s in the Alley – 25 W Ogden St. Cincinnati, OH 45202

Claddagh Irish Pub – 1 Levee Way #2122 Newport, KY 41071

Crowley’s Highland House – 958 Pavillion St. Cincinnati, OH 45202

We hope this list of great events for St. Patrick’s Day in Cincinnati helps you plan some fun for your weekend!

This list is provided courtesy of Lowry Team Real Estate. 

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Where Are Mortgage Interest Rates Headed in 2018

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where are mortgage interest rates headed in 2018The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the interest rate, the higher the monthly payment will be. That’s why it’s important to know where interest rates are headed when deciding whether to buy a home now or wait.

The graph below illustrates the projections of where interest rates are headed, based on Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, they are projected to increase steadily over the next 12 months.

where are mortgage interest rates headed in 2018According to CoreLogic’s latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

What does this mean for you? A half percent (.5%) increase in your interest rate can significantly increase your monthly mortgage payment. Based on the projections of where interest rates are headed, the sooner you buy a home the better. Waiting could cause you to wind up paying considerably more for your next home. Contact us today to evaluate your ability to buy your dream home.

Thinking of buying or selling a home in Cincinnati?
Call or text The Lowry Team at 513-368-3751

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6 Steps to Buying a House in Cincinnati

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6 Steps to Buying a House in CincinnatiThe absolute first step to buying a house in Cincinnati is to save up for a down payment and work on building your credit. You may think that you need to save 20% for a down payment, but that’s actually not true. Many home buyers put as little as 3.5% down or even 0% down depending on if you qualify for certain loan types. However, you don’t want to become “house poor” so make sure you have enough for your down payment, plus a cushion for any unexpected expenses that may come up.

Meet with a Realtor. You want to make sure you find a Realtor that you feel comfortable with and who will go the extra mile for you. In this market, it’s imperative that your Realtor have a flexible schedule in order to get you into homes as soon as possible when they hit the market (because they are selling really fast these days!). You may also want to consider hiring a Realtor who is part of a team. A team can provide a level of expertise and customer service that an individual Realtor would be unable to provide.

The next step is crucial; get pre approved. Your Realtor will be able to provide you with lender recommendations to help you with this step. A pre approval is a dry run of the loan process. A mortgage lender gathers information from you regarding your income, debts, assets, etc to determine how much home you can afford. The lender will be able to give you a hard number that you are pre approved up to, and will be able to give you a run down of what your monthly payment would look like at each price point. There may also be several different loan types available to you depending on your situation. You may qualify for FHA, VA, USDA or Conventional.  A lender will be able to talk you through your options and help you determine which would be the best fit for you.

Once you are pre approved, you are in the clear to go see some homes! Typically this is the fun part, but in today’s market it can be a little stressful. Why you ask? Well, inventory is very low right now so as new homes are listed they are selling very, very quickly. It’s important that you and your Realtor are checking daily for homes that fit your criteria, and that when you come across one that interests you, you make the time to go see it as soon as possible.

So you found a home you love; now it’s time to make an offer. Since today’s market is so competitive, you will need to be prepared to make a strong offer. On average, homes today are selling at 99% of the list price. If you are buying in a popular price range, there may even be multiple offers on the same home. Your Realtor will be able to look  at comps (comparable home sales) to help you decide on what you want your offer to be.

Once your offer is accepted, you will need to schedule and negotiate your home inspection. Your Realtor will be able to help provide a recommendation to a great home inspection company. It is highly advisable that you take the time off work to be present during your home inspection. Not only, will the inspector discover any potential problems with the home, but you will learn all about the home and its mechanics. As you can imagine, knowing your new home inside out will come in very handy in the future.

If any problems arise during the home inspection, you and your Realtor will negotiate will the sellers to come to an agreement regarding any repairs that need to be completed prior to closing.

Once you get through inspections, it’s time to schedule that final walkthrough and closing. The final walkthrough typically takes place 24-48 hours before the closing. It’s your chance to walk through the home with your Realtor to make sure all necessary repairs have been completed and that everything looks good. Which brings us to the closing. At the closing you will need to bring ID’s and be prepared to sign a lot of documents. A title company representative will go over all the paperwork with you, then you will get the keys to your new home.

This may seem like a lot to take in all at once, but your Realtor will help you take it one step at a time and make the process as enjoyable and easy as possible. The Lowry Team has over 17 years of real estate experience, and rave reviews from past clients. We would love to be the ones to help you find your perfect home!

If you’re not quite ready to speak with a Realtor just yet, you can start with reading this Cincinnati home buying guide, then start searching homes in the Multiple Listing Service (MLS) where you will find all homes that are currently listed for sale. The information is updated several times daily so you will never miss a new listing!

Cincinnati Home Buying GuideYou may be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall. This free eGuide will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.

Check it out, and feel free to get in touch if you have any questions.
Call or text us at 513-368-3751.