This Month In Real Estate – June 2010, Courtesy of LowryTeam.com and Keller Williams Realty Associate Partners
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
It’s Tuesday, so this must be the Tuesday Open House.
What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.
It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…
Mortgage Interest Rates: The tax credits are gone and if you are looking for a reason to buy a home, look no further. Thirty year fixed rate mortgages are 4.60% today according to Third Federal Savings. This is amazing. Just look at this example of what these low rates really mean:
$200,000 mortgage amount @ 5.50% = $1135.58 monthly principal & interest payment
$200,000 mortgage amount @ 4.60% = $1025.29 monthly principal & interest payment
This example shows a monthly savings of $110 on your mortgage payment and this is compared to a mortgage interest rate of 5.50% which is a historically low rate itself!
Has the real estate market stablized? Get your personal real estate market update and monitor home values in your neighborhood. You’ll see homes for sale in your neighborhood right now, you’ll see detailed information on homes that have sold and best of all this personal market update will be delivered completely free and directly into your inbox with no obligation. Get your real estate market update right now at www.HomeValuesInCincy.com
Our facebook fan page of the week is: The Square at Union Centre You can find information on the Farmers Market, the free concerts that are there on Thursdays through the summer and more. As of this writing their page has 88 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same.
While you are on facebook checking out the The Square at Union Centre fan page, please visit and become a fan of our facebook page:
Visit My YouTube channel at: www.youtube.com/LowryTeam
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
Looking for a new home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his lifetime and should be approached with an examining eye. While it is true that it is easy to search homes for sale and fall in love with it on one’s own, the benefits of using an experienced top selling Realtor are many and can save a home buyer a great deal of unwarranted pain and money in the long run.
There are a few things to realize and remember as a both a first time home buyer and a veteran home buyer. A Realtor will not only help you negotiate a price for a home but will also help you along every step of the process which will include getting a whole house and termite inspection, radon testing, mortgage financing and the title process among other things.
While a buyer may have his heart set on a particular home for sale, a top selling Realtor will make sure that the buyer is taking all of the most important factors into account and knows exactly what they are buying so that there are no surprises come closing day and move in day.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?
Search the entire MLS database of homes for sale here!
Wondering what your home is worth in today’s real estate market? Request a market analysis here!
Visit My YouTube channel at: www.youtube.com/LowryTeam
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
Is a short sale or foreclosure the right deal for you?
With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties.
For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices.
According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers.
By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.
If you’re in the market looking for a home in West Chester or Liberty Township, Ohio and are prepared for a unique transaction, a short sale or foreclosure property for sale can be a great option. Here’s why:
Prices are low – Buying a foreclosed (bank owned) property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.
Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.
You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.
Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.
Your best ally when purchasing a short sale or foreclosure property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions.
For more information about short sales and foreclosures in the West Chester, Liberty Township, Beckett Ridge and Mason Ohio areas call me or email me. We are happy to help!
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?
Search the entire MLS database of homes for sale here!
Wondering what your home is worth in today’s real estate market? Request a market analysis here!
Visit My YouTube channel at: www.youtube.com/LowryTeam
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
It’s Tuesday, so this must be the Tuesday Open House.
What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.
It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…
Keller Williams Red Day: Keller Williams Realty Red Day is this Thursday, May 13th. Our Keller Williams Realty Associate Partners office here in West Chester will b conducting a day long food and clothing drive to benefit Reach Out Lakota. You can get more information by visiting our facebook fan page at www.Facebook.com/LowryTeamRealEstate and find more information on Reach Out Lakota by visiting their website http://www.reachoutlakota.org
Interest Rate Update: Interest rates on a 30 year fixed rate mortgage continue to fluctuate a little day to day, but remain very low. The rate on a 30 year fixed rate mortgage today was 4.85% with no points according to Third Federal Savings. With rates continuing to be this low, the opportunities to move up to a new or larger home and not greatly increase your monthly payment are terrific. By the way, the selection of homes to pick from is very good right now. Thinking of buying a home in West Chester, Liberty Township, Beckett Ridge, Mason or Fairfield Township? You can search homes for sale on our website at anytime, including features like map searches, saved search, new listing notifications and more! Just visit www.LowryTeam.com.
Home and Property Values: This section of the Tuesday Open House seems a little like a comedy show. Just today I saw both of these headlines and reports:
Headline: “Cincinnati metro home prices up 14.5% in 1Q” – The National Association of Realtors reported Tuesday that median home prices rose in Greater Cincinnati year over year during the first quarter, although they dropped from fourth-quarter 2009. Read more: Cincinnati metro home prices up 14.5% in 1Q – Business Courier of Cincinnati:
And then this:
Headline: “Zillow: Home prices still falling” – Housing values in Cincinnati and most U.S. metropolitan areas continued their decline into the first quarter, but a new report from researcher Zillow.com points to encouraging signs in some of the most battered markets, according to a report in Columbus Business First. Read more: Business Courier of Cincinnati: Zillow: Home prices still falling
Moral of the story?? If you really want to know the value of your home…Ask a local Realtor that is an expert in your local area / neighborhood. If you would like to monitor home and property values in your West Chester, Liberty Township, Beckett Ridge, Mason or Fairfield Township, Ohio neighborhood get your own Personal Market Update that shows both homes for sale in your neighborhood and recent sales. You can get your own Personal Market Update delivered right to your inbox with no cost or obligation by visiting www.HomeValuesInCincy.com
Our Facebook Fan Page of the week is: Reach Out Lakota. This community organization does a lot of good in our community. They need more than just for us to become fans of them on facebook, they need our support and donations! As of this writing their page has 90 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same. More importantly though, consider donating nonperishable food items and clothing to Reach Out Lakota today. Check it out.
While you are on facebook checking out the Reach Out Lakota fan page, please visit and become a fan of our facebook page.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?
Visit My YouTube channel at: www.youtube.com/LowryTeam
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
Buying a home can be a daunting task. It is likely the most expensive purchase that you will ever make. Just one mistake could mean disaster — resulting in a stressful experience and one that may not end with you in the home of your dreams. In order to avoid such an experience, buyers should get to know the most common home buying mistakes.
The top home buying mistakes to avoid:
Love at first sight: Be sure that your home fits your real needs. Buying a home is an emotional process and it may be that the first home for sale that you see is the perfect fit. Just be sure that you are looking past the “perfect” paint colors and the granite counters, to be sure that the home fits your budget and your lifestyle. Be sure the home is in a community and neighborhood you feel comfortable in. Drive around in neighborhoods several times before you buy to check out schools, noise and traffic patterns.
‘Loanless’ shopping: Get pre-approved for a mortgage before you begin looking at homes for sale. This will give you an idea of not only how much you can afford to borrow, but also how much you are comfortable borrowing. It’s also critical to be pre-approved for a mortgage before making an offer, sellers will take you more seriously.
Buying too much home: Home buyers buying more than they could truly afford, in part, led to the collapse of the housing market. Buy more than you can afford and your dream home will become the same nightmare. Analyze all your monthly costs including debts, food, transportation, entertainment, and savings. Your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Don’t forget to budget closing costs, plus moving, redecorating and maintenance. Look ahead and allow for increases in ongoing expenses such as utilities and taxes.
Misplaced trust: You are engaged in what’s likely your most valuable purchase ever. It’s a business transaction. Ask family, friends & co-workers for referrals, but don’t take their word for it. Be sure that the professionals you are working with have experience and your best interests in mind.
Accepting oral agreements: Get it in writing. The rate lock, the home inspection, disclosures, the contract. Always. Should a dispute arise, you’ve got the details documented.
Skipping the fine print: Understand what’s really in any document before signing it. Get documents in advance, take time to read them and ask questions. Get copies of your mortgage and closing papers a few days ahead of closing.
Forgetting or betting on resale: Avoid buying a home that costs 50 percent more than neighboring homes. Reconsider buying the most expensive home on the block. Neighbors’ lower home values will weaken yours. Buy intending to flip your investment only to have the market fail means when it’s time to sell your price may not cover your costs.
1. Mortgage financing: You may be pre-approved but is the house? A formal appraisal confirms — or not — that there is sufficient value in the home to warrant the loan. If the house appraises lower than the sales price, the loan may be declined.
2. Inspection: Never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.
3. Insurance: Confirm you can get adequate insurance coverage. In some areas, or following certain disasters, it can be difficult to get types of hazard insurance.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?
Search the entire MLS database of homes for sale here!
Wondering what your home is worth in today’s real estate market? Request a market analysis here!
Visit My YouTube channel at: www.youtube.com/LowryTeam
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
