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West Chester Ohio Real Estate: A Short Sale Could Be A Option

March 14, 2009 by Eric Lowry Leave a Comment

“A Short Sale” has become quite a buzz word in real estate today.  Many people are unsure of exactly what this term means and how it might help someone.  For homeowners that have fallen behind on their payments or are having difficulties making their mortgage payments due to a hardship of some sort, a short sale may be an option that should be considered.  The most important point to make here is:  foreclosure does not have to happen!

In a recent study of homes in the West Chester and Liberty Township, Ohio areas that were facing a sale at the Sheriff’s Sale in Butler County, I found that a very high percentage of the homes had not been on the market for sale in the months leading up to the foreclosure.  The only conclusion that can be drawn here is that many homeowners don’t know that they can sell their home utilizing this process and avoid foreclosure and the extreme damage that is done to their credit.

A West Chester or Liberty Township, Ohio real estate short sale is an opportunity to get out from under a home you owe more money on that the current market dictates it’s value at.  A short sale is the process of negotiating with the mortgage company(s) to accept a short payoff (less than the balance owed).  For instance, you have a mortgage of $100,000, but your home is only worth $85,000 in today’s market.  The lender agrees to accept the proceeds from a sale at $85,000 as payment.  To qualify for a short sale you usually have to demonstrate an economic hardship like a job loss, family illness or some other change in your financial status.  Also important to note here is that you do not pay the real estate fees involved in the sale, the mortgage lender does.

If  you or someone you know could possibly benefit from a short sale, please feel free to call me directly for a confidential conversation at 513-874-1830.

Learn the current market value of your home!

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Financing, Real Estate Information Tagged With: Beckett Ridge, Cincinnati, Eric Lowry, FHA Financing, Mortgages, Ohio, Short Sale, West Chester Real Estate, West Chester Realtor

West Chester, Ohio Real Estate: New Listing In Beckett Ridge!

March 11, 2009 by Eric Lowry Leave a Comment

My Newest Listing…

 

8185 Pepperwood Drive, West Chester, Ohio 45069

West Chester, Ohio 45069

Lakota Schools

$165,000  – Three Bedrooms – One Full Bath, One Half Bath

This is a terrific two story home in West Chester, Ohio:

  • Perfect for the 1st time homebuyer! 
  • Private wooded lot
  • Located minutes from the Beckett Ridge Country Club 
  • Laminate Floors
  • Vaulted Great Room w/ Wood Burning Fireplace
  • Eat-In Kitchen
  • Formal Dining Room
  • First Floor Laundry 
  • New Carpet
  • Finished Lower Level Rec Room
  • Two Car Garage
  • Close To Schools, Shopping, Dining & Expressways!

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Beckett Ridge Homes For Sale, New Listings, Real Estate Information, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge, Beckett Ridge Realtor, Cincinnati, FHA Financing, First Time homebuyers, Homes For Sale, New Listings, Ohio, West Chester Real Estate, West Chester Realtor

West Chester, Ohio Real Estate: New Listing In Beckett Ridge

March 6, 2009 by Eric Lowry Leave a Comment

My New Listing In Beckett Ridge…

Beautiful Golf Course Luxury Home!

 

7874 Woodglen Drive, West Chester, Ohio 45069

West Chester, Ohio 45069

Lakota Schools

$409,900  – Four Bedrooms – Three Full Baths, Two Half Baths

This is a beautiful two story home in West Chester, Ohio:

  • 3700+ Square Foot Beckett Ridge Home
  • Terrific Golf Course Luxury Home
  • Located On The 12th Fairway Of Beckett Ridge Country Club 
  • Open Foyer w/ Hardwood Floors
  • Bright, Open Great Room w/ Wood Burning Fireplace & Gas Starter
  • Large Kitchen Features Granite Counters, Island, Counter Bar, Breakfast Nook & Planning Desk
  • Formal Living Room & Dining Rooms
  • First Floor Study w/ French Doors 
  • Large Cathedral Master Suite Features A Luxury Bath, Walk-In Closet
  • Finished Lower Level Rec Room
  • Three Car Garage
  • Close To Schools, Shopping, Dining & Expressways!

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Beckett Ridge Homes For Sale, New Listings, Real Estate Information, West Chester Ohio Homes For Sale Tagged With: 45069, Beckett Ridge, Cincinnati, Golf Course Home, Lakota Schools, Luxury Homes, New Listing, Ohio, West Chester, West Chester Real Estate

West Chester Real Estate: January 2009 Home Sales

February 25, 2009 by Eric Lowry Leave a Comment

It’s time to take a look at how January 2009 home sales compared to January 2008.

With regard to sales, in January 2008 58 units were sold vs. 55 units in January 2009.  This represents a decrease of just 5.17%.  I say “just” because today the Cincinnati Area Board of Realtors reported sales being down 19.29% (unit sales) for the Greater Cincinnati area. So being only down 5.17% for the West Chester and Liberty Township, Ohio real estate market feels like a victory!!

2008 Units 2009 Units + or –
58 55 -5.17%

The average sale price for January 2008 was down 8.02% compared to the same period in 2009.  As you can see in the table below, the average sale price in January 2008 was $219,688 compared to $202,077 in 2009.  For there to be a stabilization of home prices and then at some point a return of appreciation, we will need to see a smaller supply of homes available for sale.  In many of the price ranges there remains a significant oversupply.  The average sale price was down 18.49% in January 2009 when compared to January 2008 for the Greater Cincinnati Area Board of Realtors.

2008 Avg Sale Price 2009 Avg Sale Price + or –
 $219,688 $202,077 -8.02%

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Real Estate Information, Real Estate Market Statistics Tagged With: Beckett Ridge, Cincinnati, Housing Market, Housing Statistics, Liberty Township Real Estate, Mortgages, Ohio, Realtor, Top Real Estate Agent, West Chester Real Estate, West Chester Realtor

Liberty Twp, Ohio Real Estate: New Listing 7031 Valley Falls Court

February 21, 2009 by Eric Lowry Leave a Comment

My Newest Listing…

 

7031 Valley Falls Court, Liberty Township, Ohio 45011

Liberty Township, Ohio 45011

Lakota Schools

$325,000  – Four Bedrooms – Three Full Baths, One Half Bath

This is a beautiful, ranch style home in Liberty Township:

  • 2000+ Square Foot Custom Built Ranch Home
  • Terrific Luxury Home Opportunity 
  • Open Foyer w/ Ceramic Tile Floors
  • Bright, Open Great Room w/ Gas Fireplace
  • Large Kitchen Features Island, Counter Bar, Breakfast Nook & Double Ovens
  • Formal Dining Room
  • Large Master Suite Features A Luxury Bath, Walk-In Closet & Walks Out To Multi-Tiered Rear Deck
  • Finished Walkout Lower Level Features Rec Room, Study, 4th Bedroom, Full Bath & Media Room
  • Short Sale Property Is Subject To Lender Approval Of The Sale
  • This Is A Great Deal!
  • Close To Schools, Shopping, Dining & Expressways!

 Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Liberty Township Ohio Homes For Sale, New Listings, Real Estate Information Tagged With: Cincinnati, Lender Approval Required, Liberty Township, Liberty Township Real Estate, Luxury Homes, Mortgages, Ohio, Short Sale, West Chester Real Estate, West Chester Realtor

West Chester OH Real Estate: Stimulus Plan Contains Tax Credit For Housing

February 8, 2009 by Eric Lowry Leave a Comment

There has been plenty of coverage regarding the economic stimulus package and all of the pros and cons of it.  The most significant part of the plan as it currently stands and that matters here on RealEstate-Ink is the proposed tax credit for homebuyers.

The Senate has passed an expansion of the original tax credit proposal.   The proposal would be available to all purchasers (not just first-time homebuyers).  The key elements are:·   A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize the credit all in one year or spread it out over two years
·   The tax credit is available to all purchases of any home from date of enactment for one full year.
·   Able to claim the credit against the 2008 tax return
·   Buyers must occupy the homes for two years as their principal residences
·   Purchases of homes by investors are ineligible
·   Terminates the previous $7,500 Housing Tax credit on the date of enactment
 

 

Keep in mind that this has not been passed into law and is subject to change at any second…remember this is Washington, D.C. and Congress we are talking about.

Below is some further detail on the current proposal:

Senate Unanimously Approves Isakson Amendment to Stimulate Housing Market
Homebuyer Tax Credit Revived Market in 1975 and Would Work Today

WASHINGTON – The U.S. Senate today unanimously approved an amendment by U.S. Senator Johnny Isakson, R-Ga., to stimulate the nation’s declining housing market by offering a $15,000 tax credit to individuals who purchase a home in the next year.

“It is time to fix America’s problem, not throw money at the symptoms. It is time to fix housing first. It is rare that we have a road map to success in times of difficulty, but this country has once before realized a housing crisis every bit as bad as the one we have today and economic troubles every bit as dangerous,” Isakson said. “We have a pervasive housing problem, and we have a historical precedent that works. I am proud this Senate has joined together, learned from history and repeated a method that worked by adopting this amendment.”

Specifically, Isakson’s amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.

The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

Isakson has pushed hard for a non-repayable tax credit for homebuyers because he knows that it will work. In the mid-1970s, America faced a similar housing crisis when a period of easy credit and loose underwriting flooded the market with new construction.  Interest rates rose, the economy slowed and America was left with a three-year supply of vacant homes. Congress responded by passing a $2,000 tax credit for anyone purchasing a new home for their principal residence. Isakson believes the results were clear and swift as home values stabilized, housing inventory dropped and the market recovered.

Last year, Isakson introduced legislation to specifically target those homes that were causing the unprecedented increase in housing inventory by offering tax credits to individuals purchasing a foreclosed home or a home where foreclosure is pending. In April 2008, the Senate passed legislation to stimulate the nation’s declining housing market that included Isakson’s proposal. However, the final version of the legislation that was signed into law included only a $7,500 tax credit for first-time homebuyers that must be repaid over a 15-year period. Isakson’s amendment that passed today would sunset that $7,500 tax credit.

Isakson spent more than three decades in the real estate business, beginning his business career in 1967 when he opened the first Cobb County, Ga., office of a small, family-owned real estate business, Northside Realty. Isakson later served as president of Northside for 20 years, presiding over the company’s growth into the largest independent residential real estate brokerage company in the Southeast and one of the largest in America.

Isakson has not made a decision regarding his vote on the overall economic stimulus legislation.

Wondering about the value of your home in today’s market?  Request a Free Market Analysis.

If you think now is the time to begin your search for a new home, start by checking out my Feature homes for sale and then search the MLS, all on my website:  www.LowryTeam.com

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Financing, Real Estate Information Tagged With: Cincinnati, Economic Stimulus, First Time homebuyers, Homebuyers, Housing Market, Market Value Of My Home, Ohio, Tax Credit, West Chester Real Estate, West Chester Realtor

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