Thursday, October 29, 2009

First Time Home Buyer Tax Credit Extension...?

We may have something here! A senate committee reached a "compromise" yesterday regarding extending the first time home buyer tax credit. Now, it's not law yet, but things are definately looking up! So where would this put us and what compromises are being made? See below for some details.

  • The income limits are being raised to $125,000 for single taxpayers, and $225,000 for joint taxpayers, that's up from $75,000 for single and $125,000 for joint.
  • A $6,500 tax credit has been added for other primary-home purchases, Basically anyone else buying a home that meets the income requirements. - The stipulation here is that you need to have owned your current home for at least 5 years.
  • To qualify buyers need to have executed contracts to purchase in hand by April 30, 2010 - but have an additional 60 days to get the puppy closed. - That's June 30, 2010.
This still faces a vote in the full Senate and the House - so DO NOT consider this a done deal but rather a step in the right direction. Keep checking back to get more updates as we learn them!

Chris Wood
REALTOR
Office: 513-791-2255
One Goal, One Passion!

Tuesday, October 13, 2009

Homes for Sale in Loveland Ohio

Fall in Loveland is such a wonderful thing - A small and tight knit community that celebrates our children with a great homecoming parade through downtown. Lots of floats, all the way down to the first grade cheerleaders and football teams, and TONS of candy! For me, this is the kick off to Fall!

As I review how our real estate market has performed over the past couple of months in Loveland what strikes me first is the Average Sold Price. In August of 2009 the Average Sold Price for Loveland was $268,361 - compared to September's Average Sold Price of $223,126. While the Average marketing time remained the same of about 82 days. This drives home that buyers continue to demand lower prices, and they are getting them.

I imagine as we continue through these fall months that we will continue to see prices fall a bit, The first time homebuyer tax credit does not do much for a community like Loveland, as there is just not much in the way of inventory to support that group. There are bargains in Loveland but as a buyer you need to be activly looking and ready to pounce with your "Highest and Best" offer as you will likely be in multiples. We look to the Spring, to bring about some real estate change and a better balance between the buyers and the sellers. In the meantime, if you are interested in the Loveland area you can call, email, or text your questions to me!

Chris Wood
REALTOR
Office: 513-791-2255
Mobile: 513-382-2474
Email: chris@chrisjwood.com
Star One Realtors

Friday, September 25, 2009

Local August Home Sales

While Sales fell nationally, local sales remained positive thanks in part to the first time buyer tax credit. Favorable mortgage rates have helped continue to boost sales, but prospective buyers who wish to take advantage of the First Time Homebuyer Tax Credit shouldn't wait. To qualify, purchases need to be closed by November 30, 2009 - and taking up to 45 days to close the clock is ticking.

Locally, the Gross Volume of sales in August 2009 were up by 0.03% compared to August of 2008. Although the Average price of homes sold in the same time period were down by 1.96%. Year to date home prices have fallen -10.07% from January 2009, until August 2009.

Bottom line, still a good time to buy, but these incentives won't last forever, the market is recovering, albeit slowly.

Chris Wood
REALTOR
Office: 513-791-2255
Star One Realtors

Saturday, August 22, 2009

July Home Sales Mark Back-to-Back Improvement

Local home sales – for the second month in a row – topped sales from a year ago. Realtors sold 1,984 homes in July compared to 1,866 the previous July, for a 6.3% gain. In June, the year-over-year improvement was 1.3%.

Nationally, homes sales last month were 5% than one year ago, and 7.2% higher than a month ago.

Paul Jacob, president of the Cincinnati Area Board of Realtors, said the current $8,000 federal housing tax credit program has been enthusiastically accepted. "People of all ages who haven't owned a home during the last three years or more, including first-time buyers, have run up the housing sales thermometer due to the tax credit program available to them," he said.

He also said that multiple offers on the same property for sale are happening again. "That hasn't occurred in a while," he remarked. The up-to-$8,000 tax credit has been a home run for buyers in this housing market. But that program expires Nov. 30. Buyers must close on their contracts by that date in order to qualify. Adding to the tax credit are low home mortgage rates, which now average 5.45% for a 30-year fixed-rate loan, compared to 6.68% a year ago.

Further, the inventory of homes for sale gives buyers plenty of choices. But even those choices are becoming less, as the July housing inventory was 7.04 months. A year ago it was 8.94 months. A balanced market for buyers and sellers is about 6 months. A number less than 6 months could begin to tilt the market to a seller's marketing advantage.

"Don't let this opportunity pass you buy if you're a prospective buyer," Jacob said. "All the ingredients are in place for buyers to make successful home purchases if they take advantage of today's opportunities."

-Courtesy of the Cincinnati Area Board of Realtors-







Sunday, August 2, 2009

The bank says…I don’t want it either.


Chances are you have one in your neighborhood, you know that house that just looks vacant. Odds are, it is and will continue to be for some time. The foreclosure process is a lengthy and complicated one – it's that way on purpose. Homeowners are provided ample time to sort things out and keep the house, sort of like a government "for the people, by the people". So while the owners haven't been paying their mortgage the government believes it should be difficult for private enterprise or even government itself to take property from citizens; thus a lengthy and drawn out process with ample opportunities for the homeowner to maintain claim on the property, even though we know that 99% of the time they can't. Let's face it if people could keep their homes…they likely would.


So what happens to that home when no one wants it? The owners have since moved on, and the lender who has the opportunity to claim it at sheriff's sale is told that the property is worth practically nothing. They review the property and realize it will cost them more in legal fees to sell it than it would to just walk away. So what do they do? They walk away and leave the property to…well dissolve on its own I guess. More likely for the local community to condemn it and then deal with it themselves…yes, ultimately your tax dollars will have to take care of this now blighted home.


There is, however, a bright-side; a recent article by the Enquirer highlights a home in Wyoming that is being "recycled". Usually a home is demolished and the debris is carted off to a local landfill consuming up to 6,400 cubic feet of space. Instead, this home is being deconstructed and everything from lumber to nails is being shipped off to be recycled and used again – locally. The lumber saved here is the equivalent of 25 trees…you know, not cut down. The empty space will be filled with topsoil and become a new green space for the city. Cost to the city – about $11,500 – a traditional demolish job can be at least that much if not more. In fact, additional jobs are created to dismantle the home.


So while the process can be lengthy, and we don't always get it right we are trying and at least making some progress.

Thursday, July 30, 2009

Miami Township Posts New Website

If you are like me and you live in Miami Township, Ohio - you generally enjoy the services that they provide. You do get the feeling that they truly work hard to provide the services that residents want and can make use of. They offer some great summer programs for youth and adults...My sanity and my kids thank them for it!

Recently Miami Township has posted it's newly completed and updated website www.miamitwp.org and if you have never visited their site before...you certainly should now! The township's website has always offered easy access to programs, and township news. With the new layout - availability for online video and search-able minutes from township meetings - It's a grand step up. You can for instance, reserve park shelters, civic center rooms, get information regarding upcoming Trustee meetings, and so much more. So if you haven't seen it yet - check it out and tell your neighbor.

Chris Wood
REALTOR
Office: 513-791-2255
Star One Realtors

Sunday, July 26, 2009

Home for Sale in Miami Township



I absolutely LOVE this house! I try and get out here as often as I can, it's just so peaceful and beautiful! Sitting on about 5 acres, the landscaping on this home is stunning - as is the interior of the home. Sitting on the private patio listening to the birds chirp and watching the hawks move around the trees. Deer are everywhere...but not to worry, a 7 foot tall deer fence with automatic gated entry protects your landscaping.


You find as much sanctuary inside the home as you do outside the home. A set back covered entry provides access to a beautiful blend of spanish and traditional architecture. With Italian marble, Brazilian Cherry Hardwood, and Chinese yellow slate, with each room flowing into the next. Whether you cook or not, the kitchen is always where people gather and here you have the room to do just that. Flawless granite counters and professional grade appliances like a Wolf stove, and a Subzero built in refrigerator can make even the worst cook, seem brilliant! It's all in the tools you use!
A back deck, partially covered offers a great place to relax and grill, no matter what the weather! Accessable from the eat in kitchen, or from the Master Bedroom, you overlook your private oasis. If you would like to see more photos, or a virtual tour of the home, just click on 5276 Deer Path, Milford, OH 45140 or call, text or email me to arrange for your own private tour. You owe it to yourself to come home and relax in your own private sanctuary. It's just what you've been looking for!


Chris Wood
REALTOR
Star One Realtors
Office: 513-791-2255
Cell: 513-382-2474
Email: chris@chrisjwood.com

Wednesday, April 22, 2009

Great Time to Buy a Home!

This Sunday, April 26 The Cincinnati Area Board of Realtors will be hosting about 2,000 open houses! So why would THIS be a good time to buy? Well, First of all, Money Magazine
published a study that shows Cincinnati is one of six cities where property values are most likely to rise and least likely to decline over the next 12 months. Here are three more things to move your hiney off that fence:


  1. There are nearly 16,000 properties listed in the Cincinnati MLS…We've got plenty to choose from!
  2. Low Interest Rates = more buying power! Ok, duh! Rates won't stay here forever; in fact no one can guarantee they'll be this low come Sunday.
  3. Homeownership will always be a good investment. Owning a home does not go out of style…although what you put in it might. To be fair with this, buying a home means you plan to live in it and around here, you should plan to live in for at least 5 years or more.

Cincinnati has not seen huge declines in property value, although the impression of that certainly exists. True, property values have declined but it's nothing like what you'll find in Las Vegas, or California or New Jersey. These locations have seen DRASTIC upticks in property value and therefore will see an equal and opposite reaction in a recession. Locally our property values appreciate about 3% a year and do so pretty steadily. We'll see this decline now, but it will turn around. The question is, are you ready to take advantage of the market? Contact your local Realtor® to find out more.


And hey, come visit me at 9730 State Route 28 for my open house this Sunday April 26,2009 from 2-4pm. It's a great Cape Cod on an acre of property…You just may qualify for an $8000 tax credit when you purchase it!

Friday, April 17, 2009

Social Media Vs. Industry

Well, the first "Twillionaire" is #aplusk, referencing the twitter handle that is used by Ashton Kutcher; yes that Ashton Kutcher. He recently beat out CNN to be the first on Twitter to have over a million followers. Not bad, I suppose for someone sitting in their living room, streaming live video over the web, even if you are a celebrity. What compels me most about this recent struggle is the difference between how each uses Twitter. Ashton, challenging people like Oprah to help send mosquito nets to Africa and pulling it off, while CNN uses their Twitter account for news feed headlines. Upon digging you quickly learn that CNN only recently purchased the account from someone who had already built up a 900,000+ following and use it like that ticker tape that scrolls across your TV screen, telling you the news while you listen to other news. I've never met anyone who likes that by the way but rather than get rid of it they seem to be adding more…?

Real Estate is attempting to embrace Social Feeds like Twitter with some modicum of success, myself included. You can follow me as cjwood on twitter and find out what I'm tweeting about, it might surprise you and sometimes confuse you!

It's anyone's guess where social media will bring us…is YouTube doomed to fail as another web experiment? Is Web 2.0 going to end up as dorky as its title implies? (Hopefully, they won't call the next thing Web 3.0…I prefer something a little more exciting, and with a cape)! Am I doomed to continue to blog in obscurity…wait, don't answer that, but I do think I'll check my followers…maybe I even picked up a new stalker!

Tuesday, March 24, 2009

Local Sales Climb 22%

Recently, our local board produced some pretty impressive numbers in a press release. It's great news after some pretty dodgey times! Click below to view the press release for yourself and keep in mind that these numbers were posted when interest rates were at 5%! Most recent interest rates were sitting around 4.8%!

Perhaps April will be coming in like a lion afterall!

http://www2.cabr.org/files/FebruaryHomeSales.pdf

Saturday, March 7, 2009

Are We There Yet?

I can remember saying that for days as my family, all 7 of us treked in the chevy from Kentucky to California and back. Now as a nation we ask, "Are We There Yet?" Wondering where the bottom is. The "experts" say midway through this year! I have to wonder if these are the same experts who said that eggs were good for us...wait bad for us...wait really good for us but you can't eat all of it.

We should take all the pontificating with the same level of moderation. In the end I think we can all agree that it's a new world, one that even the experts have not lived in. So trust your instincts, plan accordingly and follow that tried and true boy scout motto: Be Prepared. I think in the end we can all agree that the experts are best at explaining what happened, rather than what might happen.


-Sent from my Windows Mobile Phone

Thursday, February 26, 2009

EEEW, January!



Well, the reports are out – and they are hideous! It seems like all those buyers were waiting for that stimulus package to come out, before making any moves on their home purchase. Locally, our January sales represent a 19.5% decline in number of homes sold compared to January of 2008. We also saw a decline of the average sales price by -18.44% and our Gross Volume is down by a whopping -34.32% meaning that those homes that did sell in January took a beating on their price.




On a brighter note, first time homebuyers can now enjoy an up to $8,000 tax credit that they do NOT have to pay back. There are some income restrictions, depending on how much you recorded on your taxes last year…check line 37 of your 2008 returns. So now we have some homes with some pretty attractive pricing, mortgage rates that are averaging around 5.25% - although someone needs to pet that cat to get it to settle down some. Add to all that the tax credit and we would expect to see these elusive buyers beginning to poke their heads out again.


Of course, some positive gains in the job front would go a LONG way to smoothing the road.

Thursday, February 12, 2009

STIMULUS...?

Well, after a surprisingly quick compromise Congress moves to put the finishing touches on an economic stimulus bill boasting nearly 800 billion dollars worth of stimulation! Minus a $15,000 tax credit that was expected to encourage home buying. Looks like that provision was chopped out to appease some lawmakers on board. What we have here is something that everyone can dislike. Republicans dislike the spending on many of the programs, Democrats have given up on several programs to appease the Republicans, and the President will not get some of his projects regarding education in the package.


The National Association of Realtors released this press piece today which covers some of the bills highlights:



On a bright note, the first time home buyer tax credit of up to $7500 will no longer need to be repaid under this new bill. A collective "YEAH" can now be heard from many first time home buyers. Although I doubt that will be enough to break loose many of the buyers that have been avoiding the market. Time will tell...hopefully there is some left!

Saturday, February 7, 2009

Senate OKs $15,000 Bonus for Home Buyers


Is this good news for the housing market? Time will tell – but as lawmakers struggle to pass housing bills, the loss of jobs across the country continues to drag down all the efforts. With interest rates climbing, despite efforts to keep it low – who knows how long it will take to settle down. One thing is for sure – it will begin to settle and improve. Visit often for updates on how this bill can help you in purchasing and / or selling your home.

"Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.

Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

"It is time to fix housing first," said Sen. Johnny Isakson, R-G.

Isakson's office said the proposal would cost the government an estimated $19 billion. In all, the stimulus is now topping an estimated $920 billion.

In an op-ed that appears in Thursday's Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill.

"This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."

Source: The Associated Press, David Espo (02/05/09)

Wednesday, January 14, 2009

How’s that Market…?

I get asked that question quite a bit, "How's the Market?" Well, that's like asking, "Do you want the good news, or the bad news?" I don't think that there is such a thing as "good news" or "bad news", there is just news. What makes news bad or good, is what we do with it once it we have it. News is often presented to us either by a grave faced newscaster or some grinning talking head. We allow so many things to direct our day, our emotions and our perceptions that we have lost sight of the fact – the FACT – that we have control over all these things. Just a few years ago sellers were commanding a premium price for homes and they were hard to come by…if you were a buyer you did not think that the market was so great. Now we have a significant amount of inventory, prices are falling, interest rates are low and sellers do not think that the market is so great. Think of it this way, if you're a buyer; you're pretty pleased with the real estate market conditions today; as well you should be.



So what is the outlook these days? Well, as always it depends on your market, homes continue to sell and prices overall continue to fall in the Greater Cincinnati market. There are indications that we will start to see a more positive swing by the second half of 2009 but there are many factors yet to be determined. I do believe we will start to see noticeable positive changes by this summer. Interest rates are significantly low, home prices have fallen and sellers are offering an increasing array of incentives for buyers. However, with unemployment rates at over 7%, many potential buyers are nervous. Unemployment, in my opinion, remains one of the primary reasons for the continued downturn. I believe this largely stems from a need for major manufacturing to retool the way it does business, to streamline and reconfigure. This will take some time, but once the dust settles, I believe that the companies that remain will be much stronger and will quickly position themselves globally. This will take some time, but I believe it is long overdue to simply rip off the Band-Aid, take our medicine and start to heal.


So I can't say that the real estate market is either good or bad…it simply is today what it should be and will be tomorrow something different. I find that when I look at the real estate market from this perspective it is difficult to feel anything but hope.




Should you have any Real Estate questions or concerns please feel free to contact me at (513) 791-2255.