Amy's Blog

Hyde Park and Mount Lookout Market Statistics

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Thu, 01 Oct 2009 09:25:12 -0500

Median Price for Hyde Park

Median Price for Mt. Lookout

Single Family Properties in Hyde Park

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Single Family Properties in Mt. Lookout

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Hyde Park Mt. Lookout

Using a Residential Tax Abatement in Cincinnati

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Thu, 01 Oct 2009 09:18:54 -0500

By Lisa Eddingfield, AmyBSells Buyer Specialist Are you aware of the residential tax abatements in Cincinnati? By offering these tax abatements, the Cincinnati city government is encouraging neighborhood growth by offering a financial reward for building or remodeling within city limits. Especially if you're interested in new construction, these savings can be substantial. In addition, with new construction or improvements, the materials and products used are more energy efficient leading to additional cost savings for you. These abatements could mean major changes in property taxes for those who can take advantage (basically, a freeze on the rate) and last for a total of 10 years. It's important to remember that this abatement is transferable -- so if the previous owner qualified for the abatement then you will reap the same tax benefits until 10 years has been reached. Furthermore, if you qualify for the abatement and decide to sell your home then the transferability of the abatement will be an excellent selling point. The taxes will be based on the home's original value before renovation instead of the added value of the renovation, or a discounted value for new construction that qualifies. Here's some info regarding eligibility I found on the city's website:

"Real property must be within the City of Cincinnati. Any improvement for making a building more structurally sound, more habitable, or for improving the structure is eligible. Eligible uses include renovation or new construction of one, two, or three unit residences, or condominium conversions or rehabbed condominiums."

Keep in mind that not just any improvement will qualify for this abatement. These are for improvements that add to the value of the home, not just improve the condition. (Think deck or addition, not windows or roofing.) You'll have to apply for the abatements, and your construction will be assessed. To learn more about this abatement, including numbers, visit the city's website. Call me anytime if you want to learn more about buying a home in Cincinnati. -- Lisa is the Buyer Specialist for the AmyBSells Team. She has more than 20 years experience in sales and has been working with buyers for nearly a decade. Stay tuned for the blog for more helpful information from the newest addition to our team.

Mandatory Whole House Inspection

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 15 Jan 2008 11:31:45 -0600

As a responsible Realtor, and Accredited Buyers Representative (trained and experienced in hundreds of purchases) it is absolutely necessary for buyers to conduct a whole house inspection before purchasing a home. I have compiled a selection of frequently asked questions that my clients have and my commentary on each.

A Home Inspection is an absolute must when making your largest investment!

Having your future home and your largest investment inspected by a licensed inspector is an absolute must! As an Accredited Buyers Representative, I require all of my buyers to get a home inspection. The home inspection simply allows you to pay an independent inspector to inform you about the properties status or condition. Perhaps there are some maintenance items, or some mis-wired electrical outlets, or maybe the house needs a new roof, or the furnace is dead. You as the buyer need to know the condition of the property to move on to the next stage in the purchase. For your benefit, a whole house inspection is an essential part of the purchase of a home. This is so much the case, that if you decide not to inspect your largest investment, you must sign a waiver stating that I recommended this service and you denied the opportunity. That really says something!

Who pays for the inspection?

Since the buyer wants to know the condition of the property he is buying, it is he who pays for his information/inspection. Inspections can run between 250 (small condo) to more than $500. I have seen the average around $350. They typically charge based on the sale price or size of the home. Not a bad price to pay considering you are about to make the single largest investment of your life to the tune of several hundred thousand dollars.

What type of inspection should I get?

In my experience of working with some great inspectors, and as an ABR, I would suggest nothing less than a whole house inspection, and a termite inspection. The inspector will look at every system and component in the house, and do a termite inspection. The whole house inspector knows many things about typical issues, and many about complex issues. Every once in a while, the inspector will find a crack in the foundation that looks out of the norm, or some gross buckling in the roofing and suggest some ancillary inspections. For the foundation, we would call on a structural engineer, or the roof, a roofing contractor. But for the general inspection, the whole house inspector can evaluate the home 99% of the time and that will be all that is necessary. So, to start, choose a whole house inspection and a termite.

Termite inspections can be a requirement of the lender (depending on your loan), and thus a normal part of the process. In addition treatment for termites is around or under $1,000, so worth a $55 inspection in the event they are in the house we can ask the seller to have it treated. More on Termites and their treatments in another article.

Ancillary inspections like mold, radon or structural are all added expenses, increasing your costs $500, $120 and $400+ respectively and take between 3-20 days to complete. These are items that may be recommended by your inspector or Realtor based on evidence that they should be done. Visible mold on the walls, bowing in the walls of the basement, large cracks in the floors of the basement all lead to suggestion of ancillary inspections. If you are working with me, Amy Broghamer, my experience touring homes and other sales give me a solid back ground to help you identify any major issues while we are initially touring the home. I can spot potential major issues that may help reduce the chance that you will buy a house that will have a lot of inspection items noted. I can show you what to look for and when to know you have a great home that is worth making an offer on!

Who should I use for an inspector?

This question is simple. Ask Me! I work with very talented and knowledgeable inspectors. I work through more than 30 inspections a year, and know who is better than others, and who is going to be the most knowledgeable for your home. I recommend and use Kentucky inspectors for many reasons. Kentucky inspectors are LICENSED, which means they must keep their licenses current with continuing education, and follow a code of ethics set forth by the American Society of Home Inspectors. Using an ASHI inspector shows the seller that you have an inspector who knows what they are talking about and they have been trained.

See the Inspectors Code of Ethics here.

With so many new issues with homes it is good to know that your inspector has been in continuing education this year, and knows the latest on building trends and other inspection related issues. In the state of Ohio, there is no licensing requirement or continuing education required. I could decide to be in inspector tomorrow and inspect your home, without having training or knowledge of building codes and other inspection related skills. This is why I prefer to refer a few KY licensed inspectors to inspect your property. They work in Ohio about 50% or more of the time. The inspectors I recommend do more than 500 inspections in a year, which means they know what they are looking at, and have likely seen it before. With my referral, the will usually work you into the schedule faster and are often more in depth. They can suggest ways to fix issues and roughly estimate costs to do so.

I always recommend a good referral before you select an inspector. I have seen some poor inspections completed, and I know who is good! Also something to consider, if you call for an inspection and they are available that day or the next, why is no one else booking them? This is your largest investment, get a great inspector!

Since we are on the topic of great inspectors, check out AA Home Inspections website. Here they have an example report, with comments, photos with arrows and circles pointing to trouble areas, and you can see where everything gets inspected.

Having a thorough report with photos like this one, allows for better negotiation for you. Imagine if there were an issue with some flashing in the roof, causing leaking in the attic. The inspector would have photos of the roof and photos of water intrusion in the attic, with wet insulation proving with photos to the seller that this is a real issue that needs to be repaired by them ASAP. These photos and the professional report by a licensed professional give the issues more serious credibility and works to your advantage when remedying an issue that could cause you problems when you move in.

NOTE: Not all whole house inspectors take photos or include them in a report. The report is key, and it looking professional provides credibility to all parties involved.

With each inspector, you will find they have an agreement that you will sign. Here is a link to that agreement for AA Home Inspection.

http://www.aahomeinspection.net/Ohio_Indiana.pdf

In short, this document says that during this inspection process, we do the very best we can to completely inspect this property inside and out. We are limited to what we can see and get to inside the home and outside. They do the very best they can to give you the best idea of the condition of the property. There may be something that is not found during the inspection and later discovered after you move in. It is almost impossible to know every single intricacy of the house. All inspectors will have similar agreements.

During the inspection you are encouraged to be in attendance. The inspector will point out to you the things he has found in the home that need some attention, or he will teach you how to use a particular appliance or which way to turn the water on and off. As an ABR, I think it is important for me to attend your inspection as well. I will stop in towards the end to get the summary of any issues. This allows me to see and understand the things found so that I can effectively communicate and then show if necessary the listing agent the issues so that we can see eye to eye and get the issues resolved for you. You may also save some time by attending at the end for the summary tour as well. Inspections typically take around 3 hours, some longer, some shorter depending on the size of house. If you would like to do a virtual inspection, click here to see how things work at an inspection, and what inspectors look for in different areas of a home.

Frequently Asked Questions

compliments of the AA Home Inspection website.

What is a home inspection?

A home inspection is an in-depth visual examination of the physical structure and systems of a home. It is not an appraisal that tells you what the home is worth or a code compliance audit. If you are thinking of buying a home, condo, townhouse, or duplex, you should have it properly inspected before final purchase by an experienced and impartial inspector.

Why do I need a home inspection?

Purchasing a home will probably be the single largest investment you will ever make. You should know exactly what to expect, inside and out, in terms of repairs and maintenance. A fresh coat of paint could be hiding serious structural problems. Water marks on the ceiling, roof decking, or floor joists may indicate a chronic leakage problem or simply the result of a single incident. The home inspector interprets these and other clues, and then presents a professional and impartial opinion as to the condition of the property before you buy, so you can avoid any unpleasant surprises after the sale. Of course, a good home inspection will also point out any positive aspects of a home, such as: a new roof, new siding, and professionally installed pool or spa, to name a few.

Can I do a home inspection myself or have my friend help me?

Even the most knowledgeable home buyer or home owner lacks the expertise of a professional home inspector who has inspected hundreds or even thousands of homes in their career. An inspector is equally familiar with all the elements of home construction and the proper installation, maintenance, and interrelationship of these elements. Plus, most buyers find it hard to stay completely objective and unemotional about the home they are considering, possibly leading to a poor assessment. Even trained craftsmen, know that professionally inspecting a home is no simple task. Many wouldn’t consider doing an inspection for themselves, or even having one of their own employees do it for them, why should you?

Can a house 'fail' an inspection?

No. A professional home inspection is simply an examination into the current condition of the prospective home. It is not an appraisal or a municipal code inspection. A home inspector will not pass or fail a house but rather, we describe its condition at that time and indicate which items will be in need of repair or replacement. This is when you call upon ME to help you appropriately negotiate repairs, price reductions or other consessions to make the results of the inspection worth it!

If the report is favorable, did I really need an inspection?

Definitely! Now you can have peace of mind in completing your home purchase, knowing the condition of the property and all its equipment and systems. You may have also learned a few things from the inspection and will want that for future reference.

How does your service compare to that of other home inspectors?

AA Home Inspections answers this question as follows: We welcome you to read more out about our services, and then compare us to the competition. We're sure that you will find that we are the best in the business; well-educated, professional, sincere, unbiased, fair, and thorough. Our inspections are a complete service, with no hidden charges. Our report format is easy to understand, easier to read (digital printout, no handwriting to decipher), and we include images with every report. We are not satisfied unless you’re satisfied, it’s that simple AND that’s our guarantee. All of these factors separate us from our competition, and continue to make us the preferred choice for home inspections!

Winter Real Estate Market is BOOMING!

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 15 Jan 2008 11:30:51 -0600

Who said that Real Estate is slow during the Winter/Holidays???????

Certainly not ME!!! I stand behind my statement that I have told to countless sellers each fall - “The winter market is a GREAT time to SELL your home!” - and I mean SELL your home.

Imagine for a moment (don’t close your eyes because you need to read, but just imagine). It is cold out, November or December, a crisp 34 degrees in the air. It may be snowing or spitting at you as you walk along the streets, up slippery stairs (be careful!) to homes that are for sale; boots, scarves, gloves, umbrellas. Not the most desireable time to shop for a home. If you could choose what time of year to buy a home, I am sure it would be the Summer or Spring - it is pleasant, warm and full of life and fun!

Well wake up! It is the winter. No green, white and cold, and not a fun time to shop for a house. Why am I so glum? I am just trying to illustrate a point to you. WINTER BUYERS ARE NOT SHOPPING FOR HOMES IN 34 DEGREE WEATHER for FUN!!!! They are doing it because they HAVE TO! The most serious buyers are buying homes during the winter months. These months are between November-February. If they are out looking for a house, it is not a fun walk down the street on a warm Sunday afternoon, they are drudging through snow and holiday traffic to buy a home, and they will not leave without one!

Winter buyers are often more serious for a few reasons. First, most winter buyers have a job offer to start in January, or are given a job offer in the new year, in January. They must move quickly to find a house and begin their new jobs. Also, families with children are trying to get their kids in school for the second half of the year, to try to keep things normal for their kids.

So may sellers take their homes off of the market in November, anticipating a slow winter. I guess Realtors are suggesting this, or have so often in the past that this is what sellers just assume to be the case. Consider that you may want to sell your home, and it is May, you may be one of 30 homes in your area and price range for sale, because it is the “best time to sell.” Well consider that it is December, and you want to sell your home NOW. You may be one of 10 homes on the market through the holidays and winter. When these serious buyers come trudging through the snow to see your listing, you have a 1 in 10 chance of selling to that buyer who WILL buy because they HAVE to. Compare that to the May 1 in 30 chance of selling to someone who is just maybe considering buying and is out enjoying the weather. Which would give you a better chance of selling, May or December?

I AM NOT GOING ON RECORD saying that the winter is slow. In fact, I am so busy and it is great! This year, since December 15th, I have sold 4 of my listings and helped 3 buyers purchase their homes. That is 7 transactions in the last 30 days, those 30 days include Christmas Eve, Christmas Day, New Years Eve, New Years Day. All 4 of those holidays, I had showings on my listings, or I received or negotiated an offer. Realtors never have a holiday, and I am happy to work to help my clients sell or buy their homes on a holiday! It was a great Christmas gift and a great way to start the new year for many of my clients! Two of those 4 listings wound up in a multiple offer situation, providing more profit for the sellers.

Who said this was a slow market? NOT ME!

Last, year, in 2006, I had 5 closings occur between Thanksgiving and New Years! All 5 of them were relocating for a job, or had to get their kids in school for the second semester. The year before that in 2005, I had 5 closings occur in February, and those buyers all put in offers in the December and January time period.

I believe in the winter market!!! My advice to you today, if your Realtor says that the winter market will be slow and nothing sells, find a new Realtor, because you will never sell if that is the attitude. I work 12 months a year, with steady business all year long. If I have sellers, I am working to sell the house. Be sure you know if your Listing Realtor takes off the standard Realtor break of Nov-Jan. I promise you, that is the time when most agents are not working because they don’t think that anything is happening. That is great for me and for my sellers who get their homes SOLD because I work to get them SOLD in the WINTER!

There is still time to take advantage of the WINTER market!!! With my work ethic and support team, we can have your home ready for sale in days, and SOLD in an average of 35 days (Most Realtors listings stay on the market an average of 100+ days) I am ready to SELL your house!

If you are serious about selling, call me!

I look forward to selling your home in this winter market!

Foreclosures Doom and Gloom? Think Again: Great Cincinnati Real Estate Market

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 15 Jan 2008 11:29:28 -0600

Update on Mortgages in Ohio Real Estate

The Ohio Mortgage Bankers Association (OMBA) released some very interesting data regarding their Q3 2007 figures that I felt compelled to share with my readers in Cincinnati, Ohio. As a resident, Realtor and Certified Residential Specialist, I feel that it is increasingly the local Realtors job to educate their local public on the state of the Real Estate market. I always suggest that the more local the data and information the better. You can’t form opinions regarding the Real Estate market from national news, based on California, Nevada or New York; you must look at what is happening in your state, city and suburb. This is my reason for writing a series of articles regarding the local real estate market. The more informed you are locally, the better the market will be for us locally.

Let’s start with Ohio, the state level and the recent figures released from the states Mortgage Bankers Association (OMBA). As you may have heard in the past, Ohio was a state of high foreclosure rates. When you break the state down by top 10 counties that these foreclosures are occurring in, Hamilton County, nor any other areas of Greater Cincinnati are amongst the top 10 that are the state’s worst counties for foreclosures. This is great to know if you live in or around Cincinnati, or its suburbs. And it lends to the mentality that the more local your information and news is, the better!

In the state of Ohio, The home ownership rate remains near record levels at 68.2% reports OMBA. This high rate of homeownership is almost record breaking, does not tell me that we are in despair in our Real Estate market. I wish these numbers were a part of the newspaper and evening news statistics!

The OMBA further suggests that 35% of Ohio homeowners own their homes outright, no mortgages at all! 48% are in a fixed rate mortgage, which is the conservative route, and almost half of Ohio residents are being conservative about their home financing, providing a stronger outlook for the future of the Ohio market! 15% of Ohioans have an Adjustable Rate Mortgage (ARM). And the smallest single group of people in Ohio, just 5% of homeowners is a non-prime or sub-prime borrower with adjustable rate mortgages. This is only 5% of Ohioans that have this higher rate loan that adjusts. The squeaky wheel gets the grease is TRUE! Why don’t we hear about the 35% who own their homes or the 48% who have the most conservative loans on the market? Instead, the newspaper and news casts prefer to report the doom and gloom when merely 5% of Ohioans that agreed to take a mortgage above prime rates and that adjusts gets into trouble. The media goes by the saying, “If it bleeds, it leads!” and that is causing so much of the bad press surrounding this Cincinnati Real Estate Market, which is simply not true!

In fact, in Ohio, the foreclosure rate is 1.7% of all loans in Ohio. The market tells us that a little over a half of that 1.7% will actually be foreclosed upon, but there are no exact numbers. The OMBA suggests that the number one cause for delinquencies and foreclosures is historically job related, most specifically so in the Mid-West, which has lost a significant number of manufacturing jobs. It is a fact that lenders want to lend money to borrowers who are willing and able to pay the loan back. They are not trying to induce a foreclosure situation! In fact, the OMBA estimates that between $30,000-$60,000 net loss occurs each time there is a foreclosure on a single property.

The lending community is taking note of these figures and situations that arise from these foreclosure situations. The competition in the lending marketplace has increased, leading the way for borrowers to find more options for their financing from the stronger, remaining lending institutions. The lenders are now pushing borrowers towards the more traditional mortgages, with down payments, fixed products and conventional loan options, which all help the borrower, the lender and the real estate market.

So, yes, Ohio has seen a small amount of foreclosures as state, Cincinnati and even smaller number of foreclosures. This concern over foreclosure figures has created more awareness in the lenders and loan options, which allows borrowers more education on their financing options. I hope that these numbers show you that in Cincinnati, we are going well, in Ohio, we are as well. Get your news locally, and there is always more good than bad, they just prefer to tell you the bad.

Hang in there and check back soon for some local articles on Hyde Park, Mount Lookout and other Cincinnati Suburb market conditions as they happened in 2007.
Data and statistics noted in this article are based onthe Ohio Mortgage Bankers Association’s Q3 2007 figures.

Cincinnati Riverfront Homes - River House Landing

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 15 Jan 2008 11:28:13 -0600

Northern Kentucky has already captured a significant revival with the addition of the Newport on the Levee complex. Stores and restaurants (and a wonderful AMC movie complex) took advantage of this central location, and crowds continue to flock to the area from Kentucky and Ohio.

Once again, Kentucky has won the battle with riverfront housing. First, the Ascent, while not exactly on the shores of the Ohio River, represents the first dramatic departure from the typical and out-dated buildings of Northern Kentucky. The Ascent building, designed by world-renowned architects, Studio Daniel Libeskind (designers of the World Trade Center redesign and memorial), was the first new building that was built to attract the wealthier retirees and executive type buyers, with prices ranging from $395,000 to $4.5 million for the 72 condos.

Next on tap was the larger South Shore development, a three-tower complex, featuring a private marina, clubhouse, pool and putting green. There are 200 units, priced at $250,000 to $2 million. This site features fantastic views of downtown and the east suburbs of Mt. Adams and Columbia Tusculm, and you're just a short boat ferry away from the Montgomery Inn Boathouse.

The newest, but less expansive project is the River House Landing. These are town homes (and 1 Victorian home), feature private docks, elevators, and rooftop decks with gorgeous views of the Ohio River and downtown Cincinnati. These are much more livable areas, and offer more privacy than the Ascent and South Shore. While you still share walls with adjoining units, you don't share floors or ceilings. A private garage on the ground level accompanies a media room, wine cellar and your own dock. This is key if you are a boat fanatic. Prices have just been updated to starting at $899,000, and you can choose from many luxurious amenities on the four living levels.

If any of these wonderful options interest you, contact me today, and we will figure out which is the best option for your lifestyle.

Can You Afford To Hire A Realtor Without A CRS?

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 15 Jan 2008 11:26:36 -0600

The answer is, why wouldn't you get a premium service without any added cost to you?

That is the question asked of me sitting at a kitchen table a week ago. A seller with two homes, not by choice, in a down market, priced too high and on the market for over 6 months said to me, "Why didn't my first Realtor show me this information, I could have made a more informed decision about my original list price and the market in my area?"

I was saddened to hear how her previous Realtor did not do the necessary research that all CRS Designees are taught to do in their advanced training classes. I was called in after another agent could not sell the house. I took a totally different approach in considering the details of the listing. That is what Business People, or Certified Residential Specialists know how to do. It makes all the difference in the world.

That seller looked at me, with tears in her eyes, realizing that she had wasted 6 months of a decent market at the wrong price with the wrong Realtor, and that decision had cost her tens of thousands in the end. She said to me, "I had no idea you could provide this type of information on my house, my neighborhood and the local market. How did you know how to do this?" My answer was simple, I could have years of experience, but the CRS Education and training is what taught me how to find, organize and present the most relevant data to price listings to sell, all while making sure that the sellers largest financial investment was understood and treated with respect.

As a CRS, I am in the top 4% of the Realtors in the country. Certified Residential Specialists do more than three times the amount of business that the average Realtor does in a year. I have completed necessary experience and education that awards me the honor of being one of the elite Certified Residential Specialists. I have invested my own money in my education to become the best Realtor for my clients that I can be. After I earned this designation, I continue to invest in myself and my clients with additional educational opportunities and training. I want to be a wealth of knowledge so that I can transfer that information and those skills I learn in my CRS education to professionally assist my buyers and sellers with their largest financial investment.

In CRS courses, I learn skills and ideas that help me represent my clients better. I also learn advanced negotiation techniques, innovative marketing ideas, how to calculate absorption rates and how to predict how long a listing will take to sell, how to price a home, how to earn referrals and how to thank my customers and clients. How to create a team of professionals to make my clients experience the best it can be. I learn how to plan for my businessâ€™ financial future, so I am making good investments in my business to ensure that I will be able to work with my clients throughout their lives. I learn how to counsel, ask the right questions, answer the tough questions, negotiate, concede and win. These classes are taught by the most fantastic and experienced instructors that I have ever encountered in any industry. The forums are open and provide a wonderful environment to share experiences and ideas to make each of us better Realtors for our clients. I network and brainstorm with the nations Real Estate cream of the crop, bringing valuable and effective strategies and ideas back to Cincinnati and Hyde Park. We strive to be the most professional, knowledgeable, and experienced Realtors in the world. I do this to make myself better for you! I invest my own time and money, which makes me a better Realtor for you.

Just like a person would never trust anyone other than a Cardiologist with their most vital organ, their heart, ... Seek and find a Realtor for your largest, most vital financial investment with a CRS after their name, because there might as well be a Dr. in front of it too, Dr. of Real Estate!

To learn more about the CRS Designation and the Council of Residential Specialists, visit their website at www.CRS.com.

The Home Buying Process: Step 2 - Defining the Type and Location of your home.

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 15 Jan 2008 11:25:31 -0600

After reading The Home Buying Process Step 1, you know where your financial boundaries are, and you have a pre-approval letter, we are ready to go shopping for a house!

There are many factors that figure into defining the type and location of your home. Factors such as where you work, what type of schools you desire, what type of home you are looking for, the ability to walk to restaurants, being near a bus line, and how much return on your investment you hope to gain, if any. I have individual resources for schools, area appreciation and demographics that I will share with you individually as they relate to your needs. These are all KEY in selecting your next home. As an Accredited Buyers Representative, I will take you through a list of questions similar to those below to gather some information on what is important to you and your family. Based on your answers, we create a list of priorities in order of importance. These priorities may shift a bit during our home search, but we always know which are the most important and keep track of them. No home is 100% perfect; there are always some things that get pushed aside for a better kitchen, or school district. But in the end, it is my job to keep you focused on those priorities when emotions tend to take over your thought process.

Example Questions during our First Meeting/Telephone Call:

1. What do you like to do on the weekends or in your time off?
2. Are schools important and what type of school are you looking for?
3. What do you like best about your house now?
4. When do you want to be moved into your new home?
5. How long do you think you will be staying in your next home?
6. What type of return on your investment would you like to see?
7. Are you handy, do you want to do some improvements, or move into a home that has already been done for you?
8. Are you considering a single family residence, or are you open to a condo as well?

Your answers to these questions help me to shuffle you into a few different areas of Cincinnati and even perhaps Northern Kentucky. We then talk about how many rooms, bedrooms, garages etc you will need. Since by this point, you have already spoken to the local lender and have a pre-approval, we will be able to consider your price range and what you can get in a home in a given area for that price. This is where my experience with different communities, their school systems, and what you can expect to get for your price range comes in handy, guiding you to areas that will have what you are looking for. My knowledge and ability to hone in on what is important to you help you focus on what you want and save time looking in all the wrong areas while the home of your dreams sells to another buyer.

Congratulations! You are a VIP BUYER!

With the responses to my questions, along with the lenders pre-approval, we can make you a VIP BUYER! As a VIP buyer, you will get priority treatment from me, sending you emails and scheduling showings for you. It is important for me to give you this VIP treatment, because you have done your best to get yourself pre-approved. You have thought about the things you want in a home. You have thought about a location. We have worked together to prepare you for homes that meet your financial needs and your priorities.

When you are a VIP buyer, Iâ€™ll scour the Cincinnati or Northern Kentucky MLS and compile a comprehensive list of new homes on the market in the Greater Cincinnati Area, complete with pictures and detailed information. Every time a home that meets your exact needs comes on the market youâ€™ll be notified via email. This simple program saves time and eliminates guess work, and provides you information on the latest listings and price adjustments before other buyers even get out of bed.

When you see a home come across your email that you like, you just send it back to me, and I keep a file of what you like. When you are in town, or schedule an afternoon to see homes, I will pull out the listings that you liked and we can see them all! Your home hunting trip takes priority for me! Sometimes, you might even need to see a spectacular home within an hour of it being listed, to beat the other buyers to the punch. We will get you in there and get it under contract before anyone else can even see it, even if I need to write the offer on the hood of my car! (It has been done!)

How long will it take me to find the house I want to write an offer on?

That question is asked of me by almost every buyer I have worked with on our first outing. Here is my answerâ€¦ Once you have a list of several homes you want to see, I take note and LISTEN to what you like, the type of homes, the features inside them. When we go through the homes for the first time, usually a few hours, we talk inside each home about what you do and do not like what you would like to see. I take notes, LISTEN and formulate an idea of what you want to find. We talk at the end of that first day about what you thought of the homes, and try to narrow down types of housing, locations and styles of homes.

Sometimes after the first day of hunting, you may totally rearrange your criteria, but do not be dismayed. We are working to get you one step closer to your perfect home. We will collect more listings and focus a little more on certain areas or types of homes the second trip out, allowing me to assert more guidance in getting you to areas and homes that you expressed interest in the last trip. In this trip out, we get very close if not finding the house you are looking for. This occurs based on my LISTENING to you as to what you like and trying to narrow things down for you to exactly what you are looking for.

It usually takes 2-3 half day trips of looking at homes to really define what you want, and to find the home you want to write an offer on. I do this so efficiently because I LISTEN to what you are telling me. I LISTEN to what you want and I FILL THAT NEED with a home that meets your criteria. Listening to you is the key for me to help you get what you want. So, when we are out looking at homes, talk to me, tell me what you do and donâ€™t like, how you feel in a home or a neighborhood. That is the info I need to move you ahead and closer to what you are looking for. It is an intuitive skill that I have that will save you time and get you the home of your dreams!

In some cases, it does take a bit longer, depending on your price range and specific needs, but rest assured I will find you what you need in a timely fashion. I want you to love your home!

It may seem like a lot of work in just the first two steps, but that is just half of the work! In the next step, you will see my honed Accredited Buyers Representative negotiation strategies and skills at work for you! Why are my skills so sharp, Practice, practice, practice! I sell more than 30 homes a year and negotiate more than 40 contracts a year. There are tricks of the trade, and time tested strategies that are under lock and key for my VIP Buyers only! Hang in there to see what Step 3: From For Sale to Pending has in store for you!

Foreclosures: Good For Some, Not For Many

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Fri, 07 Sep 2007 08:01:18 -0500

Depending on the price range of buyer that I work, with, I almost always get the question during our hunting, “What about Foreclosures?”

Usually in the price ranges below 200K, we see a large amount of bank owned properties in foreclosure or accepting a short sale (when the bank will take less for the property than what they have lent out on it). Foreclosures are perfect for certain people but I will stand behind the statement that they are not a good idea for first time buyers, or for people who intend to use the home for their primary residence. That being said, there are a small amount of buyers out there that do have success in this foreclosure market.

Ohio has lead the country in foreclosed properties for several years. This shows us that at one point, banks in this area were more liberal in lending monies to people who were getting 100% loans, who perhaps should not have purchased a home at the height of their price point, and thus, have failed to make payments on time, defaulting on their loans and the bank taking the house back from them. I have toured a foreclosed property after the people living there were evicted, and I can assure you they were not happy they were kicked out. So much so that you sometimes don’t want to enter due to stench or filth. Many times, they are in the process of trashing the house, to get back at the bank, and you don’t want to buy that house for your family.

Typically if the owners could not make their mortgage payments, they might not have also been taking care of the general maintenance of the house. Almost always, you find that the house has been neglected due to lack of money to care for it. Sometimes it is small things like lawn care, but sometimes, it is a leaky sink, that leaks for months, causing the cabinet to rot out, and leak into the drywall of the floor below, now having concern for mold problems, drywall needing to be replaced etc.

In a foreclosure, since the people weren’t paying their mortgage payments, there may have been other bills or repairs that have not paid either. When creditors are not paid by their customer, they can put a lien on the real estate they own. This lien will have to be paid before you the buyer can purchase the real estate. So, if you buy a foreclosure you may also be responsible to pay off several thousand dollars in liens for the previous owner, before you can title the property in your name. There are methods of negotiating with lien holders for a reduced payoff, but you will always pay more than half of their lien debt prior to closing on the home. Investors are used to this type of situation and they pay the liens with cash and move on with their purchase.

Inspections are KEY in homes like these, if you intend to put your family into them. Remember, if this is the largest purchase you will make, then you must do your due diligence and have an inspection, to protect your families’ interests. The problem with inspections is that in the process of negotiating with the bank, they will rarely give you the time you need to get an inspection to know what you are buying. Nor do they ever agree to repair or replace anything that was not maintained or broken by the previous owners. They take a completely hands off approach with regards to inspections and repairs. Most will just sell the property as is and not even look at the results of an inspection. This will take the wind out of your sales if you were hoping to have a smooth and pleasant home buying experience. A foreclosure property will often have several other buyers or “investors” interested in this same property, who have cash and will buy the house with no inspections.

These investors have the upper hand, as they have cash to purchase the property, which allows them to close on the house in a week’s time. If you are getting a loan, then that process is likely to take 30 days to complete. The banks will take less for the home, if they can sell to a cash buyer with no inspections. And they do, almost every time.

When we have a short sale situation, and you want to put in an offer on a house, you go through a long waiting period. The house goes on the market, you write an offer and submit it, (some times, the bank requires a larger than normal earnest money or down payment that most buyers in this price range do not have) and depending on the bank, it takes 14-45 days to get a response from the back as to if they will take your offer or not or if they will begin to make a counter offer. In the meantime, cash offers will come in and will go to the top of the stack of offers at the bank in those 14-45 days. If you severely under bid for the house, then someone can outbid you during these 14-45 days. All while this is going on, you are prohibited from writing an offer on another property while you have an offer in on this one. You will have no idea when you will get a response or what that response will be. So, you might have just wasted 45 days, and missed finding that house that is perfect for your family and you could have already moved in by now. This method of buying a home may save you some money, or it may end up costing you more money in unknown defects and their repairs and frustration in the end.

In some states in the US, you can get all the way through this process and actually close on the house, and the original owner can come up with their deficient monies and get the house back! That means you lose the property you have been working for months to obtain, just because the previous owners raised the money necessary to take back their home. When this happens, you loose considerable amounts of money, especially if you have already begun to renovate the home, now for the old owners!

Foreclosures are a great idea when you have about 100K in cash to invest in a piece of real estate. These types of investments are still risky if you don’t have an inspection, and know what you are buying. Foreclosures are great if you have time to repair and discover the inadequacies of the home, they are not generally move in condition. If you are a handy man or are very knowledgeable about the construction and or renovation process foreclosures are great. If you have investors along side you in the property, it reduces your risk, and most investors team up or have a few partners to reduce risk. Foreclosures carry a lot of risk, and if you can bite through the risk, there is sometimes a large reward, other times, it is a break even or when more problems than expected come up, they are upside down in the investment. To me, foreclosures are best for investors, not families. If you are still interested in purchasing a foreclosure property, I can recommend you to a Realtor that focuses his business in the foreclosure market.

If you want to be excited and have a great experience finding your dream home, I don’t recommend going the foreclosure route. I can promise you will have a wonderful experience buying a home the traditional route that 99% of people take when purchasing their primary residence with me! I hope I am your #1 choice to represent you as your Residential Realtor!

Staging Your Home

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:41:07 -0500

What is Staging?

STAGING [stey-jing] noun/verb

verb The act, process or manner of presenting a house for sale
verb The art of transforming a space so that it is universally appealing by emphasizing the natural architectural features and downplaying the negative aspects of the space
noun The business of preparing one's house, in order to sell faster and for more money

If you have seen any of these HGTV shows on your evenings or weekends, you will know what Staging is. It is they method by which a Staging Professional, trained, educated and practiced in the art of staging, turns a home from the way you live in it, To the way it needs to be sold. Professional Stagers accent and draw attention to the best details of the home and not the decorating. These are very different things.

Home Staging IS detailing, de-cluttering, depersonalizing and preparing a seller's home to give it a "model home" appearance so that the potential buyer can "see" themselves living in the home.
The official Accredited Staging Professiona(ASP) website states that:

On average, staged homes sell 50% faster and for 6.9% or more than non-staged homes and homes that are Staged before being put on the market sell in an average of 9 days.

I find myself explaining this concept to those who have not before seen a vacant home staged, or those who cannot visualize their own homes in a more neutralized way. I truly think these examples will speak for themselves. Look through the virtual tours to determine the difference these homes that have been staged make to the buyer.

The Vacant Rehab:
This home was totally vacant before we staged it. In fact, it had been rehabbed and totally complete and ready to move into for more than 6 months before I took the listing. I had the house staged, because it was so large and empty, I felt that people would have trouble thinking of what would go in each of the rooms in the house. The house was staged, and when I held an Open House after staging, people in the area came through again and said it looked better "finished" and that they thought the first time they had been through 6 months ago, it wasn't "done" yet. In fact, the house had been done and ready to sell, but the staging made it fell like a home and a more finished product. In addition, this home was so large with 15+ rooms, buyers had a difficult time understanding what they could or would make each room into, so we planned a home office, and a second floor family room, along with a few other ideas to fill up these rooms and give buyers ideas for what they can do with this huge home. http://www.amybsells.com/listings/2166Grandin/

Vacant over Winter:

This next home was for sale for 6+ months with another agent. Priced too high, with no offers. Totally vacant between Thanksgiving and Christmas. I suggested spending the money on staging. I had Realtors go out of their way to call me and tell me what a difference the staging made to the feel of the house when they showed it from before and after the staging. In December, we had 4 offers in 2 days, it sold over asking. (There are your statistics stated above) This is an example of light staging that really just warms the house up and provides lighting for timers to draw attention on those evenings that turn dark so early.
The Sub Contractor Stage:
This home was also staged by Nancy Buck with It Pays to Stage. Nancy doesn’t just stage homes with her furniture, but she also consults and can act as the general contractor for the interior painting and colors, the new carpeting and color, and the refinished hardwoods. This went beyond the normal staging of a home, it was a roll up your sleeves 3 week job! With Nancy's connections, a job like that can be done very quickly so you do not miss valuable selling time in this difficult market.

The Do it Yourself:

The owners of these two properties did their own staging with great success. The staging professional also charges a fee to come to your home with things you already have and helps you arrange, and de clutter for the best appearance, she also suggests new wall color or carpeting, exterior curb appeal ideas in a written report for you to take to the job yourself, simply following the professionals direction...

No Staging:

Compared to completely vacant properties, the staging does make the house feel more like home, and puts the buyer more at ease with their environment. Based on the time of year the home is on the market, a lamp on a timer in almost every room is nearly a necessity. Even simple light staging will act to draw the eye away from the imperfections in the home and towards the features. This is a benefit to staging a home. In contrast, see these homes that have not been staged...
http://www.amybsells.com/listings/1627Alcor/
http://www.amybsells.com/listings/9323Loveland-MadeiraB/

Who do I recommend as a Professional Stager?
I work with Nancy Buck, an ASP every chance I get. She is always on time, professional and has great ideas. She is passionate about making sure that your home is displayed in the best possible light and accentuated for the buyers. Whatever it takes to make the house look the best, Nancy will make it happen. She works quickly to know what the client is looking for and makes the staging happen quickly, keeping in mind that the home needs to be on the market to sell. She has proved effective in several of my listings that were previously difficult to sell, took only days after her warm touches and suggestions. Being a designer as well, she knows colors, textures and lighting. Lets see what she can do for your home!

What is an Accredited Staging Professional and why should I use one?

The ASP or Accredited Staging Professional Course was started by Barb Schwarz. Barb created the concept of Home Staging some 35+ years ago and has been speaking on the topic to Real Estate Agents ever since. In 2000, she created the ASP Course and Stagedhomes.com. Since then, more than 14,000 Stagers and Real Estate Agents have completed our course. As Barb says on her website:

“Accredited ASP Stagers and ASP Real Estate Agents are true Professionals trained under strict guidelines using proven Staging techniques developed for over 30 years. When you bring your home on the market and prepare your house for sale always hire an ASP because they are the true leaders in the Staging and Real Estate Industries.”

What do these Professional Stagers need to do to get their title and designation? Thankfully, they have to have education and experience to call them selves ASP’s.

ASPs who have graduated from our three day class, have completed training that includes vigorous instruction in the following areas:
Knowing the benefits of Staging and how Staging can help homeowners sell their homes faster and for more money.
The techniques and concepts of Staging
How to Stage homes using just the furniture and accessories the homeowner already has in the home
How to Stage vacant listings by renting furniture or supplying their own inventory
Hands-on Staging training and practice in class by Staging an actual lived-in home that is on the market
Also, though Stagedhomes.com is not a franchise and ASPs conduct their own business, they do sign a type of “Code of Ethics” with us that ensures they will follow proper business practices. It’s rare, but if we do receive a complaint about an ASP, we do investigate it and we hold the right to withdraw their designation.

Pray To St. Joseph For A Sale

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:31:20 -0500

Ask St. Joseph to help you sell your house? Have you heard about how sellers are praying to St. Joseph to help them sell their homes? Here in heavily Catholic Cincinnati, Ohio, it is common practice for home sellers and many Realtors to employ the good works of St. Joseph to help sell Real Estate during this difficult buyers market.

Although this was not a chapter in my education towards becoming a Certified Residential Specialist, so many of my sellers have told me that they have buried St. Joseph and said their prayers to help me sell their Real Estate. A recent seller, who had had her home on the market for more than 6 months with another Realtor, then switched to work with me, buried the St. Joseph a few weeks after I committed to selling their home. It worked! They sold their house in just 34 days! I’d like to think my marketing and positioning helped, and they agreed, but did not think twice about getting extra help from St. Joseph.

Don’t know much about this catholic strategy to selling real estate? Read on to learn more. Perhaps this can aid you in your sales as well. If it doesn’t work immediately , give me a call and we will see if we can freshen up your listing with creative marketing to develop some new interest!

A history:
Saint Joseph is petitioned by many conservative Catholics as one who grants an easy death, but in the wider world of Catholic folk-magic, he is the Patron Saint of real estate matters and home sales. The reason given for this belief is that he was a carpenter who taught his step-son Jesus the carpentering trade, and he always saw to it that Jesus was well housed.

The custom of burying a statue of Saint Joseph upside down in the yard while one's house is for sale goes back to the 1930’s in the United States.

The picture of Saint Joseph shown here is a detail from a typical holy card and shows the Saint at his carpenter's work bench, holding the infant Jesus. On the work bench is a carpenter's try-square and a wooden box plane; the bench is also outfitted with a vise. Saint Joseph holds a long stalk of Lily flowers in the crook of his left arm.

The following is the text of a real estate prayer to Saint Joseph:

PRAYER TO SAINT JOSEPH FOR SELLING A HOUSE
O, Saint Joseph,
you who taught our Lord
the carpenter's trade,
and saw to it
that he was always properly housed,
hear my earnest plea.

I want you to help me now
as you helped your foster-child Jesus,
and as you have helped many others
in the matter of housing.

I wish to sell this [house/property]
quickly, easily, and profitably
and I implore you to grant my wish
by bringing me a good buyer,
one who is eager, compliant, and honest,
and by letting nothing impede the
rapid conclusion of the sale.

Dear Saint Joseph,
I know you would do this for me
out of the goodness of your heart
and in your own good time,
but my need is very great now
and so I must make you hurry
on my behalf.

Saint Joseph, I am going to place you
in a difficult position
with your head in darkness
and you will suffer as our Lord suffered,
until this [house/property] is sold.

Then, Saint Joseph, i swear
before the cross and God Almighty,
that i will redeem you
and you will receive my gratitude
and a place of honor in my home.

Amen.

Now take up the statue of Saint Joseph and dig a hole in your back yard. If there is no back yard, use the front yard. If there is no yard at all, dig a hole in a large potted plant. Bury the statue upside down, head downward, facing east, in the hole and cover it over.

When the property sells, you MUST dig up the statue, clean it, and carry it with you to your new home, where it should be kept in a place of honor.

Just last week, I buried St. Joseph at a property I am working very hard to sell! Along with a fresh marketing blitz, I thought that St. Joseph could help us see the sale through. If you or a friend are looking for a great home in Mt. Washington on a private cul-de-sac street, check out the photos of our latest St. Joseph sighting.

Links and Resources

View photos of this home.
Read more about this home.

Loan Reduction of One Percent, Perfect for this Mt. Lookout Starter Home

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:30:22 -0500

Wells Fargo offers Summer Buyers a 1% Rate Reduction now through the end of August 2007. Why would Wells Fargo do such a thing? They want YOU to BUY a home! Take advantage of this great rate reduction for one entire year and buy in this buyers market! Never before did investing in Real Estate become so easy.

Just this summer I have helped more than 15 home buyers, some first time buyers, purchase homes in this buyers market in Cincinnati, Ohio and its East Side urban areas of Hyde Park, Mt. Lookout, Oakley and Columbia Tusculum and several have taken advantage of this great rate reduction.

Have you been thinking about becoming a home owner and reducing your taxable income with the interest deductions of a mortgage? Don’t wait any longer, as the market and the 1% rate reduction may just pass you by.

There are so many motivated sellers in this market looking to sell their homes to buyers who are pre-approved with lenders. This is such a great time to buy your first home. I have several properties currently For Sale that are offering this 1% Rate reduction. This is the best time I can think of that buyers can get a break on their rate for a year, and buy homes that are aggressively priced to sell!

Sharon Natarus with Wells Fargo in Cincinnati Ohio is offering this special rate through August 31, 2007 to qualified candidates. Sharon can be reached directly at 513-587-3524 or emailed at Sharon.Natarus@wellsfargo.com. Learn more about Sharon’s extraordinary customer service and creative style here.

Looking for a home with a 1% rate reduction in the first time buyer price range? I just so happen to have several for sale, and the rate promotion will last through August 31st 2007.

I recently listed the cutest starter home in walking distance to Mt. Lookout Square. This home is located at 1015 Kinmont Avenue (map). It is an adorable cottage home and tree house atop the hill on Kinmont Avenue. The home can be entered from a private street behind the house providing easier entry, with no stairs necessary. The one car garage in the rear of the home, with a potential second parking spot to the left of the garage gives you plenty of space, so you never have to take the stairs! This home is adorable, with updated furnace, air conditioner, water heater and replacement windows, giving you, the new owner great efficiency!

The living room is so very charming, with 12 foot ceilings, a beautiful stone gas fireplace, the original architectural arched front door and screened door. The hardwoods gleam throughout the house. The decor is very neutral allowing you to be able to move right to this cottage today!

The kitchen has been remodeled, with new white cabinets, some with glass front, stainless steel fixtures, new lighting, updated counter tops, tumbled marble back-splash, ceramic tile floors and under cabinet lighting. The appliances are all newer and white, all included with the home. There is a step in pantry in the kitchen great for plenty of storage! The lower level is located off of the kitchen and provides great bright open space for laundry and workshop areas. The dining room is also just off of the Kitchen and the flow of this house is great for entertaining throughout the whole home!

There are two bedrooms in this home. Both rooms have hardwood floors and window blinds. Each with great closets. This room pictured is used as a study or guest bedroom and has beautiful wainscoting surrounding the perimeter, giving the room a stately feel, appropriate for a home based employee, or a very nice guest bedroom.

The Master Bedroom has such charm with the front windows and window box just outside. A large closet, and hardwood floors make it a great place to rest. The remodeled full bath is nestled between these two bedrooms, with new flooring, fixtures and glass doors for the shower/tub.

There is a rear entry to the home, with the white picket fence gate, the mailbox and the one car garage in the rear private street. The rear yard has a beautiful paver patio, and a great usable yard for picnics, entertaining or a great place for a doggie to run and play! We look forward to seeing you soon! Click here for a virtual tour of the home.

For more information or to schedule a private showing please contact me at 513-377-3637.

Columbia Square with Upscale Retail and Residential Real Estate

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:28:26 -0500

The new Columbia Square will be located at the corner of Delta Avenue and Columbia Parkway in the Heart of Columbia Tusculum and has a projected cost of $24 million dollars. There will be four total buildings that comprise Columbia Square. Three of these buildings will be located on the south east corner of Delta Avenue and Columbia Parkway, near the Precinct and the Junior League of Cincinnati, both of which will remain in their current buildings. The fourth building will be on the north west corner of the intersection. This project is planned to take almost 10 years to complete in two phases. This development projects are to add 160 full-time jobs to the Columbia Tusculum and Cincinnati Communities that surround it.From what we know in the community and on the Neyer Development Website , the City and Neyer are planning eight acres of mixed use office, residential and retail space. There will be 50,000 square feet of Class A office space, 25,000 square feet of retail shopping, and 60 Upscale residential units in two separate phases and 6-12 luxury town homes. The development will also include off street parking for shoppers, residents and employees.

This type of rebirth in the Columbia Tusculum area with retail and office space will create a greater demand for housing within walking distance to the development, thus boosting the already solid return on investment of Residential Real Estate in Columbia Tusculum. Now, like it’s neighbors of Hyde Park, Oakley and Mt. Lookout, Columbia Tusculum will join in the economic boost of having a square that residents can walk to. We have seen in the other bordering areas that the housing values are stronger when Residents have squares with dining, shopping and entertainment in walking distance. I will enjoy educating potential buyers of Real Estate in Columbia Tusculum of the great benefits of Columbia Square.

What are the current demographics of Columbia Tusculum?

Slightly more than 3,000 residents live within the one square mile of Columbia-Tusculum. The neighborhood has approximately 1,500 housing units and many families with young children.

What types of housing can I find in Columbia Tusculum?

Contemporary or historical, single families, condos or double-deckers, many of Columbia-Tusculum's homes have a common element-their vibrant colors-straight out of a box of Crayola Pastels. The "Grand Old Painted Ladies" are Victorian gingerbread homes with 3, 4, 5 or even 8 different colors! Many of the area's older homes are perfect opportunities for restoration with their ornamental front porches, hardwood floors, solid structures and high ceilings. Add mature trees, well-manicured lawns and rolling hills, and you've stirred up a recipe sure to charm even the most critical home shopper.

Want to buy a home in Columbia Tusculum before the prices SKYROCKET?

Visit this Columbia Tusculum Victorian Painted Lady currently For Sale.

Why People Are Afaird To Buy Your Home (FSBO's)

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:26:25 -0500

Attention: For Sale By Owners! Why People Are Afraid To Buy From You!

Many homeowners believe to maximize their home sale they should sell it themselves. At first glance, they feel selling a home is simple. Why should they pay a broker fee for something they could do themselves? In fact, 12% of all the homes sold last year were sold For Sale By Owner (FSBO).

However, close to half of the FSBO's said that they would hire a professional next time they sold. Thirty percent said they were unhappy with the results they achieved by choosing FSBO. Why?

Many FSBO's told us the time, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions. For others, the financial savings were even more disappointing. By the time they figured the fees paid to consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing, advertising, they would have been better off to have paid the broker’s fee that would have included many of these charges.

Selling a home requires an intimate understanding of the real estate market. If the property is priced too high, it will sit and develop a reputation for being a problem property. If the property is priced too low, you will cost yourself serious money. Some FSBO's discovered that they lost money as a result of poor marketing decisions. In the final outcome, this far outweighed the commission they would have paid.

Before you decide to sell FSBO, consider these questions and weigh the consequences of assuming the responsibility versus employing a professional. A little time spent investigating now could pay off tenfold in the end.

Questions To Consider

Do I have the time, energy, know how, and ability to devote a full forced effort to sell my home?

One of the keys to selling your home effectively and profitably is complete accessibility. Many homes sit on the market much longer than necessary because the owner isn’t available to show the property or return phone calls within 3 hours. Realize that a certain amount of time each day is necessary to sell your home.

Am I prepared to deal with an onslaught of buyers who perceive FSBO's as targets for “low balling”?

Another challenge of selling a home is screening unqualified prospects and dealing with “low-ballers.” It often goes unnoticed that much time, effort and expertise is required to spot these people quickly. Settling for a “low ball” bid is usually worse than paying broker commissions. In addition, buyers looking for FSBO’s want to share in your savings, so they will often offer much less to share in the savings you are getting as a result of not paying a commission.

Am I offering financing options to the buyer? Am I prepared to answer questions about financing?

One of the keys to selling, whether it’s a home, a car... anything, is to have all the necessary information the prospective buyer needs and to offer them options. Think about the last time you purchased something of value, did you make a decision before you had “all your ducks in a row”? By offering financing options, you give the home buyer the ability to work on their terms. You’ll open up the possibility of selling your home quicker and more profitably. A professional real estate agent will have a complete team for you to profit from... lenders... title reps... inspection companies... they’ll be completely at your disposal.

Do I fully understand the legal ramifications and all the necessary steps required in selling a home?

Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your state's disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, you may want to consider consulting with a professional.

Am I capable of handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented?

Ask yourself: “Am I well-versed in legalese? Am I prepared to handle disputes with buyers?” To avoid any disputes, it is wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated.

Have I contacted the necessary professionals... title, inspector (home and pest), attorney, and escrow company?

Are you familiar with top inspectors and escrow companies? Don’t randomly select inspectors, attorneys, and title reps. Like any profession, there are inadequate individuals who will slow, delay and possibly even cost you the transaction. Be careful!

My hope with this report has been to educate you and help you avoid the pitfalls many FSBO's go through. I hope you found the idea's valuable and if there is ever any way I can be of service to you or anyone you care about, please contact me Amy Broghamer at 513-377-3637.

From Our Trusted Inspector: Water Heaters

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:22:42 -0500

This has been a crazy summer with so many sales, and so many inspections, I thought an article on water heaters might come in handy. My most knowledgeable inspector Mike Patton has shed some light on some common issues with water heaters, and expansion tanks. A condo I had for sale this summer had the smelly water issue, and it was simply remedied with a new water heater, and the smell was gone. I hope this helps anyone with water heater questions or issues. Mikes thoughts are below…
Several customers have asked about water heaters, problems, and concerns associated with them. Keep in mind that I am a Licensed Home Inspector and not a licensed plumber or code enforcement agent so I will answer to the best of my knowledge and the general findings form researching these items. The one comment is that code enforcement various form location to location. As a general statement, most of the components discussed are available to the general homeowner, but I will caution you to have a licensed plumber perform work or replacement of a water heater.

In general, water heaters appear to last approximately thirteen years in the Greater Cincinnati area. This may be reduced if the system uses a private water source such as a well. Gas water heaters also seem to last a little longer than an electric unit.

The general anatomy of a water heater is the heating source, gas burner or electric elements, tank, cold water shut off valve, drain valve, temperature and pressure relief valve (T&P), sacrificial anode, thermostat, flue (if gas) and expansion tank.

The most common problem encountered with existing water heaters is a leaky T&P valve; these valves are to prevent excessive pressure or temperature within the tank. In the event the pressure and or temperature exceed the design rating, the T&P valve opens automatically. The valve will not close automatically, in this case, water continues to run out of the tank, and flooding can occur. Due to this valve, automatically opening and discharging hot water these valves are to have a discharge pipe that extends to within 6” of the floor. These discharge pipes can also feed into a drain.

Another common problem with existing water heater is strong odors emitted when the water is run. This is commonly where the sacrificial anode comes into play. The anode is commonly made of magnesium and or aluminum, zinc and other combinations or specific metals. The anode when deteriorated (the anode has to be removed to inspect the condition) no longer attracts corrosive elements and the water will begin to have anode or. Replacement of the anode is sometimes an easy process verse in some units it is part of the hot water discharge pipe (plastic lined tanks).

In homes that have been vacant for a period of time and the water has not been circulated through the hot water tank an odor may be present that is caused by bacteria. In this case, the age of the water tank is not a factor, this may happen in an old tank or one less than a year old. Different resources suggest using chlorine bleach or peroxide to eliminate this bacteria and the associated odor. Different resources describe how to introduce the peroxide into the system to accomplish this, most agree that using the peroxide is much safer than using chlorine bleach. A link that describes this process quite well is http://www.smellywater.com/

Expansion tanks are the small tanks located on the cold water supply commonly near the water heater, these tanks appear to be similar to a small propane tank used for a gas grill. When a backflow device is present either within the home or at the meter a closed loop system is present and an expansion tank is needed. Without an expansion tank the in a closed loop system the T&P valve will commonly leak, water faucets drip, water hammering and other items fail more quickly. Water expands when it is heated, as an example water heated in a 40-gallon water tank from 90 degrees F to 140 degrees F the water will expand nearly one-half gallon. The tank is intended to absorb the expansion created when the water is heated. In older systems where a backflow device is not present an expansion tank is not needed due to the pressure is absorbed by the main water supply, the exception to this is if the pressure is above 85 PSF. It is considered good practice to install a water expansion tank when installing a new water heater, most of the local municipal water systems are now using meters with back flow prevention, and these are primarily to protect the quality of the municipal water supply.

As a safety note, I recommend inspecting your gas water heaters flue on a regular bases, if the flue has rust or pinholes it should be replaced immediately. Poor venting is often identified by excessive deposits of white material found near the bonnet or below a bad joint in the flue. If you suspect poor venting, I recommend having a licensed plumber or heating and cooling contractor inspect further and determine if a repair is needed or even if the flue is currently blocked. Keep in mind a poorly vented gas appliance is a carbon monoxide hazard and can be deadly.

In closing, I recommend that if you are installing a new water heater have it inspected by the local code enforcement agency, this will commonly cost you less than $50 and is an excellent safety measure. In the Cincinnati area and Northern KY, code enforcement agents state that all water heaters installed are to be inspected regardless of if a contractor or a homeowner installs it. As always, I recommend that for specific technical questions or concerns associated with plumbing systems that you contact a licensed plumber.

Michael Patton is a Licensed Home Inspector and the owner operator of AA Home Inspection LLC located in Northern Kentucky. Michael is licensed in Kentucky and Indiana and qualified to perform inspections in Ohio (Ohio does not have a licensing requirement). Michael is the current President of the Kentucky Real Estate Inspectors Association Inc. (KREIA) and an active member of the American Society of Home Inspectors (ASHI). Michael started AA Home Inspection LLC in 2001, prior to this Michael had worked for firms providing a wide range of services including design, construction, and project management. Michael’s services include Residential Home Inspections, Light Commercial Inspections, WDI/Termite Inspections, and Radon Testing. The Greater Cincinnati area provides a wide variety of inspections; from the million dollar properties to the fixer upper homes, new construction to homes well over one hundred years old and clients from the well established to the first time homebuyers.

www.AAHomeInspection.net

Buying or Selling: Transferring Your Utilities

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:21:37 -0500

Transferring utilities is something ost people forget when all of the other aspects of moving and buying a house are at the front of their minds.

You will want to schedule these utility moves for the day of closing. Both water and electric need to get a final meter reading. Usually there is an exterior water reader, H20 Water sent via radio waves, but Duke Energy usually needs to get into the house in the Hyde Park areas, in the older homes. They will tell you on the phone if this is the case, and we will need to arrange to have a door left open for them (they also often have keys to the side basement doors). This is the best way to handle it. They only give service windows from 8-4 and that is impractical for most people to wait that long. So, if you are a seller, arrange to have the door open on the transfer day. If you are the buyer, and Duke tells you they need access, tell them the door will be left open (if they don't have their own key) and CALL ME to inform me and I will call the seller’s agent to make sure we have the door open!

The Gas and Electric Company, Duke Energy, can be reached at 421-9500. They will need to get a call from the seller of the house saying they are moving, and then they can allow the buyer to input their info and take on the bill. Don't cut it off, just transfer. It costs the people moving in more money if you turn it off. The best thing to do is to transfer.

The Cincinnati Water Works can be reached at 591-7700. They can usually read this from outside.

These are the most important to your move, having lights, AC or heat and water! You can handle cable/internet and phone once you are there. As for a Security System, you must have a land line in your house in order for any security system that I know of to work, as it has to be able to call the Police.

Let me know if you have any questions! This can be done in advance, so you don't forget or about a week prior to closing!

If you would like more info on local Cincinnati Area utilities, just click here and scroll down the page.

31 Tips to Prepare Your Home FOR SALE!

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:19:21 -0500

First Impressions are vital to your buyers, as they can just drive right by and never look inside, let’s talk about the exterior of your home and making
the best first impression:

1. Spruce up the font entrance. A coat of paint on the door; brass accents such as house numbers, a doorknob, and a kick plate all shine and make a spectacular first impression. Put potted flowering plants by the front door. Give shutters and front porch a flesh coat of paint. A window box full of flowers is an inexpensive way to add an accent of color to your home’s exterior. Pruned bushes and blooming plants can help your home make a good first impression. Don’t be afraid to use fake flowers like pansies and mums if you will not be able to keep the flowers vibrant and alive. Buy a new large doormat.

2. If you have a deck, patio, porch or other outdoor entertainment area such as a pool or hot tub, make the most of them. Keep these areas, as well as your backyard, clean and clutter-free; put debris in covered trashcans.

3. Install outdoor lighting that properly illuminates your entrances, walkways, and drive. Turn on all those outdoor lights when your home is being shown.

4. Pick up tools and toys from the yard. Put garbage cans in the garage and shut the door. Make sure the garage is swept, and try to remove any stains from the floor. Paint the floor if possible. Clean gutters and down spouts. Straighten and paint if necessary. Put away lawn equipment and gardening tools, organize if necessary. Repair fences and gates, and give them a fresh coat of paint if necessary.

5. Mow your lawn. For more lushness, be sure to water, mow and fertilize it regularly. Remove dandelions and other weeds that are visible. A good rule of thumb for mowing is never cut off more than one-third of the blade at one time. For example, if the recommended height is 2 inches, mow when your grass is 3 inches. Watering the lawn during the evenings and weekends Is healthy and while potential buyers drive by, they see nice green grass and it shows you really care about the appearance of the outside of your home, the inside must be well cared for as well.

6. Garage: Put an opener by the door closest to the garage for showings to see the interior of the garage. If it is not automatic, make a note near the door to instruct the buyers to lift on the manual door to see inside.

7. Depending on the season, hose down the house, walkway, and drive at least once a week. If the exterior of the house is dirty, and most are in the city, Windex makes a product to attach to the end of the hose that allows a mild cleaning agent clean your siding. It will really brighten up. You can also have an expert power wash the exterior.

8. Repair cracks and pull weeds from walkways and the drive. Edge between your lawn, drive and walkways. Remove dead leaves, limbs, and other debris from lawn. Trim trees and hedges. Prune evergreens and shrubs. Weed and cultivate flower and vegetable beds. Put fresh mulch around trees, shrubs, or hedges. The thicker the better, it will keep out weeds, and that is the goal, a nice border that you will not have to weed half way through the listing.

9. Shovel the snow neatly and carefully if you have a showing on a snowy day. Spread salt if necessary, especially if you have dangerous icy steps to the front door. Have walkways safe and clean. Inside the front door, have extra door mats that are supple to collect snow and salt on shoes etc. and towels if very wet.

10. If you are an absentee seller, make arrangements for lawn care and snow removal. You may also need to have lamps on timers in each room for better showing in the evenings and to draw attention at all times of the day. You could also consider Staging the home to create a more lived in feel for potential buyers to better relate.

Now lets imagine the buyers entering the inside of your home for the first time, after commenting on how cute the Curb Appeal is, you don’t want to disappoint!

11. Ask a friend to care for your pets or take them to the kennel when your home is being shown. Take them on a walk, to the dog park, or for a ride in the car. Arrange for a doggie daycare on a day with a lot of showings or an open house. Not everyone likes dogs or cats and many people are allergic as well. Having your pet and most signs of a pet living in the house removed is preferred and will add value to your home. Park your camper, boat or extra car at another location.

12. Clean out closets. Sort through all of your closets, drawers, and storage areas. Toss what you can, organize the rest. If you are moving anyway, just pack away the clothes that you will not be needing in another season to make the closets look spacious.

13. If you have too much furniture in your home, put some pieces in storage to make a better first impression. Arrange furniture to make each room appear larger. Often, if your rooms are smaller, take up the area rugs and this will create a visual of much more space in each room.

14. Clean. Not only should your home be spotless, it must smell clean. Apply elbow grease and strong cleansers to surfaces inside and outside your home. Murphy’s Oil Soap for the floors gives a great clean scent, and a fresh clean with Windex works well too! Clean the windowsills. Consider painting if cleaning doesn’t do the job. Do not over do the scents with strong air fresheners, they tend to be too strong and seem to be masking something much worse. Clean all curtains and draperies and mini-blinds; shampoo rugs and wax floors.

15. Sparkling windows are a signal to buyers that you care about your home. Clean your interior and exterior windows. Repair cracked panes, torn screens, broken sashes, and ropes or cords. Whenever your home is being shown, open your curtains and blinds to let the light in – especially if the view is nice.

16. Make minor repairs. Tighten loose knobs, fix leaky facets and discolored sinks, lubricate squeaky hinges, clean out clogged drains, replace filters, secure loose shingles, fix holes in screens, tighten loose banisters, repair doors, door knobs and remove stains.

17. Carpeting has a major impact on the look of your home. If yours is badly worn, outdated or stained, consider replacing it. Carpeting is expensive, but many real estate agents recommend the investment because of the feeling of newness it creates. Concentrate on the high visibility areas – the living room and dining room – first.

18. Hardwood floors add to the beauty and value of a home and deserve special attention. If you live in an older home, check for hardwood floors under the carpeting. You may be able to pull up the carpeting and refinish or simply clean and wax the floors to create a classic fresh look. Removing any area rugs adds size to any room.

19. Make sure all lighting fixtures work. Add new bulbs with the highest wattage allowed for each fixture to make your rooms seem brighter. Replace if they do not work.

20. Appeal to the senses. Create an aroma during showings. Burn candles or potpourri, boil a pot of cinnamon sticks, or put a dab of vanilla on cold light bulbs before turning them on. Go as far as to make cookies and set them out for buyers to sample, it creates a great smell and a wonderful welcoming feeling for them.

21. If you have pets or if someone in your home smokes, the odors can linger and lessen your home’s appeal. You might not notice these smells if you live with them every day, but an unchanged cat box or an ashtray filled with cigarette butts can mean your home will get no further attention.

22. Paint. Light, neutral colors such as beige, sage or off-white, have a broader appeal and can make small rooms seem larger and airier. If you have dated wallpaper, remove the paper and paint the walls. Choose premium quality paint. Caulk and fill nail holes before painting. Touch up the trim if it looks worn or dirty. Buy new white switch plates and electrical outlet covers if they are old and dirty.

23. Repair a wet basement. The problem can be as easy to fix as installing covers over window wells or cleaning out the gutters and rerouting the downspouts. If the moisture problem calls for more extensive repairs and you are not able to make them, be prepared to explain the problem to a buyer. Don’t try to cover up the signs of a wet basement.

24. For a dark basement that might be a little “scary" to the buyers, especially those in the Hyde Park area, there are some tips for making it a basement you will love. Just paint the walls a bright white, and the floors a tan or gray, and add several $20 fluorescent light fixtures throughout the basement. You will be shocked at the beauty!

25. Exterminate if you have any bug issues. One bug, dead or alive, can make a bad impression on a buyer. Call in a professional to rid your home of insects, and allow time for the smell of the pesticide to disappear before showing your home.

26. Organize the kitchen. Clear off the counters. Add drawer organizer to suggest efficient use of space. Store seldom-used small appliances and large baking pans. Clear off refrigerator of photos and notes. Wash cabinet fronts and appliances as they tend to become dirty, especially with pets and young children.

27. If you have children (or a messy husband), get them each a pretty basket with a lid, or a Rubbermaid storage bin for their rooms. This will serve as a place for them to put anything out of place in their rooms before they go to school. They can make their bed and put things away quickly; this will help you and save time before showings, and allow you to always be ready.

28. Update the bath. If cleaning and painting can’t make a dingy bath dynamite, consider replacing the vanity and sink, installing a new floor covering, or resurfacing or re-glaze a stained bathtub. Even a new shower curtain or toilet seat and white clean floor rugs can work wonders.

29. Buy or cut fresh flowers for a dramatic arrangement in any room or in several rooms. This touch always shows buyers that you take the extra steps to make your home a nice place, and you likely also do the little repairs that keep it in great condition.

30. Take a picture – it will last longer. If your home is surrounded by flowering or fruit-bearing trees, low-maintenance landscapes, and herbal or flower gardens, be sure to take pictures when everything is in full bloom. Photographs are proof of the breathtaking view of your lawn and garden and tell prospective buyers the full story of your home – no matter the season. We can add these seasonal photos to the virtual tours and really showcase the home at all times of the year. If you have neighborhood or block parties, picnics or parades on the street or neighborhood, add those to show the community you are a part of!

31. Create an ambiance for the buyers, arrange for a boom box, stereo or on your TV cable channels 501-547 for “Music Choice" through out the house. Turn this on during the showings with some classic or jazz music, or a light radio station. This relaxes the buyer and makes them feel at home. It creates a buffer from creeks in the floors and street traffic, and furnace noises etc. Not too loud, but audible throughout the home.

These tips should set the mood and create a quick sale for your home. Let me know if I need to add any more items!

Stop the Madness with Free 411

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:15:41 -0500

If any of you are like me, out and about in your car and always looking for a good place to eat, a bicycle repair shop, a vet or any other business, you've probably dialed 411 on your cell phone to get the info. I've been using it for years, until those $1.25 charges started adding up and my husband noticed a large line item on my mobile phone bill month after month.

Sine then, I've switched to Free 411. Yes, you got it, there is a free 411 service to get the number you need while driving or away from your computer. Free 411 gives you numbers for free, while allowing you to listen to a short commercial before the operator gets on the line to get the number for you. It is as reliable as the paid 411, and they will even connect you for free!

Program it into your cell phone, 1-800-3733(FREE)-411, and try it the next time you need a telephone number. Or try it right now for fun, it's FREE!

I hope this helps you save money on your cell phone or home phone bills.

As a Realtor, running all over Cincinnati and Northern Kentucky I use this service almost daily. Even thought I have a Blackberry and internet access 24/7, sometimes it is just easier to make the call on the speaker phone versus typing info on the tiny keyboard and the little screen while driving.

I hope this helps you all save some money!

Cincinnati Appreciation: Hyde Park, Mt. Lookout, Oakley

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:08:00 -0500

Real Estate is an Investment in Mount Lookout, Hyde Park, Oakley and East Cincinnati

Cincinnati Real Estate is an exciting industry, or hobby, depending on your current occupation. For me, it is both, as I am a Full Time, Resident Realtor, with a focus on Mt. Lookout, Hyde Park and Oakley, and the East side of Cincinnati in general. As a Certified Residential Specialist as well as a Hyde Park area resident, I find the numbers I am about to show you as vital as the air we breathe. I don’t think I have been involved in a conversation in a social setting in the last two years where the Real Estate market wasn’t a large topic amongst my local friends and acquaintances, in the midst of buying or selling in this market.

It is somewhat of a buyers market still, I would venture to call it a Price Correction Period, but even with that, we are seeing great appreciation figures over 5, 3 and 2 years after purchase. Let me show you some specific information that was compiled through several MLS searches I run on a regular basis to help me and my buyers and sellers understand the current market.

This information was complied through the use of the Cincinnati MLS, creating a 90 day snapshot of the local market, and later in the article, a look 5 years back at the average increase in values over time. I hope you will find this information informative and unique, and should you have any additional questions, you can reach me. See each of these charts attached to this blog, the first pertains to the Market Analysis and is called Q1 Area Numbers, and the second group of figures can be found in 2006 Area Appreciation.

Mount Lookout Local Market Analysis and Absorption Rate

In the last 90 days the Mount Lookout market has seen 127 homes go on the market, sell or go pending. Of those 127, 35 were sold in the last 90 days, 20 are pending a closing and 72 remain for sale today. The average home sold in Mt. Lookout is priced at 466,475 and the average sold home sells for 323,932. The average home has 3 bedrooms, 2.97 bathrooms and remains on the market for an average of 73 days. 54% of the time, homes in Mt. Lookout sell in less than 30 days, at about 95% of their list price.

Let’s take a look at what these numbers mean to you, the Mt. Lookout seller. Based on the figures above, 18 homes go under contract each month in Mt. Lookout. If there are 127 people in line to sell their homes, and 18 go under contract each month, there is a 3.9 month supply of homes on the market in Mt. Lookout. This means that if no other homes come onto the market, it will take your Mt. Lookout home about 3.9 months to go under contract on the long end, 73 days average, and 54% of the time in 30 days or less, giving your home a 25.5% chance of selling in 30 days.

Hyde Park Local Market Analysis and Absorption Rate

Hyde Park remains to be the solid anchor keeping Mount Lookout and Oakley planted in strong Real Estate Values and Sales in Cincinnati. In my recent assessment of the Real Estate of these three beloved cities of Cincinnati I have always found most consistent the Hyde Park area.

In the last 90 days, Hyde Park has had 195 homes enter the market. Of these 195, 49 have sold, 26 have pending contracts, and a remaining 120 are still for sale. In Hyde Park the average list price is $466,218 almost identical with Mount Lookout, but in Hyde Park the average Sale price is $511,250. The average days on the market for these Hyde Park homes are 83 days. In Hyde Park 44% of the homes sell in 30 days or less, with 24% taking more than 120 days to sell. The average list to sale price percentage in homes selling in Hyde Park is 91%. The average Hyde Park home has 4 bedrooms, and 2.86 bathrooms.

Let me put these numbers into perspective for the Hyde Park seller. This means that of those 195 sellers, 25 of them go under contract each month. If there are 195 people in line to sell their homes, and 25 go under contract each month, there is a 4.8 month supply of homes on the market in Hyde Park. This means that if no other homes come onto the market, it will take your Hyde Park home about 4.8 months to go under contract on the long end, 83 days average, and 44% of the time in 30 days or less, giving your home a 20.8% chance of selling in the next 30 days.

Oakley Local Market Analysis and Absorption Rate

Oakley is known in the Hyde Park area as the starter home neighborhood. The average home prices are lower, but the return on investment beats both Mt Lookout and Hyde Park in a 5 year period! The homes are generally a bit smaller than the neighboring two areas, and therefore, its resident’s tend to move up to the Hyde Park and Mt. Lookout area as their families begin to grow! Not too many people desire to leave our little triangle where shopping, restaurants and parks are so convenient and friendly; you just can’t imagine living anywhere else!

In the last 90 days the Oakley market has seen 124 homes go on the market, sell or go pending. Of those 123, 42 were sold in the last 90 days, 23 are pending a closing and 59 remain for sale today. The average home sold in Oakley is priced at $197,703 and the average sold home sells for $184,368. The average home has 3 bedrooms, 1.73 bathrooms and remains on the market for an average of 71 days. 30% of the time, homes in Oakley sell in less than 30 days, at about 94% of their list price, and another 28% take more than 120 days to sell, at about the same 94% of their list price.

Taking Hyde Park, Mt. Lookout and Oakley under the same umbrella, the Oakley market is much different from its bordered areas, for the better and for the worse. In Oakley, we see more first time buyers finding some great homes with wonderful appreciation rates. The average sale at $184 is an excellent price point for the first time buyer.

Let’s take a look at what these numbers mean to you, the Oakley seller. Based on the figures above, 21 homes go under contract each month in Oakley. If there are 124 people in line to sell their homes, and 21 go under contract each month, there is a 2.7 month supply of homes on the market in Oakley. This means that if no other homes come onto the market, it will take your Oakley home about 2.7 months to go under contract on the long end, 71 days average, and 30% of the time in 30 days or less, giving your home a 36.7% chance of selling in 30 days. More people can afford the average price of the homes, therefore more people will be able to buy, and more do in Oakley!

Entire East Cincinnati Local Market Analysis and Absorption Rate

In the last 90 days the East Cincinnati market has seen 4092 homes go on the market, sell or go pending. Of those 4092, 866 were sold in the last 90 days, 618 are pending a closing and 2608 remain for sale today. The average home sold in East Cincinnati is priced at $323,651 and the average sold home sells for $226,599. The average home has 3 bedrooms, 2.56 bathrooms and remains on the market for an average of 88 days. 35% of the time, homes in East Cincinnati sell in less than 30 days, at about 96% of their list price. Let’s take a look at what these numbers mean to you, the East Cincinnati seller. Based on the figures above, 494 homes go under contract each month in East Cincinnati. If there are 4092 people in line to sell their homes, and 494 go under contract each month, there is a 5.3 month supply of homes on the market in East Cincinnati. This means that if no other homes come onto the market, it will take your East Cincinnati home about 5.3 months to go under contract on the long end, 88 days average, and 35% of the time in 30 days or less, giving your home a 19% chance of selling in 30 days.

In the areas that I concentrate on servicing, Hyde Park, Mt Lookout and Oakley, the market data shows a shorter time to sale, as well as a higher list to sale ratio, with a higher chance of selling in the next 30 days.

Cincinnati is always a conservative city, even in the Real Estate Market

Believe me when I say these numbers are great compared to other areas of Cincinnati and the USA. The actual buyers market is defined as when the supply of homes is more than 6 months in a given market. As you will see in the Hyde Park areas including Mt. Lookout, Oakley and in East Cincinnati, we are all under this 6 month supply. This is great news, but, we are still in a depressed market. We are just smart about it.

This Real Estate market that we are in today is about correcting the abundance of appreciation we have been seeing on the homes in this area. In California and New York where Real Estate was in a tremendous boom, selling 2 bedroom 2 bath flats for $800,000 in the early 2000’s have now plummeted to $400,000 or less is in much more of a stressed market correction. Being that the areas of Mt. Lookout, Oakley and Hyde Park are one of the better appreciating areas of Cincinnati, we feel this price correction a little more than the whole of Cincinnati, similar to California and NY feel it stronger than the rest of the US. In the past, we have thrived on selling our homes for $50,000 to $100,000 more than we purchased for a few years ago, getting our price and moving on. Today, it is not that way. Experiencing our own correction, in Mount Lookout, Hyde Park and Oakley, we need to be mindful of value, we are not getting the tremendous margins of appreciation we were seeing in the late 90’s early 2000’s, but we are holding our own much better than other areas of Cincinnati. So while we aren’t making as much as we did in the past, or we would like to be making on the sale of our homes, we are still ahead of most of the 100 other suburbs in the area in our return on investment. Compare these numbers below with the 2 year return on your Proctor and Gamble stock at 14.5%, or your Fifth Third stock at -11.6% of the S&P500 up 21%, all beat by our local Real Estate appreciation!

Mount Lookout Real Estate Appreciation and Return on Investment

Mount Lookout is the #7 area in Cincinnati for return on investment over a 5 year period with 39% return, and it is #6 in Cincinnati for highest average sale price at $387,511 in 2006. Mt. Lookout’s latest 3 year return on investment percentage is a strong 32%, and in 2 years, 25%.

Hyde Park Real Estate Appreciation and Return on Investment

Hyde Park is the #10 area in Cincinnati for return on investment over a 5 year period with 33% return, and it is #5 in Cincinnati for highest average sale price at $408,247 in 2006. Hyde Park’s latest 3 year return on investment percentage is a strong 41%, and in 2 years, 12%.

Oakley Real Estate Appreciation and Return on Investment

Oakley is the #6 area in Cincinnati for return on investment over a 5 year period with 40% return (beating out Mt. Lookout and Hyde Park). But, in converse, it is #28 in Cincinnati for highest average sale price at $191,721 in 2006. Oakley’s latest 3 year return on investment percentage is a strong 29%, and in 2 years, 12

Each of these three areas are clearly a great area to invest in your home for a long or short term.

Hamilton County Real Estate Appreciation and Return on Investment

Compare the numbers for the above areas to those of Hamilton County as a whole, where the average home sale in 2006 was $181,206. The five year appreciation in the entire Hamilton county was 8% followed by 5% for 3 years and 2% for 2 years. As you can see the Mt. Lookout, Oakley and Hyde Park areas provide a better return on your investment than the whole of Hamilton County.

Amy Broghamer, an Expert Realtor, will advise you to make the best Investment based on your goals

As a Certified Residential Specialist, I am trained and educated in analyzing the market the way no part time or new Realtor knows. I not only assess the market in the ways I have shared with you today, but countless other aspects of the area and home are taken into consideration when I price a home for sale, or help a buyer decide on an offer price in this area. What all buyers want to know #1, is this a good investment of my money and time, obviously in Mt. Lookout, Hyde Park and Oakley, the answer is YES!

If you would like more information on the Mount Lookout, Hyde Park Oakley or other East Cincinnati areas, home sales, or an idea of what your home might sell for in today’s market, give me a call and I will be happy to give you specific details of your home today’s market, where ever you might be living/investing!

Cincinnati Homarama 2007

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 28 Aug 2007 09:04:25 -0500

The 2007 Annual Homearama is just around the corner in the Greater Cincinnati area. This years 47th Homearama will take place at The Vintage Club in the City of Montgomery, a development from Great Traditions Land & Development Company. The Vintage Club is an exciting "village style," pedestrian friendly, mixed use community with single family residential homes designed for the high-end move-up family, and empty nester buyer; and condos designed for professionals and empty-nesters. The community will be gated and feature the "Vintage Club" - a clubhouse amenity that will serve all homeowners with pool, exercise facilities and gathering room. The annual Homearama event allows local Cincinnatians to tour homes with the most unique floor plans, decorating ideas, landscaping and furniture. Every year my clients gain great insight, examples and ideas for what they can create in their own homes to add value and style. Many of the ideas they garner from this annual event have proven to add to the value of their homes in Hyde Park and other areas of Cincinnati. "It occurred to me after visiting last year’s Homearama how much simple window treatments add to the look and feel of a home. To me it added a level of sophistication and value that I wanted to create in my own home. Just this year I sold that home with Amy Broghamer, REMAX Unlimited and I do feel that those window treatments added to the value of our executive level home. Thanks for the tickets to last year’s show Amy, we always tell our friends and colleagues about what a great job you did selling our home." Hyde Park Resident. The Homearama show runs from June 9th to June 24th, General Admission is $12.00. If you sign up for Amy’s Blog subscription you can receive 2 free tickets to this year’s Homearama: If you are a part of the Referral Appreciation Program of Amy’s you can also receive 2 free tickets to Homearama, compliments of your trusted Real Estate Consultant, Amy Broghamer. If you have a referral to send Amy’s way, you can do so before May 15, and you will be eligible to get the 2 free tickets as well. The deadline for the tickets is May 15th. Please email me with your current address If I did not sell you your current home! You may also call me at 513-377-3637. Again thank you all for your interest in Homearama 2007! It is a great way to know more about Real Estate and its related improvements and features.

Thinking Resale Before You Buy

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Tue, 27 Mar 2007 20:19:53 -0500

Very often when working with buyer clients, I find they want to know why they should be thinking about resale, before they have even purchased a home. In this economy of the 21st century people are buying and selling Real Estate on the average of 2-5 years (ages 23-40), and even more often if they are just climbing the corporate ladder and are in for many relocations in a shorter period of time. This being said, in many cities in the US, with a few in the Cincinnati area, there is little to no appreciation in just 2 years time, and depending on the market, there may be even less. It’s all about your investment. That down payment you choose to invest in your primary residence. Say you buy a home for $300K and you put (these days a rare) 20% down or 60K. That is your investment. Keep the house maintained and updated, modern and you may get more than 60K back when you sell.

Then, I begin to point out some of the finer details of the concept of resale, functionality. I encourage my buyers to look for things in homes that are appealing to a wide range of people. I will use a typical example of a half-bath on the first floor in the Hyde Park area for this exercise on resale. In Hyde Park, to have a half bath on the first floor may not be a priority when you begin looking in Hyde Park for a home. But, if you buy that home, without a half bath, and put one in if it is possible, you have just added value to your 60K investment. More importantly, you have made it more desirable to the next buyer who will always see the half-bath on the first floor in Hyde Park a huge perk, thus selling your home much faster than others. Resale!

Say you choose not to add that same half-bath, and you live there for 5 years. All of your neighbors and other homes in the similar area and price range have “updated” their homes with the modern convenience of the half-bath and you have not. Do you think your home on the resale market will sell faster and for more than your original 90K investment? In these sub-modern conditions compared to other homes that are updated in this price range, the answer would be no.

While I am not discouraging you from buying a home that needs a half-bath, or updated kitchen, or new garage, I prefer to use these outdated homes to allow my buyers to get a good price for their condition, and allow them to capitalize on these things and turn them around to become an opportunity to create some additional value when they themselves add these items to their home.

I prefer to educate my clients on the benefits of resale and keeping the home modern and maintained. Just as you are the buyer choosing your new home, would you expect to play less for a home with a 30 year old kitchen? Yes! But you could buy that home at a reduced rate due to the age of the kitchen, put your money saved into the upgrade, and make it new and beautiful, and when you go to sell, you have a fabulous kitchen that you have enjoyed while you have lived in the house, and your home will sell faster and hopefully for more money because you updated it! This concept is referred to as “Sweat equity” - making improvements yourself that hope to directly increase the value of your property. If you cannot make these necessary updates, you cannot expect to make more money when you sell the house if you have not invested yourself to modernize and maintain the house. It will also add months to the sale process for a home that has not been updated.

These things inside the home are important functionally. Now let’s look at socially. When you invest in Real Estate you need to understand where the demand is in your city. Where do people want to live and play? Buy a home there. If your goal is to have a great return on your home, buy in an area that others want to live, which will bring a faster sale for more money. If you buy 30 minutes from the city, know it will take quite a bit longer to sell the home and your margin of profit will be less, this is the rule of supply and demand.

Lastly, consider economic resale. This often parallels social in that the demanding areas usually have a higher Return on Investment, less days on the market, closer to asking price for the homes, and a higher percentage of appreciation annually.

For all these reasons, it is key to consider resale before your current home purchase, to protect your investment. That is, assuming that you want to make money on your largest asset, and sell it quickly, with the least disruption in your families lives!

If you are in the market to sell your home, and wish to talk to ME about getting the best Return on your Investment, give me a call anytime at 377-3637.

If you would like to know what you can do to increase the value of your investment in a few years when you will sell, call ME today and I will be happy to stop by your home and give you a few suggestions, give me a call anytime at 377-3637.

If you would like to buy a home with a strong Return on Investment, give me a call today and I will lead you in the right direction to turn your home into your largest asset and investment, call me anytime at 377-3637.

What is Title Insurance and Why do I need it?

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Wed, 21 Mar 2007 10:22:43 -0500

This is a question that often occurs during the time leading up to the closing, or while sitting in the closing room, signing your life away. As and ABR, I work hard to educate my clients to the importance of protecting your own investment, while the bank REQUIRES you to pay to protect their investment.

I recommend buying title insurance to protect the money you have in the house the day you buy it, or your down payment, and to protect the equity you gain as you live and improve your homes over the years. If something was found incorrect with the title while you have lived and owned your property, you could lose all of the equity you built, and only the principal you owe on your loan is protected, your cash investment is not.

In Cincinnati and Northern Kentucky this story hits home more than other areas, when a now famous builder Bill Erpenbeck was creating major title issues. Many of the clients of Mr. Erpenbeck lost their homes which they paid cash for, due to his illegal title activities. If they would have purchased title insurance the day they closed on that loan, they would still own their homes and all the equity or cash they had in it.

Since I am asked by my clients about why they should spend another amount similar to their home owners insurance premium while they are signing their next 30 years away to principal and interest, I say "so that you are sure that all that principal you pay in over the next 30 years will be put back in your pocket when you sell! If the bank requires you to buy this for them, shouldn’t you protect yourself, in addition to the bank?"

My trusted legal adviser and local Attorney with Classic Title addresses these issues in a more formal way just below…

As memories of Erpenbeck slowly fade into the recesses of our mind, it is very easy to forget about the problems lurking in our titles and what we can do to protect ourselves and equally important, our clients. As you may or may not know, very little protection is offered by the sellers’ deed of general warranty deed and lender’s who require no title insurance whatsoever. Of course, the only logical alternative is the owner’s policy of title insurance and what follows is a summary of some of the major things you should keep in mind:

What makes title insurance different from other forms of insurance? Title insurance protects the policy holder from adverse things that occurred in the past unlike health, life, home and car insurance that insure against future events. That protection runs from the date the policy is issued and covers all matters of title not excepted in the policy back in time through the chain of title. (Keep in mind that under Ohio’s Marketable Title Act, defects in a chain of title older than 40 years are normally no longer considered defects)
What makes a title defective? The limitations of space for this article do not permit me to list all of the defects that may render a title unmarketable. There could be a complete failure of title as when the deed to the present presumed "owner" is defective, such as where the grantor who executed the deed is under 18 years of age, incompetent, and signs the deed anyway. (Even the best title examiner will not normally be able to ascertain the age of the grantor from merely looking at the public record, nor the competency of the grantor (sometimes there will be an official declaration of incompetence in the Probate Court records but the signer may be from another county or jurisdiction) Or consider the case where the seller signs the deed without the spouse’s signature thereby creating a cloud on the title to the extent of the non-signing spouse’s "dower" interest.
What types of title insurance policies are there? Essentially you will encounter two (2) types of policies: (a) lender’s or mortgagee policy which insures the lender up to the amount of the present principal balance of the loan (remember that most loan balances decrease due to normal amortization of principal(except the "interest only loans" that comprised about 30% of all loans made last year). It is this decreasing loan balance and coverage which causes the premium to be much less than the owner’s policies as the insurance company liability decreases with the loan balance. (b)owner’s policy which insures the policy holder up to the policy amount with no decrease in coverage and there are now enhanced owner’s policies which contain inflation riders so the coverage increases over time in pace with inflation. These policies are slightly more expensive as a result.
What or who determines the cost of title insurance? All premiums are established by the individual title insurance companies (underwriters)who publish these rates with the Ohio Department of Insurance with the result that all the filed rates in Ohio are identical (meaning no title company can charge more or less for the premiums, but may charge more or less for the related services such as title exam, document preparation and closing)
What is "simultaneous issue credit"? Remember in real estate to read the label and by doing so it is easy to remember that with this question, in Ohio, if you purchase an owner’s policy at closing or within thirty (30) days the cost of the owner’s policy is offset by the amount of the lender’s policy. Consequently, for a sum comparable to the homeowner’s warranty a buyer can get an owner’s policy of title insurance that is a one-time premium with all of the important protections offered.

Terrance R. Monnie @ Classic Title Agency, LLC Email: Terry@ClassicTitle.com or 513-256-4779

Buyer and Seller Closing Costs and the HUD-1 Explained

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Sun, 11 Mar 2007 15:27:58 -0500

The HUD Statement

Whether I am working with a first time buyer or seller, I am always asked 'What are typical closing costs for selling or buying a home?'

For buyers, a great deal depends on your down payment, and the day of the month you close the loan. There are less pre-paid costs towards the end of the month. With taxes, depending on the month of the year, you may be asked to escrow very little money for taxes, or up to 8 months.

For the seller, the costs are more predictable, except if you have agreed to pay closing costs for the buyer.

I have included a sample HUD-1 Settlement Statement, required by the government to document the costs when closing on a loan. The Department of Housing and Urban Development formulates a Settlement Statement or HUD-1. This HUD-1 Serves as your final accounting of all of the costs that are associated with your home purchase or sale. This document is required by law and should be given to your tax person the year you close on your home.This document is usually issued to you between 3 days to 1 hour prior to the closing. The law says you must have a copy 24 hours prior to closings. Depending on your lender and title company, this does not always happen. For this reason, I prefer to use the services of Guardian and Classic Title to make sure that we have the correct statements within 24 hours of the closing. They do a great job, and I always recommend their services for an uneventful and smooth closing.

Classic Title has been generous enough to prepare for you an example HUD-1 Statement (PDF) with an explanation provided by Terry Monnie one of Cincinnati’s best Real Estate Attorneys. You may find it most helpful to print out the HUD-1 and note the sections as you read through the blog article and its annotations. This is not a simple legal document to navigate on the screen.

The HUD-1 Settlement Statement Explained

General: The federal government through its various agencies requires (pursuant to the ‘Real Estate Settlement & Procedures Act (RESPA), that all 1-4 family residential closing transactions involving a lender utilize the HUD-1 Settlement Statement (HUD-1). This document is supposed to reflect the terms of the Contract to Purchase between the parties.
HUD 1 Explained:
- There are two sides to the HUD 1, the left for the purchaser and the right for the seller and the second page reflects subtotals from Page 1.
- Lines 100 and 400 reflect the purchase/sale price, and if you note, Lines 102 and 402 include “personal property”. Most mortgage lenders are very sensitive to having items of personal property included in a loan transaction since they are limited to making loans on real property alone. (Many contracts will state that even though the sale includes a stove or refrigerator, they will not be assigned any value)
- Line 103 lists the total of all the ‘settlement charges’ which are listed on the buyer’s side of Page 2 (total being shown at Line 1400).
- Lines 106-108 will often show as owing by Purchaser and a credit to Seller for seller prepaid taxes or HOA fees as in this case.
- Lines 120 and 420 reflect total sums owing by Purchaser and amounts owing to Seller. (Do you see the pattern-each side reflects the other in most instances to this point). What follows are credits to the purchaser and deductions to the seller’s side.
- Line 201 is the earnest money paid by the Purchaser at the time of contract signing and this normally will be held by the Realtor, in this case, Amy Broghamer @RE/MAX Unlimited, in her broker’s trust account pending closing. At the time of closing, this earnest money deposit of $2,000 will be retained by the Realtor and the balance of commission will be taken from the Seller’s proceeds. (See Line 702 Seller’s side on Page 2)
- Look at Lines 211 and 511. This is the tax proration credit section and arguably the most misunderstood portion of the HUD 1. Why? Because, in Ohio, taxes are paid in arrears and there are two tax bills every year, one half being paid as the December bill and the other half paid in June. (the time period to pay these bills will vary from county to county). Now’s the tricky part. Each tax bill, when paid, pays a tax period six months in arrears. For instance, the December tax bill 2006 pays taxes in arrears for the tax period, January 1, 2006, through and including June 30, 2006. Consequently, if the closing is 3-25-07 and the most recent tax bill has been paid (remember the December 2006 bill), taxes are only paid through June 30, 2006. Most contracts provide that the seller will give the purchaser a credit from the paid through date (6-30-06) through the date of closing (3-25-07) and that is what is reflected on Lines 211 and 511. Easy, huh? Now that this has been clarified I have to tell you that in certain areas of Ohio (Montgomery, Greene and certain parts of northern Warren County, the local practice is to use a ‘short proration’ method) If you closed in those areas, the tax proration credit to the purchaser would only be the period 1-1-07 through 3-25-07. Your Realtor will be familiar with local custom.
- Line 303 will then reflect the total owing by purchaser less any credits or the amount the purchaser will have to bring to closing. * A word of caution here. Under Ohio’s “Good Funds Law”, closing/title companies are not allowed to accept any sum in excess of $1,000 at closing unless it is in the form of a certified or cashier’s check. You may either make the check payable to yourselves and endorse it to the title company at closing or make it payable to the title company.
- Note that on the seller’s side, Lines 500-519 reflect all the deductions from the seller’s proceeds with Line 502 being all the deductions from Page 2. (Line 504 shows the amount of the seller’s mortgage loan payoff, and keep in mind sellers, that most all loans are paid ‘interest in arrears’ so your payoff will include the principal balance and accrued interest to the date it is normally received by your lender.
  - For instance, this seller paid their March payment, 2007, and because interest is paid in arrears, this paid the interest from 2-1-07 through 2-28-07. Accordingly, interest is still owed from 3-1-07 through the date the lender actually receives the payoff.
  - Keep in mind that title companies have to insure that adequate monies are collected for this purpose and the payoff will normally include 3-5 days of interest and your lender will refund the excess.
  - Also keep in mind that the payoff statement will not include a credit for any monies you may have in your escrow account. These monies are handled separately and will usually be sent to seller 2-4 weeks after the loan is paid in full.
  - one last thing in this regard and that is that Ohio law requires lenders to cancel their paid in full loans within 60 days of their being paid off. Few comply with the law resulting in thousands of uncanceled liens which may cause you problems in the future. Both Amy Broghamer, and Classic Title recommend that you insist that you get a copy of the cancelled liens for your permanent files.
- Page 2 of the HUD 1 reflects the subtotal of all the purchaser’s closing costs and related charges and the same for the seller.
  - The 700 series for the seller reflects the total commissions paid to the Realtor, in this instance, Amy Broghamer at RE/MAX Unlimited. Please note that the actual check written to the Realtor in Line 703 will be the amount shown in this column less the earnest money deposit that Amy has already deposited in her broker’s trust account.
  - The 800 series will reflect the closing costs owing to the lender by purchaser and these should reflect the “good faith settlement estimate” that the lender is required to give to borrowers. There are normally variances in these numbers.
  - Line 901 will reflect the interest owing by purchaser from the date of closing through the end of the closing month. Then the first payment will normally be due the following first of the next month succeeding. Translated: Purchaser’s first payment will be due May 1, 2006 (interest in arrears).
  - If purchaser has agreed to or is required to establish an escrow account the initial deposit will be reflected in Lines 1001 through 1008. Direct your attention to Line 1008 “Aggregate Adjustment Analysis”, a fancy label for a mandatory test that lenders and title companies must perform to insure that the minimum amount is placed in escrow since the lenders don’t normally pay interest on escrow monies.
    - If Line 1008 indicates 0.00, this means the test was performed and the correct amounts were escrowed.
    - If Line 1008 reflects a negative number this means that the test results mandated that too much was placed in escrow and the adjustment was made to insure compliance with this regulation.
    - Lines 1100 through 1113 reflect all the closing fees, including such things as:
      - Settlement of closing fee
      - Title Exam
      - Title Insurance Binder: (this is the fee that is required for the title company to issue any title insurance policy, either for the lender or for a purchaser buying an owner’s policy. (See attached article on title insurance). In this instance, the Seller has agreed to pay $795.13 towards the cost of the Purchaser’s title insurance premium and this is reflected in Line 1108. The contract to purchase has provisions for seller to pay a portion, all or none of this important coverage.
      - The 1200 series reflects the charges imposed for the title company to deliver and record the deed and/or mortgage.
      - On the seller’s side, Line 1202 reflects the conveyance or transfer fee that is required to be paid to the County Auditor and is normally $3.00 for every $1,000 of sale price plus 50 cents for each parcel.
      - There will also normally be a $75.00 charge to the seller to the attorney who prepared the deed.
      - Home warranty payments will be reflected on Lines 1303-5 or alternatively on Line 507 on Page 1.
      - Line 1400 reflects the subtotals of all the charges for both purchaser and seller and will be carried forward to the Page 1.

I hope you enjoyed this detailed explanation of the HUD-1 Statement by Terry Monnie. As we near the closing table for your sale or purchase, I will be talking with you regarding the HUD-1 for your property. In addition, the good people at Classic Title do an excellent job explaining this in a very similar way at the closing table, or prior to that via phone conference if you have questions, or think you may need a brush up before going to the closing table. As your Realtor, I review this as well to make sure that your Earnest Money has been credited, that any Home Owner Warranties, or Closing Costs that we negotiated being paid by the other party have been noted, and any other adjustments made in the contract were completed.

I hope this gives you SELLERS an idea and a method for calculating what your closing costs can be expected to be.

If you are a BUYER, your lender should issue you a Good Faith Estimate with an idea of what these closing costs will be when you make application for your loan. This is a requirement, and you should ask for a Good Faith Estimate if your lender is not providing one for you. This is only an Estimate and may change a bit from time to time as you wait for your loan to close or to lock in your rate.

To Contact Terry:

Terrance R. Monnie, Attorney at Law Classic Title Agency, LLC 513-984-0440 or Terry@ClassicTitle.com

No Money Down PLUS Loans

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Sun, 11 Mar 2007 15:25:50 -0500

I was recently scanning the loan programs for a client of mine looking for 100% financing. It turns out that 100% financing is the most common form of financing in the US today. After looking into some options for them, this particular “No Money Down Plus” program seemed to be a fit for my clients. Sharon Natarus of Wells Fargo has made some additional comments below on this new product:

Here are some thoughts on the 100% NO Money Down Program. Many people have chosen the 80/20 program over the last several years, but there is a nice alternative for people that one to have "one loan and one payment" Our product is the No Money Down Plus. We can offer a fixed rate for 30 years. Many times the payment is lower than 80/20 ( if a customer chooses a fixed product for the 2nd, the rate is higher and the payment is higher due to the principal and interest payment on the 2nd mortgage). It gives the customer the peace of mind that the payments are predictable. We can also finance up to 3% of the borrower's closing costs and pre-paids. We can also offer a slightly higher rate to avoid PMI. The requirements are a minimum credit score of 680 and 2 months payment reserves. The reserves may be in a 401k or other savings program. To summarize the “No Money Down Plus” allows borrowers to

have a credit score of 680+

allows them to only have 2 months of payment reserves (can be in a 401K)

offers a fixed rate for predictable payments

allows the borrower to finance up to 3% of the closing costs and prepaids (on a 150K home that is $4,500 which should cover those costs)

allows you to avoid PMI which is often not Tax Deductible

Call Sharon if you have an interest in learning more about this program today at 513-587-3524 or Toll Free Phone: (800) 846-2240
http://www.sharonnatarus.com

About Sharon

Grounded vs. Non-Grounded Outlets

Amy Broghamer (The AmyBSells Team - Keller Williams Advisors) — Wed, 07 Mar 2007 09:38:19 -0600

As I go about representing my buyers as an ABR, I find the same topics surfacing each time my clients go through a Whole House Inspection. The issue of the grounded and not grounded outlets. What does it mean, what are they used for, and what happens if they aren't grounded. After weeks of begging for simple answers to this question, I give you my trusted Licensed Whole House Inspectors response...

Amy,
In response to your questions pertaining to receptacles commonly found in residential homes I will start with the basics of the old and the new. First, though I would like to identify that I am a licensed home inspector, however for any electrical work and advice on electrical systems I recommend my customers consult with a licensed electrician as needed.

Homes built prior to the early 1960’s were most commonly wired with a two-wire system, absent of the modern third wire being an equipment ground wire. The first requirement for grounded receptacles in residential construction dates back to 1951 when the NEC® (National Electrical Code) required laundry areas to have grounded receptacles. Devices and locations have been added to this requirement until the grounded system is a requirement throughout a modern residential home.

Electrical devices that can be used with non grounded receptacles are: lamps, radios, power adapters, toasters, vacuum cleaners and any item that the cord does not have the round third prong.
Electrical devices that require a grounded receptacle (equipment ground) are: high-end appliances, computers, TV’s, stereo equipment, power tools, surge protector strips and any other electrical device with the cord having the third prong.

Adapters are available that allow for a device using a three prong/ground to be utilized in a two slot receptacle. The adapters are inserted into a two-prong receptacle and then the adapter spade is secured to the receptacle with the center screw of the cover plate. For these adapters to be functional, the grounding of the receptacle body and box is required.

Homes prior to the 1960's that have not been updated will most commonly have two slot receptacles. Most homes that were built prior to the 1960’s have gone through some form or another of modernizing/upgrading the electrical system within the home.
A non-grounded Outlet The most common is the replacement of the two slot receptacles with the three prong (grounded) receptacles. When the installation of the grounded receptacle is correct, the receptacle provides an equipment ground utilizing the round hoe in the receptacle. Incorrectly installed the ground is not present commonly referred to as an open ground. This will not provide an equipment ground and high-end equipment/computers/TV's should not be used on this receptacle with an open ground.

In the event that a high-end device such as a computer plugged into an ungrounded receptacle, the performance of the device may never be affected or problems detected. However the device can be damaged without warning at any time from static electricity that has no way of being discharged as well as another source of voltage coming in contact (lightning could be one). This can originate from various sources internal as well as external of the device. The idea of the ground is to trip the breaker preventing damage to the device or electrical shock to the user. If the device is not properly grounded, and any of a number of events occurs, the device may be damaged beyond economical repair. I have found in a few warranties stating that a device used with a non-grounded receptacle is not covered under the manufacturers warranty; this is for the same reasons as previously identified.

A surge protector used at a non-grounded receptacle is a glorified extension cord, and provides no additional protection, only a false sense of protection. Using an adapter with the metal spade secured under the faceplate screw is not a ground unless you check it for grounding and grounding is confirmed. Most sources do not suggest these adapters to be “permanently” installed as a solution to grounding. Again, these devices if not properly grounded can provide the user with a false since of grounding.

In older homes open grounds are quite commonly found, this is due to the original wiring systems not being upgraded to a three wire system or only selective areas being upgraded. The methods of grounding these receptacles vary greatly dependent on the period when they were installed or upgraded.

A grounded Outlet.When three prong receptacles with open grounds are identified and a two-wire system is present, the NEC® currently allows the following methods to be used to resolve the problem:

Install an equipment ground. (recommended for high end equipment, see previous comments)
Provide GFCI protection for the receptacle (either at the receptacle or upstream of the receptacle) the receptacles are to be marked “no equipment ground”. This method does not provide an equipment ground.
Replace the existing three-hole receptacle with a two-hole non-grounded receptacle.

Polarized plugs have two different sized slots, the neutral is the larger slot, this allows for a device to be plugged in, in only one manner insuring correct polarity. Reversed polarity is when the common and hot wire is reversed on the receptacle; when this occurs the large blade receptacle is now hot rather than neutral (this applies to both grounded and non grounded systems). As an example a lamp is plugged in with the polarity reversed, the exterior metal light bulb socket is “hot” at all times. In this instance when changing the bulb or touching the exterior of the socket the individual can be shocked. Reverse polarity is a safety issue and can cause problems with high-end appliances.

Reversed polarity is usually simple to repair. Quite often, if multiple receptacles check for reverse polarity it is not uncommon for only one wiring termination to be incorrect. However this can not be determined without further investigation.

Ground Fault Circuit Interrupters (GFCI’s) are intended to protect the individuals using an electrical device particularly in a wet area. GFCI’s are available as circuit breakers located within a service panel and as a receptacle. Most home owners are familiar with these as the receptacle with the little buttons (test and reset buttons) that seem to always trip when using the hair dryer.

GFCI Outlet.The GFCI provides protection to the user and is tripped by sensing current leak/imbalance in turn shutting of the power to the electrical device. The GFCI does not trip by detection of amperage like a circuit breaker, and in tern, a standard breaker does not trip under the same circumstances that a GFCI will trip.

GFCI’s are a safety item and provides protection from electrical shock and potential electrocution. The GFCI’s are intended to be tested by the homeowner once a month to insure function. GFCI’s can be installed on both a two wire system without a ground and a three wire system.

GFCI’s are required by the NEC© in various areas, the following is a general list (not complete) of when and where: 1971 exterior receptacles and swimming pool areas, 1975 Bathrooms, 1978 garages, 1981 whirlpools and tubs, 1987 kitchens within 6’ of the sink and basements, 1990 unfinished basements and crawl spaces, 1993 wet bars sinks, 1996 all kitchen counter receptacles, dedicated bathroom circuits, all outdoor receptacles, electric car chargers.

In the event that a GFCI does not function properly, the GFCI should be repaired for safety. In older homes where GFCI’s are not present, I recommend that GFCI’s be installed for safety, this would normally be considered an improvement to the property.

A three-bulb receptacle tester is most commonly used during a home inspection to determine if receptacles are wired properly. This device is readily available at most hardware stores and can be used by a homeowner normally. The use of this device alone is not a replacement of the services of a qualified electrician.

Michael Patton is a Licensed Home Inspector and the owner operator of AA Home Inspection LLC located in Northern Kentucky. Michael is licensed in Kentucky and Indiana and qualified to perform inspections in Ohio (Ohio does not have a licensing requirement). Michael is the current President of the Kentucky Real Estate Inspectors Association Inc. (KREIA) and an active member of the American Society of Home Inspectors (ASHI). Michael started AA Home Inspection LLC in 2001, prior to this Michael had worked for firms providing a wide range of services including design, construction, and project management. Michael’s services include Residential Home Inspections, Light Commercial Inspections, WDI/Termite Inspections, and Radon Testing. The Greater Cincinnati area provides a wide variety of inspections; from the million dollar properties to the fixer upper homes, new construction to homes well over one hundred years old and clients from the well established to the first time homebuyers.