Just a word to the bargain hunters today--it is indeed the time to make your move and geat a great deal on the property of your dreams.  Never have the choices been greater or the prices more competitive than they are right now.  If you are among the fortunate few who have money to spend on a home, it will go farther now and make a much better investment for you in the long run.  HOWEVER, don't shoot yourselves in the foot!  Unless you are strictly an investor for whom price is the only consideration, it's likely that you'll fall in love with one house and set your heart on making it yours.  Remember that no matter how "bad" the market is, the nicest, best, prettiest houses with the most attractive amenities will likely go first.  If you love a property, chances are that another shopper will too.  Therefore, if you would be upset if you lost out to another buyer, don't go with the extreme lowball offer.  Of course, everyone wants a good deal.  Definately haggle.  Negotiate.  Strike your best deal, but keep in mind that asking prices are already lower than they were two years ago.  Be mindful that the final price you negotiate may be a greater value than the statistics would indicate. 

As a buyer's agent, I've seen a number of buyers want a house so badly they could taste it, then make an unreasonable offer "because the market is bad and sellers are probably desperate" only to lose out when they get in a multiple offer situation and someone else comes closer to asking price.   In my home market of northern Cincinnati, list prices are definately down, but the average list to sale price ratio is hanging right in there around 5%, the same as it was during the height of the boom years.  Always look at recent comparable sales and plan your offer with that in mind unless you have a high tolerance for disappointment.

 

As a longtime fan of the humorous writings of Erma Bombeck, I've always been able to relate to her stories and frequently get a real belly laugh out of them.  One of her books was titled The Grass is Always Greener Over the Septic Tank, and I can tell you that while I really enjoyed the book, the reality isn't quite as amusing.

I recently sold a home to a buyer client  that had never been hooked up to public sewers.  It's an older home (50 years) that was part of a farm.  Now it's almost completely surrounded by subdivision homes, but it isn't close enough to the sewer tap in to make it convenient.  Anyway, as part of the inspection process we found that the septic tank was completely full and overflowing.  The grass was DEFINATELY greener, if you get my drift.  The seller had it pumped out, but we had a devil of a time finding a contractor, expert, or government official who was even willing to look at it, let alone inspect it or give an official opinion on whether the system was working or not.  The buyer hired a contractor who said the leach lines were "probably" blocked, but he wasn't certain of it.  The seller hired another contractor who said it looked fine to him, although since it had just been pumped out it was hard to say what would happen when the water reached the leach line level again.  The county official in charge of septic systems was very hesitant to stick his neck out, but he finally came out and said the tank was fine, but offered no opinion or suggestions on the leach lines. 

Now the buyer has lived in the house for one month and guess what?  The tank is overflowing again, and he's the only guy around with a green lawn--at least in one spot.  Now the county inspector who pronounced the tank "fine" a month ago has presented  my buyer with a notice that he has 30 days to get a new system, which is not cheap, since this one is now classified as a public nuisance.  Obviously the leach lines are indeed clogged. 

I'm so frustrated I can barely see when it comes to this issue.  Our phone book is full of listings for contractors who claim to service septic systems, but nobody wants to inspect them or stand up and say whether they work correctly or not.  All they seem to be able to do is pump out the tank and maybe sell you a new one.  How the heck are you supposed to inspect a property thoroughly before buying it when there are no qualified inspectors?

Today I just wanted to let everyone know about a fun game recently added to my company's website at www.comey.com.  Anybody can play--it's right on our home page.  It's kinda like playing The Price Is Right but with houses.  When you are playing, you are shown several listings in the Cincinnati area and asked to give them appropriate asking prices.  You compete with other players to see how accurate you are in this market, and hone your skills.  No, there aren't any prizes, but it's a lot of fun for us real estate geeks out here (yes, I'm a Realtor and I still watch Househunters and other similar TV shows!) 

Check it out!

I thought that by this time, everyone knew how tough the market is these days if you are a seller.  In my market, we have at least a 9 month supply of listed properties, and the competition is fierce.  In order to sell now, you have the be the most perfect package in your price range.  That means not only do the mechanicals have to be updated and in good working order, but the cosmetics have to be pleasing too.  Today's buyers want things to be priced well and move-in ready.  They can and will find something already decorated to their taste if your offering isn't.

There are still investors and "Flip That House" enthusiasts out there that just don't get it.  I was called on this week to list a rehabbed house.  Yes, there were some smart updates.  Yes, the house has potential for those who choose to see it.  But was it ready to list?  No.  There are odd colors on the walls in the bedrooms.  There are spider webs and spider egg sacks in the partially finished basement.  The windows are dirty.  There are work shoes, plungers, paint buckets and ladders out in plain site.  There was a pile of sawdust in one corner of the living room.  The owner of this house is anxious to get it sold, but I didn't list it.  I can't sell dirt!

Folks, if you are putting a house on the market, make sure it's ready.  The first two weeks on the market are the most critical.  You don't want people's first impression to be "yuck."  Word gets around. 

I realize it's discouraging to have worked hard on a project like rehabbing a junker only to have someone like me waltz in and say, "This needs redone" or "That needs work" or "Wash the window, will ya?!"  The key is to look at the property from the potential buyer's eyes, and that is admittedly hard to do when you've been up to your eyeballs in sweat equity.  Consult with your Realtor--ideally before you even start a rehab.  I consider it part of my job to advise on what upgrades/remodels will bring the greatest rewards come closing time. 

A good friend of mine is preparing to put this little gem on the market, and I told him I'd like to give the Localism crowd first crack at it.  It's a darling starter home with 3 bedrooms, 1 bath and a spacious eat-in kitchen.  It also features a fully fenced back yard and a storage shed.  Everything has been recently "refreshed" in the house, and it has newer windows, a new water heater, and a completely updated bath with ceramic floor.  The third bedroom is upstairs of this cape cod.  It's not a big place, but could be a perfect love nest for a young couple or great for a retiree who wants one-level living as the master and bath are on the main floor.  The owner is asking $99,900 for it, and there's not much out there in West Chester for that in a single family home.  Lakota Schools.  Low traffic  street. 

If you'd like to take a look, give me a call at 513-256-7833 and I'll set it up for you.

Well, this is a first for me.  I've had a listing for 7 months now that was "subject to short sale."  The owners had moved out already and just wanted it behind them.  They were really stressing about it.  We had it sold twice, but the buyers couldn't get their financing together, so back on the market it would go with a lower price tag.  Yesterday I received a third offer and was in the processing of delivering it to my clients when they called me to say the bank had offered to re-do their loan for 6% if they would move back in and keep the darn thing!  Now, this lender hasn't received any payments for nigh onto a year, and the original loan had adjusted up to 11% which is what caused them to give up in the first place.  

I'm thrilled for my clients!  They get to keep their home at a price they can afford!  I've been wondering for a while now why banks don't do more of this, since it seems to me it's better to be receiving payments at a lesser rate of interest than no payments on a property that can only depreciate as it sits vacant, but I'll have to say I was very surprised to hear that this lender actually did it.  

Anybody else out there seeing this?  Is it a trend? 

4 Bedrooms, 2.5 baths.  Owner really wants an offer on this elegant transitional located at 6790 Willer Way.  With over 3000 finished square feet of living area, there's room for a big family, yet this home has not recently been occupied by children OR pets, so it's in terrific condition!  Some of it's amenities include an open foyer with golden hardwood floors that stretch down the hall and into the half bath and dining room.  The first floor has  9' ceilings and extra thick baseboards, while crown molding accents the decor throughout the house.  An impressive gourmet kitchen featuring 48" cabinets, a counter bar/island and pro model gas cook top opens to the spacious family room, where the large gas fireplace is surrounded by a decorative mantel and built-in bookshelves.  This space works very well for entertaining, because it connects to a more intimate seating area near the foyer, allowing for good visibility and traffic flow.  Upstairs you'll find a generous master suite with cathedral ceiling and adjoining luxury bath featuring a double vanity and HUGE soaking tub!  The secondary bedrooms are separated from the master by a light and airy loft area.  The walkout lower level has a spacious rec area that enjoys lots of daylight courtesy of several large windows.  It also features another room best suited for a study or 5th bedroom.  The lot is completely fenced in the rear, and is a generous .6 acres in size.  There is a first floor laundry with service door to the rear and an oversized side entry garage.

This home is subject to short sale, which means the property is in pre-foreclosure proceedings.  The owners are motivated to sell, but the bank will have to approve any offers they receive.  Still, the opportunity exists for someone to get a lot of house at a discounted price, so please take a look!  Offered at $285,000.

 

 

I was very pleased to learn today that Cincinnati was number 3 on the list of the Top 10 Most Affordable Cities in the nation.  With Minneapolis at number 1 and our neighbor Indianapolis at number 2, I'd say that puts us in pretty good company.  Of course, I'm not terribly surprised to find that the cost of living here in the midwest is better than anywhere near either coast.  One only has to watch a little HGTV to catch on to that, but it's nice to have it verified by a source as reputable as Forbes.

Another quality Cincinnati has that makes it a great place to live is the endless variety of housing styles to choose from.  Because it's an old town, you can find anything you want here from classical Greek, Gothic, Italianate and Victorian homes to wild Contemporaries, Frank Lloyd Wright creations and the latest offerings from todays builders.  There are impressive mansions with elaborate carriage houses and servants' quarters as well as cozy cottages and and bungalows, often within blocks of each other.  Add to that the easy access to cultural offerings of the city such as theater, music, pro sports teams and institutions of higher learning, and Cincinnati becomes a very attractive place to buy real estate.  Yes, our market has suffered recently, but I've seen signs of life just lately.  Historically Cincinnati doesn't experience volatile market changes, and I feel confident that property here will appreciate in the next five years, wheras in some areas of the country homeowners have experienced heavy losses in their market values.

The link to the Forbes article is here:  http://www.forbes.com/realestate/2007/11/05/homes-property-affordable-forbeslife-cx_mw_1106realestate.html

While showing a property last night to an investor client I'd helped buy a home almost a year ago, the conversation turned to recent transaction in which another Realtor had listed and sold a house for a local businesswoman.  The seller occasionally performs work for the Realtor who listed her property, and she's mentioned on the Realtor's website as a "local partner."  My client and her friend were not feeling at all friendly about that relationship.  Their feeling was that the two of them must be collaberating somehow to exert an unfair advantage over the people who eventually bought the busnisswoman's property.  They were asking me if that didn't constitute some sort of conflict of interest, and I don't really think I convinced them that it didn't.  "How is that any different," I asked them, "than a landscaper who regularly mows a grocer's yard and also happens to shop at his boss's grocery store?"  I think the suspicion resulted because the businesswoman is an interior designer, and was therefore perceived as being in the real estate business somehow, but I was still astounded at their concern.  Why is it that Realtors, who are held to a higher standard of ethics than the average bear, are eyed with such suspicion by a large segment of society?  OK, ok, I know there are bad Realtors out there, just like there are bad examples of every other profession you can name.  But sometimes we don't even have to make a mistake to be looked at as shady characters.  How can we combat negative public opinion that is so undeserved?

A while back I posted a blog requesting suggestions for downpayment assistance programs other than FHA programs.  I got a couple of responses, but not many.  Now FHA is discontinuing it's down-payment assistance programs like Ameridream!  What's a struggling first-time buyer to do?  How are the rest of you taking this news?