Nola's Blog

Low Prices, Lower Offers

Nola Comingore (Comey & Shepherd Realtors) — Sat, 23 Aug 2008 12:03:33 -0500

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.

The Grass is STILL Greener Over the Septic Tank!

Nola Comingore (Comey & Shepherd Realtors) — Tue, 19 Aug 2008 09:17:12 -0500

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?

Play the Real Estate Pricing Game!

Nola Comingore (Comey & Shepherd Realtors) — Mon, 18 Aug 2008 09:28:37 -0500

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 can't sell dirt!

Nola Comingore (Comey & Shepherd Realtors) — Fri, 15 Aug 2008 09:36:43 -0500

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.

West Chester, OH 3 bedroom home for sale (pocket listing)

Nola Comingore (Comey & Shepherd Realtors) — Mon, 24 Mar 2008 17:43:53 -0500

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.

Reversal of Fortune--Banks Working With Mortgagors

Nola Comingore (Comey & Shepherd Realtors) — Sat, 16 Feb 2008 22:03:56 -0600

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?

Beautiful Liberty Township Home Subject to Short Sale

Nola Comingore (Comey & Shepherd Realtors) — Sat, 16 Feb 2008 21:49:06 -0600

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.

Cincinnati Makes Forbes' List of Top 10 Most Affordable Cities

Nola Comingore (Comey & Shepherd Realtors) — Mon, 12 Nov 2007 12:04:24 -0600

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

Public Suspicion

Nola Comingore (Comey & Shepherd Realtors) — Tue, 23 Oct 2007 14:46:04 -0500

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?

No more Ameridream!

Nola Comingore (Comey & Shepherd Realtors) — Sat, 20 Oct 2007 14:10:23 -0500

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?

Another Great Thing About My Home Town- West Chester, OH

Nola Comingore (Comey & Shepherd Realtors) — Thu, 18 Oct 2007 21:14:25 -0500

I was just having a phone chat with a client of mine who always has many many plates spinning at the same time. She has had several businesses of her own over the years, and is currently running two of them. One of them is a coffee shop in one of the local hospitals. Now, the local Ford plant here has recently gotten rid of a number of their employees, and my client's niece was one of them. Being the great aunt and all around busy lady that she is, she immediately thought of starting a new business with her niece to help her start her new career now that her Ford tenure is over.

So now they've started an offshoot coffee business called The Caffeine Queen that is a direct sales company that operates on the "party" system--you know, like Tupperware or the Pampered Chef. They have some really great products and offer a terrific line of gifts. I know how well this lady's business ideas take hold, so I'm happy to be able to say "I knew her when." I'm sure this is going to take off, and it's destined to be another great thing about West Chester. Check out their web site at www.thecaffeinequeen.com Another cool thing about their business is that a portion of their profits go to a women's charity.

Great Things About My Home Town

Nola Comingore (Comey & Shepherd Realtors) — Mon, 01 Oct 2007 22:02:51 -0500

If there's any one thing I love more than selling real estate, it's eating good food. I'll admit it, I'm a foodie--and I know I'm not the only one. So I'm thinking, why not give some of my favorite eateries a plug here in my real estate blog. After all, it only points out what a great place to live West Chester/Mason/Liberty Township Ohio is, right? OK, here goes. The restaurant on my mind today is New Krishna, an Indian buffet on Route 42, aka Reading Road, just north of I-275 on the border of West Chester and Sharonville. It's located in a little strip mall just across the street from Gabriel Brothers discount department store, and if you aren't looking for it you just might miss it entirely. In fact, I wouldn't have known it was there myself if I hadn't shown the owner a couple of houses. Now I'm sorry to say that the gentleman went and bought a house with another Realtor, but during the brief time I spent visiting with him he told me all about the massive catering he does in addition to running the restaurant, and he gave me his business card. Food lover that I am, I eventually got over my disappointment that he chose to purchase through someone else and showed up on his doorstep one day with a serious case of the hungries.

Wow, was I ever NOT sorry I came! Spread before me was a delightful variety of freshly prepared Indian savories. Enough variety to satisfy the pickiest of customers, and all of it was wonderful. I know, because I tried everything. In fact, every time I go there I almost hurt myself. I overheard other customers talking about it too, and someone said "I've tried a lot of Indian places, and this one is the best. I couldn't figure out why until I realized it's the quality of the ingredients." I agree completely. It's not a fancy place, just comfortable and friendly, but the food is fit for royalty and very reasonably priced. If you like Indian food, don't miss New Krishna.

Assisting First Time or Underqualified Buyers

Nola Comingore (Comey & Shepherd Realtors) — Mon, 17 Sep 2007 09:48:39 -0500

I love working with first time buyers, but frequently these folks have problems getting qualified for a loan, especially in light of today's tight lending guidelines. I recently met a young woman who is currently on government housing assistance--she lives in a rented unit--but evidently she pays the majority of her rent herself. The agency that administers her rent just suggested to her that she really ought to look into buying since she can afford a decent payment. Of course, they didn't give her any ideas about how to get financing! So, I'm on a mission. Anybody out there know of any first-time buyer programs out there for somebody like her? Of course, she needs a down payment. I've thought of bond money and FHA things like Ameridream, but I feel like there are probably other things out there I could use to help her. I'm in the Cincinnati area, so if anyone has any suggestions for me, please comment!

FHA Plan to Assist Delinquent Subprime Borrowers

Nola Comingore (Comey & Shepherd Realtors) — Sun, 16 Sep 2007 01:39:10 -0500

Today I received my subscription email from REBAC (Real Estate Buyer's Agent Council) which contained a link to an article outlining FHA's new plan to help some of the borrowers who are flirting with foreclosure due to a reset on their ARM. The plan is called FHASecure, and it won't help everyone, but if certain conditions are met, some borrowers who fell behind when their rates adjusted and their payments went sky-high will be able to refinance at a fixed lower rate. I'm just passing this along in the hope that someone out there reading this will be able to use the information. Here's the link to the article.

http://bankrate.com/brm/news/mortgages/FHA_bailout_a1.asp

Real Estate not just "For Sale" but "On Sale"

Nola Comingore (Comey & Shepherd Realtors) — Tue, 11 Sep 2007 13:08:09 -0500

Just came back from my office's monthly sales meeting. My manager shared a statistical report with us showing how average prices in our area for the summer quarter compared with the same time period last year. It was obvious that prices are down--especially for condos. What a tragedy for those who are trying to sell their condo, especially if they wanted to use their equity to get into a single family home! On the other hand, if you're a buyer in the market, there's a heckuva sale going on!

The other thing the stats pointed out was that not all areas of the Cincinnati metropolitan area are seeing the same type of market. Inner belt neighborhoods seem to be much more stable than the suburbs at this point. I suppose that may have to do with the older area's limited supply of homes as opposed to the suburbs where contruction is busily turning out more and more units, but it's interesting to me that most cities die from the inside, and right now Cincinnati is enjoying something of an urban renewal.

House for Sale

Nola Comingore (Comey & Shepherd Realtors) — Sun, 02 Sep 2007 02:20:16 -0500

Here's a 3 bedroom, one bath ranch with easy potential. Yes, it is subject to a short sale. Yes, it could use some sprucing up, like interior paint and new carpet for the bedrooms. The living area and kitchen have newer laminate flooring, and the kitchen is really a pleasant surprise because it's BIG, and has nice updated oak cabinetry, matching appliances including a double oven, and a large island for more work space and storage. There's also still more room for a larger table, so this qualifies as an eat-in kitchen without the need to use your imagination! The living room is nicely sized too, with a floor-to-ceiling stone fireplace. This home would work great for a first-time homebuyer or just someone who would like to have one-level living. It's located on a wooded cul-de-sac street in a terrific school district (Loveland City Schools). Comepletly fenced yard with a nice storage barn. Newer siding and gutters. Currently listed at $114,900. MOTIVATED SELLERS! Take a look and bring your offer.

Bank-owned properties

Nola Comingore (Comey & Shepherd Realtors) — Sat, 01 Sep 2007 16:28:21 -0500

As everyone knows, we are seeing a lot more bank-owned properties on the market these days. For many people, the first thing that comes to mine regarding bank-owned properties is "bargain." That can be the case, but it's not always easy to complete the transaction. I am currently in the process of helping a client purchase a bank-owned condo, and after several weeks of being involved in the process, my client looked at me with frustration in her eyes and asked plaintively, "Is this normal?"

Giving her a short answer to that wasn't easy. There is no such thing as "normal" in reference to bank-owned properties. First, THEY tell YOU how much earnest money you're going to give them, and they may insist that you get prequalified with the lender of THEIR choice before they will even look at your offer. Then they present you with an intimidating stack of paperwork that appears to take away all your negotiating ability and give you lots more responsibility than most people are accustomed to in more traditional transactions. Then and ONLY then will they consider your offer. Maybe they'll get back to you in a timely fashion, and maybe they won't. It rarely has anything to do with the contract dates you write in your offer. More likely their answer will be scheduled around the business hours of their department, their work load, vacation schedules, and who knows what else. Maybe you won't get a response at all. If you are fortunate enough to get a response, it will most likely be a counter-offer, or maybe a notice that they have received multiple offers and they will entertain all highest and best offers from all parties at some future date. Once you get an accepted contract, it will probably be a verbal acceptance at first, and you'll have to wait as long as it takes to receive a copy of the executed contract before you can set about scheduling inspections. On the other hand, they will definately hold you to the closing date you wrote in your offer, no matter that THEIR processes have slowed the whole progression down. Too bad if that inconveniences you, but if you take longer than you said you would to close, they may decide to sell it to someone else. At the very least, you'll be paying a per diem fine for every day past the original closing date you go.

Every transaction is different, but my advice to my client and anyone else considering looking at foreclosures is " expect the unexpected." Be persistent, patient, and flexible--and of course, get yourself a good Realtor.

Extreme Makeover

Nola Comingore (Comey & Shepherd Realtors) — Wed, 13 Jun 2007 13:41:45 -0500

Today I was called on to help a family who desperately needs one of those Extreme Home Makeovers you see on TV. In fact, they have already been nominated for that show, but it seems they are done for the season and since they've already worked with a family within 100 miles of here, they were turned down. These poor folks must be feeling like the Biblical Job by now. They have three children, two girls and a boy. Both the girls have Spinal Muscular Atrophy, a progressive wasting disease of the muscles. The older one can move her head and use one hand a bit, but that's ALL. The younger girl can crawl around on her elbows. They are in an experimental drug trial in Utah that has helped stabilize the progression of the disease for now, but the prognosis is not good. The home health equipment needed to care for these girls is monstrously expensive, but beyond that, its really BIG. The average sized bedroom just doesn't get it. The family currently lives in a bi-level home, which makes it really hard for them, since they have to carry the older girl everywhere within the house. The bedrooms just aren't big enough and the hallways won't accomodate her motorized wheelchair.

To top it all off, their son was recently diagnosed with Krohn's disease! Poor little guy has to go to hospital frequently to be medicated intravenously because the oral medication wasn't working.

The list of things these folks need is a mile long, but first and foremost they need a house they can get around in! I'm looking for a ranch style home with extra wide doorways and big bedrooms, with either a pool for therapy or room to install one. We have a carpenter willing to remodel to make an existing home accessible, but chances are that building from scratch will be the best way to go. Has anyone out there had any experience with doing their own local extreme makeover? I'd love to be able to bring this family into a home that meets their needs! What are my chances of getting charity funds for something like this?

Extreme Home Makeover

Nola Comingore (Comey & Shepherd Realtors) — Wed, 13 Jun 2007 13:00:43 -0500

To top it all off, their son was recently diagnosed with Krohn's disease! Poor little guy has to go to hospital frequently to be medicated intravenously because the oral medication wasn't working.

Working for buyers

Nola Comingore (Comey & Shepherd Realtors) — Tue, 12 Jun 2007 07:18:57 -0500

I've just had a frustrating experience that happens to me over and over. Ok, not ALL the time, but more times than I'd like. I'm a buyer's agent. I've never listed a house for sale, but I work for a listing agent. I just fielded a call from a gentleman who wanted to see a property, and I showed it to him. He seemed interested, but then told me he'd get back to me as he had several other properties he wanted to see, and he was calling the listing agents directly. Sometimes people just don't get the whole buyer's agency concept, and sometimes I think it's just because it's new to them. I've had people argue with me that the person who listed the property, the person who is contractuall WORKING FOR THE SELLER was the person who should help them. I know it's a grey area, but I wish I could get the word out that I'm here to help BUYERS. Yes, the higher the price, the more I get paid, but it's negligible, and not a price I'm willing to sell my integrity for.

Sorry for the soapbox.

Nola