A real housing stimulus

The National association of Realtors have proposed a housing stimulus plan to get to the root of the US economy problems. The meat in the proposal would that calls for a temporary $7,500 first-time home buyer tax credit with NO REPAYMENT requirement and a temporary federal buy-down of mortgage rates to 4.5 percent or less. This differs from the plan in place that gave a $7,500 first-time home buyer tax credit that was really a loan at 0%. Technically there was no tax credit, only the advantage to get a quick write down on your taxes only to be paid back later.

Click here to see the additional details on Inman News.

http://www.inman.com/news/2008/11/10/realtors-introduce-stimulus-plan

Relocating to Cincinnati?  Please use our complimentary online Cincinnati MLS Search to help you with your research!

Sign-up to be the first to know about new properties in the Cincinnati Real Estate Marketplace immediately after they are listed. You will receive an email update whenever a home meeting your parameters hits the market. It is that easy!

Contact Kevin Duffy for more information about Cincinnati Ohio Real Estate!

Did you know!!

Ohio Housing Finance Agency  just lowered their rate from 6.25% to 6.00%.

If the buyer is a teacher, firefighter, medical worker, police officer,
etc
it’s 0.25% lower.

Ohio Housing offers a 2nd mortgage up to 4% for downpayment,
making this a 0% down loan for buyers.

Their income has to qualify at 100% of median (66,200 for a 1-2 person
family and 76,130 for a 3+ person family).

To find out the details email me kevin@kevinduffy.com and I can get you to the best loan specialist in Cincinnati

If you are looking to find a home go to www.CincinnatiMLS.com

If you ever wanted to see how home sales and the number of homes for sale in Cincinnati have performed in Cincinnati since 1990 this is the visual that you need to see.

CLICK HERE  to see how Cincinnati Mls has gone thru ups and downs.

I was showing a house a couple weeks ago and found this behind a furnace. Could this be a problem? This depends on who you ask. If you are the seller you may say, No problem. If you are a buyer it may scare you off. My suggestion in any case is to call a ASHI Member Home Inspector to advise you what to do.

What do you think, is this a problem?

In real number’s this means that Cincinnati was only 4 pending sales short of what sales were in February 2007. Below is the report from the Cincinnati Area Board of Realtors.

Cincinnati MLS Pending Sales for February 2008 Just Shy of February 2007

Clearly, activity is picking up!  Showing appointments are up, attendance at Open Houses has increased significantly, call inquiries have vastly improved, and searching on the Internet has escalated.  The time is now to spread the good news…tell everyone you know – clients, past clients, prospects, your sphere, fellow agents.  “With favorable housing prices, a wide choice of inventory, and low interest rates, it’s an incredible time to buy,” says Karen Schlosser, president of the Cincinnati Area Board of Realtors.

February 2008 new pending sales:  1,787 (off only -0.2%)
February 2007 new pending sales:  1,791
 
February closings are expected to dip an estimated 12% to14%.  The February new pendings should bode well for March and early April closings.

~ Excerpt from the Cincinnati Board of Realtors
 

Below is an appraisers guideline for valuing a home. Keep this list with you when you are looking or pricing your home to sell.

BUYING or  SELLING SMART

(Factors that affect resale)
 
1. On or Backing to a Main Thoroughfare
- minus 10% sales price
- minus 20% more time to sell
    
2. Very Steep Driveway
            - minus 10% sales price
            - minus 10% more time to sell
 
3. Gully or Steep Drop Off Behind House
- minus 5% sales price
- minus 4% more time to sell
 
4. Creek Behind or Beside House
- minus 3% sales price
- minus 3% more time to sell
 
5. Electric Heat
- minus 5% sales price (only in neighborhoods where gas heat is predominant)
 
6. Contemporary/Non Traditional Architecture
- minus 15% more time to sell
 
7. House Facing School or Business
- minus 8% sales price
- minus 20% more time to sell
 
8. Power Line Behind or in View
- minus 10% sales price
- minus 25% more time to sell
 
9. Tuck-Under Garage
- minus 10% sales price
- minus 25% more time to sell
 
10. Inground Pool on Property
- no added value
- minus 50% more time to sell
 
11. Condominiums have low appreciation when located in an area where competing with single family homes.
 
12. When buying a new home in a developing area of the city, it is very important to “buy smart”. In general, the more established communities appreciate at a much greater rate than developing areas.