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Cincinnati and Northern Kentucky Real Estate Blog

How To Recover From An Expired Home Sale

how to recover from an expired home sale

How To Recover From An Expired Home Sale

So your home has been on the market for three to six months and for whatever reason did not sell within that time frame.  The current seller’s market means homes are selling briskly in many markets with more buyers than there are home sellers so given the right conditions homes are selling.  Homeowners needs to set their home up under the right conditions as well in order to get sold.  Often times those homeowners who try to sell their home in haste without full preparation will find themselves behind the curve when compared to other homes.  That combined along with a mindset that is not exactly willing to adapt and change as needed means the home will sit on the market with little to no interest from homebuyers.

Failure In Home Preparation

One of the more common areas where a home does not sell during its listing period is due to inadequate home preparation.  There are many steps that need to be taken in order to get a home ready for sale.  Depending on the age of the home and the time the last update was made in the home there may be a lot of improvements needed in order to bring a home up to current market standards.  A majority of homebuyers are looking for move-in ready homes.  A home is move-in ready when a homebuyer can purchase the home, move all their furniture and belongings in and not have to worry woman cleaning windowabout making any updates for a number of years to come.

Therefore homeowners need to take the proper steps to make sure their home is move-in ready if they...

How To Make Your Luxury Home For Sale Stand Out Against The Competition

how to make your luxury home stand out against the competition

How To Make Your Luxury Home For Sale Stand Out Against The Competition

As is often the case there are a multitude of luxury homes available for sale on the market.  As a result the luxury homeowner who is able to make their home stand out has a better chance of being noticed by buyers.  By being noticeable for a home’s features or price means buyers will be ready to take the next step and visit a home in person which in turn increases the chance of a home selling.  This article explores some excellent tips for how luxury homeowners can help their home shine above other homes on the market.

Pricing Is Critical

Getting the price of a luxury home correct is probably the  most important thing a homeowner can do.  If a home is overpriced homebuyers will not be interested in making an offer regardless the amount of marketing done for the home.  Luxury homebuyers (and most homebuyers in general) are very judicious with their money.  They do not want to overspend on a purchase where they don’t have to.  The luxury homebuyers are also looking at multiple houses to see what can best fit their needs and therefore understand where homes are overpriced and where homes are correctly priced. 

One of the best ways to obtain the value of a home is to have a third party appraisal done.  With an appraiser providing the value of a home there is less likely for there to be the chance of a real estate agent inflating the price as a business acquisition strategy.  An overpriced listing is not likely to sell very quickly...

The Elements Of A Successful Luxury Home Sale

Selling a luxury home involves more than just listing the home on the Multiple Listing System (MLS) and hoping it will sell. This listing presentation is presented by Luxury Realtor Paul Sian and shows the way I will assist luxury homeowners to help sell their home.

View the slides:

Download The Listing Presentation

Ready to get your home sold?  Please contact me using the form below or call or text me at 513-560-8002 or email me at Paul@CinciNKYRealEstate.com.

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What Can Happen When You Get The Price Wrong On Your Luxury Home

what can happen when you get the price wrong on your luxury home

What Can Happen When You Get The Price Wrong On Your Luxury Home

Setting the right price for a luxury home is one of the most critical aspects of selling a home.  Setting a price too low and the homeowner is walking away from money they could have otherwise added to their own pocket.  Setting a price too high and no amount of marketing will help get that home sold.  The price of a home is determined by what a ready, willing and able buyer offers for the home.  The amount invested into a home, the amount originally paid for a home or the amount owed on a mortgage does not really play into the actual price a home will sell for.  Sure those items may factor into the homeowners equation as to whether it makes sense to sell the home or not, but it does not set a home’s price.

Take for example a high end luxury home purchased for over one millions dollars and located on a hillside with a great view of the city.  If the home has been kept in excellent shape, updates been made as needed, repairs done on a regular basis then the home still will only fetch what the current market indicates.  If the real estate market is strong and there are plenty of buyers then the chance of the home selling for more than it was purchased for may be good.  On the other let’s say that same home had one quarter of the house shift downward resulting in major structural issues due to improper construction on the hill side.  The home may have been purchased for more than one million dollars but due to the current condition no one will pay that much.  While the hillside...

September 2017 Greater Cincinnati Luxury Real Estate Market Report

The real estate market continues to show signs of softening as pending home sales all over the US are on a downward trend.  Even with interest rates as low as they are home inventory remains tight and it could be possible that buyers are beginning to also pull back and wait until housing is more affordable.  Millennials with their current debt levels and attitudes that are not necessarily for homeownership could play in to the coming months as the real estate market sorts itself out.

An interesting article about homeownership in Australia tells of homeowners who could not afford an extra $100 in mortgage payments if interest rates were to rise.  The same could happen in the U.S. if interest rates were to rise which would cause pressure on those with adjustable rate mortgages (ARM) and limited time interest only mortgages.  The Federal Reserve has indicated a desire to raise rates but whether they are actually able to do so remains to be seen.  Higher priced luxury homeowners who are looking to sell should try to sell now rather than waiting to see if buyer interest comes back.

greater cincinnati luxury real estate market report for september 2017...

Buying A Home With A 203(K) Rehab Loan

buying a home with a 203(k) mortgage loan

Buying A Home With A 203(K) Rehab Loan

Sometimes homebuyers may come across the fixer upper home and after repairs would appear have a good investment on their hands.  Whether the homebuyer is handy or not at self-repairs they could get enough money to buy the home and make the repairs all with one mortgage loan.  The Federal Housing Administration (FHA) 203(k) mortgage loan allows homebuyers or homeowners to finance the cost of repairs into their total mortgage amount.  There are two programs for homebuyers and homeowners, the limited 203(k) mortgage program which allows up to $35,000 worth of repairs and/or upgrades to be added to the total loan amount.  Under the full 203(k) mortgage the cost of repairs/upgrades must at least total $5,000 and the upper limit is the total limit allowed for any FHA mortgage based on the area the home is located in.

As mentioned above the money does not need to be used for only repairs to a house.  The money can also be used to make updates to a home such as upgrading an outdated kitchen, replacing an old roof, making energy efficiency upgrades (solar, geothermal) and more.  The FHA 203(k) mortgage helps homeowners and homebuyers boost the value of homes and as a result local neighborhoods by allowing the upgrading or updating of homes needing it.

Who Can Use A 203(k) Mortgage To Purchase A Home?

The answer to the question of who can use the 203(k) mortgage to buy a home is only a homebuyer who will be occupying the home as their primary residence can use the loan.  Investors who will not be occupying the property need not apply.  On the other hand if a homebuyer...

What Is A Buyer’s Persona and Why Should Home Sellers Care

what is a buyer's persona and why should a home seller care

What Is A Buyer’s Persona and Why Should Home Sellers Care

In marketing speak a persona is a particular set of customers that are grouped together in order to better sell to them.  Home sellers would be wise to understand what type of persona would be interested in buying their home.  For instance if one is selling a luxury home marketing to those who are luxury home buyers makes the most sense and represents the most effective use of marketing dollars versus marketing to everyone and anyone that wants to buy a home.  With luxury homes costing what they do it does not make sense to market to those who are looking for an entry level starter home.  Home sellers need to focus on the right persona in marketing their home and as a result there is greater chance the right buyer will come along ready to make an offer.

How To Target The Right Buyer

Given an unlimited amount of money for marketing purposes home sellers and/or real estate agents can advertise a home for sale all over the world without regard to who is seeing the message.  The reality is there is a limit to the amount that can be spent on marketing and as a result those marketing dollars need to be effectively spent to target the right buyer who would be interested in buying the home.  Therefore it makes sense to figure out who the ideal homebuyer is and where do they go to find information on homes they potentially want to buy.

A majority of buyers (more than 80%) begin their home shopping online.  What that means is in some form or another they are actively looking for homes via their laptop/desktop computer, tablet or mobile phone.  The traditional locations to find homes...

Homeownership Facts To Be Aware Of

homeownership facts to be aware of

Homeownership Facts To Be Aware Of

There is much more to owning a home than just making a mortgage payment.  If homeownership just required the payment of a mortgage payment and nothing else then many more individuals would opt to buy a home.  Those who do own a home should be aware of all the aspects that are involved with homeownership especially since neglecting some of these areas can result in loss of one’s investment in the home.  This article explores a few important areas where homeowners should keep up to date with in order to protect their investment.

Updating A Home

A home will requires updates throughout the time a homeowner is living in it.  Some updates may be cosmetic like fresh paint, updating landscaping, adding new window treatments.  Other updates may be required out of necessity such as replacing outdated HVAC systems that no longer function or function with very poor efficiency.  Replacing the roof on a home also would be required in order to maintain the habitability of a home.  If a roof can’t do its job of protecting a home from the elements the rest of the home will quickly degrade as the weather does its damage.  Other updates like remodeling a home to change the floor plan to something more modern or to remodel a kitchen to change its look and style also are done by some homeowners.

Where updates like replacing an old worn roof, replacing inoperable HVAC systems or water heaters are required in order to keep a home livable other updates like a kitchen update, window treatments, or more are not required as they don’t effect the livability of a home.  Those non-required updates though may be needed in order to maintain the value of a home. ...

Preparing Your Home For A Quick Fall Sale

preparing your home for a quick fall sale

Preparing Your Home For A Quick Fall Sale

Whether your home is making its debut for the first time on the market in the fall or maybe needs to be re-listed after having expired with no offer getting the home marketing presentation done right can help ensure success.  A fall time home sale does require somewhat different preparation in order to attract the right buyers.  By ensuring your home is better than every other home out there on the market and primed for a fall sale will result in a quick sale.

Should You Sell Your Home In The Fall?

The first question many homeowners ask is if they should sell their home during the fall.  The fact is homes sell throughout the year.  Depending on one’s location there may be a peak season when the most homebuyers are out shopping for homes and as a result that season has the greatest number of home sales.  For the Greater Cincinnati, Ohio and Northern Kentucky area the peak season for selling homes is during the spring.  During the springtime many families are shopping for homes so they can get moved in prior to the start of the school year in the fall.  Moving during the fall can often be disruptive to children and could potentially force the children to change schools during the school year which most parents want to avoid. 

Seasonality wise with fall and winter being colder and there being greater chances of rain or snow (depending on one’s location) homebuyers may not be as up to buying a home during the colder seasons.  There being fewer buyers out during the fall also may mean in order to get sold lower home prices may need to be...

August 2017 Greater Cincinnati Luxury Real Estate Market Report

August 2017 Greater Cincinnati Luxury Real Estate Market Report

Interest rates for conventional and jumbo mortgages are still low and overall home sales are depressed.  The reason for depressed home sales is thought to be low inventory.  There is also a trend of certain buyers opting to remain more mobile by not purchasing and instead renting a place to own.  Since July 2017 the average prices of luxury homes has gone up in the Greater Cincinnati area as well as the inventory has gone done which is somewhat expected as homes sell or are pulled off of the market until Fall or Spring.  In the case of Greater Cincinnati more luxury homes sold during the month of August than did in July.  See below for more statistics and articles of interest.

august 2017 greater Cincinnati luxury real estate market statistics 

 

 

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4 Things That Can Kill Your Home Sale

4 things that can kill your home sale

4 Things That Can Kill Your Home Sale

Just because an offer has been accepted on a home does not mean it is a done deal.  Instead there are many steps that need to be accomplished prior to the actual homebuyer and sellers being able to close on the home and transfer ownership.  Before closing there are a number of issues that can pop up that may not only stall a home sale but can kill the deal completely requiring the home to go back on the market.  This article looks at where issues may pop up and some ways to prevent those issues from causing a deal to fall apart.

Buyer or Seller Cold Feet

While not as common this does happen from time to time where either the buyer or the seller decide they no longer want to buy or sell a home.  If the homebuyer announces their intention ahead of time not to buy the home then sellers may only have lost a few days on the market and can quickly have the home back on the market.  On the other hand if homebuyers declare they don’t want to buy the home at the last minute this can leave the home sellers in a tough situation especially if they have packed everything up and maybe even moved out of the house.  Often these situations can result in a lawsuit to recover money for expenses made in anticipation of selling the home and the buyer could be forced to buy a home if a court ordered them to complete the terms of the contract they agreed to.

In the event the seller decides not to sell the home hopefully they also announce that decision early and not force the buyer to spend money to hire an appraiser, home inspector and more in order to make sure the home is in good condition.  If done early enough then maybe the buyer will walk away and try looking for another...

Do You Need An Open House To Sell A Home?

do you need an open house to sell a home?

Do You Need An Open House To Sell A Home?

In the past when real estate was mainly advertised through the newspaper and listings came in an actual soft cover book published on a weekly basis, open houses were a great tool to get buyers in the door to show off a home.  Generally those listing books included only one picture of the front of the house and had statistics about the house in general (bedroom count, bathroom count, square footage and more).  In order for buyers to get a real feel of the home it had to be visited in person.  What better time to get a bunch of buyers into a home than during an open house.

In the current days of the Internet with high definition photography, videos, 3D tours, virtual reality tours, aerial tours and more buyers are better able to get an overall view of a home and better decide if they want to see it in person.  If a buyer does decide they like a home they are more likely to want to view the home when no one else is around to obstruct views or make them feel rushed in seeing parts of a home.  Where open houses were needed in the past, in this current market their use and effectiveness is not as high.

What Types Of People Come To Open Houses?

To truly understand whether an open house is a good idea it helps to have an understanding of who comes to open houses and what their motivation is.  When one hosts an open house it truly means the house is open to anyone and everyone to walk in and tour to their heart’s content.house with sign for open house...

Using Checklists For When Selling Or Buying A Home

using checklists for buying or selling a home

Using Checklists For When Selling OR Buying A Home

Whether you are selling a home or buying a home, going into the process organized is key in order to make sure things are done right and in order.  Getting a pre-approval after making an offer on a home is a surefire way to failure as the homebuyer does not know whether they can afford the home they are making an offer on or whether they will be approved for a mortgage with the lender they apply with.  Similar with sellers is a home seller who does not prepare their home first hand and instead decides to list as is the chances of them getting a good price for their home is greatly reduced.  Instead both homebuyers and home sellers will be better off by keeping a checklist of things they need to do and the order in which to do them in order to ensure a successful sale or purchase.

What Should Be Covered In A Home Sellers Checklist?

Home sellers should have a pre-listing checklist which covers the preparation of the home prior to putting it on the market as well as a checklist to cover what is done to the home prior to showings while the home is on the market.  By having a home properly prepared home sellers can help ensure homebuyers are not distracted by readily apparent flaws in the home like uncleanliness, clutter, pet smells or more.  Home showings are just as important as pre-sale preparation since during the actual showings homeowners will learn if buyers are actually interested in their home.

Any pre-sale checklist should include items like painting the house (indoors and outdoors), update/refresh landscaping, tune up mechanicals of home (like HVAC, garage door openers, plumbing, windows, doors and more).  Tuning up mechanicals...

How Should I Price My Luxury Home For Sale?

how to price luxury home for sale

How Should I Price My Luxury Home For Sale?

Real estate pricing is one of those areas where it is not an exact science whereby a homeowner can point to certain aspects that a home has and then on that basis determine an accurate price.  For instance a luxury home that has five bedrooms with each bedroom having its own bathroom, a four car garage, two kitchens, a pool, sauna and more could very well be priced lower than a three bedroom, two full bathroom home that is located in a downtown area of a large urban city.  Due to space limitations and location exclusivity a smaller living space in New York could very well be priced higher than a larger more spacious home in Cincinnati, Ohio.  Location is critical in pricing a luxury home as well as the features and amenities of the luxury home.  This article explores some different pricing strategies luxury homeowners may face when listing their home for sale.

Overpricing A Luxury Home As A Strategy

Some homeowners and real estate agents believe that by overpricing their home for sale they are leaving themselves room to negotiate down towards the asking price.  In fact this rarely is the case and often times by overpricing a home homeowners are preventing buyers who can afford the home from discovering it and coming to visit.  Homebuyers search for home prices based on a number of criteria.  The primary criteria for homebuyers are location, price, bedroom and bathroom count usually in that order.  If location is not as big of a concern then price is still always one of the top search criteria for homebuyers.

A majority of luxury homebuyers...

7 Smarts Things To Do Prior To Buying A Home

7 smart things to do prior to buying a home

7 Smarts Things To Do Prior To Buying A Home

Owning a home is a long term commitment that takes proper planning and preparation in order to make sure homeownership is successful over the long term.  The preparation period prior to purchasing a home is not short.  Instead the preparation time can be many months or more in order to ensure that homebuyers are in the best situation possible to apply for a mortgage to buy a home.  The tips in this article will help homebuyers navigate through the preparation phase so that they can get the best possible mortgage now and not worry about having to seek better terms or better interest rates later on down the line.

1.  Pay Down Debt

Paying down debt is something everyone should be doing regardless of whether or not they want to buy a home.  More importantly though future homebuyers can greatly benefit by paying down debt by being able to get better interest rates as well as better terms for mortgages.  If a homebuyer has too high of a debt to income ratio then the amount the homebuyer will be pre-approved for will be lower than if they had fewer or no debts.  At a certain point of debt to income ratio the homebuyer may not be able to qualify for a mortgage at all.

Best strategies to pay down debt is to either pick the account with the smallest balance and pay that down first and then move onto the next account or to pay down the debt with the highest interest rate.  Some psychologists suggest there may be a psychological benefit to paying off the smallest account first since that is one less bill to look at and a small psychological...

July 2017 Greater Cincinnati Luxury Real Estate Market Report

July 2017 Greater Cincinnati Luxury Real Estate Market Report

With interest rates slowly coming down there has been a slight uptick in mortgage applications but there still remains a shortage of available housing.  Jumbo mortgage interest rates have also reduced somewhat from the recent highs.  Record high pricing in homes is forcing some buyers to the sideline and with there is a new sentiment creeping up that is not as keen on housing as some in the past may have been.  Overall still a good time to sell a home if the homeowner is ready.  Luxury real estate statistics for July 2017 are in the below graphic and be sure to check out some insightful links below.

july 2017 cincinnati luxury market report

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What To Know About Real Estate Deeds

what to know about real estate deed

Real Estate Deeds Explored

When a homebuyer purchases a home they have a deed registered in their name which specifies how the property is owned.  If the homebuyers are married the deed will usually be “titled” or written to show that both homebuyer spouses own the property as a whole together.  There are other ways to title a deed and this article explores the different ways and the benefits and drawbacks of each of those ways.

Deeds Explained

There are a number of types of deeds that can be used for the transfer of real estate.  The most common types found are General Warranty Deed, Limited or Special Warranty Deed, Quitclaim Deeds, Trustee Deeds, and Fiduciary Deeds.  Deed types and deed names can vary based on state laws so it is always best to consult with a real estate attorney licensed in the state where the deed is to be recorded if there are any questions as to what type of deed is needed.

A General Warranty Deed is the best possible type of deed to receive from a home seller as it guarantees that the seller has clear title to the property.  The home seller gives a warranty to the homebuyer that the deed is free from claims of others and if a claim would happen to arise the prior owner could be responsible for helping to settle the claim or to reimburse the current owner for any loss suffered as a result of a valid claim.  Even with the General Warranty Deed it is still advisable for the homebuyer to purchase title insurance to protect against any claims as even though the General Warranty Deed offers some protection,...

Buying A Home With A Septic System

buying a home with a septic system

Buying A Home With A Septic System

Depending on the area where you are looking for a home you may find a home that has a septic system rather than a sewer line connection.  Homes in some neighborhoods where the sewer lines have not been run instead have a septic tank which holds the waste water from the home.  The holding tank has a number of different components but what it does is allow the waste from a home to decompose over time and work its way back into the ground in a harmless state.  Some may say that a septic system is greener than a traditional sewer system since the homes waste goes into the immediate environment where it can be utilized immediately by the vegetation in your yard.  With a sewer system the treatment of the waste happens at one central location which means many miles of piping to send the sewage to the right place.  On the other hand improperly maintained septic systems can lead to backups and contaminated local land that can be costly to cleanup and damaging to the environment. 

Inspecting A Septic System

Most home inspectors do not have the expertise to inspect septic systems.  As a result depending on the age of the septic system and the condition of the land around the septic system it may be wise to have a separate inspection scheduled of the septic system.  Septic systems that are not functioning properly can cause waste water to leak into the surround yard causing flooding issues as well as making the area not pleasant to be around due to bad odors.  Poorly operating septic systems can also result in waste water backing up into the house causing further problems.  Due to the expense associated with septic system repairs it is always advisable to have it inspected by...

Where Can I Find Homes For Sale In My Market?

where can I find homes for sale in my market?

Where Can I Find Homes For Sale In My Market?

With all the homes available for sale in different markets homebuyers may not be sure where to find the most up to date information on homes available in their market.  Unfortunately there is no one website where homebuyers can find a list of all homes currently available for sale.  Homes listed for sale that have Realtors helping sell the home can be found on local real estate websites (through the local Multiple Listing Service or MLS) as well as on some of the national websites like Realtor.com, Zillow, Trulia and more.  Additionally homes will also be found on national real estate brokerage websites like United Real Estate, Coldwell Banker, RE/MAX, and more.  Often times the national brokerage websites will redirect homebuyers to local area websites to make sure homebuyers connect with local agents when shopping for their home.

Homes that are listed For Sale By Owner (FSBO) may be found (though not always) on sites like Realtor.com, Zillow, Craigslist, Ebay, Facebook market place groups, local classifieds, local bulletin boards, Realtor.com, local real estate websites and more.  Some FSBO home sellers may be listed on the local MLS by paying for flat fee service some real estate brokerages provide whereby they will list the home on the MLS but provide no other services to the home seller.  Services like photography, videos, online and offline marketing, lockboxes, screened showings and more are instead done by the FSBO seller themselves. ...

5 Smart Tips For Buying An Investment Property

5 mart tips for buying an investment property

5 Smart Tips For Buying An Investment Property

Whether you want to buy a home that doubles as an investment property where you live in one unit and rent out the others to reduce your mortgage payment or you want to strictly buy a property for investment property to earn income from it, these tips are for you.  Many are realizing the benefits of buying and holding investment properties for their rental income potential.  The tips in this article will help you make sure your investment is a sound purchase that provides you with income for years to come.

1.  Get Pre-Approved Or Have Your Cash Ready Prior To Buying An Investment Property

Buying a multi-family with four or fewer units allows buyers to use conventional mortgage financing, whereas investors wanting to buy buildings with more than four rental units will require the use of commercial financing.  Commercial financing usually comes with more restrictions and less favorable terms compared to conventional financing.  With conventional financing borrowers can get 30 year fixed loans and only need to put at most 25% down for a non-owner occupied property.  With commercial financing borrowers will be required to put 30% or more down and may have loans with a 20 year or shorter term.  Additionally commercial loans will have higher credit requirements, may be stricter with the requirement of showing actual investment management experience and/or offer variable rate loans only. 

If a buyer is wanting to buy a multi-family home and live in one of the units then the requirements can be even lower than a non-owner occupied mortgage.  Investors who intend to occupy the building they buy can only use conventional mortgage financing for...

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