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Top Insurance Tips For Homeowners

top insurance tips for homeowners

Top Insurance Tips For Homeowners

Insurance is one of those things people hate to pay for but once they have to file a loss they are happy they are insured. Insurance covers you in the event of unexpected losses so you don’t end up out of house and home due to some catastrophe. Knowing what type of insurance coverage you should be asking for and what should be communicated to your insurance agent is key to ensuring you get the proper coverages and don’t end up with a policy that only covers you for $100,000 dollars in losses when you just lost $200,000 dollars’ worth of home and furnishings. The following tips give you a starting point for you and your insurance agent to figure out where you need your insurance coverage to be at.

1. Opt for replacement cost and all of your extras are covered (jewelry, firearms, classic cars, valuable collectibles etc.)

If you have a loss that requires insurance to reimburse you for your losses there are two primary ways the insurance company will reimburse you. The first way is the insurance company paying you for the current depreciated value of the item you just lost. For example if you had a TV stolen from your home the insurance company will look at that TVs make, model and age and give you money for something that is equal in make, model and age. Yes that means if your TV is five years old you will only get reimbursement for what a five year old TV would cost. While these types of insurance policies are more affordable when you need to file a claim you may not get enough money to replace everything that needs replacing.

Replacement cost insurance policies on the other hand reimburse money for the actual amount it would cost to buy a new and like kind item. So...

January 2016 Northern Kentucky Real Estate Market Report

January 2016 Northern Kentucky Real Estate Market Report

Northern Kentucky Real Estate Market Report

Want to know what happened during the January 2016 Northern Kentucky Real Estate Market sales period? You have come to the right place. Read on to get the latest statistics and information in the January 2016 Northern Kentucky Real Estate Report.  Home inventory is still low around the Greater Cincinnati and Northern Kentucky area which means buyers are having a tougher time finding the home they want when they want.

Northern Kentucky - Boone, Campbell & Kenton Counties

In January there were 83 homes that closed during the month for Boone County, 66 for Campbell County and 120 homes that closed for Kenton County and .  Homes that went pending in January were 95 for Boone, 69 for Campbell County and 166 for Kenton.

  • The average listing price for homes in the Boone County area was $246,765.00 with an average selling price of $189,002.00.
    • Boone County homes during the January time frame were on the market (Days on Market) for an average of 99 days.
    • There are currently 525 homes available for sale in Boone County.
  • The average listing price for homes in the Campbell County area was $232,560.00 with an average selling price of $149,138.00.
    • Campbell County homes during the January time frame were on the market (Days on Market) for an average of 133 days.
    • There are currently 353 homes available for sale in Campbell County.
  • The average listing price for homes in the Kenton County area was $231,576.00 with an average selling price of $167,049.00.
    • Kenton County homes during the January time frame were on the market...

How Does Days On Market (DOM) Affect My Home Sale

How does days on market (DOM) affect my home sale

How Does Days On Market (DOM) Affect My Home Sale

Days on Market is a common statistic found on many Multiple List Systems (MLS) and basically tracks how long a home has actually been on the market for sale. Many MLS also keep track of Cumulative Days On Market (CDOM) which is the total days on market a home has been up for sale, that time includes the time on the market with a different agent also in the case where the home was temporarily withdrawn and then put back on the market for whatever reason. Depending on local MLS rules the CDOM number can reset back to zero if the home has been off of the market for 30 days or some other passage of time set by the local MLS Board.

Why Days On Market Matters

The reason DOM is kept track of is because the number gives sellers, buyers and real estate agents an idea of how well a home is being received while it is available for sale. Many issues can affect how long a home sits on the market and therefore the DOM number provides a good measure of how the home is being received. Ideally the time for a home to get an offer is within the first 30-60 days of being on the market. If the home is on the market for longer than 60 days with no offers the seller and the real estate agent should be revisiting a number of things in order to determine why no offer has come in. The longer a home sits on the market without an offer causes buyers to questions if there is something wrong with the home that is causing it not to sell and as a result some buyers may not even consider a home with a longer than normal time on market. This negative perception from buyers can force the sellers to reduce price much faster and steeper than if the marketing...

8 Great Negotiating Tips For Real Estate

8 great negotiating tips for real estate graphic

8 Great Negotiating Tips For Real Estate

When attempting to sell or buy a home often times emotions and the competitive spirit can get the best of people resulting in a failure for anyone to reach their goals. What brought you to the negotiating table in the first place is a desire to sell or buy a home. Part of negotiating is knowing what position you stand in compared to the other party.

If you are in a seller’s market where there are more buyers than homes you as a buyer may not be in the best position to demand and expect to get everything. The reverse applies as well where you as a seller are in a buyer’s market where there are glut of homes. Standing pat and hoping to sell your home at a price you want without concessions will leave you with an unsold home and buyers moving onto something better priced. With that in mind here are some negotiating tips for both the seller and the buyer, which can help you reach your final goal.

Negotiating Tips For Seller

1. Take Pricing Out of the Equation

Probably the best negotiating tip for a home seller is to get the home pricing right the first time and then it becomes an issue you don’t even have to negotiate on. If your home is priced just right then you will get offers early on and may even get multiple offers allowing you to pick the best offer without having to haggle over price. Take the pricing issue off of the table and there is no need to negotiate about it.

2. Come Prepared Knowing Your Goals

Know ahead of time what you are willing to do and not willing to do with your home. Do you know...

January 2016 Greater Cincinnati Real Estate Market Report

January 2016 Cincinnati Real Estate Market Report

 

Greater Cincinnati Real Estate Market Report

Want to know what happened during the January 2016 Cincinnati Real Estate Market and Northern Kentucky Real Estate Market sales period? You have come to the right place. Read on to get the latest statistics and information in the January 2016 Greater Cincinnati Real Estate Report.  With low home inventories in January expect properly priced homes to move quickly.

Cincinnati, Ohio - Hamilton and Clermont Counties

In December there were 626 homes that closed during the month for Hamilton County and 167 homes that closed for Clermont County.  Homes that went pending in January were 688 for Hamilton and 181 for Clermont County. Pending status means they had an offer accepted and were awaiting closing pending inspections, appraisals, financing etc.

  • The average listing price for homes in the Hamilton County area was $253,798.00 with an average selling price of $172,646.00.
    • Hamilton County homes during the January time frame were on the market (Days on Market) for an average of 95 days.
    • There are currently 2,786 homes available for sale in Hamilton County.
  • The average listing price for homes in the Clermont County area was $211,625.00 with an average selling price of $166,772.00.
    • Clermont County homes during the January time frame were on the market (Days on Market) for an average of 84 days.
    • There are currently 651 homes available for sale in Clermont County.

Ready to Sell or Buy a Home?

If you are ready to ...

Tax Benefits Of Owning A Home

Tax Benefits Of Owning A Home

The Tax Benefits Of Owning A Home

There are many benefits to home ownership. Owning your own home means you are your own landlord and can customize your home the way you see fit without having to worry about breaking the terms of your lease. Additionally by owning a home that is either paid off or on a fixed mortgage you don’t have to worry about the landlord raising your rent rates every time your lease is up.

Homeownership also conveys many different tax advantages that are not available to renters and can help you save big when it comes time to file your taxes at the beginning of the year. Tax breaks such as mortgage interest tax deduction, property tax deduction, home energy upgrade tax deductions and more are available to homeowners. Read on to find out about all the tax benefits that are available to you if you own a home.

Mortgage Interest Tax Deduction

This tax deduction is by far the most popular and widely used tax deduction for homeowners.   The mortgage interest tax deduction allows you to use any mortgage interest (interest on your first or second mortgage and home equity line) you paid in a tax calendar year as a deduction on your taxes. What this means is that if you paid $5,000.00 in mortgage interest on your primary residence during your tax year you can use that $5,000.00 to reduce your taxable income thus resulting in less tax paid to Uncle Sam. For example if you earned $75,000.00 and paid $5,000.00 in mortgage interest in 2015 you will only be taxed on $70,000.00 in earnings due to the mortgage interest tax deduction. The limits on this deduction are $1,000,000.00 for debt taken on to buy the home and $100,000.00 in home equity debt.

Property Tax Deductions

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