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Cincinnati and Northern Kentucky Real Estate Blog

Podcast #5 Topic: The Ins and Outs of Mortgages

Graphic with the words Paul Sian, Realtor with HER Realtors talks about the ins and outs of mortgages with Trey Budke, Branch Manager and Mortgage Originator at HomeBridge Financial Services

For this podcast I sat down with Trey Budke, Branch Manager and Mortgage Originator with Carrington Mortgage Services.  During our conversation we discussed applying for a mortgage, credit rating and mortgages, different mortgage options and more. This podcast is helpful for those about to purchase, or sell real estate in terms of understanding the mortgage process.  I hope you enjoy the podcast and find it informative.  Please also share with those who may find it useful.

Listen via YouTube:

You can connect with Trey on Facebook, and LinkedIn.

You can connect with me on FacebookPinterest...

14 Super Tips To Keep Your Home Sale On Track!

 Picture of hand holding a paper cut out of a home for article 17 Supers Tips To Keep Your Home Sale On Track!

14 Super Tips To Keep Your Home Sale On Track!

Once your home is on the market for sale you need to keep on track and insure you get to closing with minimal to no hiccups.  With this article I surveyed some great real estate professionals from all over to get their input as to what their best tip is for keeping one's home sale on track and heading towards the closing day goal line.  This article includes input from home inspectors, mortgage professionals, appraisers and real estate agents provide many excellent tips on how to keep your home sale on track.

Mike Chamberlain Home Inspector at MC2Inspections.com:

Without question, the number 1 thing a seller can do to prevent delays on selling their home is to obtain a pre-list home inspection to detect defects prior to placing the home on the market.

If a seller can spend 300.00 on a pre-list inspection, they will receive a detailed inspection report of items that should be addressed prior to placing the home on the market. This way, they can take care of the defects before placing the home on the market. They can also use the home inspection report along with the sellers disclosure to show potential buyers that they are acting in good faith and have addressed all known issues.

Wendy Weir Real Estate Agent at WendyWeirRelocation.com

It would certainly be ideal to be able to plan a sale beforehand and to give yourself enough time to figure...

What Does It Mean To Be House Poor?

Picture of lady looking at computer with text what does it mean to be house poor?

What Does It Mean To Be House Poor?

You purchased a home but now you find yourself regretting the decision, mainly because the house payments or the money needed to properly maintain the home are taking up a large portion of your monthly budget leaving you in a cash crunch situation. That is what is referred to as being house poor. The best way to avoid being house poor is by purchasing a home within your budget. For those who already have a home that is stretching their budget there may be some other options to look into.

Determining Affordability Prior To Purchasing A Home

Prior to purchasing a home it is important that the potential homebuyers look closely at their month to month income and expenses as part of an affordability analysis. All payments such as car loans/leases, car insurance, utilities, student loans, and other debts must be added up and compared to your total take home pay. If you are a married couple or soon to be married couple, you should add up both the incomes and debts for each person as part of the analysis. Now you may currently have rental expenses which may or may not be equal to what a mortgage payment will be. The rental payment still should be counted towards your debt since your mortgage payment for your home is also paid once you purchase the home. You may need to add some amount to the rent payment in order to account for a larger mortgage payment, in the case where you don’t currently have rent payments use a mortgage calculator like the one found here to get a rough idea of what a mortgage payment...

My Home Listing Expired, Now What?

Picture of a nervous lady fretting of why my home listing expired.

My Home Listing Expired, What Are My Options?

You had your home on the market for a number of months, had a few showings but no offers to buy. The listing for your home has now expired and you are wondering whether all the headache of preparing your home for sale was worth it. The process of figuring out what went wrong involves you sitting down and determining what is within your control to fix so that you can improve the chances of selling your home.   You should also consider the things that may have not been in your control at the time but by making different choices going forward you may get better results. Many of the topics discussed below are linked together so an issue in one area can have impact in another area.

Things You Can Control

The Price of Your Home

The price of your home is specifically within your control. Now you may have received bad advice from certain websites or maybe even from your real estate agent in which case for the future you need to seek out better advice or better agent to deal with. Certain websites that provide price “guesstimates” generally base their pricing data on too large of an area to give something accurate. Depending on the location of your home, most of the time these computer based pricing is either too high or too low. If you priced your home on the high side the end result was probably fewer showings and low buyer interest.

Real estate agents as well can unintentionally or intentionally suggest higher than normal prices as well. Sometimes it may be the inexperienced agent who is pricing to please you as the seller and get their first client. Other times agents may not care what you price the...

August 2015 Cincinnati Real Estate Market & Northern Kentucky Real Estate Report

Picture of Ohio river for cincinnati real estate market report

Cincinnati Real Estate Market & Northern Kentucky Real Estate Market Report

Want to know what happened during the August 2015 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 August 2015 Cincinnati-Northern Kentucky Real Estate Report.  While home sales were a bit lower number wise due to the summer break, August continued to show strength compared to last year in the Greater Cincinnati area.

Cincinnati, Ohio - Hamilton and Clermont Counties

In August there were 1017 homes that closed during the month for Hamilton County and 251 homes that closed for Clermont County.  Homes that went pending in August were 792 for Hamilton and 223 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 $244,032.00 with an average selling price of $186,517.00.
    • Hamilton County homes during the August time frame were on the market (Days on Market) for an average of 86 days.
    • There are currently 3,558 homes available for sale in Hamilton County.
  • The average listing price for homes in the Clermont County area was $219,293.00 with an average selling price of $183,759.00.
    • Clermont County homes during the August time frame were on the market (Days on Market) for an average of 77 days.
    • There are currently 956 homes available for sale in Clermont County.

Northern Kentucky - Boone, Campbell & Kenton Counties

...

How To Avoid Closing Cost Sticker Shock

Picture of lady looking at computer and is shocked at her closing costs.

Confused By Closing Costs?

Closing costs are one of those things that some people may not understand and many people are unaware of until they receive the sticker shock upon seeing the amount of money they need to bring to the table due to closing costs. Depending on the type of loan, the amount of the loan, or the terms of the home purchase closing costs can greatly vary. With the way the home loan process works often times closing costs are not known until close to the actual closing date. With this article I will explain some of the terminology associated with closing cost line item charges and present some ideas on how to minimize your out of pocket expenses when it comes to closing costs.  By being familiar with closing cost terminology and possible ways to reduce those costs perhaps you can learn how to avoid closing cost sticker shock.

Terminology

Any discussion about closing costs should begin with defining certain terminology. Not every term in here will be seen in every closing. Depending on the type of loan and other facts some of the terms may not apply to your individual scenario.  With any fee being charged by the lender you should ask what those fees are and are they necessary. Some fees can be negotiated away or you may be able to find other lenders who do not charge those same fees.

Appraisal Fees: Appraisal Fees are fees charged by the lender to hire an Appraiser to give a value estimate of the home you wish to purchase. Lenders generally want to lend money where the amount being borrowed is less than the value of the home and land that is being purchased. Where the amount of the mortgage loan...

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