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June 2020 Greater Cincinnati Luxury Real Estate Market Report

June 2020 Greater Cincinnati Luxury Real Estate Market Report

Last year there were 80 luxury homes that sold within the month of June 2019.  The median price was $899,450.00.  Average days on market was 121.  The biggest difference this year as can be seen is the total amount of luxury homes sold only being 56 during June 2020.  The Greater Cincinnati region was just coming off the tail end of COVID-19 related economic shutdowns and many sellers pulled their homes off of the market as a result.  There were more luxury homes available for sale in June 2019 than there are today.  So long as qualified luxury home buyers are still ready to buy prices will stay steady in the luxury market with the limited supply.

June 2020 Cincinnati Luxury Real Estate Market Report

New Home Sales Jump Are Downward Revisions - Sales of newly constructed homes beat expectations.  Whether this can sustain remains to be seen as the virus is surging again in some states.

Pending Home Sales Are Off Of Recent Lows - While pending home sales are off of recent lows they are still below where they were last year.  One of the biggest struggles home sellers have are putting their home on a market facing a pandemic and having another place to move to as well once they do sell their home.

About the author: The above article “June 2020 Greater Cincinnati Luxury Real Estate Market Report” was provided by Luxury Real Estate Specialist Paul Sian. Paul can be reached at ...

Different Kinds Of Home Rehab Projects

Different Kinds Of Home Rehab Projects

Different Kinds Of Home Rehab Projects

Real estate investors looking at the fix and flip model or the buy and hold model often look for properties that have some sort of value-add feature so that they can boost their investment through price appreciation.  Houses come in different conditions and investors should understand the different type of house repairs that will be needed as part of their investment decision making process.  This article looks at the different conditions investors can expect to find in a home bought for investment purposes.

Fix and Flip vs Buy and Hold

The two main strategies are fix and flip and buy and hold.  With the fix and flip strategy investors are looking to buy a house that needs repairs, make the repairs and then sell the home for a profit.  With the buy and hold investment strategy the investor is looking to buy a house that needs repairs and then will keep that property in their portfolio as a rental property, making money from the rent and from the increase in value.  

As part of the buy and hold strategy or fix and flip strategy many investors will use cash or a hard money loan to make their purchase since the type of homes they are interested in usually do not qualify for a traditional mortgage loan.  Once the repairs have been completed the buy and hold investor will often times refinance the property into a traditional mortgage and take out cash at the same time to make another buy and hold purchase.

Light Rehab

...

Options To Consider When A Home Won’t Sell

Options To Consider When A Home Won’t Sell

Options To Consider When A Home Won’t Sell

Selling a home requires the right preparation, right pricing and marketing to help get it sold.  Sometimes depending on the market or the seller’s requirement to sell at a certain price a home just may not get sold.  For example during the initial COVID related lockdowns many homeowners pulled their homes off of the market and those that stayed on the market saw their showing requests drop rapidly.  This article explores what homeowners can do when a home is not selling.

Take A Break

Sometimes there is a wrong time to have a house on the market and the COVID shutdowns can be a perfect example of when may not be the best time to try and sell one’s home.  Many home buyers concerned about the risks of the virus decided to stay home and not look at all.  Some home buyer’s also were temporarily out of work and highly concerned about whether they would get their jobs back once the lockdowns did end.  The result was there were not enough buyers ready to buy and unless a homeowner was selling their house for the bottom dollar the chance of getting an offer was greatly reduced.

Other times when real estate buyer traffic slows down includes the holiday season at the end of the year and during the summer break when many families are away on vacation.  These times also reflect a slow-down in general when fewer homes are selling.  If a homeowner is getting very little interest during these times it may be advisable to pull the home off of the market...

May 2020 Greater Cincinnati Luxury Real Estate Market Report

May 2020 GREATER CINCINNATI LUXURY REAL ESTATE MARKET REPORT

With many areas starting to open up real estate sales have started to pick up as well.  Some homeowners have pulled their homes off of the market during the virus induced economic shutdowns and some of those homes may not come back to the market due to changed plans.  In the near term this will cause competition to increase due to fewer homes being on the market for those buyers still ready, willing, and able to buy.  See below infographic for how luxury homes performed in the Greater Cincinnati, Ohio real estate market.

NOVEMBER 2017 GREATER CINCINNATI LUXURY REAL ESTATE MARKET REPORT

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Tips For Setting Up The Perfect Home Office

Tips For Setting Up The Perfect Home Office

Tips For Setting Up The Perfect Home Office

With the recent virus issues many more people are working from home on a regular basis.  A properly setup home office will allow for a good work environment that allows one to be productive and be healthy at the same time.  Having a home office can also help increase the value of a house providing it is not taking away from existing rooms.  This article looks at some best practices for setting up a home office.

Consider The Location

If one plans to work full time from a home office then having a “room with a view” is ideal if possible.  While a lot of times homeowners have extra space in the basement for setting up a home office that does not make it the best place to have a work space where one will be spending eight or more hours a day unless of course the basement is a walkout basement and has a view.  The reason that a basement is not a good place for an office is the lack of the view and the lack of natural light. 

Office workers who stay in a confined space with no access to natural light and a view of the outdoors to break the monotony up will have a harder time keeping focused.  Even if for only a few moments at a time having a view where one can look out a window provides a break from staring at a computer screen all day and is a great way for mental refreshment.  Having natural light during the workday also boost productivity and helps with sleep!

While some homeowners may not be able to find extra space for the home office depending on house size and family size there are always...

Who Has The Best Donuts In Cincinnati?

Who Has The Best Donuts In Cincinnati?

Who Has The Best Donuts In Cincinnati?

What's not to love about about tasty baked or fried donut treats which come glazed, cake type, yeast raised, with sprinkles, frosted, or filled donuts.  Great for snacking, as a desert or with coffee in the morning there over ten billion donuts eaten annually in the US alone.  Cincinnati has many different donut options to choose from as this list explores.

Holtman's Donuts

Holtman's Donuts has been around since 1960 with the very first shop in Newtown, Ohio.  There are currently five locations serving some of the unique and tasty donuts they have to offer.  Locations include Loveland, Oakley, OTR, West Chester and Williamsburg.

...

Selling A Home While Going Through A Divorce

Selling A Home While Going Through A Divorce

Selling A Home While Going Through A Divorce

Whether this is a change that is for the better or there are still some issues to be worked out selling a home during a divorce can be challenging.  A home sale transaction is easier when all parties are cooperative with the sale, meaning the buyers and each of the sellers.  In a divorce situation that can be a little difficult especially if one spouse is still holding on or wishes to take an approach that is confrontational.  Whether the desire is to sell the home or for one party to keep it there are some considerations that need to be made and this article explores.

Deciding To Keep The Home

One of the primary deciding factors for keeping a home during a divorce is whether the spouse who will keep the home can continue to afford to pay for it.  If neither spouse can afford to keep the home independently then the answer is to sell the home.  Whichever spouse plans on keeping the home that decision must be made mutually or decided in court via attorneys.

The potential problem that comes when one spouse wishes to keep the home is that both spouses stay on the mortgage even after divorce.  While a divorce agreement can specify who keeps the home and who is responsible for paying for the home the lender can still look to both former spouses if payments are stopped and the credit score of the spouse who no longer is living in the home will be effected as well.  The deed which shows ownership of the home is easily changed when both parties agree to sign the document changing ownership but that does not work for the mortgage.  The spouse who will keep ownership...

The Top 10 Highest Priced Apartment Buildings For Sale Today In The Greater Cincinnati Area

highest priced apartments in Greater Cincinnati

The Top Ten Most Expensive Apartment Buildings In Greater Cincinnati

The Greater Cincinnati area has been getting a lot of attention from out of state and even out of country investors looking for multi-family apartment buildings in order to build their cash flow empire.  With prices being paid for buildings in the Greater Cincinnati area investors can find their dollars generating more cash flow in Cincinnati than in many other large markets around the United States.  Check out some of the most expensive multi-family listings available on the market today as well as learn more about the locations they are in.  If you want to learn more about the cash flow possibilities of any particular property be sure to get in contact today with a local Cincinnati and Northern Kentucky Real Estate agent.  (This list focuses on multi-family buildings in one location as opposed to a listing of a portfolio of property spread around the city that are listed for sale as a package deal.)

Cincinnati, Ohio

Settled in 1788 Cincinnati metropolitan area is one of the 28th largest economies in the US.  Home to such major corporations such as Kroger, Procter and Gamble, Great American Insurance and more it has a population of approximately 2.1 million people.  Being so close to other major cities makes Cincinnati a great place for those looking for work or low cost of living housing.

Crittenden, Kentucky

Located in the Northern part of Kentucky it is close to the Cincinnati metropolitan area.  It was settled in the early 1800s.

Hebron, Kentucky...

New Construction Home Buying Process

New Construction Home Buying Process

New Construction Home Buying Process

Some home buyers may prefer to start from scratch and build a new home from the ground up.  While there are developments that offer newly built homes often times those homes lack customizability and instead the home buyer may only find cookie cutter homes with some ability to decide on what types of interior upgrades they may add.  Home buyers who want to get their own home plan put on paper and then get built will be looking at the custom build option which this article explores further.

First Step, Work With A Lender

Home buyers need to start the process of talking with a lender first since there are different mortgage programs for new construction builds.  Sometimes if a builder is large enough they will have their own financing program where while the home is being constructed they can offer a short term construction loan to the buyer and then at the time of project completion the buyer will get a traditional 30-year mortgage for the home.  Especially with the changes brought about as a result of the COVID19 shutdowns, mortgage loans types and qualification requirements can change on a daily basis so getting a pre-approval before hand is the best path to take.

Home buyers should not be talking just to one lender but comparing different lender offerings.  Buyers can find different lenders to speak with through family and friend referrals and referrals from their real estate agent.  Certain professions like doctors or veterans have available to them specific mortgage designing floor plan...

Updates For The Home

What to Consider When Making Updates For The Home

What To Consider With Updates For A Home

With the change in economic conditions some who were previously considering selling their home may decide to stay put and instead update the home.  Others who still want to sell their home might be considering what updates can help them obtain the best value for their home.  This article explores the types of updates homeowners may want to consider and what makes sense for homeowners who want to stay put versus homeowners who want to sell soon.

Updates For Those Wanting To Sell

For those homeowners who want to sell their home the updates done should be ones that bring the home up to a modern look and function.  Homes with old appliances, outdated cabinetry and fixtures can easily get a good return on investment (ROI) without going to extreme lengths in terms of spending on the updates.  Since the homeowner plans on selling their home it does not make a lot of financial sense to overspend as the short-term ROI will not be positive especially if they plan on selling within 6-12 months.  Instead homeowners should be looking for cost effective updates that make the home look better than it already is and will satisfy buyers who are looking for modern features.

Appliances

Kitchen appliances are one of those areas where home buyers look to right away when they are touring homes.  People spend time in the kitchen on a daily basis and having modern updated appliances are something they expect to have when buying a home.  Homeowners...

Why Now More Than Ever It Is Important To Have A Mortgage Pre-Approval Letter When Buying A Home

mortgage pre-approval covid19

Why Now More Than Ever It Is Important To Have A Mortgage Pre-Approval Letter When Buying A Home

With the impact of the COVID19 shutdowns still echoing throughout the economy many home buyers are wondering whether now is the right time to buy a home.  Many still desire a home of their own for building equity, laying down roots or simply being able to say they own a home.  With most home purchases happening with a mortgage it is very important that home buyers understand the process of getting a mortgage and get their pre-approval before they start looking for a home.  Getting a pre-approval lined up ahead of time is critical due to the changes brought about as a result of the virus.  This article explores some of the impact of those changes.

What Does A Pre-Approval Letter Do?

First and foremost, the process of sitting down with a lender for getting pre-approved should involve asking the lender what types of mortgage loans do they have and what will work best for you.  Mortgages come with different down payment options and different payback options that buyers need to understand so they can fit the mortgage payment into their budget.  Most home sellers will not take an offer seriously without a pre-approval letter and even more so during this time frame of the virus many home sellers will not allow buyers into their home without the same letter.

A pre-approval letter means a mortgage lender has analyzed a home buyers credit, debts and assets and determined they qualify for a mortgage loan to buy a home for no more than a certain amount.  The pre-approval letter is basically a good to go decision by a lender that they will lend to a home buyer so they can buy a...

Podcast: Insurance For Homeowners and Real Estate Investors

Insurance For Homeowners and Real Estate Investors

For this podcast about insurance I chatted with Matt Kincaid of Meridian Captone.  In the podcast we discussed insurance for homeowners and real estate investors.  Topics included first time homebuyer tips for arranging insurance, insurance for real estate investors with long term tenants and insurance for investors working in the short term rental space.

I hope you enjoy the podcast and find it informative.  Please consider sharing with those who also may benefit.

Listen via YouTube:

You can connect with Matt at LinkedIn,  You can reach out to Matt for more information on their insurance products by emailing him at mkincaid@meridiancapstone.com.

You can connect with me on FacebookPinterestTwitterLinkedIn...

How Real Estate Investment Owners Should Be Dealing With The Lack Of Rent Payments

how to deal with lack of rent

How Real Estate Investment Owners Should Be Dealing With The Lack Of Rent Payments

With the recent closure of many businesses that were considered non-essential due to the COVID-19 (corona virus) many people find themselves without work and without pay.  As a result real estate investment owners are also facing challenging times due to their tenants being unable to pay the rent.  Many governments are also banning evictions during the time of the virus.  This article looks at some of the ways landlords can deal with their rental income being reduced during this time of COVID-19.

Cash Reserves Are Important

This tip is an often repeated one but still important to talk about here.  Those who are investing in residential real estate need to maintain cash reserves in order to cover for times when major repairs are needed or during times like these when the rent may not be coming in.  Buying investment real estate requires the owner to have cash on hand to make the down payment and pay for closing costs.  Investment owners also need to have a reserve fund while owning rental property and those funds need to be easily accessible.  Funds located in IRAs, 401(k)s, life insurance policies that are not that easily accessed can work as reserves for mortgage purposes,  but they are not the right type of reserves the investment owner should have for their rainy day fund.

Investment owners need to have a separate bank account where their cash reserves are held for a time of need like during recent shutdowns due to the virus.  Virus issues aside cash is still needed in cases where large repairs may be needed (HVAC, plumbing, fire issues etc), where...

Tips For Avoiding Foreclosure

Tips For Avoiding Foreclosure

Tips For Avoiding Foreclosure

With the recent troubles caused by the COVID-19 virus (also known as Corona virus) many homeowners find themselves stuck at home with no ability to go to work.  While some may be able to work from home and still get paid, those who cannot work from home may start to find their financial resources under pressure.  This article provides tips for homeowners to help prevent the possibility of a foreclosure on their home.

Communication With Lenders Is A Must

Whether a homeowner is expecting to be late on a credit card payment or their mortgage it is always best to contact the lender before the payment is due and find out what options are available.  Simply missing a payment without communicating with the lender is more likely to end up with the lender sending a late payment notice to the credit reporting agencies and tacking on late penalties.  Due to the extreme nature of the virus situation many lenders are understanding of situation homeowners find themselves in and are offering to waive late fees and offer payment options.  Without contacting the lender though they have no idea of an individual situation and will proceed with business as usual.

Many lenders are offering forbearance on bill payments in the short term which basically means they will accept that debt payments cannot currently be made and are willing to work with homeowners in order to avoid foreclosure.  An important thing to note though is if a homeowner can afford to pay their mortgage because they are working and getting paid then they should continue to do so.  Do not consider this as a mortgage or debt payment holiday.  Forbearance simply means the lenders...

Tips For Homeowners To Save Money

Tips For Homeowners To Save Money

Tips For Homeowners To Save Money

By having a savings fund in place homeowners can weather the good and the bad times with less stress.  Even non-homeowners can benefit from having a savings fund since the money will be helpful during a “rainy day” event.  Building up that savings fund does not mean big sacrifices either as some seem to think.  Easy things can be done to start saving money that can translate into big numbers with the right effort as this article explores.

Refinance High Interest Rate Debt

Mortgage Refinance

When people think of refinancing high interest rate debt they often think of high interest rate credit cards.  While credit cards do carry high rates homeowners can benefit by refinancing their mortgage when the rates are lower than their current interest rate.  Many homeowners lock in interest rates with fixed term mortgages.  With a fixed term mortgage the interest rate stays the same for the life of the loan (usually 15 or 30 years).  In order to get a lower interest rate for the fixed term mortgage homeowners will need to refinance their current loan.  

Homeowners need to look at the overall numbers rather than just the interest rate as there are many mortgage expenses that can eat up any savings that come from a lower rate.  So while the interest rate may be lower the homeowner can end up in a worse situation when they are paying points or other mortgage fees as part of the refinance process.  When financed into the loan those mortgage fees also may not be noticed upfront.  Homeowners need to be checking that their overall monthly payment is lower as a result of the refinance.

Once a homeowner has ...

The Top 10 Highest Priced Homes For Sale Today In The Greater Cincinnati Area

THE TOP 10 HIGHEST PRICED HOMES FOR SALE TODAY IN THE GREATER CINCINNATI AREA

The Top 10 Highest Priced Homes For Sale Today In The Greater Cincinnati Area

Cincinnati is the third largest city in Ohio and the Greater Cincinnati Metropolitan area covering Ohio, Kentucky and Indiana is the largest metropolitan area in Ohio and the 27th largest metropolitan in the United States.  The Greater Cincinnati area has a unique variety of architecture and the homes offered in Cincinnati are no different in their unique style and features.  You can find 100+ year old one of a kind homes in different neighborhoods in Greater Cincinnati as well as brand new homes with modern features.

The Greater Cincinnati is no stranger to luxury homes and has many luxury apartments, condominiums, and homes to choose from.  The neighborhoods these homes are found in are in and around the Greater Cincinnati area and represent the best the city has to offer.  These homes offer some of the latest and greatest in luxury as well as technology and are found in the following great neighborhoods:

Indian Hill, OHio 45243:

What began as a farming community in 1904 the Village of Indian Hill later was reshaped into more of an area for large estates.  The homes in Indian Hill represent some of the best of what Cincinnati has to offer.  In 2002 the Robb Report rated Indian Hill, OH as one of the best places to raise a family.  Of the top ten priciest homes in the Greater Cincinnati area Indian Hill has 7 homes on the list.

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Who Should You Hire To Sell Your Real Estate Investment Property?

Who Should You Hire To Sell Your Real Estate Investment Property?

Who Should You Hire To Sell Your Real Estate Investment Property?

Real estate like many other fields has many niches that make up the overall market.  In real estate there are buyer agents, listing agents, agents who specialize in luxury homes, agents who specialize in investment real estate, agents who specialize in the renting out of real estate and more.  So while any real estate agent with Multiple Listing Service (MLS) access can list investment real estate for sale that does not mean they will provide the best service, service which will make the transaction flow much smoother for both the seller and the buyer.  This article looks at why real estate investment owners who are looking to sell should connect with real estate agents who have experience selling investment real estate.

Would Any Listing Agent Do?

Certainly any real estate agent who has access to the MLS can list investment real estate for sale and may be even able to successfully get some offers in for the seller.  That does not mean the process will be easier for a real estate agent who has no experience selling investment real estate (such as a real estate agent who specializes in selling luxury real estate).  While that agent may have learned the ins and outs of selling all types of luxury real estate, selling investment real estate is a different ballgame.  When listing any type of real estate the goals for the agent are to make sure they target the right buyers with the right marketing mix.  Once the right buyers take notice of a piece of property they will want to come and explore it further.  Thus...

Should You Sell Your Home To An iBuyer?

Should You Sell Your Home To An iBuyer?

Should You Sell Your Home To An iBuyer?

Many might be wondering what exactly is an iBuyer in the first place as most companies that offer the service don’t call themselves iBuyer by default.  iBuyer basically is a service provided by large real estate companies that seek to buy homes directly from the homeowner.  These companies imply they are making it easier for homeowners to sell their home without all the need for home preparation, marketing and whatnot.  While selling to an iBuyer may indeed be easier and quicker it does not come without a cost as this article explores.

What Is An iBuyer?

As noted above an iBuyer is usually a large corporation that is looking to buy homes to fix them up and then sell the house for a profit after repairs and updates have been made.  Some of the companies operating as iBuyers include Opendoor, Zillow Offers, Redfin and others.  The reason for the iBuyer name is that it is internet based like other products that add the extra i to their product name.  Most of these companies are using a computer generated algorithm to determine the price of a home and some might be familiar with the Zestimate that Zillow puts out for homes on their websites.  The computer generated number is just that, a number based on computerized data collected from recent sales around where a particular home is.  Those numbers are not always accurate and can leave homeowners confused with their over and underpricing.

iBuyers should be not confused with wholesale real estate investors (We Buy Homes For Cash type investors) who are...

Marketing Remarks To Help A Home Sell

Marketing Remarks To Help A Home Sell

Marketing Remarks To Help A Home Sell

Marketing remarks are key to helping get a home sold.  While the pictures draw the buyer in the marketing remarks need to add to the whole marketing pictures so that the buyers want to take the next step and see the home in person.  With more buyers touring a home that means there will be a greater likelihood of getting a strong offer.  There are also marketing terms to avoid as they can turn away buyers who might otherwise be interested in the property.  This article looks at what kinds of marketing remarks work for home sellers and what language to avoid.

What Should The Marketing Remarks Tell About A Home?

Whereas the pictures of a home can convey a thousand words the words from those photos still cannot convey everything.  That is where the marketing remarks come in.  The marketing remarks are a chance to tell potential home buyers about those things not readily seen in pictures.  Have there been updates to parts of the home?  Then mention that.  Talk about the charm, the architecture and unique things of a home that will attract the buyer’s attention.  The pictures of the backyard may show the trees but do they really show the forest and the wildlife to the nature lover?  If not that is where the marketing remarks can add to the image.

Sellers should be using descriptive words that convey the openness of a house, the bright rooms and modern updates as applicable.  Where the photos give a visual description the marketing language needs to provide a verbal description about the things that are fun and interesting about the home.  If a home has a great kitchen and living area that makes for great parties the buyers should be...

Great #RealEstate Accounts To Follow On Twitter

great twitter people to follow

Great #RealEstate People To Follow On Twitter

As much as some like to claim Twitter is no longer relevant compared to other social media platforms most active users know that is far from the truth.  Twitter still has many active users with plenty of information to share. This list represents some of the top real estate related bloggers, social media experts and all around great people and companies to follow on Twitter.  Not only are they sharing their own informative well written content they are sharing great real estate articles, tips and tricks from many different sources thus truly embracing the social nature of Twitter.  If you are not following any of the accounts below be sure to add them to your feed and you won’t be disappointed!

1.  Bill Gassett.  One of the top 5 RE/MAX agents in MA for the last decade. Social media/SEO junkie. Maxrealestateexposure.com

2.  Kevin Vitali.  Tewksbury MA- Realtor. Serving the Merrimack Valley home buyers and sellers.  MerrimackValleyRealEstate.com.

3.  Chris & Karen Highland.  Frederick MD Realtors, Agent/Owners with eXp Realty.  FrederickRealEstateOnline.com

4.  Michelle Gibson.  Wellington Florida REALTOR® assisting...

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