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Great Local Cincinnati Charities To Know About For #GivingTuesday

giving tuesday cincinnati charities to consider

Local Greater Cincinnati Charities To Know About For #GivingTuesday

After Thanksgiving comes Black Friday, Small Business Saturday and then Cyber Monday.  Black Friday, Small Business Saturday and Cyber Monday are all about buying something at a discount or buying local in anticipation of the upcoming holidays of Christmas, Hanukah, Kwanza, Festivus and more.  Another day for consideration is #GivingTuesday.  With #GivingTuesday the idea is to contribute some money to a charity of your choosing so those who are in need can benefit as well from the holiday season.  Being a personal fan of local charities I have compiled a number of local charities in this article.   These charities operate in both the Greater Cincinnati, Ohio area and Northern Kentucky areas.  Take a look at the great things these local charities are doing and consider donating to them or becoming a volunteer.

La Soupe

La Soupe located at 4150 Round Bottom Road Cincinnati, OH 45244 and helps people get nutritious meals.  Founded in 2014 by Chef Suzy DeYoung the goal of La Soupe is to repurpose excess food (that would otherwise be thrown out) to create tasty and nutritious soups and meals for those in need.  Currently La Soupe rescues approximately 5000 pounds of food per week and with that is able to feed 2000 children in and around the Cincinnati area.  La Soupe recently sent 23,000 pounds of food to assist with hurricane recovery efforts in Houston, Texas.

Not only does La Soupe give soup to those in need they also sell their soups to anyone wanting to buy their delicious...

Tips For Selling A Home In A Buyer’s Market

Tips For Selling A Home In A Buyer’s Market

Tips For Selling A Home In A Buyer’s Market

The real estate market in many locales around the US shifted rather quickly to a buyer’s market with the increase in mortgage interest rates.  As a result home sellers need to put in a lot more effort in order to make sure their home is sold.  Many buyers have stopped looking for a home due to lack of affordability as a result of higher mortgage rates.  With fewer buyers, home sellers need to provide exactly what those buyers who are still in the market want.  Learn what home sellers need to do to get sold in this buyer’s market.

Get Pricing Right and Be Flexible

Pricing is one of the most important things to get right and work on getting right if it is not where it should be.  Buyers look for homes that will fit their monthly budget.  An overpriced house will mean buyers will walk away and look to homes that are priced within their range.  An overpriced home will get little love from buyers.  How a home was priced last year in a seller’s market should not control how a home is priced today.  Home sales comparisons (comps) need to be very recent.

Home sellers need to be flexible with their price.  Once listed the home price should not be set in stone.  As buyer feedback comes in the home seller needs to keep in mind what buyers are saying.  If buyers are mentioning home condition, need of updates, or some other reason that is usually a sign that the price may be high.  If the home seller does not want to make updates,...

Does A 40 Year Mortgage Make Financial Sense?

40 year mortgage too long?

Does A 40 Year Mortgage Make Financial Sense?

With interest rates nearing fourteen-year highs buyers are looking at all methods to help with lowering the monthly payment so they can buy a particular home.  Buyers mainly consider the monthly payment and how it will fit within their budget.  By spreading out that payment over a longer period the buyer can reduce the monthly payment.  Adding interest into the mix a 40-year mortgage may not be the best financial option for buyers considering the short-term monthly payment savings as this article explores.

Lower Payment?

Certainly a 40-year mortgage can offer a lower payment compared to a 30-year mortgage regardless of interest rate, but how much lower is it really?  Let’s take for example a $400,000 mortgage with a 30-year and 40-year term at a 7% interest rate.  At 30-years a $400,000 mortgage results in a payment (not including tax and insurance) of $2661.21.  At 40-years the mortgage payment is $2485.73 (also not including tax and insurance).  That results in a lower monthly payment for the 40-year mortgage by $175.48.  That is a modest savings in the monthly payment. 

Looking at the overall interest a homeowner will pay though can raise some concern.  The total interest paid for the 30-year mortgage is $558,035 over the life of the loan.  For a 40-year mortgage the total interest paid is $793,148.  The additional interest paid on a 40-year mortgage is $235,113.  If held for the full 30 or 40 years that is quite a bit of extra interest to be paid.  While the ...

October 2022 Greater Cincinnati Multifamily Market Report

October 2022 Greater Cincinnati Multifamily Market Report

The data you see below is from the Cincinnati Multiple Listing Service (MLS).  Average days on market refers to hold long on average a property stays on the market before accepting an offer.  The properties sold is the number of multifamily properties that have been sold during the month being reported on.  If there is other data you would like to see please feel free to share in the comments below.

October 2022 Greater Cincinnati Multifamily Market Report

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October 2022 Greater Cincinnati Luxury Real Estate Market Report

October 2022 Greater Cincinnati Real Estate Luxury Market Report

Mortgage rates have reached 14 year highs and are averaging around 7% for buyers.  Jumbo mortgages for those buying luxury homes are in the high 6 low 7 percent range.  Average days on market have increased as homes are sitting for longer due to fewer buyers wanting to buy with the current rates.

October 2022 Greater Cincinnati Luxury Real Estate Market Report

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What Higher Mortgage Interest Rates Mean For Sellers?

What Higher Mortgage Interest Rates Mean For Sellers?

What Higher Mortgage Interest Rates Mean For Sellers?

Mortgage interest rates are at 14-year highs as of the writing of this article.  For many buyers that means the monthly payments are too high for their budgets to handle based on current home pricing.  With this market shift it means that buyers are now in control versus the past where the sellers called the shots.  With fewer buyers on the market the sellers need to figure out how to aim their home at the buyers who are ready to buy.

How Is A Mortgage Payment Calculated?

In most cases when home buyers are looking for a home, they are considering the amount they will be paying monthly for a particular home.  Monthly budgets by home buyer consider what they spend on car payments, food payments, utility bills, entertainment, and housing expenses.  Home buyers want to keep their expenditure outflows less than their income inflows in order to avoid racking up expensive debt.  Mortgage lenders calculate the pre-approval amount based on the debt-to-income ratio of the buyer to determine how much home they can afford.  So while a pre-approval letter may say a home buyer can buy up to a $500,000 home, the buyer will buy based on what the monthly payment of principal, interest, insurance and taxes will be and how that payment fits within their budget.

A $500,000 mortgage with a 3% interest rate and 20% down payment results in a $1686 dollar a month payment not including taxes and insurance.  With that same $500,000 mortgage, 20% down and a 7% interest rate the payment is $2661...

Buying Real Estate With Cash

Buying Real Estate With Cash

Buying Real Estate With Cash

There can be many advantages to buying real estate with cash.  Whether you are buying a home to live in or buying real estate to invest in cash offers grab the seller’s attention.  Buying with cash allows the buyer to save time and close quicker on the purchase if that is what they want to do.  With fewer contingencies a cash offer can be more competitive than a higher priced financed offer.  Learn more about how to use cash to buy investment real estate or buy a home in this article.

Where To Get The Cash

If you happen to have enough cash savings to cover your purchase, then perfect.  Make an offer based on the cash in a readily accessible bank account.  Sellers will want to see proof of funds which means providing a copy of a bank statement showing the required amount of cash based on the offer price.  Even in brokerage accounts where the value of the stock is greater than the offer price can serve as proof of funds for making a cash offer.  Most of the stocks on the NASDAQ and NYSE are readily tradeable and the owner can usually sell their shares quickly in order to raise cash.

Cash that will be coming from Home Equity Line of Credit Loans (HELOC) or some other personal lines of credit (LOC) generally can be easily accessed assuming those accounts are current.  If a buyer needs to apply for the HELOC or the personal LOC then the seller may not be as convinced about the ability of the buyer to make the purchase.  Buyers wanting to use cash from their equity or personal LOC should have applied and been...

Great Things To Do In Cincinnati During The Fall

great things t todo in the fall in Cincinnati

Great Things To Do In Cincinnati During The Fall

The weather may have finally cooled off a bit but that does not mean there is nothing to do.  In fact quite the opposite there are plenty of things to do for those who live in and around the Greater Cincinnati area.  Fall time activities abound in Cincinnati as this article explores.

Fall Fruit Picking

Want to pick your own fresh fruit from the tree?  Be sure to check out these farms to get apples or pumpkins.  Earlier in the season is better in order to get a good selection.

A&M Orchard

Located in Midland, Ohio this orchard is about a 40-50 minute drive from Cincinnati.  A&M Orchard have a wide variety of apples to pick from as well as a pumpkin patch for picking out fresh pumpkins.  They also sell apple jams, cider and more in their store.

Tuken’s Orchard & Farm Market

Located in West Alexandria which is about one hour north of Cincinnati and directly east of Dayton Tuken’s Orchard & Farm Market offer a variety of apples to pick and fresh vegetables grown locally on the farm.  Tuken’s also features a critter corral where visitors can see and interact with farm animals.

McGlasson Farms

Located in Hebron, Kentucky McGlasson Farms is less than 30 minutes away from Cincinnati depending on your location.  They feature live music performances by local bands, apple and pumpkin picking...

Important Commercial Real Estate Terms To Know

Important Commercial Real Estate Terms To Know

Important Commercial Real Estate Terms To Know

Want to invest in commercial real estate?  Knowing the commonly used terms can be important when it comes to talking with sellers, buyers and lenders about a property.  Understanding the commercial real estate terminology also can help the commercial real estate investor make sure they are buying a profitable investment.  Commercial real estate investing is quite a bit different compared to residential investing and understanding the different terms used is important. 

Capitalization Rate (Cap Rate) – Cap rate refers to the rate of return one can expect for a commercial real estate investment property.  The Cap Rate is expressed as a percentage and is based on Net Operating Income (NOI, see below) divided by the purchase price of the property.  It can also be based on the current value of the property if the property is not currently for sale but is instead being refinanced and the mortgage lender is wanting to know the cap rate of the property as part of lending due diligence.

Cash Flow – Real estate cash flow is the amount of income an investor will get from a particular investment property (can be commercial or residential rental) minus all expenses.  Expenses include taxes, maintenance, insurance, management fees.  Basically, anything spent towards generating that income is an expense that should be deducted from the income to determine the actual cash flow.  Ideal investment types should have positive cash flow.  Investors who buy based on appreciation and...

August 2022 Greater Cincinnati Luxury Real Estate Market Report

August 2022 Greater Cincinnati Luxury Real Estate Market Report

There has a been a noticeable dip in median pricing compared to July 2022.  Interest rates on conventional mortgages have been ticking up and as a result the jumbo mortgage rates used to buy luxury homes have also ticked up.  Average dates on markets have also increased.  With the arrival of fall and winter home sales will be expected to slow down even further.  Greater Cincinnati is still light on inventory compared to last year.

August 2022 Greater Cincinnati Luxury Real Estate Report

Housing Bubble August 2022 Update - Many home markets around the US are starting to see downward pressue on pricing. 

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When Should You Reduce The Price Of A Home Listed For Sale?

When Should You Reduce The Price Of A Home Listed For Sale?

When Should You Reduce The Price Of A Home Listed For Sale?

When the real estate market is trending up due to being a seller’s market price reductions may not be needed.  In a neutral or buyer’s market price reductions will be what helps a home get sold when there is little to no activity.  There are always homes being bought and sold.  When a home is not selling there are a number of reasons why and price is usually at the top of that list.  This article looks at some of the common signals which home sellers should use as feedback to reduce the price on their home.

No Buyers/Been on the Market Too Long

A lack of any buyer coming through to tour the home could point to a pricing issue.  Active buyers will be shopping for home in their price range.  As mortgage interest rates have trended up over the last few months that means buyers have to look at lower cost homes in order to get the payment that works for them.  If a homeowner really needs to sell their home they need to make sure their price is realistic and priced according to what other similar homes sold for recently in the past.   

The problem with recent home sales in a downward trending market is that the most recent sales drawing moneymay have been at a time when mortgage rates were lower or there was still strong buyer interest.  Sometimes the seller’s market can flip very quickly to a buyer’s market without much notice.  Sellers...

3 Great Tips To Help You Purchase Your First Home.

home buyer tips

Three Quick Tips For Getting Ready To Buy A Home

While starting the process of buying a home may seem easy when all one needs to do is click to a local Cincinnati real estate website and start browsing homes, the process is a bit more involved than that.  There will be a variety of homes in many different price points.  Prior to even getting serious about a home the home buyer needs to follow the below steps to make sure the process starts off successfully.

Step 1.  Understand Your Budget

Everyone should have a good grasp of their budget including their debts and monthly expenses.  A house payment can take up a large portion of a homeowner’s budget.  Buying a home that puts the mortgage expense at the top end of the budget can lead to problems down the line when other expenses increase.  Especially in an inflationary environment like we have today in 2022 the cost of daily items like groceries, utility bills, gas and more keep going up.  So once where a budget was perfect with the exact amount of money coming in as going out is now a disaster since things cost more.

Even with a fixed interest rate mortgage the payments for a house can go up.  Especially if the homeowner is escrowing their tax and insurance payments as taxes and insurance rates go up on the home so will the monthly payment.  Even for those who are not escrowing tax and insurance payments if those go up they have to get paid regardless if the budget can cover it or not.

Home buyers need to understand their overall financial picture in order to make sure they are buying the...

Timing The Real Estate Market

Timing The Real Estate Market

Timing The Real Estate Market

Timing the real estate market like timing the stock market is easy to talk about but hard to do in practice.  Even those “experts” in the field while offering predictions rarely will offer guarantees as to performance.  For the average real estate buyer or seller, trying to time the market may cause more pain than any gain.  Instead buyers and sellers of residential or investment real estate need to look at their current needs and the financials in order to determine if it is the right time to buy or sell as this article explores.

Why Trying to Time the Real Estate Market May Be a Mistake

Trying to time any market for maximum profit can be a mistake as usually it is difficult to do.  It may be easier to sell during a long term down trend or long term up trend and make some money.  Trying to sell at the high or low for maximum gain can be appropriate where the real estate is for investment purposes.  It may be that the price has reached a point where it makes sense to sell and invest somewhere else.

The homeowner hoping to sell while prices are high and then buy when prices reduce may find themselves losing money overall due to high transaction costs and getting the timing wrong.  If the homeowner has a reason to sell/buy, like downsizing, upsizing, change of job, etc. then it makes sense to sell and consider everything together.  A home should be viewed as something one lives in and not as an investment meant to make money.  When it comes to paying interest on a 30-year mortgage, paying for maintenance and upkeep on the home will probably result in a negative...

July 2022 Greater Cincinnati Luxury Real Estate Market Report

July 2022 Greater Cincinnati Luxury Real Estate Market Report

Median price ticked down a small amount and the average days on market increased by six days.  Total quantity of luxury homes that sold did drop by 22%.  Whether this trend holds remains to be seen.  Mortgage interest rates have settles in the mid-5 range for convention mortgages.  For jumbo mortgages rates are also in the mid-5 range for a 30 year fixed mortgage.

July 2022 Greater Cincinnati Luxury Real Estate Market Report

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How To Keep Your Home Cool During The Summer

How To Keep Your Home Cool During The Summer

How To Keep Your Home Cool During The Summer Heat Wave

The summer heat is raging in many areas.  Keeping your house cool during the summertime not only helps one stay comfortable but when done right can also save money.  Cooling is a major expense for homeowners during the summer.  Check out the great tips in this article to help keep your home cool.

HVAC

Homeowners need to make sure their HVAC is tuned up and the filter is changed on a regular basis.  Clogged or old HVAC filters lead to less cool air being pumped through the home as well as result in increased cost when running the furnace.  HVAC filters need to be changed based on the recommendations of the HVAC manufacturer and the filter maker.

Regular tune-ups on the HVAC system make sure things are operating smoothly and at peak efficiency.  An inefficient HVAC means less cooling capacity and increased energy costs.  Professional HVAC companies can come out, tune-up an HVAC system and make sure problems don’t happen.  Having an HVAC system go out during the hottest days of summer will lead to plenty of discomfort for the homeowners and can possibly cause damage to the home through excess heat and humidity.

Dehumidifier

Homes located in humid regions, close to rivers, lakes and oceans can experience high humidity which makes it feel hotter.  Homes in general can build up humidity through everyday activities like cooking, bathing, and more.   A dehumidifier takes that humidity out of the air resulting in the body feeling more comfortable.  While an air conditioner (AC) also...

Great Burger Joints To Try In Cincinnati

great burgers in cincinnati

Great Burgers In Cincinnati & Northern Kentucky

Have a craving for a burger?  Check out this list with some of the tried and true burger places in Cincinnati.  From the traditional burger to the unique offerings this list has something for everyone.

Fifty West Brewing

Fifty West Brewing offers an assortment of burgers that pair well with their brews.  From spicy burgers to burgers topped with chili they have something for everyone.  Swap the burger with grilled chicken or a black bean burger.

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June 2022 Greater Cincinnati Luxury Real Estate Market Report

June 2022 Greater Cincinnati Real Estate Market Report

Average days on market decreased from May 2022 and the amount of luxury homes sold in the Greater Cincinnati area increased.  Inventory increased as well from May 2022.  The national average for a jumbo mortgage rates used to buy a luxury home is 5.5% according to Bankrate.  Traditional mortgage rates are a slight bit higher.  The luxury market has proven resilient in light of the interest rate increases amd there are still buyers out there ready to buy homes.  If a recession sets in the numbers may change.

June 2022 Greater Cincinnati Luxury Real Estate Market Report

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Terminating A Real Estate Contract

Terminating A Real Estate Contract

Terminating A Real Estate Contract

The real estate market is always in a state of change.  Whether it is a buyer’s market or a seller’s market there are times when one party to the transaction wants to cancel it.  Up until the closing paperwork has been signed there is always the ability for one party to walk away from the transaction.  Whether the walking away can be legally done within the terms of the contract is another story.  This article looks at how buyers and sellers can terminate a real estate contract.

Buyer Termination Within the Terms of the Real Estate Contract

The buyer in a real estate contract usually has more options that allow them to terminate than the seller does.  Depending on how the contract is written the buyer can terminate during the inspection period, due to a low appraisal, inability to get insurance on the property, and the inability to get financing.  Those situations do not usually result in an automatic termination though (depending on the contract language).  Instead the buyer needs to take active steps to sign a release of contract hold thisand then send over to the seller for their signature.  The contract release basically provides that both the buyer and the seller agree to terminate the contract and go their separate ways.  

The contract release will usually contain terms as to how the earnest money should be dealt...

How Large Multi-Family Buildings Should Be Listed For Sale

How Large Multi-Family Buildings Should Be Put Up For Sale

How Large Multi-Family Buildings Should Be Marketed

Large multi-family buildings need a different marketing strategy than a typical home for sale would get.  Owners of these properties often times go with who they know and end up listing their property with a real estate agent who specializes in residential real estate.  That real estate agent may be an expert in their field of residential real estate but large multi-family buildings (5 or more units) fall into the commercial space and require a different set of skills.  The owner of such large multi-family buildings who wants to sell their property would be better served by a real estate agent who understands the buying and selling of large multi-family buildings.  This article explores the ways a large multi-family building should be marketed when putting it up for sale.

Get The Price Right

When looking for comps for large multi-family buildings sometimes looking for similar properties in the same neighborhood may not be feasible since there may not be any recent sales.  Instead owners of large multi-family buildings need to be looking at what is the going price per unit or price per door for the building and use that to come to the asking price.  The price per door that is set as the final price does need to take into account any deferred maintenance, the need for updates and more.  Afterall one should not price their building at a premium and expect good offers when there isholding time still work to be done to make that building an A grade...

Tips For Saving Energy In and Around The House

Tips For Saving Energy In and Around The House

Tips For Saving Energy In and Around The House

With energy prices increasing along with the cost of everything else, saving energy in the home should be a priority for homeowners.  During the extreme periods of hot and cold weather homeowners can save quite a bit of money but making energy efficient improvements in their home.  As with anything the homeowner needs to weigh the cost of making the improvement versus the potential savings.  Spending five dollars to save one dollar on a one-time basis is a bad investment.  On the other hand spending five dollars to save one dollar a month for the foreseeable future would be a good investment.  This article provides some tips on how to save energy in and around a home.

Adjust Your Thermostat

Are you used to cooler temperatures in the summer and warmer temps in the winter?  Adjust the thermostat one degree above or below your normal setting is a great way to save on the heating/cooling bill.  It will take a little getting used to body comfort wise but once changed and forgotten the money savings can add up over time.  Couple that with using a programmable or smart thermostat and additional savings can be had.  Some smart thermostats know when no one is home and can automatically adjust the temperature up or down to save money.

Mind Your Windows

When the weather outside is mild opening one’s windows is a great way to let the fresh air into the home. Inside air can get stagnant with cooking, household cleaning products and more.  When the...

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