Posted by Paul Sian on Friday, January 29, 2016 at 5:34 PMBy Paul Sian / January 29, 2016Comment
Northern Kentucky Real Estate Market Report
Want to know what happened during the December 2015 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 December 2015 Northern Kentucky Real Estate Report. With low home inventories December looks to close out a good year and the trend of low home inventory will continue through early 2016.
In December there were 186 homes that closed during the month for Boone County, 99 for Campbell County and 187 homes that closed for Kenton County and . Homes that went pending in December were 60 for Boone, 28 for Campbell County and 103 for Kenton.
The average listing price for homes in the Boone County area was $242,563.00 with an average selling price of $199,377.00.
Boone County homes during the December time frame were on the market (Days on Market) for an average of 101 days.
There are currently 535 homes available for sale in Boone County.
The average listing price for homes in the Campbell County area was $233,631.00 with an average selling price of $149,255.00.
Campbell County homes during the December time frame were on the market (Days on Market) for an average of 140 days.
There are currently 361 homes available for sale in Campbell County.
The average listing price for homes in the Kenton County area was $201,497.00 with an average selling price of $145,757.00.
Posted by Paul Sian on Thursday, January 28, 2016 at 5:27 PMBy Paul Sian / January 28, 2016Comment
Should I Remodel My Home Or Move
You may be in a home that currently does not quite meet your needs but are unsure if you should remodel the home to make it fit your needs or instead sell the home and buying something else that will fit your needs. Remodeling a home to fit your needs can be a long and costly process that disrupts your day to day routine. Purchasing a new home on the other hand will require you to prepare your existing home for sale and then after purchasing a new home there is the required move aspect. Additionally while buying a new home may get you closer to what you need your home to do for you it may not be possible to find a home that meets all of your needs at the price you want to pay. So there are many decisions/options you need to look at to see whether you should remodel or move.
The Decision to Remodel
The decision to remodel your home is not one to be taken lightly as depending on the extent of the remodeling needed the cost and time to do that remodel can be great. Additionally you will need to look at the pricing of the neighborhood homes where your home is located to see if you will be able to recover any additional investment you put into your home. A home whose price is around $250,000.00 in a neighborhood where most homes average around $200,000 to $215,000 will not be able to recover much if any additional remodeling investment since other homes in the neighborhood are priced lower thus making it very unlikely people will pay more than $250,000 for anything in that neighborhood. Now if on the other hand your home is priced at $300,000 and the homes in the neighborhood can sell from $300,000 to $400,000 then your remodeling plan makes more sense...
Posted by Paul Sian on Tuesday, January 26, 2016 at 5:23 PMBy Paul Sian / January 26, 2016Comment
Greater Cincinnati Real Estate Market Report
Want to know what happened during the December 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 December 2015 Greater Cincinnati Real Estate Report. With low home inventories December looks to close out a good year and the trend of low home inventory will continue through early 2016.
Cincinnati, Ohio - Hamilton and Clermont Counties
In December there were 768 homes that closed during the month for Hamilton County and 232 homes that closed for Clermont County. Homes that went pending in December were 382 for Hamilton and 108 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 $252,749.00 with an average selling price of $178,353.00.
Hamilton County homes during the December time frame were on the market (Days on Market) for an average of 101 days.
There are currently 2,788 homes available for sale in Hamilton County.
The average listing price for homes in the Clermont County area was $213,481.00 with an average selling price of $167,256.00.
Clermont County homes during the December time frame were on the market (Days on Market) for an average of 89 days.
There are currently 652 homes available for sale in Clermont County.
Posted by Paul Sian on Monday, January 25, 2016 at 5:19 PMBy Paul Sian / January 25, 2016Comment
For this podcast Real Estate and Appraisals I sat down with John Jardine owner of Jardine Company. During our conversation we discussed the appraisal process, what is an appraisal, how to prepare for an appraisal, FHA appraiser steps, and more. This podcast is helpful for those wanting to sell their home and want to learn more about what appraisal involves.
I hope you enjoy the podcast and find it informative. Please also consider sharing with those who may find it useful.
Posted by Paul Sian on Thursday, January 21, 2016 at 4:49 PMBy Paul Sian / January 21, 20162 Comments
Residential Property Disclosure Form
Most residential homes when put up for sale must have a residential property disclosure form filled out disclosing the known conditions of the property. Many residential disclosure forms require the disclosing of not only conditions that are in existence now but also conditions that have happened in the past and have been repaired. Some state disclosure forms (like Ohio) set a limit of 5 years for reporting past issues, so if it happened 5 years or more prior and has been repaired you may not have to disclose it now. Always use the property disclosure form created by your state government as it will contain state specific items that forms from other states may not cover.
The property disclosure form is not a warranty or guarantee for the things disclosed. Instead it is simply notifying buyers of issues and then it is up to the buyers to decide whether they wish to purchase the home or not. Improper disclosure or lack of disclosure can result in a lawsuit where the seller may be forced to pay damages to the buyer or even worse the seller can be forced to take back the property and make the buyer whole monetarily.
Actual Knowledge Requirements in Disclosure
When filling out the property disclosure form you should answer based on your actual knowledge of the conditions in the home. What this means is that you personally know of an issue that is present or has happened in the past. So if your basement sump pump failed a year ago and the basement flooded as a result this would be required to be put on the property disclosure form. Now on the other hand if a neighbor mentioned that he had heard your house or perhaps a neighbor’s house...
Posted by Paul Sian on Thursday, January 14, 2016 at 4:46 PMBy Paul Sian / January 14, 2016Comment
Tips For Buying An Investment Property
Buying an investment property with hopes of making income from rent or flipping the home for a profit is a somewhat different process than buying a home to live in. Often times buying a home for flipping involves a quick transaction with cash or a ready to use line of credit used to purchase the home. When buying a home with the intent of renting it out for income the lender will look at your credit worthiness and asset base. Residential rental properties require active management and the legal requirements for dealing with residential tenants are much stricter than they are for commercial tenants. By understanding what is involved in the process of buying an investment property for rental income or with the intent of flipping for a profit you put yourself in a better position to make a smart decision as opposed to one that could cost you money in the long run.
Fix and Flip Investment
With a fix and flip investment the idea is to purchase a home with the intent of updating the home and repairing any issues that the home has. Once repairs and updates have been made the home is put back on the market in hopes of making a profit based on a higher value due to the repairs and updates made. Usually fix and flip investments are held for a short time frame while the repairs are being made. Before buying a home to fix and flip you should make sure you are very familiar with the home repair and remodeling process as there can be hidden issues within a home that can blow your entire repair budget which will then require you spend more than you anticipated. Be especially on the lookout for lead paint issues, asbestos issues and foundation issues which may require licensed...
Posted by Paul Sian on Thursday, January 7, 2016 at 4:41 PMBy Paul Sian / January 7, 2016Comment
Top 8 Issues Found In Home Inspections
When selling your home there is a good chance that the buyer will request a home inspection. Having too many issues in the home inspection report could send up red flags to the buyer that causes them to back out of the deal. Many of the issues found in home inspections can be remedied beforehand so that the home inspection will turn up nothing but a clean check of the home and useful suggestions on various aspects of the home. Ideally getting your home inspected prior to listing it for sale is best since a home inspector will go through your home just as they would for a buyer and give you a list of all the issues they find. With that pre-listing inspection list you can repair those problem areas ahead of time so there is one less thing to cause your home sale to go bad.
Regardless of whether you decide to go the pre-listing inspection route or not there are some common issues found in home inspections that you should be aware of. By checking your home with regards to these common issues and making repairs before you list you are in better position to reach the closing table. Additionally you may end up saving yourself time and money since having to make repairs while under the deadline of a closing date means you may have to go with whoever is available and pay whatever price they charge since it has to be repaired.
Top Issues To Be On The Lookout For
Electrical Issues are the number one issue to be on the lookout for as they are one of the most common problems found...