4 Reasons to Buy Before Winter

October 17, 2014 at 10:39 am
October 17, 2014 |

From: www.keepingcurrentmatters.com/blog

It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 11.2% (most pessimistic) and 27.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

Infographic: Why For Sale By Owner is Better Said Than Done

October 15, 2014 at 12:19 pm
October 15, 2014 |

From: Keepingcurrentmatters.com/blog

It is time to sell your home and you are thinking of forgoing a real estate agent and just putting up your own sign in the yard and calling it a day. Before you start hammering the sign into the ground, here are some things to consider about For Sale By Owner.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

Why It Is The Right Time To Sell

October 8, 2014 at 12:12 pm
October 8, 2014 |

From: www.keepingcurrentmatters.com

School is back in session, the holidays are right around the corner, you might not think that now is the best time to sell your house.  But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family.

1. Demand is Strong

Foot traffic refers to the number of people out actually physically looking at home right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last twelve months which includes the latest spring buyers’ market. These buyers are ready, willing and able to buy…and are in the market right now!

As we get later into the year, many people have other things (weather, holidays, etc.) that distract them from searching for a home. Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing supply is still under the historical number of 6 months’ supply. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future.

Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. Any delay in the process is always prolonged during the winter holiday season. Getting your house sold and closed before those delays begin will lend itself to a smoother transaction.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now. Rates are projected to be over 5% by this time next year.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

The Sky Is Not Falling On The Real Estate Market

October 3, 2014 at 12:51 pm
October 3, 2014 |

From: www.keepingcurrentmatters.com

When it comes to real estate, everyone always talks about whether it’s a buyer or sellers market. Whether one is buying or selling, good market or bad, researching options and considering outcomes can provide a silver lining to any falling cloud.

The latest Existing-Home Sales Report from NAR revealed that sales decreased 1.8 percent in August. Many might start to panic, but let’s see what the report really shows.

Lawrence Yun, NAR chief economist explains “there was a marked decline in all cash sales from investors. On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”

There is Still A LOT of Good News:

  • The median existing-home price for all housing types in August was $219,800, which is 4.8 percent above August 2013. This marks the 30th consecutive month of year-over-year price gains.
  • 40% of homes sold in August were on the market for less than a month.
  • Distressed home sales remain at single digits for the second straight month, at 8%, down from 12% last year this time.
  • More buyers qualified for mortgages to purchase a home in August, as evidenced by the decline in the number of all cash buyers from 29% to 23%.

New Home Sales Surge:

Newly built single-family home sales surged 18% in August, the highest level in six years according to new data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The Experts Agree:

“This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB Chief Economist David Crowe. “Historically low mortgage rates, attractive home prices and firming job and economic growth should keep the housing market moving forward in 2014.”

Yun adds, “As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”

Bottom Line

Now is still a great time to buy a home, whether as a first time homebuyer or you’re moving up to the home of your dreams, don’t let the headlines scare you from making the best decision for your family.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

Infographic: Now is the Time to Buy in Cincinnati

September 26, 2014 at 10:32 am
September 26, 2014 |

From: realestate.aol.com/blog/

When it comes to getting the most value for your housing purchase, look no further to the Midwest to suit your needs. With Cincinnati coming in at number nine in the nation for the buying market, planning your next move is more economically practical than ever before.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

Infographic: 5 Reasons To Hire A Real Estate Professional

September 24, 2014 at 3:15 pm
September 24, 2014 |

From: www.keepingcurrentmatters.com/blog

With so many real estate resources online, one may wonder why a real estate professional is needed in the buying and selling process. Websites such as Zillow and Trulia may provide information on the real estate process, but hiring an agent with professional experience helps change the stress to success in your transaction.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

Infographic: Preparing Your Home for a Natural Disaster

September 8, 2014 at 4:46 pm
September 8, 2014 |

From: www.HouseLogic.com

natural disaster infographic

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

New single-family homes planned for Pendleton

August 26, 2014 at 1:04 pm
August 26, 2014 |

From: www.Cincinnati.com

Pendleton rendering

Before starting to build new single-family homes in Pendleton four years ago, Chris Lacey and his wife Lisa Altenau considered leaving the region.

The couple lived in Madeira and considered a change of scenery, but they instead decided to be agents of change.

“I just believe there are a lot of people who want to live Downtown,” Lacey said.

Lacey and Altenau made a big bet to invest in land and real estate when the market was still reeling from the Great Recession and in an area dotted by blight and disinvestment.

Now, construction is underway on the couple’s newest project – 10 three-bedroom, 2½-bathroom townhomes on Pendleton and Spring streets.

The city of Cincinnati hosted a groundbreaking ceremony Thursday in front of developments at 1333 Pendleton St. With shovels in dirt under rainfall, Lacey and several other city officials shoveled dirt on land that will eventually feature townhomes.

pendleton pre-sold
Five of 10 townhomes planned to be built on Pendleton and Spring streets in Cincinnati’s Pendleton neighborhood have already been sold.

The homes, five of which have been pre-sold, will start at $425,000, will be Leadership in Energy and Environmental Design certified, feature between 2,500 and 3,000 square feet, and have rear garages and yards. Construction has started on the first phase of housing on Pendleton Street. The second phase is expected to begin in spring 2015 on Spring Street.

The new homes are within walking distance of Horseshoe Casino. Less than two blocks away, the larger $26 million Broadway Square development is under construction to convert historic buildings into 90 apartments and retail space. The street also offers a view of Procter & Gamble Co.’s twin towers.

Cincinnati Development Fund, which is a lender on the new townhomes, made its first loan to Lacey and Altenau to complete development of six attached townhomes on nearby Dandridge Street left unfinished by a developer who went bankrupt. Jeanne Golliher, executive director of the community development entity, recalled the struggles trying to find a developer who was interested in finishing the project and assuming the risk to help get the homes sold.

“We were desperate,” Golliher said. “I called every developer I knew. (It was tough to fine someone) who’s going to take on for-sale housing. The numbers just didn’t make sense for rentals.”

But eventually the homes sold, the couple moved to the neighborhood and decided to continue residential redevelopment seeing the neighborhood’s potential. Golliher said at the time, the project was among the newest residential construction projects in the neighborhood in a century.

Chris Lacey
Pendleton resident Chris Lacey talked about the townhomes being he’s helping develop in the neighborhood Thursday, Aug. 21, 2014.

Lacey praised the involvement from public and private entities to help get the project out the ground. He said his project partners for the new townhomes include Jamal Daoud and former Cincinnati city official Tim Riordan.

“They’ve become champions for the neighborhood,” Golliher said.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

Historic Mortgage Rates by Decade

August 15, 2014 at 4:12 pm
August 15, 2014 |

From: www.KeepingCurrentMatters.com

Historic Mortgage Rates by Decade | Keeping Current Matters

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

Home Prices…Where are They Headed?

August 7, 2014 at 10:27 am
August 7, 2014 |

From: www.KeepingCurrentMatters.com

Home Prices... Where are they Headed? | Keeping Current Matters

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey

  • o  Home values will appreciate by 4.6% in 2014.
  • o  The cumulative appreciation will be 19.5% by 2018.
  • o  That means the average annual appreciation will be 3.6% over the next 5 years.
  • o  Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 11.2% by 2018.

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

Comey & Shepherd Realtors | Cincinnati Real Estate Blog | Cincinnati Real Estate | Comey Blog

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