Are you planning to buy a home in West Chester, Liberty Township, Beckett Ridge or Mason Ohio in the near future?  If so, then you will likely need to get a mortgage.  There are a number of options available in the home mortgage market today and some of these options may be better for you than others.  The following is a brief summary of many of the options for home loans in the West Chester, Liberty Twp,. Mason and Cincinnati Ohio areas:

30 Year Fixed Rate Mortgage:  This one is the “old stand by”.  The rate is currently very low (approx. 4.25%) right now, although it is higher than some of the other options.  The best part of this mortgage loan is that the interest rate doesn’t change for the life of the loan.

15 Year Fixed Rate Mortgage:  Same basic premise as the 30 year fixed rate mortgage loan except the payback is calculated on 15 years so the interest rate is lower (around 3.50% today).  This mortgage loan is great for building equity quickly, but does come with a higher monthly payment.

>>>Get Preapproved For A Mortgage Here<<<

Adjustable Rate Mortages:  These mortgage loans are mostly based on a 30 year re-payment schedule, but the interest rate may be fixed for just the first 3 or 5 years of the loan and then adjust from there based on market conditions.  These mortgage loans will get you the lowest possible rates (2.45% – 2.65% today) and will work especially well if you only plan to be in your home for 3-5 years.

FHA Loans:  An FHA mortgage loan  is a loan that is made by a bank or mortgage lender that is insured by the Federal Housing Authority (FHA) .  This insurance of the loan provides for lower down payments, lower closing costs as well as less restrictive qualification criteria.  FHA home loans are very commonly used by first time homebuyers.   In the last couple of years many other homebuyers have also turned to the FHA home mortgage loan as a very good option.

Special note:  The FHA Loan Limits were recently increased back up to the previous levels prior to the FHA changes made on October 1st, 2011.  Congress raised the FHA loan limits in a bill passed on November 17, 2011.  The current FHA Loan Limit in Butler County Ohio is $337,500.

VA Loans:  A VA Loan is a loan  that is made by a bank or mortgage lender that is insured by the U.S. Department of Veterans Affairs (VA).  This insurance of the loan by the VA provides for loans with no down payments, provided the homebuyer is eligible for the VA Loan program.

Other articles that my interest you:

FHA Mortgage Loan Limits Changing – Does It Matter?

Planning To Buy A Home Next Year?

Do  you have questions about the homebuying or home loan process?  Use the form below to contact us and we will get back to you as quickly as we can.

This month in real estate for November 2011 covers home sales and mortgage interest rates, which are holding steady in the 4.00 – 4.25% range.  Interested in getting pre-approved for a mortgage?  Get your home loan preapproval here.

Also discussed this month are 1st time homebuyers and what the Keller Williams Realty research says about the type of home that 1st time homebuyers are buying.  Over half of all first time home buyers stay in the same area where they were renting.  More than 75% of them purchased a single family home that was at least a 3 bedroom, 2 bath home.

>>Search homes for sale in West Chester Ohio right here<<

>>Search homes for sale in Liberty Township Ohio right here<<

>>Search homes for sale in Mason Ohio right here<<

For more information on buying a home, local real estate market conditions and interest rates, please use the contact form below and we will get back to you as quickly as we can.

Other articles that you may be interested in:

What Are Home Mortgage Interest Rates In West Chester & Mason Ohio?

LowryTeam.com Real Estate Trends Report – October 2011

I was talking to my friend Dan Engen from the Cincinnati based Prominent Title Agency yesterday. We were discussing that many consumers are confused over what a title company does for them.  As a result of that discussion he has outlined the role his company plays in the real estate transaction for the greater Cincinnati consumer.

Welcome to guest blogger:  Dan Engen

What do we do?
Once a title has been requested, we order a search with an examiner. The examiner sends us a report that identifies mortgages, encumbrances, liens, or any other public information on the property. We take the report and create a title commitment stating all of the steps that must be done in order to close the loan (payoff liens, identify encumbrances; payoff mortgages; etc).  The commitment must be clear in order for us and the lender to allow the closing. From there, we work with lenders; schedule the closing with all parties; and prepare a HUD-1 or Settlement Statement from information the lender provides in a closing package. We must follow the lender’s instructions exactly or they could refuse to fund the loan.  After closing the loan, we then take all of the recordable documents to the courthouse and record them. Then we ship the package back to the lender for their review. Once the documents return from the courthouse we then issue a title policy to the lender.

What is Owners Title Insurance?
Title insurance is protection against loss if a covered defect is found in the title of the property. When you purchase a home, you are given a title to the property, which generally means you receive full legal ownership BUT sometimes there is a hidden mistake in a prior deed, will, mortgage, etc., that may give someone else a legal claim against your property.

Why is title insurance important?
Because it provides a safety fence around your property. Having title insurance can save you money, time, trouble and even your home.

What risks are covered?
1. Errors – Incorrect information in deeds, mortgages, public records, etc, such as wrong names.
2. Liens – Claims against the property or the seller that become the new owner’s responsibility after the sale. Examples are unpaid mortgages, taxes, sewer and water assessments, bills owed to workers or other creditors, etc.
3. Claims to Ownership – for instance, a claim to ‘marital interest’ by the spouse of a former owner or by a child of a former owner who was not mentioned in his or her parents’ wills.
4. Invalid Deeds – for example, transfer by a previous seller who did not actually own the property, or by a previous owner who was not mentally competent.

Many of these problems might not be discovered in a routine title search.

For more information on title insurance, call Dan Engen at Prominent Title Agency.  You can reach Dan at 513-779-7714

Searching for homes for sale? Search all of the homes for sale in West Chester, Beckett Ridge, Liberty Township, Mason or Monroe Ohio… Search The MLS

Relocating to Cincinnati? Request our free Relocation Package for information on West Chester, Beckett Ridge, Liberty Township, Mason or Monroe Ohio… Get The Lowry Team Relocation Package!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

Welcome To Dutchland Woods – Wooded, Park-Like Lot!

• Dutchland Woods Subdivision
• Cul-de-Sac Lot
• Move In Ready
• Large, Updated Kitchen w/ Hardwood Floors
•  First Floor Study
• Warm, Inviting Family Room w/ Fireplace
• Master Bedroom w/ Adjoining Bath
• Formal Living & Dining Rooms  
• Fenced Rear Yard
• Pool Community
• Much More – Don’t Wait To See This One!

Dutchland Woods (Liberty Township, Ohio) Home For Sale On  www.LowryTeam.com

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

Relocating To West Chester, Liberty Township Or Mason, Ohio??  Request Our Free Relocation Information Package By Clicking Here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

According to Lawrence Yun, chief economist from the National Association of Realtors, “Homebuyers over the past year got a great deal and buyers for the balance of this year have an edge over sellers.  Affordability could reach a generational high in the second half of this year because of rock bottom interest rates, helped partly by the Fed’s very accommodative monetary policy.”

Donald Trump says:  “I can’t guarantee it, but I’m pretty sure this is right now a great time to go out and buy a house. And if you do, in 10 years you’re going to look back and say, ‘You know, I‘m glad I listened to that interview with Donald Trump’.”

And John Paulson says:  “If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.” – John Paulson 9/27/2010

For more reasons why now is a prime time to buy a home, contact me and I’ll send you a free eBook titled  “7 Reasons Why Now Is A Great Time To Buy A Home”

Start Your Search For Your New West Chester or Liberty Township Ohio Home Right Here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

I just read a great eBook called “7 Reasons Why Now Is A Great Time To Buy A Home!”  It’s filled with positive, exciting information to help buyers seize the incredible real estate market opportunities available to them right now.  These opportunities are available in neighborhoods all over West Chester and Liberty Township. 

Over the next few weeks I’ll be sharing a few of the key concepts from this eBook with you here in the RealEstate-Ink.com blog.  For a free copy of this eBook, contact me and I will send it your way!

Start your search for your new home with our real estate search engine:  VIPHomeFinder.com

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

Hot off the presses is our LowryTeam.com Monthly Real Estate Trends Report for December 2010.  This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridge and Liberty Township, Ohio.  It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market.  In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality.  There is no such thing as a national weather forecast and there is no such thing as a real estate one either.  ALL real estate is local!

The source of this data is the Greater Cincinnati Multiple Listing Service. By seeking out and understanding the trends in our market place we are better able to forecast the upcoming market conditions and counsel our clients on pricing strategies to get their home sold for the highest possible price. Any thoughts and insight into what may occur in the future are solely our opinions and forecasts.

Unit sales for the last six months (June – November) is first:

Unit sales in West Chester and Liberty Township have seen a steady decline in the last six months.  The spring market saw a fairly strong sales environment which was supported by the government’s home buyer tax credits.  These tax credits expired on April 30th, 2010 and you can see on the graph, that homes sales (closed units) peaked in the two months after, as these tax credit sales closed , 30-60 days later.

With no intervention or subsidy of the housing markets by the government you can see that home sales have made their way much lower in the following months.

To put these levels of home sales in proper perspective we compare them to the same time periods of the last two years.  In the fall of last year (2009) we were under the influence of the original first time homebuyer tax credit which definitely had a positive impact on home sales at the time.  In the fall of 2008 we were in the midst of the financial crisis with the all of the bank failures, etc. which caused a very significant slow down at the time in home sales.  So when you compare the last three year’s home sales for this time period of June – November you can see that our current level of home sales are at a level that is even below the levels seen during the financial crisis.

This is a pretty amazing statistic when you consider that we are operating in an environment of both extremely low interest rates and home prices.  One factor that may provide an uptick of some sort in home sales in the near term is rising interest rates.  Rates have definitely risen off of their lowest levels and history tells us that when rates go up, they tend to go up fast.  Some homebuyers may be fearful of missing out on these really low rates and will jump into the market to get a home under contract while the below 5.00% interest rates are still available.  This could result in a small upward trend for home sales in the next few months over the current levels.

Average sale price for the last six months (June – November) is next:

In this graph you can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales in 2010.  If you watch the trend line you can see a gradual decline for 2010.  Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever.  The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame. 

Homes are not worth more now than they were at the beginning of the year.  Any increase or decrease in the average sale price is reflective of the activity of that time frame.  A perfect example of this is the month of August which according to the graph shows a huge increase in the average sale price over the month of July.  A look inside the numbers explains… In July 17 of the total 82 closed sales that month were under $140,000 in sale price, in August there were only 6 of a total 78 closed sales in that same price range.  Less sales in the lower price ranges will cause the average sale price to be higher.  In addition, in July there were just 4 closed sales over $400,000 compared to 9 closed sales in August over $400,000.  So, was the average sale price higher because homes were worth more?  No, there was just a very different mix of homes that sold.

List to sale price ratio: 

The List to Sale Price ratio is calculated by dividing the final sale price into the list price to find the percentage of the list price that a given home sells for.  The West Chester and Liberty Township Ohio List to Sale Price Ratio is 95.68% for the six month period of June – November 2010.  As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year.  The swings up and down are an indicator of the lack of stability in the West Chester and Liberty Township real estate market right now.  The highlighted center area of the graph shows what appears to be the middle ground right now for the market.  The last two months have been below this range, indicating that homeowners are accepting lower offers when compared to their list prices than had been the case in previous months. 

The one factor that remains true, through all of the market’s ups and downs is that homes that sell quickly sell for a much higher percentage of their list price.  In the most recent six months, homes that sold in the first thirty days that they were on the market sold for 97.09% of list price.  As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

The West Chester, Beckett Ridge and Liberty Township real estate market remains challenging, yet full of opportunity. Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther.  The primary threats to the 2011 real estate market and any potential recovery are continued high unemployment and the potential loss of the mortgage interest tax deduction.  Interest rates have now risen off of their lows, but still remain at very attractive levels below 5.00% which provide a great environment for buying a new home.

Relocating To West Chester, Liberty Township Or Mason, Ohio??  Request Our Free Relocation Information Package By Clicking Here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

First, the inventory of homes for sale (the competition) is lower right now, so your home has a better chance of capitalizing on the buyers that are out there looking right now.  Many homeowners are planning to wait until after the holidays, which will cause a flood of new listings to come on the market then.  Without an increase in buyers looking, this increased supply of homes for sale will likely cause a further drop in home prices.  If you truly want to get the best possible price for your home (and I’m sure you do), right now may be the best time.

Second, your home may show better while it is decorated for Thanksgiving and Christmas.  Homes that are nicely decorated for the holidays look nicer than at any other time of year, why not use this opportunity to impress potential buyers with the warmth and added beauty of your homes interior.  Please understand,  buyers buy homes based on emotion and a really nice home, decorated beautifully can seal the deal.

Third, the buyers that are out looking at homes right now are serious buyers.  You may not get as many showings, but the ones you get will be serious.  The “just looking” buyers are not out at looking at homes now.  The buyers that are out looking at homes for sale in West Chester, Liberty Township, Beckett Ridge and Mason right now are ones that are relocating to the area or have sold their current home and need to buy quickly and of course there are always first time homebuyers looking.

Fourth, marketing matters in today’s challenging real estate market and getting ahead start on the rush of inventory coming after the holidays can put money in your pocket.  Homes that sell quickly sell for more!  Getting your home on the market now get’s the marketing process going during a time when the photos of your home will look so much better.  Photos taken now vs photos taken in January or February can make a huge difference, not just in the still photography, but in the creation of the virtual tours and online videos that we create of your home.

Relocating To West Chester, Liberty Township Or Mason, Ohio??  Request Our Free Relocation Information Package By Clicking Here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio