The home buyer tax credit may be gone, but don’t worry. You may have missed out on the first time homebuyer tax credit of $8000, but the opportunities presented by today’s historically low interest rates are even better than they were this spring.  For instance… If you buy a home right now at today’s low interest rates, you can save ten’s of thousand’s of dollars!

Interest Rates Are Low!  A $200,000 30 year mortgage at the current rate of 4.60%* can save you ten’s of thousand’s of dollars over the life of the loan versus the same loan with the 5.50% rate from earlier this year!

Buy a home now and gain so much more than what was possible with the $8000 tax credit. You really don’t want to miss out on this savings and opportunity.  On top of the great savings the low interest rates present, there is another opportunity.

The inventory of homes for sale right now is really great and the prices on many of these homes are really good. To start your home search contact us today at (513) 874-1830 or visit our website, www.LowryTeam.com.  Buying a foreclosed / bank owned home or a short sale can be a great investment opportunity under the right circumstances.  If you would like to receive a FREE list of foreclosures & short sale homes for sale you can request a list using our Foreclosure Finder Service

You can also start your Search Homes For Sale right here!

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

Visit My YouTube channel at: www.youtube.com/LowryTeam

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

1. FHA loans are not only for first time homebuyers.

2. FHA loans are not only for lower-income homebuyers.

Currently in Butler County, Warren County and Hamilton County, Ohio the FHA loan limits are $337,500.  Keep in mind that this is the loan limit.  So, as an example, someone buying a home with a 3.5% downpayment could buy a home for as much as a $350,000 purchase price.  Which leads to my last point on FHA mortgage lending.

For more information on FHA financing or for a referral to a terrific mortgage loan consultant please call Eric Lowry at (513) 874-1830 or visit our website, LowryTeam.com.

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

The Congress is close to passing a law to give homebuyers who were under contract on a home purchased by April 30 an additional three months to close on the home and still be able to claim the federal homebuyer tax credit.  The new deadline is going to be September 30th, 2010.

This will not extend the deadline for homebuyers to qualify for the tax credit.  To qualify for the credit you had to have purchased and had a fully executed contract by April 30th, 2010.

The reasoning given for the extension was that many homebuyers were not going to be able to close on their new homes in time for the June 30th deadline due to a backlog of loan applications that lenders were trying to handle.

The real issue here though, are the short sales.  Many of these sales were not going to able to be closed in time due to the long delays that occur in trying to complete a short, thus there was going to be a large number of  “fall-thru’s” (sales which do not close) and all of these properties were going to be coming back onto the market with a large number of them headed for foreclosure.

Looking for deals on short sales and foreclosures in West Chester & Liberty Township?  >>Get a free list here

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

It’s Tuesday, so this must be the Tuesday Open House.

What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.

It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…

The Union Centre Bash:  There have been a number of questions recently regarding the Union Centre Bash and when it was, etc.  So after a little research I found that it is no longer called the Union Centre Bash, but is now known as the Union Centre Boulevard Blast.  It is scheduled to be August 13 -15, 2010.  According to an article in the Journal News that I found online the “Blast” will be more of a regional draw, employing some best practices from similar showcases across the country.  The direction of The Blast will be directed at families, adults, teens and children with multiple activities happening at the same time, “sort of like what you’d see at a state fair.  You can reach the entire article online here >>Union Centre Boulevard Blast

New Listing: 5466 Sugar Maple Run, Liberty Township, Ohio.  Check out this new listing in Falling Water subdivision in Liberty Township, Ohio.  This is a terrific two story home located on a private,  wooded lot and features a finished, walkout lower level, island kitchen w/ adjoining morning room & hardwood floors and much, much more!  >>See all of the details including interior photos, video tour on LowryTeam.com

Searching for foreclosures or short sales?  Get a list of all of the foreclosed (bank owned) homes and short sale homes listed for sale in our area for free.  Don’t pay for a list of foreclosures, short sales or distressed properties and don’t pay a subscription fee to any website for one either.  These are homes that are listed for sale and you can have the information on these homes for sale, for free and without any obligation by just clicking here >>Request your list of foreclosures and short sale homes for sale here

Homes Sales Graph West Chester & Liberty Township

2010 Home Sales in West Chester & Liberty Township, Ohio:  The tax credit is over and now is when we find out if the homebuyer tax credits for both the First Time HomeBuyer and the move up homebuyer have had an impact on home sales overall.  The key thing to watch moving forward is the unit sales numbers each month for West Chester & Liberty Township compared to last year.  As can be seen on the graph, the last couple of months have seen home sales above last years totals.  The real indicator of the housing market’s recovery will be what happens moving forward with home sales.  Clearly the homes sales in West Chester & Liberty Township Ohio picked up when the tax credits were in effect, but what remains to be seen is; Will the home sales in the next few coming months remain at or above last year’s numbers so that the total sales numbers for the year remain above last year?  If the sales remain stable and we can stay at or above last years sales numbers, then we would have to judge the tax credits to be a success in stablizing the housing market.  If the sales numbers in the few months are not able to be sustained and in fact fall to levels below last year, then all we will have accomplished will be to move sales up into the early months of the year from the later months (July, August, September) and we will not have really improved the West Chester & Liberty Township housing market in the long term.  What you can see on the graph is a steady increase in the home sales from January through May of this year in a much more dramatic peak than in the last two years indicating that there clearly was an impact from the homebuyer tax credit incentives.  We will continue to monitor the home sales numbers and we will see where we go from here.   >>You can read my 2010 1st Quarter Real Estate Market Report here

Our facebook fan page of the week is: West Chester Farmer’s Market  You can find information on the Farmers Market, the products that are available there through the summer and more.  As of this writing their page has 129 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same.

While you are on facebook checking out the West Chester Farmer’s Market fan page, please visit and become a fan of our facebook page:

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

Looking for a new home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his lifetime and should be approached with an examining eye. While it is true that it is easy to search homes for sale and fall in love with it on one’s own, the benefits of using an experienced top selling Realtor are many and can save a homebuyer a great deal of  unwarranted pain and money in the long run.

There are a few things to realize and remember as a both a first time home buyer and a veteran home buyer. A Realtor will not only help you negotiate a price for a home but will also help you along every step of the process which will include getting a whole house and termite inspection, radon testing, mortgage financing and the title process among other things.

While a buyer may have his heart set on a particular home for sale,  a top selling Realtor will make sure that the buyer is taking all of the most important factors into account and knows exactly what they are buying so that there are no surprises come closing day and move in day.

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

Search the entire MLS database of homes for sale here!

 Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

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

Is a short sale or foreclosure the right deal for you?

With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties.

For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices. 

According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers.

By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.

If you’re in the market looking for a home in West Chester or Liberty Township, Ohio and are prepared for a unique transaction, a short sale or foreclosure property for sale can be a great option. Here’s why:

Prices are low – Buying a foreclosed (bank owned) property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.

Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.

You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.

Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.

Your best ally when purchasing a short sale or foreclosure property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions.

Get a Free list of foreclosures and short sales with no obligation emailed to you by clicking here!

For more information about short sales and foreclosures in the West Chester, Liberty Township, Beckett Ridge and Mason Ohio areas call me or email me.  We are happy to help!

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

Search the entire MLS database of homes for sale here!

 Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

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

Buying a home can be a daunting task.  It is likely the most expensive purchase that you will ever make.  Just one mistake could mean disaster — resulting in a stressful experience and one that may not end with you in the home of your dreams.   In order to avoid such an experience, buyers should get to know the most common home buying mistakes.

The top home buying mistakes to avoid:

 Love at first sight: Be sure that your home fits your real needs. Buying a home is an emotional process and it may be that the first home for sale that you see is the perfect fit.  Just be sure that you are looking past the “perfect” paint colors and the granite counters, to be sure that the home fits your budget and your lifestyle. Be sure the home is in a community and neighborhood you feel comfortable in. Drive around in neighborhoods several times before you buy to check out schools, noise and traffic patterns. 

‘Loanless’ shopping: Get pre-approved for a mortgage before you begin looking at homes for sale.  This will give you an idea of not only how much you can afford to borrow, but also how much you are comfortable borrowing. It’s also critical to be pre-approved for a mortgage before making an offer,  sellers will take you more seriously. 

Buying too much home: Home buyers buying more than they could truly afford, in part, led to the collapse of the housing market. Buy more than you can afford and your dream home will become the same nightmare. Analyze all your monthly costs including debts, food, transportation, entertainment, and savings. Your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Don’t forget to budget closing costs, plus moving, redecorating and maintenance. Look ahead and allow for increases in ongoing expenses such as utilities and taxes. 

Misplaced trust: You are engaged in what’s likely your most valuable purchase ever. It’s a business transaction. Ask family, friends & co-workers for referrals, but don’t take their word for it. Be sure that the professionals you are working with have experience and your best interests in mind. 

Accepting oral agreements: Get it in writing. The rate lock, the home inspection, disclosures, the contract. Always. Should a dispute arise, you’ve got the details documented. 

Skipping the fine print: Understand what’s really in any document before signing it. Get documents in advance, take time to read them and ask questions. Get copies of your mortgage and closing papers a few days ahead of closing. 

Forgetting or betting on resale: Avoid buying a home that costs 50 percent more than neighboring homes. Reconsider buying the most expensive home on the block. Neighbors’ lower home values will weaken yours. Buy intending to flip your investment only to have the market fail means when it’s time to sell your price may not cover your costs.  

1. Mortgage financing: You may be preapproved but is the house? A formal appraisal confirms — or not — that there is sufficient value in the home to warrant the loan. If the house appraises lower than the sales price, the loan may be declined.

2. Inspection: Never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.

3. Insurance: Confirm you can get adequate insurance coverage. In some areas, or following certain disasters, it can be difficult to get types of hazard insurance.

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

Search the entire MLS database of homes for sale here!

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

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

It’s time for the Tuesday Open House. What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes, but it seemed like a good title for this weekly blog post. It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…

New Listing: 8419 Edgeview Drive, West Chester, Ohio. Located just minutes from the shopping and dining at Voice Of America and both I-75 and I-71.  This terrific home really is a must see. It features three bedrooms and two and a half baths, along with a cathedral great room, remodeled kitchen, large master w/ adjoining bath and first floor laundry. You can get more information and see interior and exterior photos of 8419 Edgeview Drive in West Chester, Ohio on our website, www.LowryTeam.com.

Need Mulch? As I have mentioned several times, if you are preparing your home to get it on the market for sale soon? Don’t forget the curb appeal. As the old saying goes… you only get one chance to make a good first impression. So clean up the landscaping and get yourself some fresh mulch. I’m not sure that there is a better way to go than to get it from the boy scouts. They even deliver! You can see the article in the Cincinnati Enquirer here or you can just go directly to the boy scouts site right here. My mulch is being delivered this week…anyone like to help??

10 Days To Tax Credit Expiration: The tax credit of $8000 for first time hombuyers and $6500 for move up buyers expires on April 30th, 2010.  Could the time to buy be after the expiration of the tax credits?  Maybe… homeowners that haven’t sold may be more likely to accept a lower price if the showing and selling activity slows after the tax credit expiration, providing an even better opportunity for a good deal.  Will the activity slow?  No one knows, we will just have to wait and see.  Also, keep in mind interest rates remain very, very low.

Keller Williams RED Day:  Keller Williams Realty Red Day plans are underway! On May 13th, the Keller Williams Associate Partners office will be conducting a huge food and clothing collection drive for Reach Out Lakota!!!! Praying the day will be a huge success…Please RSVP to let us know if you would like to donate…we’ll come to your home on May 13th and pick up your donations. All you have to do is leave it out on your front porch for us.  To RSVP, please visit our Lowry Team Real Estate Facebook Fan Page!

It Must Be Spring:  You know it is spring in West Chester and Liberty Township when The Cone opens.  I drove by the Tylersville Road landmark this past week and the crowds were already huge.  The Cone is the local ice cream destination.  Check out their website for more information and to read the history of this local West Chester business.

Our Facebook Fan Page of the week is: The Cincinnati Bengals.  This week is the NFL draft and the eyes of all Bengal fans will be on the team to see which players they select.  Hopefully it will be a successful weekend for the Bengals.  Check out their Facebook page for all of the details.

While you are on facebook checking out the Cincinnati Bengals fan page, please visit and become a fan of our facebook page:

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

Visit My YouTube channel at: www.youtube.com/LowryTeam

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

I am pleased to present my 1st Quarter 2010 Real Estate Market Report for West Chester, Beckett Ridge and Liberty Township, Ohio. In this report you will find detailed real estate information and statistics. The source of this information 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. Any thoughts and insight into what may occur in the future are solely my opinions and forecasts.

I am very focused on providing the best information possible and to being the real estate expert in our West Chester, Beckett Ridge & Liberty Township, Ohio area. Please let me know if you have any questions regarding any of this information. So let’s get started:

SALES:

There were 189 homes sold in the 1st Quarter of 2010 compared to 195 homes sold in the 1st Quarter of 2009. This represents a decrease of 3.08%.  If you simply leave it at that, it doesn’t look too bad.  However, if you dissect the market a little, you will see that things can look a little different depending on the price range.  Also, we must keep in mind that in the 1st Quarter of 2010, sales with out question have been supported / propped up by the goverment’s tax credit incentives for both 1st time homebuyers and repeat buyers.  We did not have these incentives in place in the 1st Quarter of 2009, thus one could surmise, pretty easily I think, that the percentage decrease would have been quite a bit larger if not for the tax credit incentives.

Below, you will see the sales broken down by price range, which paints a picture of several different markets within the West Chester and Liberty Township, Ohio real estate market:

AVERAGE SALE PRICE:

The average sale price in the 1st Quarter of 2010 for the West Chester and Liberty Township Ohio markets was $223,139 compared to $207,772 in the 1st Quarter of 2009, which constitutes an increase of 7.40%. So, let’s talk about what this means and what it doesn’t mean. First, it does mean that the average price of all of the homes that sold was quite a bit higher, 7.02% higher in fact.  However, what this doesn’t mean is that the value of our homes rose by 7.40% in this period. This average sale price is affected quite a bit in this case by the fact that we saw a pretty good increase of sales of higher priced homes compared to the market as a whole. This occurred while we had a decrease in the percentage of sales closed in all of the ranges under the $400,000 range, thus causing the average to be higher.

So, is this good news or bad news? Really to be honest, it is no news. To know the value of your home and just how much the value has fallen you need a detailed, analytical analysis of the current market value. You cannot draw a conclusion from market averages, and certainly not from what you read in the newspaper, Cincinnati Enquirer, USA Today or otherwise.

SUPPLY OF HOMES FOR SALE:

The oversupply of homes for sale is where the pricing pressure comes from. Too many homes for sale in relation to how many are selling is a critical indicator to monitor as we watch for signs of market stabilization. At the end of the 1st Quarter of 2010 we had 720 homes for sale in the West Chester, Beckett Ridge and Liberty Township, Ohio marketplace compared to 743 homes for sale in 2009. Meaning we have not seen a huge reduction in the amount of homes for sale. With a current inventory of 720 homes for sale, based on our current rate of sale we have just under 7.39 months worth of inventory for sale. Meaning if we continue to sell homes at the current pace and no new listings come on the market, it would take us just under 7.39 months to sell them all compared to a 7.75 month supply one year ago. So, relative to the pace that homes are selling, we have seen a small reduction in the inventory of homes for sale.  However, just like unit sales, these numbers can vary greatly by price range as you can see below.

INTEREST RATES:

At the end of the 1st Quarter of 2010 interest rates on a 30 year fixed rate mortgage were hovering around a range of 4.95% – 5.05% which is largely the same as they were just one year ago. We have seen interest rates start to increase in the last few weeks though.  Just two weeks ago that thirty year mortgage was right around 4.75%.  So in the last two weeks rates have increased approx. .30%.   This is still a very clear example of the extreme value of today’s interest rates.

TOP 10 SALES:

The top 10 sales of the 1st Quarter of 2010*:

*These sales are not necessarily those of Eric Lowry and the Lowry Team.

Summary:

New Listing On LowryTeam.com…

325 Bridle Pass Way, Monroe, Ohio 45050

Monroe, Ohio 45050

Monroe Schools

$224,900 – Four Bedrooms – Three Full Baths

This Is A Terrific Ranch Style Home In Bridle Creek Subdivision:

• Cathedral Great Room w/ Gas Fireplace!
• Eat-In Kitchen w/ Ceramic Tile Floors
• Cathedral Master w/ Adjoining Full Bath & Walk- Closet
• Finished Lower Level w/ Rec Room, 4th Bedroom & Full Bath
• Professional Class Media Room
• Large, Two Tiered Deck
• Wooded, Rear Yard
• Pool Community
• Close To Schools, Shopping & Expressways

Click here to see more information on this terrific Bridle Creek, in Monroe, Ohio home for sale including many more photos

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

Visit My YouTube channel at: www.youtube.com/LowryTeam

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