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

LowryTeam.com Mortgage Interest Rate Update

Have mortgage interest rates hit their lows?  Will they continue to move higher lower?  These are good questions. The truth of the matter is nobody knows for sure.  We had seen an uptick in mortgage interest rates in West Chester & Mason Ohio earlier this year, only to see them sag back down again, as you can see on the graph. The interest rates are now hovering around in a range between 4.00% – 4.25% for a 30 year fixed rate mortage.

It has seemed like in West Chester and Mason Ohio that we had seen the lowest levels and that interest rates would likely continue to edge a little higher and then the economy shows continued weekness overall and the rates sag back down again.  The only certainty that exists right now is that these are historically low rates for home purchases.

Get preapproved for your mortgage before you begin to search for homes. You can get preapproved for a mortgage to buy a home in West Chester, Liberty Township & Mason Ohio right here>> Get Prepproved for a Home Loan

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – VIPHomeFinder.com.

LowryTeam.com Mortgage Interest Rate Update

Have mortgage interest rates hit their lows? Will they continue to move higher? These are good questions. The truth of the matter is nobody knows for sure. Mortgage interest rates have moved higher in the last 6-7 months only to see them sag back down again, as you can see on the graph.  The rates continue to bounce around in a range between 4.50% – 5.00%.

Click The Image To See A Larger Version

It does feel like we have seen the lowest levels and that interest rates will likely continue to edge a little higher as we move through the late summer and fall real estate markets.  Get preapproved for your mortgage before you begin to search for homes.  You can get preapproved for a mortgage to buy a home in West Chester, Liberty Township & Mason Ohio right here>> Get Prepproved for a Home Loan

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – VIPHomeFinder.com.

FHA loan limits may be changing this fall in Butler & Warren Counties, including places like West Chester, Liberty Township & Mason Ohio.  The question is, does it really matter to the housing market?  On the face of it, it would seem to be a big deal.  Having the FHA mortgage loan limit changing from a current level of $337,500 to a smaller loan limit of $271,050 in Butler & Warren County is a big change, actually almost a 20% drop in the loan limit.  So that is big.

But,  as I said before, does it really matter?  A look inside the housing numbers for areas in Butler County like West Chester, Liberty Township and Mason OH indicates it may not be that big of a deal.  So far in 2011, there have been 50 closed sales in the $280,000 – $350,000 price range (the range that would be eliminated by the loan limit reduction) in West Chester & Liberty Township.  Of those 50 closed sales, 8 of the buyers used FHA financing which is 16%  of the sales.  In Mason, there were also 50 closed sales in that range in 2011 and just 6 of those buyers used FHA financing which is of course 12% of the sales.  (Disclaimer: the sales data referenced here came from the Greater Cincinnati Multiple Listing Service).

So, will the housing market be negatively impacted by the change that is set to occur.  The housing sale numbers in West Chester, Liberty Township & Mason would seem to indicate that they would not be.  The fact is some of the homebuyers that did use FHA financing in this price range, may have done so because they could use this lower down payment mortgage program (3.5% down payment) not because they needed to.  It is very likely that at least some of these homebuyers could have made a larger downpayment if they would have needed to.

Why is this change in the FHA loan limits set to take place at the end of September?  To get the federal government out of the mortgage business is the answer.  They want the mortgage market to move back towards private investors buying mortgages and reduce the overly large percentage that are now being bought by the federal government.  The long term impact of this policy change may very well be higher interest rates, but then, those are inevitable anyway!

This isn’t to say that other areas of Ohio and our country may be more directly impacted by this change, but the impact in West Chester, Liberty Township and Mason, Ohio should be very small.

You comments and questions are always welcome!

Is it time for you to buy a home?  Start your search for a new home in West Chester, Liberty Township or Mason Ohio Here!

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…

Mortgage Interest Rates:  The tax credits are gone and if you are looking for a reason to buy a home, look no further.  Thirty year fixed rate mortgages are 4.85% today.  The difference that this rate can make in your monthly payment is amazing.  Just look at this example of what these low rates really mean:

$200,000 mortgage amount @ 5.50%  =  $1135.58 monthly principal & interest payment

$200,000 mortgage amount @ 4.85%  =  $1055.38 monthly principal & interest payment

This example shows a monthly savings of $80 on your mortgage payment and this is compared to a mortgage interest rate of 5.50% which is a historically low rate itself!

Need Mulch? 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 just go directly to the boy scouts site right here. My mulch is being delivered in just a couple of weeks…anyone like to help??

Has the real estate market stablized? Get your personal real estate market update and monitor home values in your neighborhood.  You’ll see homes for sale in your neighborhood right now, you’ll see detailed information on homes that have sold and best of all this personal market update will be delivered completely free and directly into your inbox with no obligation.  Get your real estate market update right now at www.HomeValuesInCincy.com

Our facebook fan page of the week is: The Cincinnati Reds  It is opening day in Cincinnati this week after all!  You can find information on the Reds, information on events and giveaways and great player information.  As of this writing their page has 314,242 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 Cincinnati Reds fan page, please visit and become a fan of our facebook page: www.Facebook.com/LowryTeamRealEstate

What is my home worth? Want to get a good idea of what your home is worth… Get your own Personal Real Estate Market Update

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

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

Big Changes Coming to FHA Loans Effective April 4th! by Dave Scully, Guest Blogger on RealEstate-Ink.com

All FHA 30 year loans that are assigned case numbers on or after April 11, 2011 will have an increase in the Monthly Mortage Insurance Premium (MIP) from .90bps to 1.15bps for loans with less than 5% down.  For FHA 30 Year loans with greater than 5% down the Monthly Mortage Insurance Premium will increase from .95 to 1.10BPS.  (BPS=Basis Points) What is a basis point?

On a loan sales price of $163,000 this will increase the Monthly Mortage Insurance Premium by $33.  The net effect will be as if the rate is .375%-to a .50% higher in payment.

As if this wasn’t enough, effective on all FHA loans assigned case numbers after April 18th, 2001 the Up Front Mortage Insurance Premium (MIP) on ALL FHA loans will increase from 1% to 1.25%.  This amount is always financed.

The best way to avoid the higher Mortage Insurance Premium rates is to get out there and buy your home now!  Rates are still at near historical all time lows!  There are many great deals on homes out there! 

SEARCH WEST CHESTER & LIBERTY TOWNSHIP OHIO HOMES FOR SALE HERE!

Go out and take advantage of all 3:  (1) LOW RATES, (2) LOW HOUSING PRICES, (3) LOWER MORTGAGE INSURANCE PREMIUMS!

Get Your Mortgage Preapproval From Dave Scully Right Here! 

Contact Dave Scully

Buying A Short Sale Property by Dave Scully, Guest Blogger on RealEstate-Ink.com

Every buyer in the market wants to get the best deal. You may want to begin your search for a new home with properties that are on a “short sale”. First, let’s define what a short sale is. A short sale is when the sales price of the home is less than the amount the previous owners currently owe on their mortgage. In a short sale the borrowers are likely in the foreclosure process. Therefore the Bank must approve and sale and that is who your Realtor will be negotiating with.

Search For Bank Owned And Short Sale Properties For Sale Here

When buying a short sale you must be prepared for a longer negotiating process and closing process. As I said earlier you are dealing with the bank who must approve the sale of the property. The banks have so many short sales and foreclosures on their books that they do not react as quickly to an offer on the property. Also, the bank will allow you to do a whole house inspection, however they will require the sale of the home to be on an as is basis. I encourage every buyer to get a whole house inspection. However, on a short sale most banks will not make ANY repairs to the property.

Once your loan is approved and you are cleared to close we can typically close you within a day. However, on a short sale the bank will want to see the closing statement and review it for up to 72 hours prior to close.

They key to a successful and timely closing on a short sale is knowing what to expect and when to expect it. Personally I refer to short sales as “Long Sales” as they take a little bit longer to close due to the owner being the bank. I recommend you expect to close a short sale in 45 days instead of the 30 days that we can close a loan.

Get Your Mortgage Preapproval From Dave Scully Right Here! 

Contact Dave Scully

 Have a home that you need to sell in short sale?  Vist www.LowryTeam.com

Have mortgage interest rates hit their lows?  Will they continue to move higher?  These are good questions.  The truth of the matter is nobody knows for sure.  Mortgage interest rates have moved higher in the last 5-6 weeks as you can see on the graph.

It does feel like we have seen the lowest levels and that interest rates will continue to edge a little higher as we move through the spring real estate market and into summer.  How much does it matter?  It matters quite a bit if you care about your monthly home mortgage payment .  On a $300,000 mortgage at a 5.00% interest rate the payment looks like this:

If mortgage rates move up to just 5.50%, which is still historically very low, the change in monthly payment is $93!

So, waiting a few months to buy a home in West Chester, Beckett Ridge or Liberty Township, Ohio may very well cost you a great deal of money in the long run.  Buying real estate today will get you a terrific fixed rate mortgage!

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – VIPHomeFinder.com.

-It’s primetime to buy a home –

Reason #1:  Homes have never been more affordable.  For individual home buyers there are only a few facts that really matter.  Can I afford this home? Is it a good investment? Does it meet my family’s needs?  So it’s a bit surprising that the most important statistic has gone largely unreported: homes have never been more affordable.

Reason #2:  Mortgage rates are at rock bottom and won’t stay there forever. The national average for a 30 year fixed rate mortgage dropped to 4.36% in August 2010 – lower than it’s been in the past half century.  Interest rates for the same time last year averaged 5.19%, representing a difference of $90 in the monthly payment on a $200,000 home with a 10% down payment.

Reason #3:  Prices are trending back up.  Every major price index points to a housing market that has hit bottom and is moving in a positive direction.  After 30 months of declining home values, home prices appear to be stabilizing.  In other words, staying on the fence and waiting for prices to drop further is over!

Reason #4:  Seller’s are motivated!  When supply exceeds demand, buyers have the upper hand-and that’s where we are now!  The current supply of homes for sale currently exceeds the number of homes being put under contract by a large ratio.  At the same time, recent market upheaval has given rise to a surplus of foreclosed properties that banks are eager to sell, and an increasing number of listing agents are also negotiating “short sales” with banks to sell their clients properties at a price that’s less than what they owe on their mortgage.

Reason #5:  Lenders are back in the game!  The subprime mortgage crisis brought underwriting standards back into the mortgage origination process.  And while the final quarter of 2009′s financial meltdown led to a sense that financing had dried up, mortgage funds are now available.  If you have a job and can afford the payment, chances are you’ll qualify for a mortgage.

Reason #6:  Ownership costs are dropping below rental costs!  The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of homeownership has dropped.

Reason #7:  Home ownership remains at the core of the American Dream!  A recent Fannie Mae study reveals that the majority of Americans still aspire to own a home - and a for good reason.  Owning a home is critical to financial stability and wealth building.  A home serves as a forced savings account and provides a solid asset, as well as a place to live.

Thinking of buying a home?

Start your search of homes for sale right here:

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