There is lots of talk these days about when we might be receiving our check from the government. Well, based upon a release from the IRS News Release, they will begin in May of 2008.
Payments to more than 130 million taxpayers will continue over several weeks, with a schedule of such to be announced soon.
For any other questions or updates,
U.S. Sen. Pete Domenici (R-N.M.), after a private meeting with Federal Reserve Chairman Ben Bernanke, said the central bank chief anticipates signs of a rehound in the housing market by the end of 2008. Source: Investor’s Business Daily (2/13/08).
This is great news for all - this market has created great opportunities for first time buyers as well as investors who are willing to hold the property.
The press release from The Cincinnati Area Board of Realtors states that although December new pending sales, year-over-year, slipped 17.2% locally, they improved to just being down 4.1% in January of 2008.
Pending sales have improved substantially locally which is how you want to view statistics. All markets are local, in fact, there are some areas in the US that have been virtually untouched by this market.
One of the up sides of the current market conditions is a real boost for first time buyers! The inventory is high, interest rates are low so if you are ready to purchase your first home, now is the best time I have seen. New buyers come to this process in varying degrees of knowledge. Do not let your lack of knowledge stop you from acquiring your first home. Find a Realtor that educates you in the manner that you require and do not hesitate to ask about anything along the way!
One of the statistics that we are monitoring is the number of new listings coming on the market. A good sign for a positive change in the market will be a decrease in the listings coming on the market.
Single Family Homes and condomiums listed in October were at 4,673 and in November they were down to 3,688.
These are economic guideposts we are looking for to create they positive shift we are all looking for.
From Danielle Mann, US Bank: FHA has approved, as of November 15, 2007, the use of several sales initiatives for use in conjunction with the purchase of HUD homes in Ohio. (These are homes that are in foreclosure). Homebuyers can purchase a HUD home with a $100 downpayment when they utilize FHA insured financing. Homebuyers can also obtain a $2,500 sales allowance at closing when they use FHA financing. The $2,500 sales allowance can abe applied towards closing closts, to make repairs on the home, or to pay down the unpaid principal balance of the mortgage.
The incentives are available on HUD home bids placed on or after November 15, 2007 and expire on September 30, 2008.
According to Lawrence Yun, Chief Economist for The National Association of Realtors, now is a great time to purchase and HOLD investment property. Rather than viewing the market as “scary”, take advantage of the current trends and purchase investment property. This is not the most favorable time for fixing up and selling investment property however, so if you are interested in quick resales, you must make sure that the job you do with the rehab is top quality and the pricing is favorable. Call us with any questions!
As everyone watches the market closely, it is so important to make sure the information you are getting is the most accurate, up to date information out there. Local home sales closed in October totaled 1,736 units. This number is up 1.28% from September. The average sales price in the Cincinnati area in October was $166,562, which is 1.20% better than September’s average sales price of $164,579. Mortgage rates continue to be favorable for buyers.
We just returned from the National Association of Realtor’s annual conference. It was interesting to hear from Realtors all over the country as to the condition of their individual markets. Real estate truly is local, and the chief economist for NAR, Lawrence Yun, PhD gave a great analogy for this. He compared it to weather, stating that we would not go to the weather forecast in Florida when we are living in Cincinnati. Likewise, we should not be basing on national markets when evaluating our real estate in Cincinnati. He is viewing 2008 as “A Year of Opportunity” feeling that many buyers are waiting to buy based upon viewing the national market, creating a “pent up demand” among buyers and will generate a more open market starting early spring.
It is a question that comes up all the time - should we remodel or should we move? This is such an individual decision, however, it can be helped along with some investigation on your part. Looking at your long term goals, the current market conditions as well as the type of return you might expect from your remodel will assist you in making your decision. Your Realtor will have the information you are looking for in the last two qualities and can also walk through your home to give you an idea of what you might obtain if you would sell it now. Gathering the information you need will put you in a great position to make your best decision!
As the holidays approach, the question always comes up about whether to list a home now or wait until after the first of the year. There are buyers out there, always. Since many folks do decide to wait until after the first of the year, the inventory does seem to be streamlined from November until January. This puts you as a seller, in a much stronger position if you list during the holiday season. There are many variables that will play into this decision and it’s a great opportunity to sit down with your agent and determine which direction will most meet your individual needs.
As you are aware, the current market conditions are somewhat challenging for sellers and their agents. In this type of market, it is crucial that your property is priced correctly for it to sell. This is not one of those times to “test the market”. There is no formula for pricing, nor is there any magic. Based upon the data that is currently available, you and your Realtor decide the best price to get your home sold. The pool of buyers that are looking for homes at any point and time will be the ultimate judge of your price. If you have a lot of showings with no offers, or if you aren’t getting showings then you are being told by the market that the price on your house is too high. Although challenging, this market is still moving - you need to position your home in the running!
This morning I was at home unusually late and caught The Ellen DeGeneres show as I was getting dressed. She apparently now has an occasional segment called The Real Realtor where people send in various pictures of Realtors which are shown on air with her comments (which of course are negative) about that person. As consumers, it is important to know that there are a multitude of top notch, highly trained professionals available to assist you in the purchase or sale of a home. They guide you through the process, negotiate on your behalf, provide valuable resources and educate where needed. When taking on possibly the largest purchase of your life, it is important to interview and choose the Realtor that is a fit for you and your individual needs. And that’s what your “real” Realtor will look like.
In the past, open houses were a great way to generate traffic through a listing. I have seen over the years that open houses are not quite as productive as they once were. There are many contributing factors to this trend, one of which is the access of consumers to many great pictures of the home on the internet. Now on MLS, there is the availability of 16 pictures which gives all of us a much better idea of whether or not that house might be a fit.
Everyone is aware that the market isn’t quite what it was this time last year. Is this a good time to for you to buy? The inventory is very strong here in Cincinnati with lots of bargains to be had. With so much information available to consumers it is easy to do your homework and make the most informed decision. What information would be most helpful to you in making this decision?
Soon, Marilou (Director of Training at Group) will be writing a variety of articles!