By Lisa Eddingfield, AmyBSells Buyer Specialist Are you aware of the residential tax abatements in Cincinnati? By offering these tax abatements, the Cincinnati city government is encouraging neighborhood growth by offering a financial reward for building or remodeling within city limits. Especially if you're interested in new construction, these savings can be substantial. In addition, with new construction or improvements, the materials and products used are more energy efficient leading to additional cost savings for you.
These abatements could mean major changes in property taxes for those who can take advantage (basically, a freeze on the rate) and last for a total of 10 years. It's important to remember that this abatement is transferable -- so if the previous owner qualified for the abatement then you will reap the same tax benefits until 10 years has been reached. Furthermore, if you qualify for the abatement and decide to sell your home then the transferability of the abatement will be an excellent selling point. The taxes will be based on the home's original value before renovation instead of the added value of the renovation, or a discounted value for new construction that qualifies. Here's some info regarding eligibility I found on the city's website:
"Real property must be within the City of Cincinnati. Any improvement for making a building more structurally sound, more habitable, or for improving the structure is eligible. Eligible uses include renovation or new construction of one, two, or three unit residences, or condominium conversions or rehabbed condominiums."
Keep in mind that not just any improvement will qualify for this abatement. These are for improvements that add to the value of the home, not just improve the condition. (Think deck or addition, not windows or roofing.) You'll have to apply for the abatements, and your construction will be assessed. To learn more about this abatement, including numbers, visit the city's website. Call me anytime if you want to learn more about buying a home in Cincinnati. -- Lisa is the Buyer Specialist for the AmyBSells Team. She has more than 20 years experience in sales and has been working with buyers for nearly a decade. Stay tuned for the blog for more helpful information from the newest addition to our team.
Who said that Real Estate is slow during the Winter/Holidays???????
Certainly not ME!!! I stand behind my statement that I have told to countless sellers each fall - “The winter market is a GREAT time to SELL your home!” - and I mean SELL your home.
Imagine for a moment (don’t close your eyes because you need to read, but just imagine). It is cold out, November or December, a crisp 34 degrees in the air. It may be snowing or spitting at you as you walk along the streets, up slippery stairs (be careful!) to homes that are for sale; boots, scarves, gloves, umbrellas. Not the most desireable time to shop for a home. If you could choose what time of year to buy a home, I am sure it would be the Summer or Spring - it is pleasant, warm and full of life and fun!
Well wake up! It is the winter. No green, white and cold, and not a fun time to shop for a house. Why am I so glum? I am just trying to illustrate a point to you. WINTER BUYERS ARE NOT SHOPPING FOR HOMES IN 34 DEGREE WEATHER for FUN!!!! They are doing it because they HAVE TO! The most serious buyers are buying homes during the winter months. These months are between November-February. If they are out looking for a house, it is not a fun walk down the street on a warm Sunday afternoon, they are drudging through snow and holiday traffic to buy a home, and they will not leave without one!
Winter buyers are often more serious for a few reasons. First, most winter buyers have a job offer to start in January, or are given a job offer in the new year, in January. They must move quickly to find a house and begin their new jobs. Also, families with children are trying to get their kids in school for the second half of the year, to try to keep things normal for their kids.
So may sellers take their homes off of the market in November, anticipating a slow winter. I guess Realtors are suggesting this, or have so often in the past that this is what sellers just assume to be the case. Consider that you may want to sell your home, and it is May, you may be one of 30 homes in your area and price range for sale, because it is the “best time to sell.” Well consider that it is December, and you want to sell your home NOW. You may be one of 10 homes on the market through the holidays and winter. When these serious buyers come trudging through the snow to see your listing, you have a 1 in 10 chance of selling to that buyer who WILL buy because they HAVE to. Compare that to the May 1 in 30 chance of selling to someone who is just maybe considering buying and is out enjoying the weather. Which would give you a better chance of selling, May or December?
I AM NOT GOING ON RECORD saying that the winter is slow. In fact, I am so busy and it is great! This year, since December 15th, I have sold 4 of my listings and helped 3 buyers purchase their homes. That is 7 transactions in the last 30 days, those 30 days include Christmas Eve, Christmas Day, New Years Eve, New Years Day. All 4 of those holidays, I had showings on my listings, or I received or negotiated an offer. Realtors never have a holiday, and I am happy to work to help my clients sell or buy their homes on a holiday! It was a great Christmas gift and a great way to start the new year for many of my clients! Two of those 4 listings wound up in a multiple offer situation, providing more profit for the sellers.
Who said this was a slow market? NOT ME!
Last, year, in 2006, I had 5 closings occur between Thanksgiving and New Years! All 5 of them were relocating for a job, or had to get their kids in school for the second semester. The year before that in 2005, I had 5 closings occur in February, and those buyers all put in offers in the December and January time period.
I believe in the winter market!!! My advice to you today, if your Realtor says that the winter market will be slow and nothing sells, find a new Realtor, because you will never sell if that is the attitude. I work 12 months a year, with steady business all year long. If I have sellers, I am working to sell the house. Be sure you know if your Listing Realtor takes off the standard Realtor break of Nov-Jan. I promise you, that is the time when most agents are not working because they don’t think that anything is happening. That is great for me and for my sellers who get their homes SOLD because I work to get them SOLD in the WINTER!
There is still time to take advantage of the WINTER market!!! With my work ethic and support team, we can have your home ready for sale in days, and SOLD in an average of 35 days (Most Realtors listings stay on the market an average of 100+ days) I am ready to SELL your house!
If you are serious about selling, call me!
I look forward to selling your home in this winter market!
The Ohio Mortgage Bankers Association (OMBA) released some very interesting data regarding their Q3 2007 figures that I felt compelled to share with my readers in Cincinnati, Ohio. As a resident, Realtor and Certified Residential Specialist, I feel that it is increasingly the local Realtors job to educate their local public on the state of the Real Estate market. I always suggest that the more local the data and information the better. You can’t form opinions regarding the Real Estate market from national news, based on California, Nevada or New York; you must look at what is happening in your state, city and suburb. This is my reason for writing a series of articles regarding the local real estate market. The more informed you are locally, the better the market will be for us locally.
Let’s start with Ohio, the state level and the recent figures released from the states Mortgage Bankers Association (OMBA). As you may have heard in the past, Ohio was a state of high foreclosure rates. When you break the state down by top 10 counties that these foreclosures are occurring in, Hamilton County, nor any other areas of Greater Cincinnati are amongst the top 10 that are the state’s worst counties for foreclosures. This is great to know if you live in or around Cincinnati, or its suburbs. And it lends to the mentality that the more local your information and news is, the better!
In the state of Ohio, The home ownership rate remains near record levels at 68.2% reports OMBA. This high rate of homeownership is almost record breaking, does not tell me that we are in despair in our Real Estate market. I wish these numbers were a part of the newspaper and evening news statistics!
The OMBA further suggests that 35% of Ohio homeowners own their homes outright, no mortgages at all! 48% are in a fixed rate mortgage, which is the conservative route, and almost half of Ohio residents are being conservative about their home financing, providing a stronger outlook for the future of the Ohio market! 15% of Ohioans have an Adjustable Rate Mortgage (ARM). And the smallest single group of people in Ohio, just 5% of homeowners is a non-prime or sub-prime borrower with adjustable rate mortgages. This is only 5% of Ohioans that have this higher rate loan that adjusts. The squeaky wheel gets the grease is TRUE! Why don’t we hear about the 35% who own their homes or the 48% who have the most conservative loans on the market? Instead, the newspaper and news casts prefer to report the doom and gloom when merely 5% of Ohioans that agreed to take a mortgage above prime rates and that adjusts gets into trouble. The media goes by the saying, “If it bleeds, it leads!” and that is causing so much of the bad press surrounding this Cincinnati Real Estate Market, which is simply not true!
In fact, in Ohio, the foreclosure rate is 1.7% of all loans in Ohio. The market tells us that a little over a half of that 1.7% will actually be foreclosed upon, but there are no exact numbers. The OMBA suggests that the number one cause for delinquencies and foreclosures is historically job related, most specifically so in the Mid-West, which has lost a significant number of manufacturing jobs. It is a fact that lenders want to lend money to borrowers who are willing and able to pay the loan back. They are not trying to induce a foreclosure situation! In fact, the OMBA estimates that between $30,000-$60,000 net loss occurs each time there is a foreclosure on a single property.
The lending community is taking note of these figures and situations that arise from these foreclosure situations. The competition in the lending marketplace has increased, leading the way for borrowers to find more options for their financing from the stronger, remaining lending institutions. The lenders are now pushing borrowers towards the more traditional mortgages, with down payments, fixed products and conventional loan options, which all help the borrower, the lender and the real estate market.
So, yes, Ohio has seen a small amount of foreclosures as state, Cincinnati and even smaller number of foreclosures. This concern over foreclosure figures has created more awareness in the lenders and loan options, which allows borrowers more education on their financing options. I hope that these numbers show you that in Cincinnati, we are going well, in Ohio, we are as well. Get your news locally, and there is always more good than bad, they just prefer to tell you the bad.
Hang in there and check back soon for some local articles on Hyde Park, Mount Lookout and other Cincinnati Suburb market conditions as they happened in 2007.
Data and statistics noted in this article are based onthe Ohio Mortgage Bankers Association’s Q3 2007 figures.
Northern Kentucky has already captured a significant revival with the addition of the Newport on the Levee complex. Stores and restaurants (and a wonderful AMC movie complex) took advantage of this central location, and crowds continue to flock to the area from Kentucky and Ohio.
Once again, Kentucky has won the battle with riverfront housing. First, the Ascent, while not exactly on the shores of the Ohio River, represents the first dramatic departure from the typical and out-dated buildings of Northern Kentucky. The Ascent building, designed by world-renowned architects, Studio Daniel Libeskind (designers of the World Trade Center redesign and memorial), was the first new building that was built to attract the wealthier retirees and executive type buyers, with prices ranging from $395,000 to $4.5 million for the 72 condos.
Next on tap was the larger South Shore development, a three-tower complex, featuring a private marina, clubhouse, pool and putting green. There are 200 units, priced at $250,000 to $2 million. This site features fantastic views of downtown and the east suburbs of Mt. Adams and Columbia Tusculm, and you're just a short boat ferry away from the Montgomery Inn Boathouse.
The newest, but less expansive project is the River House Landing. These are town homes (and 1 Victorian home), feature private docks, elevators, and rooftop decks with gorgeous views of the Ohio River and downtown Cincinnati. These are much more livable areas, and offer more privacy than the Ascent and South Shore. While you still share walls with adjoining units, you don't share floors or ceilings. A private garage on the ground level accompanies a media room, wine cellar and your own dock. This is key if you are a boat fanatic. Prices have just been updated to starting at $899,000, and you can choose from many luxurious amenities on the four living levels.
If any of these wonderful options interest you, contact me today, and we will figure out which is the best option for your lifestyle.
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