AmyBSells Team - Cincinnati Real Estate Blog

Amy May 23rd, 2008

I opened my email today to find some great news as it pertains to our local Cincinnati Real Estate market. The good news is, we are reducing our supply of homes for sale, even though it is traditionally the time when the most homes are put on the market. When the “inventory” of homes peaks over 6 months, then we are in a strong buyers market, when we are at 13 months like we were in January, it was very difficult. This could mean good things for our market turning around. We need to keep selling the homes that are on the market, and bring the inventory down to less than 6 months but 3 months would likely be getting closer to a great market for sellers.

Loans and lending institutions are allowing more buyers to qualify for our glut of inventory, helping our supply of housing reduce as well. They are making aggressive changes towards helping more qualified buyers enter into a mortgage that they can afford, and thus aiding in inventory reduction as well. Things will continue to change and shift in this market. The one thing I know for sure, it will be too late to take advantage as buyers the minute the word gets out that the market is on rebound. Get out there and buy your house or your investment property today! There are some amazing homes and great rates, do your part to reduce our inventory and balance our market back out!

Press Release

Cincinnati Area Board of Realtors®

May 23, 2008

1,635 Homes Sold in April

Up 3 Consecutive Months

Local Realtors sold 1,635 homes last month, marking the third consecutive month of increased sales this year. The inventory of unsold homes also improved, shrinking to 9.49 months compared to 9.75 months from March and 13.31 months from January.

Nationwide, April home sales seasonally adjusted were down 1% from March. They were off 17.5% from a year ago.

“Clearly, we’re making progress in reducing inventory,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors, who noted a balanced market is five to six months of homes for sale. “With the spring housing market taking shape, we’ll continue to sell more homes and experience inventory reduction.”

Local Realtors participated on May 4 in a project called Super Sunday, where Realtors had 2,837 open houses for the public that day. Schlosser said that based on the response from Realtors, that did spur additional home sales.

The average mortgage interest rate last month for a fixed-rate loan was 6.14%. That compares to 6.33% one year earlier. It’s now 6.35%. Schlosser said the higher maximum FHA lending amount of $337,500 in the tri-state area will help many buyers in their quest for home ownership.

Summary of Single Family and Condominium Sales

Multiple Listing Service of Greater Cincinnati

Cincinnati Area Board of REALTORS®

April Monthly Home Sales

Year-to-Date Home Sales

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• Buyers , Housing Market , Pricing , Trends , Value
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Amy May 23rd, 2008

Its that time of year again Cincinnatians! That’s right its just about to start getting hot, so that means it’s time for the 47th annual Homearama at Long Cove, a production of the Home Builders Association of Cincinnati.

This year, as in the past, Long Cove will be hosting Homearama in Deerfield Township from June 7 through the 22nd. This year, the HBA touts 10 spectacular models of excellence ranging from $1.6 million to $2.4 million. The 10 homes will be located along the Deerfield Township development of Long Cove, and its more than a mile of waterways. Local custom builders such as Kurlemann Custom Building Group, Robert Lucke Homes, Rookwood Building Group, Marino Homes, deStefano Custom Builders,
Hensley Custom Building Group, Daniels Homes, Artisan Estate Homes, Eagle Custom Homes and Spencer Hill Estate Homes will be presenting worthy options for your vote for best of show, or your purchase, if you are so inclined. 3 of the 10 homes have already been sold, but the other 7 are ripe for the taking! If you have an interest in purchasing one of these homes, please contact me, Amy Broghamer at 513-377-3637 for discrete, red carpet service and attention during your transaction.
Some of the fine details and marvels you will see this year include a house with 3 staircases, an English Pub, a sunken shower, a “Green” home, a dog suite, Wii gaming area, a 4 car garage, and a 40 foot entry turret. Which will be your favorite, please stop back by the blog after your tour and tell us which one you like the best!

The show is open Monday through Friday from 4-11pm and Saturday and Sunday from Noon -11pm. Admission is $12. Directions: I-71 to Mason Montgomery /Fields Ertle Road, Exit north on Mason Montgomery Road to left on Irwin Simpson Road. Follow signs to Homearama Parking. Visit www.homearama.cc for more info.

• Architecture , Buyers , Housing Market , Staging , Trends
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