A home inspection is a crucial aspect of any home purchase. A home may appear to be in good repair, but have several costly issues lurking under a fresh coat of paint or newly installed flooring.

A licensed, professional home inspector should look at the foundation and structure, roof, exterior, major systems (electrical, heating, cooling and plumbing), and appliances that stay with the home. Any needed repairs will be identified in the inspection report and then there is an opportunity for the potential buyer and seller to negotiate to see how the cost of the repairs will be handled. In some cases the seller may agree to have the work done before closing, lower the sales price by the cost of the repairs, or put the funds in escrow to pay for the work at a later date. The buyer may decide that they will pay for the repairs themselves after moving in.

A home inspection might uncover only minor issues such as a leaky faucet here and a piece of trim that should be replaced there, but it may also reveal extremely costly issues such as mold, wood rot, a sinking foundation, or the need for a new roof. These are things you certainly want to be aware of before purchasing a new home.

Sellers may want to have a home inspection done before putting their home on the market. This allows them to identify and address any issues ahead of time, rather than risking a buyer walking away from a purchase soon before closing.

What Your Home Inspection Should Cover

The home inspection report will likely include information on the condition of the following aspects of the property:

• Heating and Air Conditioning Systems
• Plumbing and Electrical Systems
• Roof
• Insulation (visible)
• Walls and Ceilings
• Floors
• Windows and Doors
• Foundation
• Basement or Crawlspace

It is important to understand that part of owning a home is dealing with the unexpected. Though a home was inspected thoroughly it is still possible for something to break or need to be repaired or replaced shortly after you move in. You may also want to get a pest inspection which deals specifically with damaging insects.

Types of Home Inspections

Before committing to the purchase of a home it’s smart to have the home inspected so that you’re aware of any issues with the home’s structure or systems. There are also several types of specialty inspections that can also be performed.

• Structural and Mechanical Inspection
  A basic inspection that looks at the interior and exterior structure of the home (walls, ceiling, roof, siding, foundation, etc.) as well as the property’s systems (electrical, plumbing, hvac, etc.) and the major appliances.
• Radon Testing / Mold Inspection
  An inspection of the home’s air quality. Radon and mold issues can be costly to correct if discovered down the road.
• Pest Inspection
  Looks for wood destroying insects such as termites. These tiny bugs can cause serious damage!
• Asbestos / Lead Based Paint Inspection
  Checks the home for these potential health hazards.

It is important to identify any issues with a property before you purchase it whenever possible. Hidden damage or hazardous materials won’t just affect the safety of and your enjoyment of the home but also your ability to sell it when the time comes.

10 Questions to Ask Your Home Inspector

1.  May I see a copy of your current license?
2.  May I see a copy of your current insurance policy that protects against errors and omissions?
3. How much experience do you have in this area, and with properties like mine?
4. What would happen if issues are found after closing that were not identified on the inspection report?
5. When will I receive the inspection report?
6. What will be included in the inspection?
7. Do you have references for past clients I can speak with?
8. What are your fees, and when are they due?
9. Who else will receive a copy of the inspection report?
10. Will you give me a walk through of the home to explain the report after it is completed?

Related Topics and Questions:
What is the Difference Between an Appraisal and a Home Inspection?

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Mailbox Makeover

This project assumes your mailbox is on your property and you have the freedom to personalize it. If you have the green light for a mailbox makeover, there are so many creative things you can do.

- If your mailbox looks shabby, paint it or replace it. For a touch of whimsy, you could stencil or paint designs, letters, numbers, or a scene on it. How about ladybugs and butterflies? With a small investment towards some super weather proof adhesive, suitable for your specific surface, bedazzle your boring mailbox with shells, stones, coins, marbles or make an artsy mosaic.

- Create a small garden spot around the base of the mailbox. Choose how large you want it and establish the space with garden edging, bricks, stones, or railroad ties. Prepare the ground just as you would for any flower bed, fill it with good potting soil and your choice of plants and flowers. Remember to mulch it to hold in water and hold off weeds!

Front Door Fix Up

Whether you choose to paint it a bold new color or apply a fresh coat of stain, beautifying your front door is always a worthwhile endeavor. Sometimes, replacing it entirely is not a bad idea, either! Before making the first step, drive around a few neighborhoods to see which front doors appeal to you. It could be that all yours really needs is a good cleaning and maybe some new hinges and hardware. How about a shiny brass door knocker, updated doorbell, and a different doormat?

Outdoor Fire Pit

Designating a place to relax and entertain outside is a very rewarding project. Of course, there are elaborate outdoor kitchens and living areas that cost thousands of dollars. This is not that type of project!

Locate a corner of your property that’s convenient to the backyard entryway or outside grilling area. Look around to make sure that there would be no fire hazards due to low hanging tree branches or thick shrubbery. Next, the footprint of the fire pit area can be marked off, if you desire. It can be outlined with stone, garden edging, or containers of plants. You may prefer to just build the fire pit right on your existing lawn-that is all up to you. The spot where the fire pit or chiminea will be placed, must be on a non-flammable surface such as gravel. Since there are a variety of ways to design the project, check out this idea from the This Old House website: http://www.thisoldhouse.com/toh/how-to/intro/0,,1636191,00.html Regardless of your design preferences, this is a rewarding project that pays for itself many times over.

Below is another DIY firepit example from Lowes:

Whole House Purge

Sure, setting aside a weekend to rid yourself of unused and unwanted stuff sounds like no fun. However, the rewards are immediate and long lasting. Before the weekend, consider how nice it would be to streamline the household with less clutter. This does not apply to only what is visible. For a true household purge, plan to leave no stone unturned. That means that every closet, drawer, nook, and cranny will be examined with a critical eye. Also before you begin tackling this job, think about what you are likely to discover and what the next destination will be for your liberated things.

Next, bring in boxes and bags, and label them for them accordingly. For example, old books and magazines could go to the library, perhaps a friend or family member could use some of the kid’s outgrown clothing, and there may be consignment shops where you could actually make a little extra cash for better items.There are even establishments that buy gently used sporting goods. Other choices would be Goodwill, the Salvation Army, or a local organization running a resale shop for charity. Avoid the temptation-(unless you really need the money) of having a yard sale. Your goal is to get rid of everything that is cluttering up your home in one weekend. Oftentimes, having a yard sale is more trouble than it’s worth & you either never get around to doing it or are left with unsold items. Instead, clean it out-move it out! Make sure to have plenty of trash bags for worthless items. If you need more inspiration, watch an episode or two of the TV show, “Hoarders”.

Related Post: Tips for Decluttering Your Home

Butterfly and Bird Sanctuary

Set aside a small area on your property for a DIY haven for the local winged creatures. Any time of year is ideal, however, in the spring and summer, it’s nice to have some plants and flowers that attract butterflies and hummingbirds. A little research online, at the library, or at your Agricultural Extension Service, will help you discover which creatures thrive in your area and what types of plant life attracts them. Whenever possible, try to plant a few perennials, so they’ll come back each year. If there are no trees that would work, a few shepherds’ hooks are all you’ll need to hang feeders. Container plants, a birdbath, and maybe a garden bench, are nice touches as well. Make sure to create this spot near a window, so you can enjoy it from inside too!

Below is a video on plants that attract butterflies and hummingbirds from the Volunteer Gardener’s Youtube channel:

More DIY Projects to Get Moving On….

• Upcycling Projects for the Home
• Ideas for Remodeling Your Man Cave (aka your basement)
• Staging Your Home on the Cheap

The post 5 Weekend Projects That Will Increase Your Enjoyment of Your Home appeared first on American Financial Resources Blog.

“Remember, anyone can do it–not everyone will. The only question is: Will you?” -Gary Keller in The Millionaire Real Estate Investor

This advice is something that Americans are apparently ready to embrace once again! One of the nation’s largest real estate firms, Prudential, announced the results of its year end “Outlook Survey” in early April. The survey measured consumer perceptions and brought to light the fact that pessimism and apprehension in regard to investing in real estate is finally waning.

Earl Lee, who is the president of Prudential Real Estate, interpreted the survey results with the explanation that, “With interest rates near historic lows and prices in many markets still well off their highs, a home remains one of the best long-term investments people will make.” He elaborated further that along with continuing low mortgage rates, the fact that home prices have finally stabilized and properties are appreciating provides more evidence that, “in many areas it can be said that now is the time to buy.”

The Prudential survey was conducted in December 2012. It queried 5,000 adults in the US who confirmed that a home purchase is one of their top goals in the near future. The participants were aged 25 to 64 with a minimum household income of $50,000. Those that completed the survey indicated that they had either recently bought or sold a home, or were considering buying or selling a home. The margin of error is ± 1.4% for all respondents. Here is a look at the survey highlights:

• When asked about their feelings regarding the US real estate market in general, 63% responded that they are, “now more optimistic about buying, compared to their parents’ generation.”
• Among the participants that fell into the age bracket of 25 to 34, 73% noted that they are “at least somewhat confident in the recovering real estate market. They also voiced optimism regarding the continued recovery of home values.
• A whopping 87% were in agreement that Americans contemplating home purchases should buy property now while both mortgage rates and home prices are still at low levels. 74% noted that now is the time to buy, citing historically low interest rates as the sole motivator.
• Those respondents who categorized themselves as real estate purchase “contemplators,” scored high on the confidence scale. According to the results, “41% are waiting for the right opportunity and 31% are waiting for the “right home.”

Prudential’s analysts summed up the overall positive views recorded via the survey with this comment, “A 10% increase in contemplator confidence is an indication that the U.S. economy’s ongoing recovery from the “Great Recession” is beginning to resonate with American buyers and sellers.”

Younger buyers are cautious, yet savvy when it comes to real estate.

Many housing market analysts and economists have similar views about the new wave of American home buyers. Those young adults who bore witness to the housing crisis and its aftermath appear to be cautious, yet savvy home shoppers. They have paid attention and understand the value and benefits of home ownership. Prudential’s president summed up his interpretation of the survey findings by commenting, “The economy appears to have turned a corner and unemployment rates are on the decline. Younger generations are significantly more likely to hold a favorable perception of the real estate market because they weren’t as affected by the downturn.”

If this is not enough to convince you that NOW is the time to find your dream home and get pre-approved for a mortgage, take it from Mr. Trump:

 ”It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” -Donald Trump

Related Topics

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Fannie Mae, began in 1938 under the title, the “Federal National Mortgage Association”, or FNMA. As part of FDR’s “New Deal”, in the aftermath of the Great Depression, the FNMA sought to provide local banks with federal funding in order to finance home mortgages. The overall goal was to increase the level of home ownership and availability of affordable homes for the working class. Fannie Mae also evolved into an agency geared towards providing working families with the means to obtain quality rental housing. Sponsored by the US government and chartered by Congress, Fannie Mae served to strengthen the nation’s housing and mortgage markets by keeping a flow of money to the mortgage lenders. Fannie Mae does not provide loans; instead, it guarantees mortgage lenders, banks, credit unions, and other financial institutions the ability to keep the funds flowing to eligible borrowers for home purchases or rentals. Even though it is regulated by the Federal Housing Finance Agency, with the housing boom that persisted through 2006, approval volume spun out of control and the agency got in over its head.

Now, according to the Reuters article, Fannie Mae executives are very optimistic about the profit potential for the future. Thanks to declining foreclosures and fewer delinquencies, Fannie Mae has gained significant ground. In the same conference call to the press, company executives stated that they expect, “earnings to remain strong over the next few years.”

Mary Beth Fisher, who is the head of US interest rate strategy at SG Corporate and Investment Banking in New York City, made the observation that, “rising home prices and falling delinquencies have improved Fannie Mae’s profitability.” She also noted that the housing market is making steady gains and the number of foreclosures is down significantly. Furthermore, it was affirmed by Fannie Mae execs that the situation is only going to get better. They attribute that to the statistical evidence, that since the downturn began in 2006, there is finally solid improvement. Cited, as case in point was the January Case-Shiller Home Index, which reported y-o-y increases in housing prices in all of the 20 major metros, it tracks.

Housing market professionals and economists also say that Fannie Mae’s positive record benefits taxpayers. That is because the enterprise pays dividends to the Treasury on shares the US government owns. In 2012 those dividend payments were up to $11.6 billion and through 2013, they hit $35.6 billion. Also, according to the Reuters article, taxpayers have even more to be thankful for. It was further acknowledged that, “Fannie Mae’s profitability opens the way for the company to use an accounting treatment to reinstate past tax credits worth $59.8 billion in its balance sheet, which it can use to repay the government.”

More Information on Fannie Mae’s Progress Through 2012:

• $35.6 Billion Paid to Taxpayers in DividendsThrough March 2013
• $2.7 Million Home Purchase Loans
• 9.7 Million Homes Refinanced
• 1.7 Million Units of Rental Housing Financed

Download their full progress report here: http://www.fanniemae.com/portal/progress/index.html

The post Fannie Mae Posts Record Profit appeared first on American Financial Resources Blog.

Just think of these ordinary components and their origins: solid surface counter tops  upholstery fabric, hardwood floors, appliances, bathroom fixtures, doors and windows. How about the garden sod, trees, shrubs, bulbs, outdoor furniture and bubbling fountain that makes your yard so pleasant? Exactly! It all had to come from somewhere. Not only was it designed, cultivated, created or manufactured, someone had to get it to you, possibly install it and then what about the individual who helped you choose it in the first place? Also, there are likely several service providers employed by you to take care of things like the HVAC system, appliances, and more. From manufacturers, to designers, delivery personnel and retailers, the business of real estate creates and affects millions of jobs. That is why it is linked forever hand and hand with the economy!

A recent National Public Radio story was reported on All Things Considered by Yuki Noguchi, which acknowledged how closely tied the housing industry is to other industries. Scott Gillis, the owner of a Maryland moving company was interviewed for the story. He elaborated on the ups and downs he has witnessed in the last few years. He mentioned the fact that he had to cut back on the number of employees because so many Americans were forced to downsize and move into rental units. Gillis also discussed how he witnessed scaling back at the corporate level, with large offices laying off employees and moving into smaller spaces. However, at the time the story aired, Gillis acknowledged that a turnaround is underway. He is much busier than this time last year and said, “I’m calling up all my old employees. Basically, I’m doing as much as possible because I’m anticipating we’re going to have a good summer.”

In addition to reports of rising home values, increased sales, and higher appreciation rates flowing in across the board from reliable sources such as the Case-Shiller Indices, the National Association of Realtors, and the National Homebuilders Association, there’s a huge trickle down effect elsewhere. Noguchi cited the fact that the nation’s two largest big box home improvement stores, Lowe’s and Home Depot, are gearing up for a busy spring and summer. In fact, beyond the 45,000 folks Lowe’s hired for the spring season, it is projecting to add 9,000 extra employees. Lowe’s chief customer officer, Greg Bridgeford, told Noguchi that, “We are investing more labor, literally, in the aisle today, because we know that customers are coming in not just for a single maintenance item or a replacement item. They’re coming in to engage in projects, and that takes some face-to-face time.” Home Depot, too, is slated to add on 80,000 new workers to handle what the company feels will be a hugely successful summer.

The NAR’s chief economist, Lawrence Yun, has been crunching some numbers of his own! He explained on NPR that all that goes into buying and maintaining a home, contributes nearly 20 percent to the country’s gross domestic product. Although that provides a big push towards the continuing economic health of the nation, there’s much more than meets the eye. Yun projects that by the end of 2013, homes in the US will be worth $3 trillion more than they were when the market was at its lowest point during the Great Recession. Yun stated, “that will provide a significant boost in consumer spending – $100 billion in extra spending this year, to be exact.”

In addition to heightened spending, more news from the field affirms that Americans are just more upbeat about the economy and challenges of owning a home. Lowe’s exec Greg Bridgeford told NPR that he feels the improving conditions are directly contributing to the happiness of his customers. He summed it up by saying, “We’re seeing them engage emotionally in their homes again as they have more confidence financially.”

Other Posts You Might Enjoy

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A recent report on home inventories generated by the National Association of Realtors indicated that the number of homes for sale is the lowest it has been since 1999. This is even true in states where the housing crisis was a serious matter, such as California, Arizona, and Florida. The well-known real estate listing website Zillow noted that in Sacramento, CA, the number of property listings was down in the y-o-y analysis in January 2013 by 60 percent. Zillow also confirmed that property listings are down 23 percent for the entire United States.

Those in the housing and finance industries cite a number of factors that have reduced the inventory of available homes throughout the country, which has severely driven up the demand. Due to the Great Recession, construction of new homes virtually came to a standstill. Foreclosed upon homes and short sales were snapped up by investors and the continuing low mortgage rates were a big incentive for qualified buyers to commit to home purchases. The Mortgage Bankers Association reported in early April that “distressed sales are down and conventional sales are up.”

The MBA’s vice president of research and economics, Mike Frantantoni, said that through the end of March, purchase applications from prospective home buyers was up and the applications for government loans rose by 7 percent. He attributed this phenomenon to the fact that on April 1st, FHA premiums were scheduled to increase.

New York Times contributor, Catherine Rampell, explained in an article on March 20th that, “As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble like price jumps in places that not long ago were suffering from major declines.” She proved this point with data from Zillow that the median sales price in Sacramento has gone up 15 percent in one year. This is important to consider, because it was a very hard hit area, where thousands lost their homes during the housing crisis.

The latest information from the Standard and Poor’s Case-Shiller Index indicates that nationwide – through 2012, home sales prices went up by 7.3 percent. The trend was especially evident in Dallas, with sales up 6.5 percent; Tampa, where sales rose 7.2 percent; and Denver, where sales were up by 8.5 percent.

Construction firms who reduced their ranks to skeleton crews because of a tremendous slow down in new home construction, are now ramping up efforts to reenlist qualified workers. The offices that issue building permits are also scrambling to keep up with the sudden demand. The government reported on April 2nd that housing permits, while far below their peak, surged in February to their highest level since June 2008. This uptick represents an increase of nearly 34 percent from the same period in 2012. What’s fueling demand even more, according to New York Times writer, Rampell, is that “Homeowners often remain reluctant to sell, either because they want to wait and see how much further prices will climb or because they are afraid of being displaced in the sudden buying frenzy.”

More Posts Here:

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The average rent in the United States was $804 per month, according to data from the latest American Community Survey, released by the U.S. Census Bureau in 2012.  Currently, it is estimated that the average monthly rent in the United States is closer to $1,161 for a two-bedroom apartment. The latter figure is not an official finding, but is from the website MyApartmentMap.com, which gathers statistical data from current online listings throughout the web. According to the site, the figures are updated on a daily basis and the data is “cleaned” to make sure information only comes from verified listings.

Using the data from the American Community Survey, here’s a look some of the cheapest states for rent:

West Virginia

Median Rent: $571/mo.
41.7% of tenants pay between $500 and $749 per month in rent in West Virginia.

North Dakota

Median Rent: $583/mo.
42% of tenants pay between $500 and $749 per month in rent in North Dakota.

South Dakota

Median Rent: $591/mo.
36.4% of tenants pay between $500 and $749 per month in rent in South Dakota.

Kentucky

Median Rent: $613/mo.
38.9% of tenants pay between $500 and $749 per month in rent in Kentucky.

Iowa

Median Rent: $629/mo.
40.7% of renters pay between $500 and $749 per month in rent in Iowa.

Curious about the states with the highest median rent? Hawaii topped the list, with a median rent of $1,291 per month. Coming in second was the District of Columbia with a median of $1,198 per month. California has the third highest rent, with a median of $1,163. Maryland and New Jersey held the fourth and fifth positions, with median rents of $1,131 and $1,114, respectively.

According to the data from MyApartmentMap.com, the states with the cheapest rents were as follows:

Idaho
Average Rent: $699/mo.
Change since last month: +$15

Arkansas
Average Rent: $723/mo.
Change since last month: +$17

Kentucky
Average Rent: $760/mo.
Change since last month: -$3

Oklahoma
Average Rent: $760/mo.
Change since last month: +$29

Alabama
Average Rent: $763/mo.
Change since last month: +$9

Ohio
Average Rent: $775
Change since last month: +$13

The most expensive states for rent, according to MyApartmentMap.com, were Hawaii ($3,492/mo.), New York ($2,900), Massachusetts ($2,001), California ($1,658) and New Jersey ($1,627).

As you can see, rents have certainly gone up fairly steadily. With the exception of Kentucky, where the average rent price actually declined slightly since last month, most of the other states have seen gains. So does this mean it’s becoming a landlord’s market? Perhaps. Now may be a good time to consider investing in that rental property you’ve been eyeing – or maybe you ought to consider renting out your old home after you buy up. Either way, if you have the means to do so, you may want to talk to a financial adviser about the pros and cons of investment real estate. Considering the fact that mortgage rates are still near historic lows, the time may be perfect for you to take advantage of the market’s conditions.

For information on mortgage loans for rental property, feel free to contact American Financial Resources for a free rate quote. Simply call 1-800-634-8616 today or fill out our rate request form to the right and a mortgage specialist will contact you after reviewing your information.

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In mid-March, the average 30-year fixed rate hit the highest level in more than six months at 3.63%; however, despite these increases, home sales have actually increased and more serious buyers are entering the market. And just a few days ago, Freddie Mac reported that the benchmark 30-year mortgage rate dropped to 3.31% – the lowest level in four months. So, what does this tell us? That within two months, mortgage rates hit a high AND a low – meaning that, while rates will likely bounce around frequently for a while, they are remaining very affordable.

Although it may sound strange, rising interest rates can actually be good for housing and for the economy overall. Here’s how:

Buyers Starting to Get Serious
According to some real estate experts, rising mortgage rates could signal further improvements in the housing market. This is due to the fact that more buyers are likely to enter the market once they realize that rates have already hit bottom and will most likely continue to rise from now on. Now that rates are starting to fluctuate, buyers are becoming more serious about locking in today’s low rate and securing whatever financing they need while it is still affordable.

Credit Being Opened Up to More Borrowers
In the days immediately following the housing crisis and financial meltdown, banks were reluctant to lend money to anyone they considered a risky borrower. Credit requirements were so tightened that even people with steady income and cash for down payments were having difficulty getting approved. These tight lending standards have since eased, but continued to pose a challenge to many would-be buyers. With interest rates inching higher, it stands to reason that slightly more riskier borrowers are entering the mix.

More Businesses Borrowing Money
Rises in mortgage rates have also been thought to coincide with rising demand for commercial and industrial loans. As more businesses acquire credit, the more the economy can benefit from all sorts of related stimuli – more jobs, more services, more goods, more money circulating on the local level, and so on.

So if mortgage rates creep back up in the coming weeks or months, don’t let it scare you. It has been reported that rates will most likely remain low through 2014, so even if current rates fluctuate a bit, they’ll remain affordable. Still, it won’t hurt to lock in a low rate now, especially if you’ve found a home you’re interested in purchasing or if you’re seriously considering a mortgage refinance.

Speak with a qualified mortgage specialist to review your information and receive a quote. You may be surprised to find out just how low of a rate you qualify for!

The post Mortgage Rate Fluctuations Not Thought To Stall Recovery appeared first on American Financial Resources Blog.

Cincinnati OH Real Estate At-A-Glance:

• Inventory of Homes for Sale: 19,284
• Change since Last Year: -8.4%
• Change since Last Month: +6.0%

• Median Asking Price: $138,990
• Change since Last Year: -2.7%
• Change since Last Month: +3.0%

According to Department Of Numbers, a consumer organization that conceptualizes public data, as of April 29, 2013 there were about 19,284 single family homes and condos listed for sale in Cincinnati. The median asking price for these homes was roughly $138,990. Compared to a month earlier, this figure increased 3.0 percent. Compared to a year ago, the median asking price is actually 2.7 percent lower. So if you thought about buying last spring, but wanted to see if prices would dip further, you can pat yourself on the back! But don’t wait too much longer, as shrinking inventory and higher demand will likely cause prices to move up in the coming months.

The Department of Numbers site (www.deptofnumbers.com) reports that the inventory of homes for sale in April was 8.4 percent lower than it was last year. Thanks to the spring season, Cincinnati’s home inventory actually increased 6.0 percent compared to the previous month. April is a popular month for putting homes on the market, as more people begin their house hunting in mid-Spring.

Let’s take a look at another real estate data site (just to offer another take on the market)…

According to information from Trulia, a widely-known real estate listing and information site, the average listing price for a home in Cincinnati was $201,811 for the week ending April 24, 2013. This represented a 3.1 percent jump in price from the week before. Trulia reported that the median sales price for homes in Cincinnati was quite a bit lower, coming in at $85,000 – 6.0 percent higher than last year’s figure.

Why such a difference between the average list price and the median sale price? It would stand to reason that more people are purchasing homes situated on the lower end of the price spectrum while the higher-priced homes continue to sit on the market. However, it’s important to note that the median sale price was based on 1,352 home sales and is not necessarily reflective of the typical price a buyer would pay for a home in Cincinnati. It all depends on the type of home, the size of the property and the neighborhood.

Speaking of neighborhoods, Trulia reports that the Hyde Park, Westwood, West Price Hill, Oakley and Clifton areas are the places to be when it comes to real estate popularity. With the exception of Westwood, which experienced a week-over-week decline of 3.1 percent, all other areas experienced week-over-week gains in their average listing price. Hyde Park in particular experienced a significant price gain over the previous week, rising 14.8 percent to an average listing price of $443,663, so if you’re searching in this area be prepared to see more prices rise and more buyers making offers.

For more information on the Cincinnati real estate market, contact a licensed real estate agent serving the area. For information on current Ohio mortgage rates, refinancing programs and other home loan information, feel free to give the mortgage experts at American Financial Resources a call at 1-800-634-8616.

Want to see a few hot new listings? Check these out from Yahoo! Homes:

A brick townhome with lots of charm – seller asking less than $140!
9415 Stoneybrooke 

Gorgeous historic home with many modern upgrades – $239,000
1303 Paxton Ave.

Stunning luxury home complete with pool and game room – $875,000
8658 Ivy Trails Dr.

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In CNN Money’s list of the “5 Best Markets to Sell a Home,” California cities dominated with four out of five markets being located in “The Land of Sunshine and Opportunity.” Opportunity is right, particularly in the real estate realm, with rising home values and strong demand helping to fuel the state’s economic recovery.

CNN Money named Oakland as the top ranking market for selling a home, with the median list price at a whopping $419,000. Average days on the market for this real estate hot spot was a mere 14 days, indicating that demand for housing is strong and inventory may be slim. Due to this demand, many homeowners in Oakland are receiving multiple offers and even selling at above asking price.

Coming in second on the list was Sacramento. This Central California metro is also experiencing a real estate frenzy, with homes being snapped up only about three weeks after they hit the market. The average DOM for Sacramento was only 21 days and the median asking price was $279,900 – not as high as Oakland, but still a healthy figure.

The third best city for selling a home was Stockton, another Central California city close to San Francisco. The median asking price for Stockton was $185,900, which means that home prices here are still fairly affordable. Stockton was hit hard by the housing bust, so prices have yet to return to peak levels, but thankfully the foreclosure inventory is clearing out and more and more people are ready to list their homes. The average DOM for Stockton was 23.

San Jose was named the fourth best city to sell a home. This popular Silicon Valley metro has been able to maintain high levels of demand for real estate, as job growth and high-tech industries have continued to flourish. The median asking price for a home in San Jose was $607,000 with average days on the market at 25. This area has one of the tightest inventories in the nation, down more than 56 percent according to Realtor.com. so buyers in this area will have to be prepared to spend a lot of time searching for homes, make attractive offers and do whatever they can to get financing squared away quickly.

Considering a move to San Jose? Check out this video profile, courtesy of RealtyWorldNorCal:

For those that are curious, Denver, Colorado was the final city on the list, boasting a median asking price of $269,900 and an average DOM of 28.

So as you can see, Central California is the place to be if you’re a home seller. Buyers in these areas are highly motivated, willing to make strong offers and are eager to beat out the competition. For more information on the real estate markets in these cities, contact a real estate professional serving your area.

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