Cincinnati Real Estate News

Free Seminar: "Reducing Your Property Taxes"

noreply@blogger.com (Dan Weis) — Thu, 04 Feb 2010 22:47:00 +0000

Free Seminar for Greater Cincinnati Ohio Homeowners:

Reduce Your Property Taxes with Property Tax Valuation Appeals

Monday, February 22, 2010
6:00pm - 7:30pm
Sharonville United Methodist Church
3751 Creek Rd Sharonville, OH 45241

This seminar is free to the public.

Property taxes are one of the greatest expenses associated with property ownership, and they are ever increasing. Many owners are unaware that in each state and county, there is a legal right to challenge one's valuation. This process can result in a reduction of your taxes, and in some cases, a refund of taxes already paid.

Speaker: Christopher Finney, real estate attorney, has taught this seminar all over Cincinnati area

Hosted by: Dan Weis, RE/MAX Unlimited Realtors

Discover How To Appeal Your Property Tax Valuation & More...

1. Do you qualify for the Homestead Exemption?
2. Do-It-Yourself Explanation of Complaint Form
3. What happens at the Board of Revisions Hearing?
4. The 35% Calculation - They do it to confuse you!
5. Strategies To Help Determine Your Property Value!
6. Components of a Tax Bill - Real Example
7. The Right & Wrong Way To Fill Out Complaint
8. Get All of Your Questions Answered

RSVP to Amy White at acw@retaxsavings.com or 513-533-5155or Dan Weis at dan@danweis.com or 513-615-1890.

Ways To Stay Warmer This Winter

noreply@blogger.com (Dan Weis) — Tue, 17 Nov 2009 22:12:00 +0000

It seems like each year when I open up my utility bill that my energy costs keep going up. The U.S. Dept of Energy states that Midwest homes typically spend 40% of their annual home energy bill on heating.

So here's a few energy-saving improvements you can make this fall:

Add another layer of attic insulation. As a general rule, most homes have less insulation than needed and blowing in more will reduce your costs and make your home more comfortable. (I'm calling an insulation company tomorrow to get an estimate for our home.)
Turn on the humidifier. Additional moisture will increase the warmth in your home...(and you won't get shocked.)
Put on a sweater before turning up your thermostat. Each degree increase can raise your fuel bill by 3%. (I'm always telling my family to put more clothes on.)
Open your window coverings facing the south and west on sunny days to take advantage of the solar heat. (The sun's rays and warmth are free.)
Change your furnace filters every one or two months. (Now I know everyone doesn't do this all the time - I do forget sometimes myself.)

Even if you only do one thing, it will make a difference in your heating bill. So what will you do for this winter?

2010 Tax Increase for City of Cincinnati Homeowners?

noreply@blogger.com (Dan Weis) — Thu, 22 Oct 2009 20:38:00 +0000

Can you help prevent City of Cincinnati property owners from getting slammed with a 2010 tax increase??

Elected officials within the city administration claim they cannot vote on their 2010 Property Tax Budget until Friday, November 13th, 2009. This is 100% completely FALSE! See the email (directly below) sent by Hamilton County Auditor Dusty Rhodes to all city officials yesterday.

October 21, 2009

Members of Cincinnati City Council:

Recently the Hamilton County Budget Commission allowed an extension (approved by the Tax Commissioner of Ohio) so that the City of Cincinnati could present more realistic revenue projections (specifically earnings tax related) for their 2010 tax budget. The Budget Commission had not wanted to act on the previously presented more speculative numbers.

Once the City had the benefit of seeing the September earnings tax collection and gaining the insights of whatever consultant had been retained new projections were shared, the Budget Commission promptly approved the tax budget. City Council is now in a position to also promptly approve it.

There is no requirement that Cincinnati City Council wait 30 days to act. Rather, Cincinnati City Council must act within 30 days.

Dusty Rhodes
Hamilton County Auditor
Secretary, Hamilton County Budget Commission

Now, please read the article from the October 21, 2009 edition of the Cincinnati Enquirer (directly below this email) which will provide you additional background information.

So what’s the bottom line?
It’s simple. Some members of the city administration are trying to hide behind the November 3rd, 2009 General Election as “cover” - not casting a public vote themselves until after all Cincinnati voters have already cast their vote for Mayor and Council!

There are four City Council incumbents who have already voiced their support of continuing the Property Tax Rollback. Those Councilmembers are: Jeff Berding, Chris Bortz, Leslie Ghiz and Chris Monzel. To Councilmembers Berding, Bortz, Ghiz and Monzel, we say thank you!!

Because Vice Mayor Crowley and Councilmember Qualls have already voted their opposition to continuing the rollback, we are left to wonder where Councilmembers Laketa Cole, Greg Harris and Cecil Thomas stand on this issue - in addition to Mayor Mark Mallory. (we have listed the contact information for both Vice Mayor David Crowley and Councilmember Roxanne Qualls so you can contact them too.)

Action Needed
Therefore, please contact Councilmembers Cole, Harris, Thomas, Mayor Mark Mallory and City Manager Milton Dohoney to voice your opinion about this attempted “November surprise.”

Ask them to (at the very least) put the Property Tax Rollback on the Monday, October 26th Finance Committee meeting and the Wednesday, October 28th City Council meeting.

If they don’t, Cincinnati Property Owners (residential AND commercial alike) will not know their public servants’ stance on this issue until AFTER casting their vote in the November 3rd General Election.

Councilmember - Phone - Email address
Laketa Cole 352-3466 laketa.cole@cincinnati-oh.gov
Greg Harris 352-5303 greg.harris@cincinnati-oh.gov
Cecil Thomas 352-3499 cecil.thomas@cincinnati-oh.gov
Roxanne Qualls 352-3604 roxanne.qualls@cincinnati-oh.gov

City Manager Milton Dohoney 352-3243 citymanager@cincinnati-oh.gov
Vice Mayor David Crowley 352-2453 david.crowley@cincinnati-oh.gov

Mayor Mark Mallory 352-3250 mark.mallory@cincinnati-oh.gov

5 Ways to Cut Heating Costs This Winter!

noreply@blogger.com (Dan Weis) — Thu, 01 Oct 2009 21:28:00 +0000

Now that the fall season is upon us and we're starting to turn our furnaces on with the cold nights, here's some suggestions to lowering your heating bill this winter:

Let the sun help heat your home. During cold, sunny days, window curtains and drapes facing south and west should be left open.
Make sure your furnace filters are clean. Dirty filters rob your home of proper circulation and wasted energy.
Turn your thermostat down. When you're away for the day or in bed for the night, lowering your thermostat five degrees can result in energy savings. (Not recommended for most heat pumps)
Insulate. Adding insulation is probably the single most important step you can take in energy conservation. Have an insulation company give you an estimate for blowing insulation into your attic.
Humidify the air. Humidity in the air will make you feel warmer at a lower temperature. Replace the filter as often as needed.

Mortgage Modifications Gone Bad...

noreply@blogger.com (Dan Weis) — Tue, 15 Sep 2009 16:33:00 +0000

Story after story talks about how homeowners, who are attempting to modify their adjustable interest rate home loans to lower their payments, are now watching their monthly payments skyrocket.

Please don't get an adjustable rate mortgage (A.R.M.)!

I just read a story about a couple in AZ with a $550,000 home and they are trying to get a loan modification, because their interest rate is going to adjust (UP) to over $1,000 more per month. Most Americans cannot afford a jump in monthly payment like that.

When you are looking to purchase a home, only apply for a fixed interest rate mortgage. An ARM will only hurt you in the long run. If you have to get an ARM to buy a home, don't buy it!
ARMs are only a viable option for very few homeowners, yet during the years of 2003 - 2007 in a hot seller's market, many people got ARMs, because that was the only way to afford the home they wanted.

Now I'm not here to place blame. There's enough to go around for everyone, but the fact of the matter is if you can't comfortably qualify for a 30 year fixed rate mortgage on a home that you want, then you need to move down in price. The Financial Peace University Guy, Dave Ramsey, even talks about only taking out a 15 year mortgage.

You also need to remember that your total mortgage payment of PITI (principal, interest, property taxes & homeowners insurance) will go up from time to time, because even though your principal and interest are fixed, your taxes & insurance will increase over time.

So, when deciding on how much home you want to buy, make sure that you review your housing goals, stay within a comfort range for your monthly payment and don't buy a home that will keep you home all the time, because you won't have any money left over to enjoy life.

January 2008 Market Stats

noreply@blogger.com (Dan Weis) — Sun, 01 Mar 2009 02:56:00 +0000

Housing supply (Aborption Rate) is 14.4 months in January, up from last month by 4 months and up by 1 month during the same time last year. A "balanced market" rate is 5-6 months of listing inventory.

Looking back to 1990 through 2008 for the month of January, the sales level; dollar volume of sales and average sales price are at the 1996/1997 levels.

January 2009 sales were down 19.5% from January 2008. The average sale price was down 18.4%.

The active residential inventory continues to decline, down from 2008 and 2007 levels and almost equaling 2006...this is good. Inventory is being reduced, not only by sales, but also by properties being leased. It doesn't matter by which method, but just the result.

Important fact: The average sale price for January 2009 took a dramatic turn downward primarily due to the fact that almost 53% of the sales properties subject to lender approval (i.e. lender-owned properties, HUD homes and lender short sales, where seller owes the lender more than what property is selling for). The number of properties subject to lender approval in January 2008 was 40% and in January 2007 it was 29%.

While properties are still selling every day, we're still stressing to sellers to only put your property on the market if you have to sell. There's still too much inventory to compete with and it's all about supply and demand.

Are You On TWITTER?

noreply@blogger.com (Dan Weis) — Mon, 23 Feb 2009 23:19:00 +0000

I want to invite you to follow me on a free service called TWITTER.

Here's a short, 2-minute video about it:

http://www.youtube.com/watch?v=ddO9idmax0o

Once you watch the video, you can sign up on Twitter and follow me at: http://www.twitter.com/danweis

Help Your Kids & Grandkids Invest In Their Future!

noreply@blogger.com (Dan Weis) — Sat, 14 Feb 2009 19:21:00 +0000

Now is a great time for all parents and grandparents who want to help give their children and grandchildren a real financial head start in life.

Buying a home isn't on the minds of many 20-somethings, but is an excellent opportunity to buy real estate low as a long-term investment. Right now we're seeing an over-supply of homes (many lender-owned, vacant foreclosures as well as short-sale properties) while interest rates are near historic lows and housing prices are very favorable. The affordability of existing homes is at its highest level in many years.

During my past 24 years in the real estate business, the majority of the home buyers I speak with are concerned where they can come up with a downpayment for their mortgage. In the buyer's mind, this is without a doubt their biggest road block. This minor obstacle is easily solved with some creative thinking and a little assistance from mom & dad, grandma and grandpa and even a brother or sister.

As recently as 6 months ago, there were many 100% financing mortgage programs available, but they have all but dried up except for VA loans and USDA loans for qualifying rural properties.

The most popular home loan today for first time buyers is an FHA insured home loan, because FHA only requires a 3.5% down payment. The best part is that the entire down payment can be a gift from an immediate family member. This allows the parents to assist their children to buy their first home much earlier in life and essentially skip the need for them to waste their money on a rental. This can result in huge financial savings for their children and it allows them to build equity much faster than they could otherwise.

A few factors to consider about the current housing market:

Interest rates are near 40 year lows
Fixed interest rate home mortgages are readily available
Mortgages with fixed rates help protect against future inflation
Home values have fallen which makes it an ideal time to purchase.
Home ownership often creates stability, security and it can become an investment like savings account.
When you combine today's lower home prices with the low fixed rate mortgages in decades, it's clear that it is the right time to buy a home.

If you'd like to get more information on how you can help your child invest in their future, just pick up the phone and call me at (513) 615-1890 and tell me you read my blog and want to help a family member.

Hire Contractors Carefully!

noreply@blogger.com (Dan Weis) — Fri, 13 Feb 2009 20:55:00 +0000

Getting your home ready for sale for the spring market or just want to quit procrastinating on some home repairs?

Today's buyers want homes in great condition, so before you put your home on the market, fix anything that is showing wear and tear. If you're not an expert handyman, this may mean hiring a contractor.

The National Association of the Remodeling Industry (NARI) says that one of the most important steps in hiring a qualified contractor is checking references. NARI suggests you ask references the following questions:

Were you able to easily communicate with the contractor?
Were you pleased with the quality of the contractor's work?
Did the contractor show up for and begin work on time?
Was the job completed on schedule?
Did the contractor fulfill all of the terms of your agreement?
Would you use this contractor again with hesitation?

These questions will give you insight into whether or not you have the right contractor for the job.

I have been recommending a contractor, concierge-type network that has professionals who can cover just about anything.

I am offering to provide you with a free membership to this service network. When a need arises, you just call or email the network and they will put you in contact with an approved contractor, who will provide you with a bid for your job. You can even get multiple bids, if needed. If you're interested, just email me at dan@danweis.com or call me at 513-615-1890.

Cool Video For Kids & Grown-Ups Alike!

noreply@blogger.com (Dan Weis) — Wed, 04 Feb 2009 17:38:00 +0000

I just watched this great inspirational video called "The Race".

It's a story of a boy and a race, the temptation to quit -- and the inspiration to keep going. It brought tears to my eyes watching this short video. It brings back many childhood memories of how badly I always want to win any race I am in. The thought of not letting my parents or those who love me down -- just kept me going. Those same thoughts are still with me today as a grown man.

To think about it, life is just like a race. Sometimes we would fall down, and it’s okay, the most important thing is do we get up and finish our race or do we just stop our race there? This is certainly one of life’s greatest lesson.

Click here to watch this short 5 minute video: The Race.

I hope you will enjoy the video as much as I did. Let me know and feel free to share your thoughts.

Credit Card Companies May Lower Your Limits & That Can Cost You BIG!

noreply@blogger.com (Dan Weis) — Sun, 01 Feb 2009 06:39:00 +0000

Are you closely checking your credit card statements?

Here's a link to a recent CBS News story about how some credit card companies are unilaterally lowering a consumer's credit card balance (which can lower your credit score) while their other credit card companies, after seeing this, then raise their interest rates, because of a tactic called "Balance Chasing".

All of this can happen without you doing anything wrong!

Click here to watch this eye-opening story: http://www.cbsnews.com/video/watch/?id=4672315n

What The Market Stats Are Saying...

noreply@blogger.com (Dan Weis) — Mon, 26 Jan 2009 16:02:00 +0000

Fifty-six times a day a home sold between January 1 and December 31, 2008. People continue to buy and sell real estate despite the shift in the marketplace.

Housing supply, the Aborption Rate, is 10.4 months, down from last month by 2.2 months and down by .4 months the same time last year. A 'balanced market' in the Cincinnati area is 5 - 6 months of housing inventory - supply and demand.

Looking back to 1990 through 2008 year to date, our home sales levels are at 1996/1997 levels and the average sale price is at the 2002 level.

December 2008 sales were down 20% from December 2007. The average sale price was down 20%.

The active residential inventory continues to decline, 7% less than December 2006...this is good.

The number of homes sold per day has decreased by 16% since last year.

We are living in interesting times. Our current market wasn't created overnight nor will it go away overnight. It's my belief that "Real estate is a long-term investment."

Our Cincinnati real estate market hasn't been as badly hit as areas like Florida, California, Nevada, etc, but we're not immune to the challenges faced by many nationwide.

The reality is: it's a GREAT time for buyers to buy. With lots of homes to choose from, almost historically low interest rates, and favorable housing prices, there may be no better time to buy.

As I've mentioned to home sellers, your home must be priced properly and be in good to great condition to sell. If you don't have to sell, stay off the market.

The bottom line: most of us have never seen a real estate market like this one, but real estate is still moving. So whether you're a possible buyer or seller, closely review your options and decide what's best for you.

If you're a first-time home or condo buyer, join us for our next free Home & Condo Buyer Tele-class on February 11th at 7:30pm. To register, go to: http://www.homebuyingclass.com/.

Do You Want To Challenge Your New Property Tax Valuation?

noreply@blogger.com (Dan Weis) — Fri, 23 Jan 2009 18:02:00 +0000

Many of us have seen dramatic increases in our county tax bills just released in 2009, because of increases in property valuations as well as increases in tax rates.

While some county tax assessment value increases are expected, I've heard of many that appear out of line.

I just found out about a free property tax reduction seminar and the information is listed below:

COAST attorneys have been holding a series of free property tax reduction seminars to train homeowners and commercial property owners how they can successfully challenge their property tax valuations reflected on their January 2009 bills from the County Treasurer. Those seminars were each completely "sold out," with more than 60 persons attending each class. As a result, four new, free classes have been added, and they are filling up quickly as well.

Monday, January 26, 6 - 7:30 PM

Home Builders Association

415 Glensprings Dr 45246

Wed, January 28, 6 - 7:30 PM

Home Builders Association

415 Glensprings Dr 45246

Tues, February 3, 6 - 7:30 PM

Anderson Center

7850 Five Mile Rd 45230

Fri, February 6, 7:30 - 9 AM

Employer Resource Association

1200 Edison Dr 45216

Mon, February 9, 6:00 - 7:30 PM
HORAN Building

4990 E. Galbraith Rd 45236

RSVP to Gretchen Stevenson at:

gws@fssp-law.com or call 513-533-2730.

Depending on which county you live in, it's important to not let your challenge time expire. Go to your county web site to find out within what time frame you can challenge property valuation. Here are the county auditor web sites:

Hamilton County - http://www.hcauditor.org/
Butler County - http://www.butletcountyohio.org/
Clermont County - http://www.clermontauditor.org/
Warren County - www.co.warren.oh.us/auditor/index.htm

I hope this gives you some direction in what steps to take to challenge your valuation.

How One Client Saved $3,500 in Future PMI Premiums!

noreply@blogger.com (Dan Weis) — Tue, 13 Jan 2009 18:44:00 +0000

When interest rates first started dropping back in December, I was letting clients know it might be a good time to re-finance their mortgage to lower the term or rate.

One of my clients, who has lived in their home for 6 years, still had a great interest rate, but they were sick and tired of paying their monthly private mortgage insurance (PMI) premium and wondered how they could get rid of it from their payment.

Most mortgage programs require a private mortgage insurance premium be added to a mortgage payment when a consumer is putting less than a 20% downpayment on a property.

Here's how I responded to them:

You've got a great rate. The only question I would have is how much is the PMI portion of your payment each month? There's no reason to be paying PMI, because loan balance is way under 80%. I would talk with (your lender) to see if you pay for an appraiser, approved by them, would they drop the PMI from your payment. If they aren't willing to do that, you may want to shop around.

You see, depending on what paperwork you sign at your closing, some lenders typically won't announce to you when you have 20% equity in your home. They want to keep receiving the monthly PMI premium. Now, with some recent rule changes, they may be required to remove the PMI once you get to the 78% LTV (loan-to-value) or in other words, when you have built up 22% equity in your home.

Well, I just heard back from my clients. They called (their lender) and the PMI has been eliminated. Their amortization schedule showed the PMI (by doing nothing) would not have been eliminated until Oct 2014, but their current principal balance enabled them to get rid of the PMI and save them $600 per year.

They picked up the phone and now they won't have to needlessly pay a total of approximately $3,500 in PMI payments over the next 70 months.

Congratulations! They took action and now have some 'new-found' money!

If you've owned your home for the past 6 years or longer, are still paying private mortgage insurance premiums (PMI) as part of your monthly mortgage payments and think you may have 20% or more equity in your home, then take action...pick up the phone and call me at (513) 615-1890 or email me: dan@danweis.com with any questions you have before you start talking with a lender. I'm here to help you.

Beware of Re-Financing Rip-Offs!

noreply@blogger.com (Dan Weis) — Tue, 13 Jan 2009 04:58:00 +0000

Are you thinking about re-financing your current mortgage?

Before you sign any paperwork or even get the process started, please contact me and let me take a few minutes to review your situation with you.

It's too easy right now with starving, fast-talking mortgage salespeople trying to tie you into a new loan that could end up costing you thousands of additional dollars.

You could lose hundreds of dollars in an upfront-paid, application fee if your loan doesn't go through!

Interest rates are near historic lows, but they can widely vary based on the type of mortgage program you qualify for, your credit score, your downpayment, an acceptable appraisal, etc.

I've heard stories about well-known mortgage lenders as well as mortgage companies I've never heard of before.

It's possible for you to:

NOT get the interest rate you thought
NOT be quoted the correct closing costs figures
NOT get the mortgage term you thought
NOT get the fixed rate program you thought
NOT get a competitive interest rate
NOT be told there's a pre-payment penalty

Let's see if now is really the right time and situation for you to re-finance your current mortgage. I want to make sure you don't get taken advantage of.

Please pick up the phone and call me at 615-1890 or email me at: dan@danweis.com.

Another Reason, On Top of 4.5% - 5.5% Rates, To Buy A Home!

noreply@blogger.com (Dan Weis) — Fri, 09 Jan 2009 22:40:00 +0000

Congress recently passed the Housing and Economic Recovery Act of 2008.

This act provides for a possible tax credit up to $7,500 for qualified, first-time home buyers purchasing homes priced at $75,000 or greater (tax credit equal to 10% of the purchase price up to a maximum of $7,500. Contact your tax advisor for specific program details and tax advice.) The tax credit is paid back to the federal government interest-free over a period of 15 years.

Program eligibility:

first-time buyer who have not owned a home within the past three years
income limits: single taxpayer with adjusted gross income of less than $75,000 and married couples filing jointly with adjusted gross income of $150,000

For more information on the tax credit, go to: http://www.federalhousingtaxcredit.com/.

You May Qualify For 100% Financing on a Rural Home!

noreply@blogger.com (Dan Weis) — Thu, 08 Jan 2009 06:23:00 +0000

The USDA Rural Development Guaranteed Mortgage is still available and is a great program for first-time, move-up or low to moderate income home buyers, who have no money for a down payment. Properties in open country and in areas with populations under 25,000 may be eligible.

Here's some of the details:

loan amounts up to $417,000
closing costs my be included in the loan amount
no PMI - private mortgage insurance
rates comparable to conventional fixed programs

To see if you qualify for the USDA Rural Development program, contact Rick Pilger of Union National Mortgage at (513) 234-4987 or email him at: rpilger@unmco.com.

We will also need the property address you're interested in to check and see if it's qualified property under the program.

$200 Million Cincinnati Street Cars?

noreply@blogger.com (Dan Weis) — Tue, 06 Jan 2009 17:43:00 +0000

I was in my car and happened to be listening to Bill Cunningham on 700WLW. He was talking to Charlie Winburn about the Cincinnati City Council's vote on the $200 million Street Car system.

City council voted 8 - 1 in favor of the Street Cars.

Unbelievable!

They completed tossed out the Trolley car idea, which in my mind, has many advantages over the street car system.

Here are just a couple thoughts:

trolley is more flexible - can change street routes
only installing tracks on certain streets limits the routes used
downtown businesses would suffer through construction
how long will ridership stay viable?
when would the tax payer have to start subsidizing?

I wonder if this is a project that can be put in front of the public and voted on by the voters?

More to follow!

October's Housing Numbers - Rates Fall!

noreply@blogger.com (Dan Weis) — Wed, 26 Nov 2008 16:33:00 +0000

A total of 1,487 people or families in the local area became home buyers in October and 16,291 in the first 10 months of the year.

While that is about a 15% decrease from this time last year, it does show that buyers are taking advantage of the low interest rates and affordable housing prices. Last time sales were at these levels was in the 1997-1998 time period.

Average selling price last month was $154,640, and for the first 10 months of 2008 it was $165,265. The highest prices for the year typically occur from May through August.

UPDATE: Mortgage rates just FELL into the 5% range yesterday!!! Buyer affordability just shot up! Don't believe the news media - most home buyers CAN still qualify for a mortgage!

With the current absorption rate being 10.4 months, meaning how many months supply of homes are available for sale, there are plenty of homes to choose from.

If you're thinking about purchasing a home in this buyer's market, please contact me at (513) 615-1890 or dan@danweis.com for a private, one-on-one, home buyer consultation and we'll see if now is the right time for you to find a home at a great value.

Real Estate Riddle!

noreply@blogger.com (Dan Weis) — Sat, 22 Nov 2008 01:00:00 +0000

What occurs 44.5 times a day, 312.5 times a week, 1,354 times a month?

Answer: The number of homes sold in the Cincinnati market from January, 2008 through October, 2008.

Homes are SELLING!

Only Serious Sellers Need Apply!

noreply@blogger.com (Dan Weis) — Mon, 03 Nov 2008 16:19:00 +0000

The message to all home sellers right now is:

If you don't have to be on the market or aren't serious about selling, stay out of the market...this is not a 'fishing expedition' marketplace.

Should you choose to be on the market, you need to get serious about condition and price.

The Cincinnati housing supply has an Absorption Rate of 9.8 months. That means it would take 9.8 months for all of the homes currently on the market to sell without having any additional properties come on the market. A "balanced" market between buyers and sellers is 4 - 5 months of housing inventory.

It's all about supply and demand and right now supply far exceeds demand.

In my opinion, you need to look closely at your situation to see if now is the right now to sell your home. So look at your numbers and determine what your selling expenses will be to see if it's better to sell or to wait.

Properties are still selling, but it is taking longer as home buyers have a lot more to choose from. The only properties selling right now are: those in the best condition and well-priced or foreclosure type properties that need a ton of work, but are underpriced in the market.

Who's Controlling The Real Estate Market?

noreply@blogger.com (Dan Weis) — Thu, 30 Oct 2008 00:39:00 +0000

What does the market hold? We can't "assess" the future, nor can we 'predict' it. We can only make an informed guess based on (very) recent history.

What needs to happen to open up the market a bit?

We need buyers...more importantly, first-time home buyers. First-time home buyers don't bring inventory to the market. They simply bring their purchasing power, which is what we need. They get the market moving, so that move-up buyers can purchase their next home.

With favorable housing prices, a wide choice of inventory and low interest rates, it's an incredible time to buy. If not now, when?

Beware of Winter-Time Fees on Lender-Owned Properties!

noreply@blogger.com (Dan Weis) — Mon, 27 Oct 2008 18:12:00 +0000

If you're planning to purchase a lender-owned property, be aware of the additional fees you'll end up paying.

As we approach the season of overnight temperatures often reaching 32 degrees and below, one of the things consumers need to be aware of when they make an offer on a lender’s foreclosed property is to read the fine print. There are many listings that now state in the remarks that the “BUYER” is responsible, at their own expense, of having the property’s plumbing de-winterized for their inspections and then re-winterizing it when the inspections are completed. I’ve heard cost estimates of $250 - $300 for that service.

Consumers should also make sure that all of the utilities have been turned back on, so that the inspections can be finished in a timely fashion. Don’t assume it’s been done by the other party…double check by calling the utility company.

This is just one of the 'unknowing' charges you may end up paying for when buying a foreclosure property. There are a lot of great values in the market right now. If you're interested in taking advantage of this buyer's market, I'd love the opportunity to help you find one of these properties. Just contact me at dan@danweis.com or 513-615-1890.

Are You Feeling Cash-Squeezed?

noreply@blogger.com (Dan Weis) — Wed, 15 Oct 2008 22:56:00 +0000

In our current economic times, I know many people are struggling to make ends meet with high gas prices (coming back down for now), higher food prices, higher insurance premiums, etc.

You may not be getting pay increases and your company is making you pay more towards your health insurance.

Here are a few strategies I'd recommend to help you through this volatile market:

Stop watching the news. What happens in our economy is going to happen regardless of whether you watch TV, listen to the car radio or check out the Internet. Don't focus on the outside world. The news media hype is always selling "Negativity" and it'll only make you depressed. You can control your own thoughts. I know you can't eliminate it totally, but if you focus on what's important to you, like your family, then you'll be in a better mood.
"Too much month at the end of the money?" With the recent jump in prices for all types of goods and services, sit down and really look at what you're spending your money on. Are there things you can eliminate or cut back on? (If you have premium cable channels, are you getting your money's worth each month or can you change the package and save some money?) If you're relatively close to a public library, you'd be amazed at all of the movie DVDs you can get for FREE....or go to a Red Box and rent DVDs for $1 a day. Can you change the service plan on your landline or cell phone service? It can be another money saver.
Credit cards are killing people! I recently read where the average family has a $9,000 balance on their credit cards. The credit card companies then skyrocket your interest rate if your payment is late by one day. Credit cards cause people to spend more than they would if they used CASH. Try cash sometimes and see for yourself if you spend less.

Our government wants us to spend, spend, spend to keep the economy healthy, but you need to focus on your own financial health. As you can see, if the government needs more money, they just print it. We don't have that option.

One final point, if you are having trouble making your mortgage payment every month, ask for help. Don't put your head in the sand. There are people who can help you. Call your lender before it's too late. Discover your options. If nothing else, call me and I'll see what I can recommend. Beware of unscrupulous companies out there right now saying they can help you when in reality they are costing you more money.

What's In Your Closet?

noreply@blogger.com (Dan Weis) — Thu, 25 Sep 2008 02:15:00 +0000

Look closely!

I recently showed a vacant home in a northeastern suburb and as we walked through it, nothing in particular stood out.

Then I opened the master bedroom closet and as I turned the light on, I jumped backwards.

Whoa! What is this? 3 deer heads!!!

Are the sellers including these in the sale???