It was a bittersweet moment when we moved out of office suite at the Millennium Business Systems Building in Symmes Twp on a cold, winter day in January. It wasn’t exactly the smoothest move with losing our original mover five minutes before starting (shout out to All My Sons Moving Company for saving the day!) and then Drew Mannix, our skilled videographer, slipped and fell off the delivery truck! But, we figured it out, wiped Drew off and settled ourselves into our new home at 9361 Montgomery Rd Suite D in the heart of Montgomery!
Moving into a new office is a lot like moving into a new home…it takes a while to get settled. Especially, since Millennium had become home for so many years. It was the place where Build Cincinnati grew from just being my Dad, Bill, and I to a team of many! We had fantastic neighbors, our friends at First Title, and incredible landlords, the copier and printer Mavens at Millennium Business Systems.
Now, with over a month under our belt in our brand new digs here at Montgomery Commons, we are now excited to call ourselves Montgomery residents. Being located smack dab in the heart of downtown Montgomery, we’ve already been enjoying the new neighborhood by eating at European Cafe and Napa Kitchen and grabbing a drink or three at Z Wine Gallery. Hopefully you’ll see our sign next time you drive by on Montgomery Rd.
We’d love to see you! Take a look at us working hard in the office below! Or feel free to come see us or give us a call at 513.260.0424 !
Did you realize that the Fall market is already here! It snuck up on us. It might not feel like it with these 90 degree days, but now that Labor Day has come and gone, we’re in the heat of the Fall market. Literally.
Over the years, we’ve seen an incredibly strong market in September and October because of lack of inventory and increasing demand. This year is no different, but there are some trends in the market that you’ll want to keep an eye on so you can see how they might effect your selling and buying plans.
To understand the market though, we first to explain how we view and track the local real estate market. We’ve all heard that real estate is all about location and that’s never been more true. We like to use the term “Hyper Local”. What does this mean? Well, each neighborhood has it’s own ecosystem if you will. Demand and supply can be different from one neighbor or another…heck, from one street to another. Monthly, our Build Cincinnati team reviews the sales, listings and trends for each area we focus to understand the health of that market. We even go as far as breaking each area up by price point.
An example would be looking at Montgomery and Hyde Park. Below, you’ll find a quick breakdown of home sales and listings at different price points and their average days on market. By going hyper local, we can best advise our clients on how to position their homes or buying plans.
Less Than $400,000 – 10 Listings
$401,000 – $700,000 – 26 Listings (2 New Construction)
$700,000+ – 40 Listings (18 Resale or Completed Homes & 22 New Construction)
Less Than $400,000 – 28 Listings
$401,000 – $700,000 – 18 Listings
$700,000+ – 25 Listings
Most people are under the impression that each of these areas are Seller Markets, meaning the lack of inventory gives Seller’s the edge. That might be true some cases, but in many, there is actually a growing amount of inventory. Before you worry though, Cincinnati in general only has 2.1 month absorption rate. This means that if there were no new listings, all of the homes would be sold in 2.1 months (theoretically, of course). A balanced market in Cincinnati is 4.5-5 Months, so we’re still well below that.
Here’s what this means to you:
For Sellers: the market is strong! Home prices are up 7.4% across Ohio. However, Sellers and Agents need to be care not to become over confident in a home’s ability to sell at any price. When pricing your home to sell, we need to be ever vigilant in finding that sweet spot on pricing. The first two weeks after listing are the most important and you only have one chance to do it right. We always arm our clients with list price range and of course, a suggested list price. When reviewing the competition and sales, be sure that you’re being objective.
For Buyers: Inventory is low in most cases, but there are great properties that come on the market (or we find through back channels) routinely! Our team is hungry to find new homes, lots and opportunities for our Buyers, but we all have to work harder than ever to find them. This means making yourself available as much as you can to see homes the moment they hit the market and being pre-approvaled! We’ll be sure to take care of you on this front!!
Building Buyers: Cost is going up so get it now before it gets even more expensive to build! Over the past 12 months, the cost to build has gone up 8-10%. That’s purely the cost of materials and contractor work. Lumber, hardwood, labor, roofing, you name it! The longer you wait to build, the higher likelihood that the cost will go up even more. Land and lot opportunities are more difficult and more expensive to find too. If you’ve considered building, now might be the time to explore it a little more seriously.
With that, we’ll leave you with an interesting statement that sums up what many are seeing out there and to calm any of those that are throwing the term bubble around…
“We’re seeing the first indications that price appreciation may be slowing, but the underlying fundamental housing market conditions support a natural moderation of house prices rather than a sharp decline.” -Mark Fleming Chief Economist at First American
Homearama is days away and you should start getting excited because the homes are amazing! We know this first hand because we’ve been there over the past few months and have seen the home come together. We’re spending so much time there since we’re lucky enough to represent Sterling Homes with their #Woodburn show home.
So now that we’ve agreed that Homearama is worth the trip, there are a few things that you need to know to enjoy the show fully!
When is the show and what are the hours? Well, you’ll have no shortage of opportunity to get out there. The show runs from July 20th to August 5th and runs from 4-10pm Monday through Thursday and 12-10pm Friday, Saturday and Sunday.
Pro Tip: The best time to visit are the off hours when it’s the least busy. Typically, that’s around 4 pm on the weekdays or late afternoons or evenings on the weekends.
Where is it? It’s up in Union Township…don’t know where that is? It’s basically where Mason meets Lebanon at Route 42 and Columbia Rd. For the best direction, CLICK HERE for the Google Map. It’ll get you right where you need to go!
Tickets: Buy Tickets before the show! We have access to tickets at a discounted rate if you come to us EARLY!! That means this week or early next so don’t dilly dally. If you want to save a few bucks, you can always go to Kroger or buy them on the cincybuilders.com website. Click here to buy tickets now or email us at [email protected] and we’ll get you set up!
What to look for? Besides coming to see me, the Build Cincinnati Team and of course, the Sterling Woodburn home, there are lots of cool things to see! Seriously though, the homes start at $1,100,000 purchase price and only go up so there are all kinds of incredible features you may only see on HGTV or at Homearama. Some of our favorite things that you’ll get to see are the tunnel between two homes, the comeback of brass, a multi-generation home (yes, that’s a real thing!) and mailboxes with fire coming out of them! Ok, that last one might be a stretch, but they do have a gas flame that’s an incredible touch to the community.
The Lebanon Train: Make a day out of Homearama by riding the Mason & Monroe Train. You can ride to the show and back with the kids as it’ll let you out just a couple hundred yards from the show. We’ll be taking our daughter on the train and to the show so we encourage you to join! For details, click here
The Entertainment: Come to the homes, but stay for the party. Almost every night there will be different types of entertainment! Click Here for a list of fun events going on at the show.
Next Year’s Homearama: Want to save some major money on your next custom home? Homearama is the place to do it with plenty of savings from vendors and suppliers. Reach out to Build Cincinnati today so we can share how to build in the new Kensington community on the edge of Mason and Symmes Township right near the Fields Ertel exit on I71.
Have you discovered the brand new KENSINGTON neighborhood in Deerfield Township? Now is time to take a look and pick the best home site before you miss out! You can also visit our webpage to learn more! https://buildcollective.com/kensington-2/Classic Living Homes Walker Homes M3P
Tiny Home: If you’re not in the market for a new Custom home, maybe the Tiny Home will be more up your alley. It’ll be a nice change of base from the other 10 homes!If none of these reasons do it for you, then how about just a day or night out! We all could use more of those. Come by and see us so you can see the incredible home that Sterling Homes has built as well as quite a few other custom homes that will leave a lasting memory!
If none of these reasons do it for you, then how about just a day or night out! We all could use more of those. Come by and see us so you can see the incredible home that Sterling Homes has built as well as quite a few other custom homes that will leave a lasting memory!
By the way, here’s a fun video playlist where you can watch Sterling Homes’ WoodBurn Home take shape and the inspiration behind each of the features!
Good news for anyone living on the East Side: The Wasson Way Trail has broken ground on it’s first phase and is well on it’s way to being a reality! As a former resident of Oakley (just feet from the trail), I am seconding guessing my decision to leave. This trail will be a fantastic addition to an already awesome community… at least I’m only a few miles away!
What is Wasson Way, you might ask? Wasson Way is a 7.6 mile trail that will go through 10 Cincinnati neighborhoods. It will connect the I-71 area near Oakley and Norwood with the 78 mile long Loveland Bike Trail. The first phase has broken ground near Madison Road and Rookwood Commons, and the second phase follows along Wasson Road; hence, the name!
As you may know, this project has been in the works for a number of years. Supporters have been working tirelessly on Wasson Way by lobbying to purchase the necessary property in conjunction with the City of Cincinnati.
Now, you may have to wait until 2020 to get all the way to the Loveland Bike Trail and be on your way to Xenia. The first phase may be underway, but a project like this tends to take a while to approve, fund and build the entire path. Hopefully, we’ll all get to see this become a reality in just a few short years!
Ashford & Build Cincinnati’s Lot Launch – Sunday July 16th – 12 – 2pm
Have you been struggling to find that perfect house or perfect lot? You’re not alone! Inventory levels are at all time lows, especially in areas like Montgomery, Madeira, Blue Ash and Hyde Park.
Well, we might have a solution to this problem! Build Cincinnati and Ashford Homes’ upcoming Lot Launch is promising to bring some exciting new properties. We’ve been struggling to keep these properties a secret over the past few months and can’t wait to share them with you on July 16th!
Date: Sunday July 1612-2PM
Location: 7009 Summit Ave in Madeira
Bonus Tour: Check out Ashford’s latest finished home with all the bells and whistles. This sold home has design features we promise you’ll want to steal!
Here’s what’s in store for Sunday…
Meet the Builders – Jack Rupp and Michael Ward from Ashford Homes will be there to tell you all about Ashford, their process, and their upcoming availability.
Tour 7009 Summit – This is one of our favorite homes in Madeira and you have the rare opportunity to tour a finished and sold home! This exquisitely designed home features a lighting package to die for, a gourmet eat-in kitchen, hardwood floors throughout the home and so many other features you NEED to see.
VIP Launch of New Homes & Lots – This Lot Launch will feature BRAND NEW properties: homes that are almost finished, under construction and blank slate lots for you to design your own home on. Don’t fight the masses for the best lot…find out about them before they hit the market.
Learn about the Infill/Teardown Market – As Cincinnati’s leading infill acquisition and sales team, Build Cincinnati Reps will be there to teach you all about the process. Come with questions so we can help you navigate this constantly changing market.
With all of that to offer, we’re pretty sure there’s no where better to spend a couple of houses on Sunday! Hope to see you there! Questions? Call us at 513.260.0424!
Buyer’s need to make plans to wire deposits for closing rather than bring a cashiers check
Funds under $1000 will be accepted via a check, but anything above must be wired.
Buyer’s must prepare to wire funds weeks in advance to avoid any issues.
Closings are changing on April 6th and it might add another step for you as Buyers. But don’t worry, we’re here to keep you informed and prepared!
Here’s what you need to know:
On April 6, 2017, the Ohio Good Funds Law goes into effect. Settlement agents, which are the title people that close a real estate transaction, can only disperse funds once they’ve been deposited in their accounts. What does this mean: the funds from the closing can only be dispersed and finalized once the funds from the Buyer are present in the title companies bank accounts (not just brought to closing as a check). This means you can no longer bring a Cashier’s Check the day of closing as in the past. The funds must be wired prior to closing so that they can verify the funds are “good” and available.
In an effort to ease the process for you as a Buyer, we suggest preparing for the wire as early as two weeks prior to closing. Make sure funds are ready to send from one accounts, or as few as possible ideally, while also discussing the wiring process with your bank. Typically, you’ll have to do this in person at the bank branch so if you’re from outside of Cincinnati, make sure you make preparations prior to leaving your home.
If you are the Seller of a property, you can still choose to have the title company cut you a check for the proceeds at closing or wire the funds directly after. Keep in mind that title companies will charge a fee for outgoing wires. Also, as any wire, double check the wiring instructions (especially if emailed) to prevent any fraud or hacking.
Below is a list of acceptable forms of transferring funds to the title companies:
Checks up to $1,000 (Cashier, Personal, Money Order, Business or Official)
ACH – Automated Clearing House Checks or Transfer within the United States.
Checks from Real Estate Broker’s Escrow/Trust Accounts.
Tips for wires:
Double check any wiring instructions sent via email with a phone call to the title company.
If you have questions or any doubt, ask your real estate agent or title company.
Keep in mind that there are wiring fees charged by the banks. To keep these minimal try to wire funds from one account if possible to avoid multiple fees or any confusion.