So you’ve put a contract in on a homes and now It is time for inspections. You may think that the most important thing when negotiating the contract is the purchase price, but in our opinion it is the inspection process!
Hiring a certified home inspector is one of the best decisions you can make when buying a home. They are over 1,200 items that home inspectors look at during the inspection on your new home. Some of the biggest items are: structure, foundation, roof, plumbing, mechanicals and appliances. There are also other inspections that you can have done usually for an extra cost that include radon, termite, sewer and mold testing.
Buying a home is normally the largest investment that you make in your life so it is very important to have all of these items checked so you make a wise financial decision.
Can you imagine buying a house and not having an inspection done? Imagine a year later finding out you have major structural issues or that you need a new roof. Having an inspection done before purchasing a home can protect you for years to come on your new purchase! If issues are found during the inspection, you as a buyer can negotiate items to be repaired or replaced by the seller. The Seller is not obligated to fix any item, but it allows the buyer the option to reconsider the purchase or fix things before they move in.
This is why we feel the home inspection process is one of the most important steps when going through the home buying process. Don’t make the mistake of buying a new home without having an inspection performed!
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
Here it is! One of the top listings that will hit the market this year. The address is 7740 Jolain in the City of Montgomery and it’s one of the most complete, luxury homes around. Complete might sound like a random adjective for a home, but it has LITERALLY everything you could want in a home so it just works.
Don’t believe me, I’ll prove it to you. What do you think about these features…
An INCREDIBLE outdoor space with a pool, spa, outdoor kitchen, and covered pergula patio with outdoor TV. There’s even room for a giant trampoline! And with Summer right around the corner, we know where to find the future owner and their friends on a nice day.
It’s walkable to the Downtown Montgomery and miles of pathways! Not to mention that it’s on one of Montgomery’s favorite streets surrounded by other $1M+ custom homes.
A Wine Lovers Dream! The paint is still drying in study turned Wine Room. A brand new 1200 bottle capacity, temperature controlled wine cabinet system and plenty of room to enjoy the Vino!
A huge gourmet Kitchen open to the Hearth Room. We sell quite a few new homes in Montgomery so we know first hand that very few have a great room AND a hearth room. This added space for family and friends is sure to be used on a daily basis.
HUGE Finished Basement – In the basement, you’ll find an enormous rec room, walk behind bar and bedroom with a full bath. Did we mention it also has a steam room! On those rainy days where you can’t be outside, this area is a perfect alternative.
As if those features aren’t enough, you can rest assured that the house has been meticulously maintained by owners that truly cared for their home and will be sad to say goodbye! With so much to enjoy, who wouldn’t miss it.
So, if you’re in the market for a beautiful, luxury home in Montgomery, comes on by 7740 Jolain Drive, right off Zig Zag. We promise it’ll be worth your time!
It feels like Spring. So, lets start acting like it! After all, the market sure is! Over the past 2 months, the market has been on fire and listings are selling faster than ever. But the secret to success is not just slapping a home up on MLS and tossing a sign in the yard.
Before you list your home, there’s a simple checklist that you should work through to make sure you put your best foot forward. No, we’re not talking about staging the house or remodeling. We’re talking about the practical, quick fixes that can make your house shine in just an afternoon!
Here’s our Build Cincinnati’s must-do list:
Mulch – If you’re about to list your home, immediately go to Home Depot to grab a few bags of mulch. In an hour, you can spruce up the curb appeal drastically with just a few bags of mulch and spreading them around the beds.
Flowers and Grass Cutting – You don’t need a green thumb to make your house stand out. It’s all about the photos on the internet that attracts people into you home. So, the more color and orderly your yard looks, the better you’ll compare to your competition. If all else fails, call your local landscaper!
De-clutter We all have too much stuff! This is just life, unless you’re a true minimalist. Our solution: grab a few boxes and start to shovel some of the extra personal items in there. These can be knickknacks, photos, cluttered wall art, magazines, or anything else that catches your eye. The motto ‘less is more’ is key when prepping your home for photos and showings!
PURGE! Chances are you won’t be taking everything with you when you move. So start the purge now. Grab a garage can and start to remove the items now. This will make the move more manageable when that time comes.
Act like you don’t live there! This is the hardest task. We understand that life pulls you in different directions and kids/animals aren’t always cooperative. But, keeping your house clean and tidy is key to putting your best foot forward for every showing. So as you leave every day, try to emulating a Pottery Barn catalog best you can!
Now, we could name 100 others quick fixes, but we’ve found that time is normally tough to come by when you’re planning to sell your home. In an effort to make the preparation process manageable for you and other Sellers, these items should be the top priority rather than getting side tracked by other glitzy sales ideas!
And, if you have time to spare once these items are complete, we can always make a few other recommendations!
How you decide to sell your house depends on the amount of time you have and the money you are willing to spend on advertisement. Here are a few tips on how to list your home site for sale in Cincinnati:
Real Estate Agent:
Hire someone from the real estate industry. Interview a few agents in your area to select someone to represent you during the sale of your house. The agent will sell your house for you in return for some commission during closing. The professional will also handle all the legal appraisal and paperwork, and show the house to potential buyers.
If you’d rather sell your house on your own then you can market your property in the classifieds section of the newspaper and put up a “Home site for sale in Cincinnati” sign in the front yard. These techniques do not help reach a bigger audience, so they are only a good option for those who reside in areas that are very high on demand. Once the price is agreed upon, you’ll have to get in touch with a land title company to look through the deal. You’ll also need to employ the services of a lawyer to write the whole contract. The expenditure will be only a small part of what you’d have to pay to a realtor and can save you from several costly legal problems down the line.
Advertise your house over the internet:
Visit online directories and sale websites, enter your ZIP code, and click “Begin” to see all the packages available for the specific area. Prices may vary from less than $100 per month to about $1000 annually. Services will depend on the type of package chosen, but most options comprise of an online listing of the home site for sale in Cincinnati with several pictures of the house, details of the house, and much more. While this technique is sure to reach a bigger audience, it necessitates a lot of paperwork, showing the house to potential buyers on your own and also being your own mediator during negotiations.
These are few of the most effective techniques used to make a successful sale. However, you can also search the internet or talk to experts for more ideas.