Listing #1283094
$347,900 (LP)

3738  Eastern Ave,  Cincinnati, OH  45226     Pending
Lot Sz: 0.470ac
Area: E04 Age: 111

Remarks
In Col/Tusc Hist Dist. Saml Hannaford designed Carnegie Center.Fabulous 5048 sf. 22′ ceilings,patterned wood flrs, ornate mouldings. On Natl Historic Reg. Ideal for offices,art gallery,dance school or day care or maybe the perfect home?

Median Sale Price Inches Up 1.5%

Thanks to continued low mortgage interest rates and overall housing affordability, there were 1,781 home buyers last month in the local area.

That’s down 17% from a year ago, but at that time there was a $6,500 to $8,000 federal income tax credit for qualified home buyers.  That boosted sales in June 2010.

Pete Kopf, president of the Cincinnati Area Board of Realtors, said “Considering there is no home tax credit this year and a 9% unemployment rate, we think that having 1,781 home buyers last month is a testament to the belief that home ownership is a good thing in the public’s minds.”

The average home sale price last month was $166,303, only a 3% dip from a year ago.  The median sale price actually rose by 1.5%, to $132,000.  The median price is the mid-point in the overall price range of sales.

Mortgage rates have held below 5% this year.  They averaged 4.59% in June, compared to 4.78% a year earlier.  Lower rates and attractively-priced inventory help home affordability, due to lower monthly mortgage payments.

Another advantage for home owners, as usual, is the deductibility of mortgage interest and property taxes from their taxable income.  That means they pay less in federal income taxes.  Renters don’t get that advantage.  A homeowner also realizes – eventually – that their house will be fully paid for, which is great for retirement planning.  Renters never have a residence that is paid for, which could be a detriment to retirement years.

“Smart buying is going on today — 1,781 home buyers proved that just last month,” said Kopf.  “With home affordability at a record high (dating back to 1970), the smart trend of home buying will continue.”

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June Home Sales

Summary of Single Family and Condominium Sales

Multiple Listing Service of Greater Cincinnati

Cincinnati Area Board of Realtors®

June Home Sales

                                                            Closings          Gross Volume         Average Price          

June 2011                     1,781              $296,185,643              $166,303

June 2010                     2,156              $369,717,348              $171,483

Variance          -17.39%                     -19.89%                  -3.02%

Year-to-Date Home Sales

                                                            Closings          Gross Volume          Average Price         

Jan-June 2011                8,222          $1,218,105,744             $148,152

Jan-June 2010                9,559          $1,503,391,725             $157,275

Variance          -13.99%                     -18.98%                  -5.80%

Nationwide, June home sales were down 0.8% from May on a seasonally

adjusted basis, and down 8.8% from June 2010.  Sales surged in May and

June of 2010 in response to the home buyer tax credit.

“Question for you.  I am interested in a property going up for a foreclosure sale. 
If my reading is correct, the foreclosure sale is final with all liens taken away except for federal, state, or county liens which may be on title?
Is that correct?”

Answer:

WRONG.
If the State, the Feds or the County has a lien on the property and that entity is included properly in the foreclosure (f/c) action, then their lien is removed from the property.
The only exception to this is a Fed Tax lien issue that can linger. Although the IRS lien will be removed, the IRS has 120 days AFTER the sale to take the property back and only pay you what you paid for the property.  So, if you spend money to improve the property, the improvement money could be lost. This is RARE, but possible. If the IRS has a large lien and feels they lost out on a ton of equity, they may decide to take the property.
The real problem today is that the Attorneys handling the f/c actions are overwhelmed, so they miss liens. And a missed lien stays on the property for the Buyer to deal with.

Yet another reason why title insurance is so important.
Nick
 
 
Nicholas D. Perrino
Attorney at La

I explained that a Land Contract can be like a Lease which allows an eviction or it can be like a sale and a loan, requiring a foreclose.

Whether the owner can evict or foreclose depends on either 1.) how long the buyer has been making payments or 2.) how much money the buyer has put down up to that date.

The rule is 5 years or 20%. Once a Buyer has made payments for 5 years or has paid 20% of the purchase price, then owner becomes a Lender. Until then, the owner is a Landlord.

Therefore, before the buyer has paid for five years, and before he has paid in at least 20% of the price, the owner can EVICT him if he breaches the contract.

After the buyer has paid for five years or more, OR has paid at least 20% of the price, the owner must file a FORECLOSURE ACTION upon a buyer default.

Land Contracts can have benefits over leases, so don’t let the prospect of a foreclosure be the decision-maker.

Nick

Historically the December market place is slow for many, for us it was a very busy time. We experienced 3 closings, 4 contract terms on our listings delivered, negotiated and slotted to close in the early 1st quarter of 2011. Over a half-dozen new buyers have jumped the over the fence, entered the shopping market and are prepared to deliver purchase terms within the month. All of this at once can be pointed to several market conditions.

Leverage for Sellers:

The position for sellers right now is the lack of inventory in our market place, especially through the months of December and January. Most sellers remove their properties from he market place during the Holiday season, leaving only distressed bank owned properties and highly motivated sellers. For those sellers that kept their homes active the low inventory helped a tremendous amount, lowing the buyers choices of homes. Turning our focus to the buyers side during this time-table, historically most buyers are not active during the Holiday or winter months either, however this season, the interest rates have creeped up, according to Ohiorealtors.org  the rate have raised over 5% nearly a full point since November 2010. Buyers are listening to their financial and Real Estate professionals, now is finally the time for the best interest rate.

On Dec 31st, our local MLS experienced 1,136 expired listing, all in one day! Many of which were bank owned or distressed property inventory but not all. Sellers have called me wanting to plan for the spring time to list, ask yourself how many other home owners are waiting until spring? By March 2011, our inventory will grow, by April it will be close to a an annual high for 2011. What are you really waiting for? more buyers to be shopping, or more homes to be on the market? fortunately for sellers, it doesn’t take more buyers to draft terms on your house, it take 1 good ready willing and able buyer. Start planning now, invite us or your real estate professional to visit your home NOW! and do not wait until spring! List now, price it right, and hire the best marketing and negotiating expert you can hire! Highest price and shortest time starts now, your timing counts on it!