Sibcy Cline Super Open House Weekend is March 11 and 12, 2017!

ManFlying_March112_2017.jpg
Sibcy Cline agents are planning on a company-wide Super Open House Weekend on March 11 and 12, 2017. Plan on personally seeing some great homes for sale throughout Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana.

Find open house information on Sibcy Cline’s website.

Hand_DoorHandle.jpgBuyer Tips on Attending Open House 
If you are driving by an open house or see a home of interest online, an open house gives you a chance to see the home in person without making an appointment. Here are some tips to follow:

  • Do I Need to Knock?
    You can enter the home without knocking or ringing the door bell (unless there is a note that says to do so.) It is courteous to first say hello to the real estate agent before touring. If that agent is busy talking to other people, feel free to start touring.
  • Registration Form
    Most agents will have an open house registration form for you to sign. This helps the agent know who has been to the home so an accurate report can be made to the home seller.
  • What Can I Look At?
    The home is yours to tour and you are permitted to open closets unless there is a note indicating otherwise. You do not have permission to look through personal belongings of the home seller. Therefore, the medicine cabinet is considered off limits. If a door is closed, it is best to check with the real estate agent before opening it.
  • Etiquette
    If there are others touring the home, be courteous by not entering a room until the other party leaves.
  • I Am Already Working with an Agent
    When you sign the registration, be sure to add your agent’s name. That way, the listing agent will follow up with your agent and not you.
  • Take a Flyer
    Usually the real estate agent will provide a flyer or a brochure that has more information about the home. You can use this piece to make your own notes.

Home Sales are up in Dayton, Ohio for January

MiamiRiver_DowntownSkyline.jpgHome sales rose in January in Dayton, Ohio with a 1.71% increase. This was a record-breaking number of homes sold for the month of January.

January 2017 vs January 2016

  • 1.71% Increase in home sales (834 homes vs 820 homes)
  • 14.40% Increase in sales volume ($116,920,836 vs $102,203,600)
  • 14.52% Increase in median sale price ($119,900 vs $104,700)
  • 12.21% Increase in average sale price ($140,193 vs $124,943)

Are You Thinking of Selling Your Home?
Now may the right time for you to sell your home and purchase another. Home values are rising and mortgage interest rates remain low. Look at homes for sale here.

Statistics courtesy of: Dayton Area Board of Realtors Home Sales Report, January 2017

 

Home Sales Set a Best-Ever January Record in Cincinnati

Cincinnati SkylineCincinnati experienced a record-breaking January in home sales with 1,447 homes sold! The mild winter and still-low interest rates have kept up a sales momentum in the area.

January 2017 vs January 2016

  • 4.33% Increase in home sales (1,447 homes vs 1,387 homes)
  • 13.46$ Increase in sales volume ($261,445,410 vs $230,421,940)
  • 8.76% Increase in average sale price ($180,681 vs $166,130)
  • 12.60% Increase in median sale price ($143,000 vs $127,000)

Thinking about Buying or Selling a Home?
Mortgage interest rates remain low. Home values are rising. With the low inventory of homes available for sale, now may be the right time to sell your home and purchase another one.

Look at homes for sale here.

Statistics courtesy of: Cincinnati Area Board of Realtors Home Sales Report, January 2017

Twenty-Three Percent Increase in Home Sales for Northern Kentucky in January

ViewYellowBridge_Dusk2.jpgJanuary 2017 was a strong month for home sales in Northern Kentucky. Sales rose 23% as compared to January 2016. Homes are selling an average of 60 days on market.

January 2017 vs January 2016

  • 22.13% Increase in home sales (378 homes vs 307 homes)
  • -8.37% Decrease in average sale price ($153,033 vs $167,010)
  • -6.55% Decrease in median sale price ($135,500 vs $145,000)
  • 12.82% Increase in sales volume ($57,846,481 vs $51,272,238)

Great Time To Sell and Buy a Home
It is a great time to sell your current home and purchase another home. Home values are rising, mortgage interest rates are still low. With the low inventory of homes on the market, homes in good condition and priced correctly are selling briskly.

Look at homes for sale here.

Statistics courtesy of: Northern Kentucky Association of Realtors, Home Sales Report, January 2017

Tips Buyers Need to Know in a Seller’s Market

Happy African American Family In Front of Beautiful House.When selling and buying homes, there are three types of real estate markets: buyer’s market, seller’s market and a neutral market. When experiencing a seller’s market, there is a higher demand for homes than the supply has to offer. With not enough homes for sale, buyers tend to compete for the same available homes – which can drive prices up.

Here are some tips home buyers need to know when buying a home in a seller’s market:

Get Mortgage Pre-Approval
You need to know how much home you can afford in order to make an offer on a home, especially in a seller’s market. It is a good idea to become pre-qualified for a mortgage loan to figure out that budget. Once pre-qualified, you can provide a pre-approval letter when making an offer which lets the seller know you are a serious buyer.

Work with a Real Estate Agent
Working with a real estate agent is vital in a seller’s market. Homes that come onto market may sell in a matter of hours. Your real estate agent will be in tune with the availability of new homes for sale so you can act quickly. If there are no homes on the market in the area you desire to live, your agent can reach out to that area’s homeowners to see if they would be willing to sell.

Do Your Research
Knowing where you want to live and what your housing requirements are is important in a seller’s market. Communicate to your agent what home features are a must and those you would like to have but could do without. In this type of market, finding a home with everything on your list probably will not happen. It is best to look for potential in a home to make it work for you. But, do not buy a home you do not love. Remember, you will be living there for at least five years if not longer.

Ready, Set, Go
You may need to act fast with your offer on a home in a seller’s market. A low-ball offer will not work in this type of market. Be prepared to offer full price or over-the-asking price.

When you make an offer, it may work in your favor to find out why the seller is moving so you can figure out what kind of closing date to offer. Making things easier for the seller could work to your advantage.

There are usually a few contingencies (such as the home inspection) in a purchase contract. In a seller’s market, the fewer contingencies, the more attractive your contract will look to the seller.

Rejection
A seller can accept only one offer. If your offer is rejected, remember the home seller wants to make the most money with the least inconvenience. In addition to price, the seller may have accepted another offer that offered better terms (larger cash up front, fewer or no contingencies, already pre-approved for a mortgage, etc…)

If your offer is not accepted, keep your spirits up. There will be another home that meets your needs and soon become your dream home. 

Home Sales Rise Ten Percent for January in Southeastern Indiana

Indiana_Sign.jpgHome sales started off the year with a strong start in Southeastern Indiana. Sales rose 10.2% in January and the average sale price rose by 4%.

January 2017 vs January 2016

  • 10.2% Increase in home sales (54 homes vs 49 homes)
  • 4% Increase in average sale price ($119,500 vs $114,900)
  • 7.1% Increase in median sale price ($131,781 vs $123,080)
  • 18.0% Increase in sales volume ($7,116,200 vs $6,030,905)

It’s a great time to buy or sell a home. Mortgage interest rates are still low and home values are rising. Look at homes for sale here.

Statstics courtesy of Southeaster Indiana Home Sales Report, January 2017, Rick McMillin, Vice President/Sales Manager of Sibcy Cline Harrison

 

2017 Is the Year To Buy a Home

Young couple moving in new homeOver the past few years, real estate professionals likely noticed a strange trend among would-be homebuyers. When mortgage rates went up even slightly from near-historic lows, shoppers tended to retreat from the market despite the fact that affordability was still well below pre-recession and all-time norms. But now that rates and prices alike are creeping back toward the highs seen prior to the economic downturn, experts say the time to buy is now.

There are actually two things to consider when it comes to mortgage costs, because while prices in some areas may have now surpassed all-time highs, rates haven’t come close to doing so. As such, while some consumers may get a little worried about mortgage rates that have jumped nearly a full percentage point in the course of just a few months, it’s important to put that increase into context, according to MarketWatch. While today’s rates are in the low 4 percent range and expected to rise at least a little more over the course of 2017, they’re still well below those in the 5.5 to 6 percent range that were so common before the housing market crashed.

family couch.JPG

Getting perspective
Simply put, mortgage rates below 5 percent were quite literally unheard of for recent generations of homebuyers. Not since the early 1970s have they been that low, and in fact got nearly as high as 20 percent in the early 1980s. As recently as the start of the 2000s, mortgage rates were closer to 7 percent. As such, today’s rates should still be seen as eminently affordable, and not something that should scare off shoppers any time soon.

With that having been said, though, experts also caution that the best time to buy will be in the near future. Prices and rates alike are expected to keep rising, so those waiting for a better deal than the ones available today to come along will likely find themselves disappointed. In general, experts advise that those who wait even six months to get into the market might end up paying tens of thousands of dollars more over the lives of their loans than current shoppers.

Other options to boost affordability
Fortunately, for consumers with the ability to make larger payments when they close their home loan agreements, there are other options for saving money on a mortgage, according to CNBC. Many lenders offer the ability to “buy points” at closing, which effectively means paying an additional 1 percent of the loan’s value to lower the interest rate by a single percentage point. The larger the payment at that time (which can obviously get expensive for those buying more than one point) the lower the ongoing interest rate. This can lower monthly mortgage payments a little bit each month, making it slightly easier to afford the mortgage in the long term.

With all this in mind, those who are now looking at their options in order to buy a home should talk to their agents and mortgage lenders about what their options for saving money might be. The ability to increase mortgage affordability is one that can really pay off over the course of a few decades.

Brought to you by HMS Home Warranty.  HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers.  To learn more click www.hmsnational.com.