Secrets To Selling Your House Quickly

by Michael Cummiskey

Seeing your home sit on the market without any offers is the ultimate frustration for sellers. Unfortunately, this is a reality some sellers in Cincinnati and northern Kentucky are experiencing today.

Data from the National Association of Realtors (NAR) shows that the average time a house spends on the market has increased over the past few years (see graph below):

No Caption Received

A recent post from Realtor.com supports this trend, stating:

“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”

One key reason for this shift is the increase in housing inventory, giving buyers more options to choose from. Additionally, higher mortgage rates have slowed demand, especially in the Cincinnati and northern Kentucky real estate markets. While factors like these are out of your control, there is something you can manage—working with the right real estate agent.

With the right strategy and a knowledgeable real estate agent familiar with the Cincinnati and northern Kentucky communities, your home can still sell quickly, even in today’s evolving market.

If you’re looking to sell your home fast, you need to partner with a real estate agent who understands the current real estate landscape in Cincinnati and northern Kentucky. A local agent will be your expert guide, knowing what buyers in this region are seeking and how to position your home to meet their needs.

Here are some essential strategies a great real estate agent will walk you through. These may seem simple, but they can make a significant impact on how quickly your home sells.

### 1. Competitive Pricing
Pricing your home correctly is one of the most critical factors in a fast sale. A local real estate agent will conduct a competitive market analysis by reviewing recent sales and current listings in the Cincinnati and northern Kentucky areas. Using this data, your agent will ensure your home is priced right for today’s market, which is essential for attracting buyers quickly. Mispricing can cause delays. As U.S. News explains:

“. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.”

### 2. Home Condition
Homes in excellent condition, with strong curb appeal and modern finishes, tend to sell faster. To make your home stand out in the competitive Cincinnati and northern Kentucky real estate markets, ensure it creates a lasting first impression. A local agent will know what improvements buyers in these communities value most and can advise on whether staging or minor repairs are needed before listing. Ramsey Solutions adds:

“In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.”

### 3. Offering Incentives
In today’s real estate market, standing out is crucial. Offering buyer incentives or concessions, such as covering closing costs, providing a home warranty, or including appliances with the sale, can make your home more appealing in the Cincinnati and northern Kentucky markets. A savvy agent will know which incentives work best based on the local market conditions, helping you speed up the sale process.

### Bottom Line
Selling a home quickly in a shifting real estate market, like that of Cincinnati and northern Kentucky, requires a well-thought-out strategy and deep understanding of local buyer expectations. That’s why partnering with a knowledgeable local real estate agent is key. As Forbes states:

“When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”

If you’re planning to sell your home in Cincinnati or northern Kentucky, connect with an experienced real estate agent today to ensure you’re set up for success.

Hire A Professional • Home Buyers • Money Talk • October 3, 2024

This Is the Sweet Spot Homebuyers Have Been Waiting For

by Michael Cummiskey

After months of waiting, many potential homebuyers in Cincinnati and Northern Kentucky who were priced out due to high mortgage rates and affordability challenges now have a chance to enter the real estate market. With mortgage rates trending down, the current market is a prime opportunity for buyers, and this window may not last long.

If you’ve been delaying your move, here’s why now might be the ideal time to revisit your plans.

As you evaluate your options and decide whether to buy now or wait, consider this: What do you think other homebuyers in the Cincinnati and Northern Kentucky areas will do?

The reality is, if mortgage rates continue to decline as experts forecast, more buyers will flood back into the housing market. A recent Bankrate survey reveals that over half of homeowners would be motivated to purchase a home if mortgage rates drop below 6% (see graph below):

No Caption Received

With rates already hovering in the low 6% range, we are not far off from hitting that mark. When rates drop into the 5% range, buyer activity is expected to increase, leading to more competition in markets like Cincinnati and Northern Kentucky.

This rise in demand is likely to push home prices higher, potentially erasing some of the benefits of securing a slightly lower interest rate. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), highlights:

“The downside of increased demand is that it puts upward pressure on home prices as multiple buyers compete for a limited number of homes. In markets with ongoing housing shortages, this price increase can offset some of the affordability gains from lower mortgage rates.”

So while waiting to buy might seem like a good idea, it could backfire if home prices rise faster than your savings from a reduced rate.

**What This Means for Cincinnati and Northern Kentucky Buyers**

Right now, you have the opportunity to get ahead of the increased competition. The current real estate market in Cincinnati and Northern Kentucky offers a buyer’s sweet spot. Why? Because many buyers are still waiting on the sidelines, which means less competition for homes. This is an advantage for you.

Affordability has already improved. Recent drops in mortgage rates have made homeownership more accessible in both the Cincinnati and Northern Kentucky markets. As Mike Simonsen, Founder of Altos Research, explains:

“Mortgage payments on the typical-priced home are 7% lower than last year and are 13% lower than the peak in May 2024.”

Additionally, while the supply of homes remains limited, it’s higher than it has been in years. Ralph McLaughlin, Senior Economist at Realtor.com, points out:

“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”

This means you have more housing options in Cincinnati and Northern Kentucky than you’ve had in recent years.

With fewer buyers currently searching, improving affordability, and a greater selection of homes, now is the time to find your perfect property before competition heats up again.

**Why Waiting Could Cost You**

If you’re holding off for the “perfect” time to buy, remember that it’s nearly impossible to time the real estate market perfectly. The longer you wait, the higher the chance that market conditions in Cincinnati and Northern Kentucky will change—and not necessarily in your favor. Greg McBride, Chief Financial Analyst at Bankrate, warns:

“It’s one of those things where you should be careful what you wish for. A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”

**Bottom Line**

Don’t wait until competition and prices rise further. Right now, you have the opportunity to buy a home in Cincinnati or Northern Kentucky while the market is in a favorable position for buyers. Connect with a local real estate agent to ensure you’re taking full advantage of this sweet spot.

Home Buyers • Money Talk • New Build • September 30, 2024

Buying Beats Renting in 22 Major U.S. Cities

by Michael Cummiskey

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think.

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.

But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.

So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you’re in a spot to afford what you couldn’t just a few months ago.

As Orphe Divounguy, Senior Economist at Zillow, says:

“… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it’s a great time to see how your affordability has changed and if it makes more sense to buy than rent.”

Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it’s time to connect with a local real estate agent to get the conversation started.

With mortgage rates coming down and more homes hitting the market, you’ll want to be ready to jump back into your search – before everyone else does.

Bottom Line

If you’re tired of renting and ready to find out what it takes to purchase a home in your area now that the landscape may be shifting, connect with a local real estate agent to do the math and see if buying a home makes sense for you now or sometime soon.

Hire A Professional • Home Buyers • Money Talk • September 30, 2024

Buy Now, or Wait?

by Michael Cummiskey

Some Highlights

If you’re wondering if you should buy now or wait, here’s what you need to know.
If you wait for rates to drop more, you’ll have to deal with more competition and higher prices as additional buyers jump back in. But if you buy now, you’d get ahead of that and have the chance to start building equity.
Should you buy now or wait? Connect with a real estate agent and talk through it together, so you can make your best decision.

Hire A Professional • Home Buyers • Luxury Homes • Money Talk • New Build • Retirement • Selling Your Home • VA Loan • September 30, 2024

Don’t Fall for These Real Estate Agent Myths

by Michael Cummiskey

When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes.

As you figure out who you’ll partner with, it’s important to know what to expect and what to look for. Unfortunately, there may be some myths holding you back from making the best decision possible. So, let’s take some time to address those, and make sure you have the information you need to find the right agent for you.

Myth #1: All Real Estate Agents Are the Same

You might think all agents are the same – so it doesn’t matter who you work with. But, in reality, agents have varying levels of experience, specialties, and market knowledge, which can have a big impact on your results. For example: you’ll get much better service and advice from someone who is a true expert in their field. As Business Insider explains:

“If you were planning to get your hair done for a special event, you’d want to visit a stylist who specifically has experience doing that type of work — you wouldn’t make an appointment with someone who primarily does kids’ hair. The same concept applies to finding a real estate agent. If you have a smaller budget, you probably don’t want to work with an agent who exclusively sells multimillion-dollar properties.”

Take some time to talk with each agent you’re considering. Ask about their experience level and what they specialize in. This will help you find the one that’s the best fit for your search.

Myth #2: You Can Save Money by Not Using an Agent

As a seller, you may think you can save money by not working with a pro. However, the expertise, negotiation skills, and market knowledge an agent provides generally saves you money and helps you avoid making costly mistakes. Without that guidance, you could find yourself doing something like overpricing your house. And that’s a misstep that’ll cost you when it sits on the market for far too long. That’s why U.S. News Real Estate says:

“When it comes to buying or selling your home, hiring a professional to guide you through the process can save you money and headaches. It pays to have someone on your side who’s well-versed in the nuances of the market and can help ensure you get the best possible deal.”

Myth #3: Agents Will Push You To Spend More

You may also be worried an agent will push you to buy a more expensive house in order to increase their commission. But that’s not how that should go. A good agent will respect your budget and work hard to find a home that truly fits your financial situation and needs. With their market know-how, they’ll point you toward the best option for you, rather than try to pad their own pockets on your dime. As NerdWallet explains:

“Among other things, a good buyer’s agent will find homes for sale. A buyer’s agent will help you understand the type of home you can afford in the current market, find listed homes that match your needs and price range, and then help you narrow the options to the properties worth considering.”

Myth #4: Market Conditions Are the Same Everywhere, So Why Do I Need a Pro?

Maybe you believe housing market conditions are the same no matter where you are. But that couldn’t be further from the truth. Real estate markets are highly localized, and conditions can vary widely from one area to another. This is why you can’t pick just anyone you find online. You should choose an agent who’s an expert on your specific local market. As a recent article from Bankrate says:

“Real estate is very localized, and you want someone who’s extremely knowledgeable about the market in your specific area.”

You’ll know you’ve found the right person when they can explain the national trends and how your area stacks up too. That way you’re guaranteed to get the full picture when you ask: “how’s the market?”

Bottom Line

Don’t let myths keep you from the expert guidance you deserve. With market knowledge and top resources, a trusted local real estate agent isn’t just helpful, they’re invaluable.

In what could be one of the biggest financial decisions of your life, having the right pro by your side is a game changer. Connect with an agent to make sure you get the best outcome possible.

Hire A Professional • Home Buyers • Money Talk • September 30, 2024

Why Buying Now May Be Worth It in the Long Run

by Michael Cummiskey

Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.

As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.

Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):

While home prices are going to vary from one local area to the next, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace.

And while rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you. Here’s a look at what you stand to gain equity-wise once you buy. The graph below uses a typical home’s value and those HPES projections to show how much equity is at stake:

If you bought a $450,000 home at the beginning of this year, based on that starting value and the expert forecasts from the HPES, you could gain more than $90,000 in household wealth over the next five years. That’s significant.

So, if you’re ready and able to buy, and growing your wealth is important to you, you’ve got an opportunity in front of you. And now that mortgage rates have fallen, it may be time to consider making a move.

To talk more about your options and what makes sense, lean on a pro. They’ll be able to tell you what home prices are doing in your area and what that means for your move (and your future equity). The Mortgage Reports says:

“Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.”

Bottom Line

The decision to buy now or wait is a very personal one, but it’s valuable to have an expert’s perspective. They won’t push you, but they will explain things you may not have considered, like the equity that’s at stake.

If you want help weighing your options and thinking through how the current market factors in, connect with a local real estate agent.

Hire A Professional • Home Buyers • Money Talk • September 24, 2024

The Down Payment Assistance You Didn’t Know About

by Michael Cummiskey

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below):

Here’s what you need to know to maximize your down payment in today’s housing market in Cincinnati and Northern Kentucky.

Amplify Your Down Payment Potential in Cincinnati and Northern Kentucky

For first-time buyers in Cincinnati, Northern Kentucky, and the surrounding communities, it’s important to explore all the resources available to help with your down payment. Many of these resources can help you reach your goal faster than you might expect.

For example, there are loan options available in the Cincinnati and Northern Kentucky areas that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. Don’t forget about the down payment assistance programs specific to this region, such as grants and other local opportunities, which can help cover your upfront costs.

If you’re interested in learning more about these programs and how they can benefit you in the Cincinnati or Northern Kentucky housing markets, connecting with a trusted local lender is key. Failing to explore these options could mean leaving money on the table and missing out on your dream home in the region. A higher down payment can reduce your monthly mortgage payment and even help avoid or reduce fees like private mortgage insurance.

Don’t Let News Headlines About Down Payments in Cincinnati and Northern Kentucky Scare You

You may have seen headlines about rising down payments across the country, and it’s true. According to Redfin:

“The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier . . . This was the 12th consecutive month the median down payment rose year over year.”

But don’t let this discourage you from purchasing a home in Cincinnati or Northern Kentucky. These rising averages don’t mean that down payment requirements are increasing. Instead, it reflects buyers choosing to put more down to offset higher mortgage rates or leveraging equity from the sale of their previous homes. As HousingWire explains:

“. . . buyers are putting down a higher percentage of the purchase price to lower their monthly mortgage payment. And buyers also had more equity from their home sales, which gives them more cushion.”

Here’s why:

A bigger down payment can lower your monthly mortgage payment: In today’s market, affordability is a challenge for many buyers in the Cincinnati and Northern Kentucky areas. Those who can make larger down payments are doing so to reduce their future housing costs.
Buyers with existing homes have record equity: Homeowners in Cincinnati and Northern Kentucky who purchased a few years ago have seen significant price appreciation. They are now able to use that equity to make larger down payments on their next homes, giving them an advantage over first-time buyers.

Bottom Line for Buyers in Cincinnati and Northern Kentucky

What’s the best step to take? Reach out to a trusted lender in Cincinnati or Northern Kentucky to explore your options. They can help you understand where you stand today and guide you to the resources that may be available to you in these thriving local markets. Help is available – all you need to do is work with a local pro to make the most of it.

Hire A Professional • Luxury Homes • Money Talk • Selling Your Home • September 23, 2024

Is Your House Priced Too High?

by Michael Cummiskey

Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches as possible. And chances are, you’re no different.

But did you know one of the biggest things that could jeopardize your success is the asking price for your home? Pricing your house correctly is one of the most crucial steps in the selling process.

So, how do you know if you’re missing the mark? Here are four signs your high asking price might be turning potential buyers away—and why leaning on your real estate agent is the best way to course correct.

1. You’re Not Getting Many Showings or Offers

One of the most obvious signs your house may be overpriced is a lack of showings. If it’s been on the market for several weeks and only a few buyers have come to see it—or worse, you haven’t gotten any offers—it could be a clear indication the price isn’t matching up with what buyers expect. Because buyers who have been looking for a while can easily spot (and write off) a home that seems overpriced.

Your real estate agent will coach you through this, so lean on their experience for what you may want to try to bring more buyers in, including considering a price cut.

2. Buyers Have Consistent Negative Feedback after Showings

And if after the showings you do have, comments from the potential buyers aren’t great, you may need to course correct. Feedback from showings is an important part of understanding how buyers see your house. If they consistently say it’s overpriced compared to other homes they’ve seen, it’s time to reconsider your pricing strategy.

Your agent will gather and analyze this feedback for you, so you can look at how your house stacks up in the market. They can also suggest specific improvements or staging changes to better justify your asking price, or recommend one that aligns with today’s buyer expectations. As the National Association of Realtors (NAR) explains:

“Based on all the data gathered, agents may make adjustments to the initial price recommendation. This could involve adjusting for market conditions, property uniqueness, or other factors that may impact the property’s value.”

3. It’s Been on the Market for Too Long

And that lack of interest is ultimately going to lead to it sitting on the market without any serious bites. The longer it lingers, the more likely it is to raise red flags for buyers, who may wonder if something is wrong with it. Especially in today’s market with growing inventory, a long listing period means your house is stale – and that makes it even harder to sell.

Your real estate agent will be able to give you perspective on how quickly other homes in your area are selling and walk you through what’s working for other sellers. That way you can decide together if there’s something you want to do differently. As a Bankrate article says:

“Check with your agent about the average number of days homes spend on the market in your area. If your listing has been up significantly longer than average, that may be a sign to reduce the price.”

4. Your Neighbor’s House Sold Without an Issue

And here’s the last one to watch out for. If similar homes in your area are selling faster than yours, it’s a clear sign that something is off. This could be due to things like a lack of upgrades, outdated features, or a less desirable location. Or, it may be priced too high.

Your agent will keep you up to date on your competition and what changes, if any, you need to make your home more competitive. They’ll offer advice on small updates that could increase your home’s appeal or how to adjust your strategy to reflect the reality of the market today.

Bottom Line

Pricing a home correctly is both an art and a science. It requires a deep understanding of the market and buyer psychology. And when the price isn’t drawing in buyers, there’s no better resource than your agent on what you may want to do next.

Hire A Professional • Home Buyers • Money Talk • September 21, 2024

Lower Mortgage Rates Boost Your Buying Power

by Michael Cummiskey

Some Highlights

Mortgage rates are trending down and that’s great news for your bottom line.
As rates drop, your monthly payment on your next home does too. Even a small change in mortgage rates can have a big impact on your purchasing power.
If you put your search on hold when mortgage rates were higher, think about how much you could save now that rates are coming down.

Hire A Professional • Home Buyers • Luxury Homes • Money Talk • Selling Your Home • September 21, 2024

Falling Mortgage Rates Are Bringing Buyers Back

by Michael Cummiskey

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.

After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower mortgage rates are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at Bright MLS, says:

“A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.”

The best part? You can take advantage of that renewed buyer interest.

As Rates Fall, Buyer Activity Goes Up

The graph below illustrates the relationship between falling mortgage rates and rising buyer activity. The orange line represents the average 30-year fixed mortgage rate, while the blue line shows the Mortgage Bankers Association (MBA) Mortgage Application Index, which tracks the number of mortgage applications.

As you can see, as mortgage rates (orange) come down, the Mortgage Application Index (blue) rises, showing more people start to re-engage in the process (see graph below):

What This Means for You

According to the National Association of Realtors (NAR), home sales increased in July, which was a welcome shift after four straight months of declines. If you’re a homeowner thinking about selling, this uptick in buyer activity works in your favor.

More buyers means more competition, which can lead to higher offers and shorter time on the market for your house. And, according to Edward Seiler, AVP of Housing Economics at the Mortgage Bankers Association (MBA), this trend is expected to continue:

“MBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and lead to increased activity in the housing market.”

All in all, the market is becoming more accessible to a wider range of buyers, which could result in even more people looking to purchase a house like yours.

With more buyers entering the market, now’s the time to start getting your house ready to sell.

Bottom Line

The recent decline in mortgage rates is already driving more buyers into the market, and experts project this trend will continue. Work with a local real estate agent to take advantage of this increased buyer demand and get your house ready to sell.

Secrets To Selling Your House Quickly

This Is the Sweet Spot Homebuyers Have Been Waiting For

Buying Beats Renting in 22 Major U.S. Cities

Bottom Line

Buy Now, or Wait?

Some Highlights

Don’t Fall for These Real Estate Agent Myths

Myth #1: All Real Estate Agents Are the Same

Myth #2: You Can Save Money by Not Using an Agent

Myth #3: Agents Will Push You To Spend More

Myth #4: Market Conditions Are the Same Everywhere, So Why Do I Need a Pro?

Bottom Line

Why Buying Now May Be Worth It in the Long Run

Bottom Line

The Down Payment Assistance You Didn’t Know About

Amplify Your Down Payment Potential in Cincinnati and Northern Kentucky

Don’t Let News Headlines About Down Payments in Cincinnati and Northern Kentucky Scare You

Bottom Line for Buyers in Cincinnati and Northern Kentucky

Is Your House Priced Too High?

1. You’re Not Getting Many Showings or Offers

2. Buyers Have Consistent Negative Feedback after Showings

3. It’s Been on the Market for Too Long

4. Your Neighbor’s House Sold Without an Issue

Bottom Line

Lower Mortgage Rates Boost Your Buying Power

Some Highlights

Falling Mortgage Rates Are Bringing Buyers Back

As Rates Fall, Buyer Activity Goes Up

What This Means for You

Bottom Line

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