Well, our lack of time to blog can only mean one thing. The market is busy! Thank goodness for a weekend at a swim meet for some forced computer time 🙂 Some trends we have seen this year:
- Valuations and appraisals continue to be the biggest issue. As a seller, you must be realistic about what the market value of your home is. As a buyer, you can expect to get a good deal on a property, but don’t expect to steal it. Low ball offers only create bad will and can set a deal up for failure. Sellers must forget what they think their house is worth based on sales from years past. Only market data from the past year is taken into account by appraisers, and your house must appraise at the agreed upon sales price for buyer to get a loan, plain and simple. We are trained to help buyers and sellers through this process, but all parties have to be realistic with their expectations.
- Speaking of appraisals, the Hamilton County Tax Valuation letter that you just got from the county with your home’s projected tax value has little if anything to do with actual market value of your home. If the value came in higher than you expected, you can go to the county with relevant market data and request to have it lowered. But if you are like most homeowners and it came in lower, just sit back and relax. The worse case scenario is that you will pay less in taxes 🙂
- Lending seems to have loosened up a little over the past couple of years. 203k loans continue to be a good option for buyers needing to finance renovations to a house they are purchasing. We have seen buyers with good credit obtain 95% conventional loans, and 3% down FHA loans continue to be popular. We have even had buyers obtain ‘bridge’ loans so they can purchase their dream home while marketing their current home – with little to no out of pocket. Looking to do something but don’t know if you can qualify? Hit our service providers link here or at the upper right and talk to our preferred lenders with no obligation.
We also have several new listings on the market worth noting:
- JUST LISTED in Wyoming – awesome international style modern home in great neighborhood. I have always admired the simplicity of this house while driving by. It reminded me of a waterfront home by my Grandma’s house in Michigan. Turns out that the original owners of this home actually fell in love with the design while on vacation in Michigan and hired the architect, Alfred Tobocman, to design a similar house for their lot in Wyoming, OH. This home was completed in 1979 with classic modern design and materials – and none of the 70’s cliché trappings. If you are looking for a spacious home with plenty of bedrooms, office space, and room for entertaining, this is it! The killer wooded creekside setting doesn’t hurt, either!
- Also recently listed is another ‘70s modern – this one in the popular MCM neighborhood of Turpin Hills in Anderson Township. The previous owners of this home completely remodeled it in the early 1990’s, resulting in a very clean and white color palette with a ton of custom built in ‘Techline’ style cabinetry throughout. The result is a spacious, contemporary feel and an awesome palette for displaying modern artwork. A huge benefit to this home – compared to most midcentury moderns – is the abundance of walk in closets. WOW!! If only I could bring one of them to my house…..
- To complete our 1970’s trilogy, we also have a classic modern, international style 3 level in Gaslight Clifton. Designed in 1970 by UC Architecture professor Dick Peacock, it has been owned for the past 30+ years by DAAP professors from UC and it shows! Meticulously cared for and very cool and modern inside and out, this home is a wonderful contrast to its more traditional Clifton surroundings. In a beautiful neighborhood and walking distance to the Ludlow shopping and entertainment district. Perfect for the modern urban dweller!
- On our PENDING list – our streamline art moderne (set to close this week), the Roush designed Ruth House (sorry to everyone who missed out on this one – the calls keep coming in!), and the midcentury ranch in Wyoming.
And last but not least……
- Congratulations to Allie and Tyler Weaver on their purchase of an Abe Dombar time capsule in Amberley Village. There is nothing quite like the rush of finding a well built custom home in completely original condition. From the Italian glass tile baths, to the pink metal kitchen, to the Hollywood Regency style curved stairway, to the marble trimmed corner fireplace, this house is loaded with MCM Bling! This house was listed without photos because it ‘needs updating(!?)’ What a gem!