Hire a Professional! • Homebuyers • Money Talk • December 24, 2024

The Truth About Down Payments

by Laura Benson

Some Highlights

There’s a misconception going around that you have to put 20% of the purchase price down when you buy a home. But the truth is, many people don’t put down that much unless they’re trying to make their offer more competitive.
And if you want to give your savings a boost, look into down payment assistance. There are thousands of programs that offer an average benefit of nearly $17,000.
To learn more about loan options or down payment assistance programs, connect with a trusted lender and check out downpaymentresource.com.

Hire a Professional! • Luxury Homes • Money Talk • Retirement • Sellers • December 24, 2024

Struggling To Sell Your House? Read This.

by Laura Benson

When you’re ready to sell your house, you likely have three key goals in mind: selling quickly, getting top dollar, and ensuring a smooth process from start to finish.

However, even in a competitive market like Greater Cincinnati, Northern Kentucky, and Southeast Indiana—where there are often more buyers than homes for sale—challenges can arise that may delay your sale or prevent it altogether. According to Zillow, in 2024, about 1 in 3 sellers removed their home from the market before it eventually sold.

While the reasons vary, there are common hurdles that can keep a house from selling. If you’re finding it difficult to sell your home, here are the top three challenges and how working with an expert real estate agent can help you overcome them.

1. Priced Too High

Pricing your home correctly is crucial when selling real estate. Overpricing, particularly in today’s high-interest rate environment, is one of the main reasons homes stay on the market longer. As U.S. News Real Estate explains:

“Talk to any real estate expert, and the first thing they’ll tell you is that a house is selling slowly because the price is too high.”

While it might be tempting to price high to maximize your profit, overpricing can deter buyers and cause your home to sit on the market longer. The longer it sits, the more skeptical buyers become, even if there’s nothing wrong with the property.

Today’s buyers also have easy access to tools that allow them to compare homes for sale in Greater Cincinnati, Northern Kentucky, and Southeast Indiana. If your home is priced above similar properties, buyers may pass over your listing.

If you’re not getting offers, talk to your real estate agent about feedback from open houses and showings. If buyers consistently say the price is an issue, it may be time to adjust your asking price.

2. Lack of Preparation Before Listing

First impressions matter, especially in real estate. Taking the time to prepare your house before listing can make the difference between it selling quickly or sitting on the market.

Start with curb appeal. Simple updates, like fresh landscaping or power-washing your driveway, can make your home look more inviting. As Realtor.com puts it:
“Buyers do tend to judge a book by its cover. You want to make sure potential buyers’ first impression of your home is a good one—and inspires them to stop by the open house or schedule a tour.”

Beyond the exterior, focus on decluttering, depersonalizing, and cleaning the interior. A clean and neutral space allows buyers to imagine themselves living in the home. Simple upgrades, such as a fresh coat of paint or updating listing photos to reflect the current season, can also make a big impact.

If you’re unsure what changes will help your home sell, your real estate agent can guide you on the best strategies for the Greater Cincinnati, Northern Kentucky, and Southeast Indiana market.

3. Limited Access for Showings

One of the biggest mistakes sellers make is restricting when buyers can view the home. If your house isn’t easily accessible, you’re significantly reducing your chances of selling.

Keep in mind that out-of-town buyers are often highly motivated but may have limited time to view homes for sale. Providing maximum flexibility for showings ensures that more potential buyers can visit your property, increasing your chances of receiving an offer.

Bottom Line

If you’re asking, “How can I sell my house in Greater Cincinnati, Northern Kentucky, or Southeast Indiana quickly and for top dollar?” it’s time to take action. Don’t let pricing, preparation, or limited access hold you back from achieving your real estate goals. Partner with an experienced real estate agent to revamp your strategy and get your home sold!

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • December 24, 2024

The Biggest Perks of Buying a Home This Winter

by Laura Benson

Is Now the Right Time To Buy? Here’s Why Winter Could Be Perfect

Waiting for the perfect market conditions often leads to missed opportunities. What many don’t realize is that if you’re ready and able to buy, the cooler months in Greater Cincinnati, Northern Kentucky, and Southeast Indiana could actually give you a distinct advantage. Here’s why this season works in your favor for finding homes for sale or exploring real estate options:

You Won’t Feel as Rushed

During this time of year, homes typically take longer to sell. Data from the National Association of Realtors (NAR) reveals that average time on the market increases significantly in the winter months (see the green bars in the graph below):

a graph of blue and green bars

This slowdown happens partly because fewer buyers are active. That means less competition when searching for homes for sale. You’ll likely have more time to carefully consider your options and negotiate without feeling the intense pressure of a fast-moving market.

Sellers May Be More Open to Negotiation

With homes sitting longer on the market, sellers are often more motivated to close deals. That puts you in a better position to negotiate. NAR explains:

“Less competition can lead to better deals. While homes are not selling as fast as during the summer, sellers may be more willing to negotiate.”

This could mean:

Price compromises.
Sellers covering closing costs or repairs.
Additional perks like appliances included in the sale.

So, whether you’re looking to buy real estate or thinking, “Should I sell my house now?”, understanding seasonal dynamics is key.

Winter Brings Lower Home Prices

Another big benefit of buying real estate in the winter is the potential for savings. Less buyer competition, combined with motivated sellers, often leads to lower prices. NAR data shows that home prices in the winter months are, on average, 5% lower than during the summer peak.

For example, on a $400,000 home, this could translate to savings of $20,000. That’s a significant amount that allows your budget to stretch further.

The seasonal price shift is clear when looking at the median sales prices of existing homes (previously owned properties) over the past 12 months. Last year, home prices dipped during the winter (see green bars in the graph below), and this trend looks likely to repeat.

a graph of a number of people

Bottom Line

If you’re exploring homes for sale or ready to dive into the real estate market in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, winter can be the perfect time to act. You’ll enjoy less competition, motivated sellers, and potential cost savings.

Partner with a trusted local real estate expert to find the right property or get the most value if you’re considering “Should I sell my house?”. Reach out today and make the most of this unique market opportunity!

Hire a Professional! • Homebuyers • Money Talk • New Build • December 23, 2024

More Starter Homes Are Hitting the Market

by Laura Benson

More Entry-Level Homes Are Hitting the Market in Greater Cincinnati, Northern Kentucky, and Southeast Indiana

If you’ve been searching for homes for sale in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, there’s good news! Entry-level homes – often referred to as starter homes – are becoming more available. After years of limited inventory and rising prices, first-time buyers finally have more opportunities to enter the market.

Inventory Is Increasing – Especially at Lower Price Points

The total supply of homes for sale has improved significantly over the past year. According to Realtor.com, November saw a 26.2% increase in available homes compared to the same time last year. This marks 13 consecutive months of inventory growth and the highest number of homes available since December 2019.

However, not all price points are experiencing the same growth. Data from Redfin shows that starter homes have seen the biggest increase in inventory (see graph below):

a graph of a number of homes

For first-time buyers who’ve been waiting for the right opportunity, now may be the perfect time to make your move. With more starter homes entering the market, you have better chances of finding a home that fits your budget and needs.

How an Experienced Real Estate Agent Can Help You Find a Starter Home

Finding the ideal starter home in Greater Cincinnati, Northern Kentucky, or Southeast Indiana can feel overwhelming, but a knowledgeable local real estate agent simplifies the process. Here’s how they can help:

Stay Updated on Listings: Your agent monitors the latest starter home listings so you don’t miss out on opportunities.
Tailored Home Searches: They’ll focus on properties that meet your budget and needs, saving you time and energy.
Expert Negotiation: Your agent will guide you in making competitive offers and negotiating the best possible deal.
Handle the Details: From managing paperwork to meeting deadlines, they ensure your transaction stays on track.
Provide Expert Advice: Whether you have questions about pricing, inspections, or the closing process, your agent will provide valuable insights every step of the way.

Bottom Line

Starter homes are making a strong comeback in Greater Cincinnati, Northern Kentucky, and Southeast Indiana. If you’re asking, “How do I find homes for sale?” or thinking, “I’m ready to sell my house,” now is an excellent time to act.

A local real estate expert can help you navigate the market, whether you’re ready to visit listings or simply want advice on your next steps. Reach out today to take advantage of these new opportunities!

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • Retirement • Sellers • December 16, 2024

Only an Expert Agent Can Give You an Accurate Value of Your Home

by Laura Benson

Discovering Your Home’s True Value: Why Expert Insights Beat Online Tools

In today’s digital age, it’s easy to turn to online tools when trying to determine the value of your home. But when it comes to homes for sale or answering “How do I accurately price my house?”, relying solely on automated estimates can lead to missteps. These tools often miss crucial details that affect the actual market value of your home in Greater Cincinnati, Northern Kentucky, or Southeast Indiana.

Why Online Tools Fall Short in Real Estate

Before you put up a “For Sale” sign and expect to sell your house for the online estimate you’ve seen, consider this: automated valuation tools are far from perfect. While they offer a starting point, they rarely reflect the nuances that impact pricing in the real estate market.

The Myth: Online Home Value Estimates Are Reliable

Online home valuation tools calculate a price based on publicly available data. While they can provide a baseline, the keyword is approximate. As Ramsey Solutions points out:

“Online Home Value Estimators Aren’t 100% Accurate . . . The estimates are only as reliable as the amount of public record data the real estate websites can access.”

If your home is in an area with limited data or evolving market trends, the reliability of these tools diminishes.

The Reality: Key Factors Online Estimates Miss

Online tools don’t account for the unique aspects of your home or the intricacies of your local market. That’s where the expertise of a real estate agent becomes invaluable. For example:

Condition of Your Home
Automated tools can’t assess your home’s condition. Whether your house is move-in ready or needs repairs, only an in-person evaluation can provide an accurate picture of its value.
Local Neighborhood Trends
Is your neighborhood gaining popularity? Are new amenities or developments driving demand? Online tools typically miss these details, which can significantly impact your home’s value in regions like Greater Cincinnati, Northern Kentucky, or Southeast Indiana.
Accurate Comparable Sales
Automated tools rely on general past sales data, which may be outdated or irrelevant. A real estate agent, however, uses up-to-date, relevant sales data to provide a more precise market valuation.

As Bankrate explains:

“Online estimation tools determine pricing using algorithms that rely on publicly available information. These algorithms . . . don’t account for a home’s current condition or upgrades not reflected in public records.”

Expert Guidance Matters

A real estate professional not only provides a personalized evaluation of your home but also understands the nuances of the local market. Their expertise ensures that you’re pricing your house competitively while maximizing its value—whether you’re listing in Northern Kentucky, Southeast Indiana, or Greater Cincinnati.

Bottom Line

While online home value estimates are a convenient starting point, they can’t replace the accuracy of working with a real estate agent. The true value of your home depends on factors that automated tools overlook, such as condition, local market trends, and real-time comparable sales.

If you’re thinking, “I want to sell my house,” partner with a local expert to get the most accurate estimate and the best price for your home. When it comes to real estate, local insights are the key to success.

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • December 13, 2024

What Homebuyers Need To Know About Credit Scores

by Laura Benson

Some Highlights

Data shows 7 out of 10 prospective homebuyers don’t know the minimum credit score required by lenders or that it varies by lender and loan type.
According to Experian, the range is anywhere from 500 to 700 for the minimum credit score. That means you don’t need perfect credit to buy a home.
Your credit score is important – but that doesn’t mean it needs to be perfect. Work with a lender to learn more about home loan options that may work for you.

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • December 13, 2024

The Top 2 Reasons To Look at Newly Built Homes

by Laura Benson

When planning a move, a newly built home might not be the first thing that comes to mind. However, with more homes for sale in the Greater Cincinnati, Northern Kentucky, and Southeast Indiana areas—including brand-new options—and builders focusing on smaller, more affordable designs, these new builds may be the key to achieving your real estate goals.

Why Consider a Newly Built Home?

Here’s why a newly built home could be the perfect fit for you—and how an agent can help if you’re thinking, “I want to sell my house and move into something new.”

1. More Newly Built Homes Are Available

First, let’s break down the types of homes for sale today. A newly built home is either under construction or just completed, while an existing home is one that’s been previously lived in.

Currently, the inventory of existing homes for sale remains low. If you’re finding it hard to locate the right fit, expanding your search to include new builds can significantly increase your options. Right now, newly built homes represent a larger share of the market than in previous years, accounting for 28.8% of all inventory (see graph below):

a graph of blue lines and white text
From 1983 to 2019, newly built homes made up only 13% of the total inventory. Today, thanks to increased construction activity, they now represent nearly one-third of all homes on the market.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Even though existing home sales have been stuck at low levels, newly constructed home sales look to mark one of their best annual performances in 15 years. The new home inventory has been consistently rising with homebuilders getting active, making up around 1/3 of total inventory.”

Builders are addressing the demand created by years of underbuilding. While demand for homes remains high, the growing availability of new builds offers more opportunities for buyers in the real estate market.

2. Newly Built Homes Are Becoming More Affordable

Still wondering if a new build fits your budget? The good news is that the average cost of newly built homes has actually decreased compared to a year ago.

Why is this happening? Builders are focusing on affordability by designing smaller homes with lower price points, making them more accessible to today’s buyers. As Realtor.com notes:

“Builders are increasingly bringing smaller, more affordable homes to the market, so buyers may find more newly built homes that fit their budget.”

Keep in mind that buying a newly built home is different from purchasing an existing property. Builder contracts often have unique terms, so partnering with a local real estate expert who understands these nuances is essential.

Bottom Line

If you’re searching for homes for sale in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, a new build might be the ideal opportunity to achieve your goals. Whether you’re exploring new homes or thinking, “I’m ready to sell my house,” a knowledgeable real estate agent can guide you through the process and help you find the perfect fit for your needs and budget.

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • December 13, 2024

Why Moving to a More Affordable Area Makes Sense

by Laura Benson

Moving to a more affordable area could be the fresh start you need to get ahead financially. Whether you’re exploring homes for sale or looking to sell my house in search of a more budget-friendly lifestyle, working with a trusted real estate agent is your best plan. They can help you find a home that fits your budget and desired location in Greater Cincinnati, Northern Kentucky, or Southeast Indiana.

With the rising cost of living, many people are reevaluating where they live to cut expenses. If you’re considering a change, here’s a great place to start (see visual below):

a map of the united states
These states are known for lower housing costs, reduced insurance premiums, and more affordable daily living expenses. However, they aren’t the only places to find a hidden gem. Relocating to a different area could help you discover significant savings.

Why Move to a Lower-Cost Area?

Life feels more expensive every day, from increasing home prices to higher grocery bills. Housing, the largest expense for most people, has seen a sharp rise.

Home prices: Data from Case-Shiller shows a 3.9% increase in home prices from September 2023 to September 2024.
Insurance premiums: GOBankingRates reports average annual home insurance costs of $2,151, a significant jump from recent years.

For many, these rising costs feel overwhelming. That’s why lower-cost areas are attracting attention. According to the National Association of Realtors (NAR):

“With the past decade of rising home prices, buyers are looking for more affordable areas . . . As housing affordability continues to shape migration patterns, these areas may provide an opportunity . . . for those looking for more cost-effective alternatives to the nation’s larger, pricier metropolitan areas.”

Lower-cost areas offer affordable housing, reduced home insurance premiums, and lower daily living expenses, such as groceries and transportation. If you’re feeling stretched financially, moving to a more affordable location could bring much-needed relief.

Planning Your Move

Whether your goal is to sell my house or find a new home in Greater Cincinnati, Northern Kentucky, or Southeast Indiana, making the right move requires careful planning.

Here’s what to consider:

Job opportunities
Quality of schools
Local amenities
Proximity to family or friends

A knowledgeable local real estate agent can guide you through this process. They’ll help you navigate housing markets in more affordable areas and find neighborhoods that meet your needs without stretching your budget.

If none of the commonly listed states appeal to you, don’t worry. A trusted agent can help identify hidden gems in other locations, ensuring you find the perfect fit.

Bottom Line

If rising costs have you feeling stuck, relocating to a more affordable area could be the financial reset you need. Explore homes for sale in Greater Cincinnati, Northern Kentucky, or Southeast Indiana to take the first step toward a better quality of life.

Don’t go it alone—partner with an experienced real estate agent who knows the area. They’ll help you make a seamless move and find a home that suits your needs and budget. Ready to start? Contact a local agent today!

Hire a Professional! • Homebuyers • Luxury Homes • Money Talk • New Build • December 11, 2024

What Will It Take for Prices To Come Down?

by Laura Benson

Are you wondering if home prices are about to crash? Believe it or not, some people are hoping for this so they can finally buy a more affordable home. However, experts agree that’s not likely to happen – and here’s why.

The demand for homes far outweighs the supply. That imbalance is what continues to drive prices upward.

Let’s explore why, on a national level, home prices aren’t expected to drop anytime soon – and what this means for the Greater Cincinnati, Northern Kentucky, and Southeast Indiana real estate markets.

Prices Depend on Supply and Demand

The housing market functions like any other: when demand is high and supply is low, prices go up.

According to recent estimates, the U.S. faces a housing shortfall of several million homes. In other words, there are far more people searching for homes for sale than there are houses available to purchase. This significant mismatch in supply and demand is the main reason home prices are unlikely to fall.

As David Childers, President of Keeping Current Matters, explains:

“The main driving force on pricing is the limited amount of inventory in most markets across the country. That issue is not going to be solved overnight or in the next twelve months.”

How Did We Get Here?

For over 15 years, homebuilders have been unable to keep up with buyer demand. After the 2008 housing crisis, construction slowed dramatically and has only recently begun to recover (see graph below):

a graph of a number of years

Even as new construction increases, builders are playing catch-up. According to AmericanProgress.org, the current pace of construction isn’t enough to meet today’s demand – let alone address years of underbuilding.

With this ongoing housing shortage, home prices are expected to remain steady or increase in most regions, including Greater Cincinnati, Northern Kentucky, and Southeast Indiana.

What About Next Year?

Most experts predict home prices will continue to rise next year, but at a slower and healthier rate (see graph below):

a graph of green bars

Keep in mind, however, that home prices vary by market. While national trends are important, your local market’s inventory and demand will ultimately determine whether prices grow slowly, stay steady, or decline slightly.

In areas like Greater Cincinnati, Northern Kentucky, and Southeast Indiana, where inventory remains tight, prices are likely to keep climbing. That’s why it’s essential to work with a local real estate professional who understands these markets and can guide you effectively.

Bottom Line

If you’re wondering when prices will drop, it all comes down to supply and demand. Limited inventory continues to keep home prices steady or rising in most areas.

Whether you’re looking to purchase a home or thinking, “How can I sell my house in this market?” connecting with a local real estate expert is key. They can help you understand what’s happening in Greater Cincinnati, Northern Kentucky, and Southeast Indiana and create a plan that fits your goals.

Hire a Professional! • Luxury Homes • Money Talk • Retirement • Sellers • December 11, 2024

Why More Sellers Are Hiring Real Estate Agents

by Laura Benson

Selling your house on your own – commonly known as “For Sale by Owner” or FSBO – might seem appealing. But you should know that it can get complicated very quickly, especially in today’s dynamic real estate market in Greater Cincinnati, Northern Kentucky, and Southeast Indiana.

That’s why data from the National Association of Realtors (NAR) shows a record-low number of homeowners are choosing to go the FSBO route. Instead, more homeowners are opting to work with a real estate professional (see graph below):

a graph of a sales growth

Here’s why partnering with a real estate agent is the preferred choice. Selling a house is a significant undertaking, and while FSBO might seem like a way to save time or money, it often leads to more challenges than expected.

The process involves setting the right price, navigating increasing amounts of legal paperwork, and crafting a strategic plan to attract buyers. Taking it all on yourself can be overwhelming.

Let’s dive into two key reasons why working with an experienced agent can make all the difference when you want to sell your house in Greater Cincinnati, Northern Kentucky, or Southeast Indiana.

1. Getting the Price Right

One of the biggest hurdles when putting your house up for sale is determining the right price. This isn’t just about choosing a number that feels right; it’s about hitting the sweet spot. Overpricing can deter potential buyers, while underpricing might leave money on the table or raise questions about your property.

Real estate agents are experts in pricing homes for sale based on current market conditions. As Zillow puts it:

“Agents are pros when it comes to pricing properties and have their finger on the pulse of your local market. They understand current buying trends and can provide insight into how your home compares to others for sale nearby.”

With their understanding of buyer behavior and detailed market knowledge, an agent ensures your home is priced competitively to attract serious buyers. That carefully calculated price lays the foundation for selling your home for top dollar.

2. Managing the Paperwork

Selling a house means dealing with a mountain of paperwork, including disclosure forms, contracts, and more. Each document must be filled out accurately and comply with legal standards, which can feel daunting for homeowners unfamiliar with the process.

This is where a real estate agent’s expertise is invaluable. Agents have extensive experience managing these documents and are well-versed in legal requirements. They’ll guide you through the process step by step, ensuring all paperwork is handled correctly. With their help, you can avoid unnecessary stress, costly errors, or potential legal complications.

Bottom Line

Selling your house – whether in Greater Cincinnati, Northern Kentucky, or Southeast Indiana – is a major decision. Having a trusted real estate agent by your side ensures a smooth process, from setting the right price to managing the details.

Connect with a local real estate expert to take the guesswork out of the process and sell with confidence. Whether you’re searching for homes for sale or ready to sell your house, working with a professional makes all the difference.