Local market gaining steam
As highlighted in last month's newsletter, we are seeing positive trends develop in inventory and number of sales that run somewhat counter to the larger national trends.
Local Realtors sold 1,635 homes last month, marking the third consecutive month of increased sales this year. The inventory of unsold homes also improved, shrinking to 9.49 months compared to 9.75 months from March and 13.31 months from January (a balanced market is around 5 - 6 months inventory).
Months of
2008 Home Sales Inventory
January 1,130 13.31
February 1,334 11.32
March 1,556 9.75
April 1,635 9.49
Nationwide, April home sales seasonally adjusted were down 1% from March. They were off 17.5% from a year ago. Perhaps Cincinnati is a forerunner for an improving market?
Sunday, June 1, 2008
June Finance Corner
Programs available to help first-time buyers and owners hit by adjustable rates
Many government and finance organizations are trying to help clean up some of the housing mess. Really!
In Ohio, the Ohio Housing Finance Agency (OHFA) has both loan and grant programs to assist first-time buyers as well as those individuals that are getting in trouble from an adjustable rate mortgage. These assistance programs are usually made in conjunction with FHA loans to cover closing costs and down payment requirements. One popular program is the the Ohio Heroes Fund that assists military personnel, teachers, healthcare workers, and first responders in acquiring a home.
The Federal Home Loan Bank of Cincinnati offers several programs to assist low- to moderate-income individuals and families, minorities, and others with special needs. Funds are made available twice a year. Funds from the first distribution are nearly all reserved, but the 2nd window is targeted for August 29, 2008. Individual borrowers should apply through member banks for assistance. Go to the Federal Home Loan Bank site for more information.
If one of these programs seem right for you or someone you know, talk to your lender about what they have available. You can also check the references section of my website or contact me to help you find a lender that fits your situation.
Many government and finance organizations are trying to help clean up some of the housing mess. Really!
In Ohio, the Ohio Housing Finance Agency (OHFA) has both loan and grant programs to assist first-time buyers as well as those individuals that are getting in trouble from an adjustable rate mortgage. These assistance programs are usually made in conjunction with FHA loans to cover closing costs and down payment requirements. One popular program is the the Ohio Heroes Fund that assists military personnel, teachers, healthcare workers, and first responders in acquiring a home.
The Federal Home Loan Bank of Cincinnati offers several programs to assist low- to moderate-income individuals and families, minorities, and others with special needs. Funds are made available twice a year. Funds from the first distribution are nearly all reserved, but the 2nd window is targeted for August 29, 2008. Individual borrowers should apply through member banks for assistance. Go to the Federal Home Loan Bank site for more information.
If one of these programs seem right for you or someone you know, talk to your lender about what they have available. You can also check the references section of my website or contact me to help you find a lender that fits your situation.
June Energy Smart Tip
Get paid for Energy Efficiency
As ironic as it may seem, energy companies are working hard to have consumers use less energy or at least use it more efficiently. Existing grid systems are straining at capacity during the summer cooling seasons. Coupled with the high cost of building new generating plants and the occasional need to use rolling blackouts to manage loads, promoting conservation is key to controlling costs and avoiding prolonged outages.
Locally, Duke Energy has several incentives for making energy smart improvements to your home. These include the "Smart $aver" program that will provide a rebate for installing high-efficiency heating and cooling equipment and the "Power Manager" program that provides a credit for installation of power load management equipment. For specific details about these programs, visit the Duke Energy Savings Programs website.
Additionally, many improvements are eligible for tax rebates and other incentives. Check the 2005 Energy Policy Act summary for a list of eligible improvements. (NOTE - many of these have ended as of 2008. Stay tuned to see if Congress will extend the credits into future years.)
Want to go in the deep end of the pool? Cincinnati is on the leading edge with its tax abatement policy enacted last year for LEED-certified development. (LEED is the US Green Building Council's "Leadership in Energy and Environmental Design" standards.) Homes meeting the necessary certification can be free from property taxes for 10 years (for rehabs) or 15 years (for new construction). For more see the City of Cincinnati announcement. A summary of the policy can be found on the Database of State Incentives website.
As ironic as it may seem, energy companies are working hard to have consumers use less energy or at least use it more efficiently. Existing grid systems are straining at capacity during the summer cooling seasons. Coupled with the high cost of building new generating plants and the occasional need to use rolling blackouts to manage loads, promoting conservation is key to controlling costs and avoiding prolonged outages.
Locally, Duke Energy has several incentives for making energy smart improvements to your home. These include the "Smart $aver" program that will provide a rebate for installing high-efficiency heating and cooling equipment and the "Power Manager" program that provides a credit for installation of power load management equipment. For specific details about these programs, visit the Duke Energy Savings Programs website.
Additionally, many improvements are eligible for tax rebates and other incentives. Check the 2005 Energy Policy Act summary for a list of eligible improvements. (NOTE - many of these have ended as of 2008. Stay tuned to see if Congress will extend the credits into future years.)
Want to go in the deep end of the pool? Cincinnati is on the leading edge with its tax abatement policy enacted last year for LEED-certified development. (LEED is the US Green Building Council's "Leadership in Energy and Environmental Design" standards.) Homes meeting the necessary certification can be free from property taxes for 10 years (for rehabs) or 15 years (for new construction). For more see the City of Cincinnati announcement. A summary of the policy can be found on the Database of State Incentives website.
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