Real Estate Information Archive

Home prices have come down 20, 30, 40% or more in the last three years and mortgage rates are lower than they've been in 50 years and you still haven't bought a home. Really?

Housing affordability is over 180, an all-time high when 100 is considered good and you're still renting. Really? Are you waiting for it to get to 200? Do you think prices and rates are going to get lower? Really?

You know it's costing you more every month to rent than to own. Tax savings, appreciation and principal reduction lower the monthly cost of housing and yet you'd rather let your landlord benefit...Really? Have you heard that the average homeowner has 41 times greater net worth than a renter? Do you think it's a coincidence? Really?

And have you heard that most people want a place of their own; a place to raise their family; to share with their friends; to feel safe and secure. So, you'd rather go home after working hard all day to your landlord's home. You'd prefer to invite some friends over to your landlord's home for dinner next weekend. Really?

You haven't checked out whether you can actually take advantage of the best buyer's market ever. You haven't invested thirty minutes to find out the facts as they apply to you and your situation. Really? You're basing a decision on national news, chat rooms and Facebook. Really?

Every market is different. Every buyer is unique. If you want a home; if you have a down payment; if you have good credit, you owe it to yourself and your family to explore the possibilities...but with a real estate professional; someone who can really show you the reasons and really give you options.

Once you step inside this beautiful home, you'll immediatly want to call it home.  What's not to love about it.  It is gorgeous inside and out, and an amazing location as well.  Take a look for yourself....

Welcome home to 589 Mustang Dr. located in beautiful Walton, Kentucky. This immaculate home features four spacious bedrooms, three full bathrooms, one half bath, a formal dining room, a gourmet chef's kitchen, a partially finished lower level, a large first floor laundry, and much, much more.

Walk-in to stunning hardwood floors with a marble inlay. The rich hardwood floors continue on into the formal dining room where stunning tray ceilings, a lovely chandelier, columns, chair rail and crown molding are sure to impress those over for those wonderful home cooked dinner parties. Located just off the dining area sits the kitchen which is definitely sure to please the chef in your family. The kitchen boasts granite counter-tops, 42 inch Maple cabinets, a walk-in pantry, an extra deep sink, and center island with additional storage and electric. Appliances included with the kitchen are the gas oven, dishwasher, garbage disposal and the refrigerator. Entertain in style in the amazing living room complete with gas, stone fireplace - perfect for those chilly months out of the year. You'll also enjoy the all season sun-room with it's double walkout to the fantastic deck and backyard. The sun-room also features soaring cathedral ceilings and ceramic tile.

After a long day, you'll enjoy relaxing in the unbelievable master suite that is fit for royalty. This bedroom is located on the second floor and includes an adjoining full bathroom, spacious walk-in closet and plush wall to wall carpeting. You'll enjoy soaking the days worries away in the awesome jetted bathtub. A large walk-in separate shower, private restroom and double vanity sinks round out the master bath. Three additional guest bedrooms are also located on the second floor and share a full bathroom with shower/tub combination.

This home is located on a cul-de-sac street and sits on an amazing wooded lot loaded with professional landscaping and mature shade trees. You'll also enjoy the incredible Trex Deck that is stain resistant and has limited up-keep. For those extra sunny days, use your remote and bring out the Sunsetter Awning to keep cool. The deck is the prefect spot to relax as you enjoy your favorite drink and listen to the birds sing. Entertain family and friends underneath in the outdoor living area. This expansive area is super private and features a ceiling fan and superb views of the backyard.

Loaded with upgrades this home sits in the Boone County Public School system and is super convenient to shopping, places of worship, the expressway, the Boone County Public Library, area attractions, restaurants and much more. It includes a fenced backyard, ceiling fans, recessed lighting, a security system window treatments and much more. For your private tour of this simply stunning home, contact The Mike Parker Team/HUFF Realty today. 859-647-0700

FHA has announced a major change to its loan program which allows borrowers to cancel the mortgage insurance premium (MIP) when their unpaid balance reaches 78% of the original purchase price. While no specific date has been set for the change, sometime in 2013, new FHA loans will require the mortgage insurance for the life of the loan.

At existing rates, the monthly MIP on a $168,875 mortgage is $178.99 per month. Under the current rule with normal amortization, the MIP would no longer be required in 9 years and 9 months. However, under the new rule, it would last for the entire 30 year term.

They also announced that the annual MIP will also be increased from 1.25% to 1.35% at some point in the near future. HUD, the parent agency for FHA, is making the changes to restore the capital reserves of the program that are needed to fund failed loans.

People that can close a FHA loan before the change takes place will fall under the old rules for canceling MIP and the lower rates. Since no date was announced, it is not known exactly when the changes will take effect.

While this information will probably not make the evening news, it will have a big impact on borrowers planning to use an FHA loan. Please pass it on to anyone you know who might be considering purchasing or refinancing with a FHA loan.

Ready for a Spooktacular Scare?  Check out the top areas to get your scare on in the Tri-State:

Here are some of the top haunted houses in the Tri-State, and when and where you can find them to get spooked:

1. The Land of Illusion- Thru Nov. 3
8762 Thomas Road, Middletown Ohio
Website: www.thelandofillusion.com
Phone: 513-423-9960 begin_of_the_skype_highlighting FREE 513-423-9960 end_of_the_skype_highlighting
Hours: Friday and Saturday
Times: 8 p.m. – 2 a.m.

2. The Dent School House - Thru Nov. 3
5963 Harrison Avenue, Cincinnati, Ohio
Website: www.frightsite.com
Phone: 513-598-4600 begin_of_the_skype_highlighting FREE 513-598-4600 end_of_the_skype_highlighting
Hours: Thursday – Sunday
Time: Thursday and Sunday: 7:30 p.m. – 10 p.m.
Friday and Saturday: 7:30 p.m. – 12 a.m.
Lights Out Tour – Nov 1 and 2 7:30 p.m. – 12 a.m.

3. Halloween Haunt at Kings Island – Thru Oct. 27
Kings Island Drive, Mason, Ohio
Website: haunt.visitkingsisland.com
Phone: 513-754-5700 begin_of_the_skype_highlighting FREE 513-754-5700 end_of_the_skype_highlighting
Hours: Friday and Saturday
Time: Fridays 6 p.m. – 1 a.m. and Saturdays 11 a.m. -1 a.m.

4. Haunted Hollow Ride– Thru Oct. 27
1261 Dalton Road., Wilmington, Ohio
Website: www.wilmingtonhauntedhollowride.com
Phone: 937-382-6147 begin_of_the_skype_highlighting FREE 937-382-6147 end_of_the_skype_highlighting
Hours: Friday and Saturday
Time: Last Bus leaves at 11:45 p.m.

5. Nightmare Penitentiary– Thru Oct. 27
1261 Dalton Road., Wilmington, Ohio
Website: www.wilmingtonhauntedhollowride.com
Phone: 937-382-6147 begin_of_the_skype_highlighting FREE 937-382-6147 end_of_the_skype_highlighting
Hours: Friday and Saturday
Time: Remains open until the last victim goes through

6. USS Nightmare - Thru Nov. 3
101 Riverboat Row, Newport, KY
Website: www.ussnightmare.com
Phone: 859-740-2293 begin_of_the_skype_highlighting FREE 859-740-2293 end_of_the_skype_highlighting
Hours: Wednesday - Sunday
Time: 7 p.m. – 1 a.m.

7. Dungeons of Delhi - Thru Oct. 28
362 Anderson Ferry Road, Cincinnati, Ohio
Website: http://www.dungeonsofdelhi.com
Hours: September 14-15: Open 7 p.m. - 1 a.m.
Friday and Saturday 7 p.m. - 11 p.m.
Sunday 7 p.m. - 9 p.m.
Sunday Lights on Tours Sunday October 21 and 28 from 4 p.m. - 6 p.m.

8. Mt. Healthy Haunted Hall- Thru Oct. 27
7700 Seward Avenue
Mt. Healthy Oh 45231
Website: http://www.hauntedhallinfo.com/
Hours: Friday and Saturday 8 p.m. - 11 p.m.
Sunday 7 p.m. - 9 p.m.

9. Scream Acres Ct.- Thru Oct. 27
5055 Glencrossing Way, Cincinnati
Website : http://www.cincyscreams.com/
“Spooky Laser Tag” runs from 7 p.m. until 9 p.m. and
“Haunted Laser Tag” runs from 9 p.m. until midnight.
Overnight haunted laser tag event on Oct. 26 from midnight until 7 a.m.
For more info, call (513)703-7384 begin_of_the_skype_highlighting FREE (513)703-7384 end_of_the_skype_highlighting or send an email contact@cincyscreams.com .

Rent or Buy?

The question plaguing every tenant who wants a home of their own is whether they should continue to rent or is it the right time to buy?

The combination of good prices and low mortgage rates make it considerably cheaper to own than rent in most markets. Assuming a person is qualified with a down payment and won't be moving for several years, there may not be a better time to buy a home.

In the example below, the total house payment is $1,281.01 compared to $1,500 to rent the same home. Before you consider any of the financial benefits attached to home ownership, it's cheaper to own than to rent.

The net cost of housing falls to $764 or just more than half the house payment when you consider the principal reduction due to normal amortization, a modest appreciation and the tax savings along with a reasonable maintenance expense that a tenant would not have to pay.

One of the biggest benefits is the growing equity. As the value goes up, the unpaid balance goes down. A favorable leverage causes their low down payment to grow to $40,609 in a short seven years based on a modest 1% appreciation.

There's an expression often heard in real estate circles: "Whether you rent or buy, you pay for the house you occupy." You're either buying it for yourself or you're helping the landlord buy it.

Check out a Rent vs. Own to see how your numbers will compare to this example or call me to do it for you.

FHA MIP Release

FHA loans require mortgage insurance premium to cover a possible loss to the lender if the property has to be foreclosed and sold. The premium is substantial and eliminating the MIP would reduce the payment considerably.

The MIP must remain in effect for five years but after that, when the balance is 78% of the original purchase price, FHA will release the requirement and your monthly payment will go down. Since amortization is affected by interest rates, the normal time to reach this 78% point could be from 9 to 12 years at today's interest rates.

In the example below, the MIP would be released in 9 years 6 months with normal payments. An extra $100 a month would allow the borrower to reach the release point in 7 years 1 month. To reach the release point in the minimum five years, the borrower would have to make an extra $268.04 per month principal contribution.

Releasing the MIP in this example would save the borrower $177.67 per month. The borrower would also save interest, build equity and shorten the term of their mortgage. Once the MIP is released, the borrower could continue the same payment schedule to further accelerate the debt reduction.

To make some projections on your mortgage, click here.

The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.  We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.  We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

Most people agree that homeownership rules! When asked, people say they want a home they can call their own, to raise their family, share with their friends and to feel safe and secure. It also accounts for the majority of most people's net worth.

These rules can help protect your investment and make homeownership more enjoyable.

1. Don't overpay for your home
2. Maintain your home's condition
3. Minimize your assessed value to lower property taxes
4. Make extra principal contributions to save interest and build equity
5. Validate the insured value of improvements and contents
6. Stay current on surrounding property values
7. Make mortgage interest payments deductible
8. Invest in capital improvements that increase market value
9. Don't over-improve the neighborhood
10. Keep records of capital improvements and other maintenance

We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.

Our American flag is obviously the symbol of our country but it has come to remind us of every man and woman who has fought for the freedom that we enjoy. The emotions that are stirred by images of our flag can run from happiness to sadness to even anger and everything in between.

Most of us learned basic flag etiquette when we were young but occasionally, it is a good idea to review the procedures so that we treat the flag with the respect that it deserves.

• The U.S. flag should not be flown at night unless a light is shown on it.
• The flag should never touch the ground.
• The U.S. flag should not be flown upside down except as a distress signal.
• A U.S. flag should be displayed at the peak of the staff unless the flag is at half-staff.
• When displaying multiple flags of a state, community or society on the same flagpole, the U.S. flag must always be on top.
• When flown with flags of states, communities or societies on separate flag poles which are of the same height and in a straight line, the flag of the United States is always placed in the position of honor - to its own right. No flag should be higher or larger that the U.S. flag. The U.S. flag is always the first flag raised and the last to be lowered.
• When the U.S. flag is flown with those of other countries, each flag should be the same size and must be on separate poles of the same height. Ideally, the flags should be raised and lowered simultaneously.