March e-News: Upcoming Concerts, Plays, Events - The Ascent - Real Estate Sales in Your Neighborhood.

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Even as the housing market gains steam, some aspects of the process are inhibiting the recovery. One of the most significant of these is low bank appraisals. Appraisers are more careful to not overvalue property as overly high appraisals was a significant issue in the housing bubble in the late 2000’s.
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Case Study
We worked with a buyer who was willing to pay $995,000 for a lovely home. However, the bank appraiser set the value of the home at $910,000. This disadvantaged the buyer because they could not get the loan amount they needed to purchase the home. After the appraisal, the homeowners began building a case for a higher appraisal.
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1) The sellers guessed correctly that home values in their neighborhood were bouncing back more quickly as compared with other neighborhoods. They calculated an 11% increase in home values spread out over 2 years of home sales. To support this, they documented 8 comparable properties that indicated a higher value on their home.
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2) They gathered documentation for work done on their home in the past 6 years. These included a new automatic garage door, a high efficiency furnace, a smaller but effective upgrade in the kitchen that included new granite counters, new patio, and extensive landscaping that was done in the rear yard. Their documentation included receipts plus some before and after photos, such as the before & after kitchen photos below.

3) Because they suspected the original appraiser was not familiar with their neighborhood, when they contacted the bank to present their new case, they requested an appraiser who lived within the area, or at least within 5 or 6 miles.
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The good news is that the work paid off! They got a higher appraisal and the home buyer was able to get a loan that didn’t go through the much more rigid process that is now required by secondary loan purchasers such as Fannie Mae or Freddie Mac.
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If you are considering selling your home and would like an idea of the current market value of your home, please give us a call at 513.321.6000.

-RSIR

Julie Boudousquie	Kathryn Boschert	Elizabeth Burk	Clint Copenhaver	John Cronin	Cynthia Dammel	Carrie Hinde	Tim Hinde
Ron Hollmann	Lee Robinson	Laurence Stillpass	Amanda Voss	Ernie Waxman	Patty Williams	Sarah Wilmers

Julie
Boudousquie

Kathryn
Boschert

Elizabeth
Burk

Clint
Copenhaver

John
Cronin

Cynthia
Dammel

Carrie
Hinde

Tim
Hinde

Ron
Hollmann

Lee
Robinson

Laurence
Stillpass

Amanda
Voss

Ernie
Waxman

Patty
Williams

Sarah
Wilmers

Current - ON! Handcrafted Digital Playgrounds View the new reality of creative production today at CAC: genre-bending, creative ingenuity at its most fun. - Current - March On Women is an exhibit at Harvest Gallery featuring local women artists. - Current - Weston Art Gallery has three new artist's exhibits- Redux, Symbiotic Balance & American Pacemaker. - Mar 22-24 - CSO accompanies Andre Watts in a performance of Beethoven's Emperor Concerto. - Apr 5 - Will Kimbrough, popularly played on WNKU, plays The Taft.. - Apr 6 - Dwight Yoakam, brings his unique style of country to The Taft. - Apr 8,11,18,25 - The Zoo presents Tunes & Blooms. A great way to celebrate Spring! - Apr 9 - Enjoy an Evening of Blue Grass at the 20th Century. - Apr 11 - Folk-Rock legend Richard Thompson- also at the 20th Century. - Apr 19-21 - Mandy Patinkin & the Cincy Pops entertain at Music Hall. - Bracket Sheet - Click on image to download your NCAA Brackets. - Cyclones Hockey Home Games Mar 29 & 30: Evansville Icemen April 1 OPENING DAY GO REDS! Current - Black Pearl Sings at Ensemble Theatre. - Mar 22-Apr 21 - A Midsummer Night's Dreamat CincyShakes is a can't miss delight. - Mar 24 - Cincinnati Ballet performs Toybox, a diverse program of selections. One day only. - Apr 12-14 & 20 - Children's Theatre presents Cinderella. - Mar 23,24 - Enjoy the 12th Annual screeing of academy award nominated films at the Carnegie. - Click images, links for more info.	Neighborhood	# Sold	Active Listings	Avg. List	Avg. Sale	**Days on Market
	Amberley Village	5	30	$512,480	$330,168	75
	Anderson Township	23	209	347,364	213,215	88
	Avondale	7	37	150,546	78,371	70
	Bellevue	7	42	171,758	141,543	340
	Blue Ash	10	59	257,715	209,320	115
	Clifton	6	47	214,383	237,200	84
	Columbia-Tusculum	3	46	332,678	295,500	129
	Covington	15	246	223,202	43,794	109

	Crestview Hills	3	10	172,760	140,633	86
	Deer Park	5	43	120,683	87,002	41

	Downtown	14	58	359,784	233,602	145
	East End	3	18	444,989	107,833	211
	Fort Mitchell	7	18	240,131	111,571	64
	Fort Thomas	13	69	268,729	160,362	98
	Glendale	1	20	485,275	135,000	35
	Hyde Park	12	90	390,703	324,238	95
	Indian Hill	5	78	1,693,365	1,036,900	89
	Kennedy Heights	7	25	95,280	101,857	59
	Kenwood	6	29	246,165	291,750	135
	Lakeside Park	2	14	283,979	111,650	188
	Linwood	--	3	47,633	--	--
	Loveland	12	71	248,443	205,096	102
	Madeira	7	49	378,965	218,857	115
	Madison Place	2	13	107,662	88,500	168
	Madisonville	8	57	68,879	94,375	83
	Maineville	1	5	163,740	87,000	514
	Mariemont	5	32	428,647	350,604	131
	Mason	28	164	345,459	165,129	67
	Milford	7	22	171,850	92,929	82
	Montgomery	11	60	524,077	239,004	32
	Mt Adams	3	35	733,089	369,000	185
	Mt Auburn	---	19	184,798	---	---
	Mt Lookout	9	41	343,893	362,567	79
	Mt Washington	10	78	142,648	131,710	68
	Newport	10	124	263,842	263,415	333
	Newtown	1	19	210,611	600,000	54
	Northside	6	30	91,557	115,357	42
	Norwood	8	102	103,189	95,375	55
	Oakley	11	37	212,885	215,504	124
	Park Hills	1	16	180,506	143,500	355
	Pierce Township	7	65	321,172	251,886	92
	Pleasant Ridge	6	50	140,310	141,633	72
	Silverton	5	30	122,315	69,620	118
	Sycamore Township	4	47	362,134	199,875	81
	Symmes Township	13	69	415,172	381,569	91
	Terrace Park	1	18	674,278	1,125,000	85
	Villa Hills	6	33	379,194	302,083	112
	Walnut Hills	6	69	307,438	289,942	199
	West Chester	50	245	255,075	184,584	91
	Western Hills	2	13	218,523	162,500	57
	Wyoming	4	67	349,565	273,850	46
	- --*The neighborhoods with the HIGHEST* percentage of sales to active listings.** --(Only neighborhoods with at least 30 active listings are used in the highest percentage report.) -----1. Oakley -------------------- 29.7% ------- (11 sold of 37 active listings) -----2. Downtown/OTR ------- 24.1% ------ (14 sold of 58 active listings) -----3. Mt Lookout ------------- 21.9% ------- (9 sold of 41 active listings) - -----*The neighborhoods with the LOWEST* percentage of sales to active listings.** --(Only neighborhoods with at least 30 active listings are used in the lowest percentage report.) -----1. Wyoming ----------------- 6.0% -------- (4 sold of 67 active listings) -----2. Covington ---------------- 6.1% ------- (15 sold of 246 active listings) -----3. Indian Hill ---------------- 6.4% ------- (5 sold of 78 active listings) -
	• The above information is compiled from the Greater Cincinnati Multiple Listing Service (MLS). • Figures include single family & condominium sales for Feb 1 through Feb 28, 2013. • For all current listings from around the region, log onto www.RobinsonSIR.com ** For details about "Days on Market" click here --> DOM

March Features		*Is A Low Appraisal Hindering The Sale Of Your Home?*
East Walnut Hills Edgecliff Point #1081 $549,900 6 Rms, 2 BRs, 2/1 Baths - Fantastic, sweeping views of the Ohio River Valley from walls of windows. - Open floorplan, 3 balconies, guest suites, concierge, heat/water & more. - Contact: Lee Robinson 513.842.2225 - Hebron, Kentucky 8250 Kara Lane $549,900 12 Rms, 2 BRs, 2 Baths - Tranquility on 4.34 private, wooded acres. Just 20 minutes to downtown, one mile from the Ohio River. - Perfect for entertaining. Finished LL with walkout to patio, pool. - Contact: Clint Copenhaver 513.379.3467	-	- Even as the housing market gains steam, some aspects of the process are inhibiting the recovery. One of the most significant of these is low bank appraisals. Appraisers are more careful to not overvalue property as overly high appraisals was a significant issue in the housing bubble in the late 2000’s. - Case Study We worked with a buyer who was willing to pay $995,000 for a lovely home. However, the bank appraiser set the value of the home at $910,000. This disadvantaged the buyer because they could not get the loan amount they needed to purchase the home. After the appraisal, the homeowners began building a case for a higher appraisal. - 1) The sellers guessed correctly that home values in their neighborhood were bouncing back more quickly as compared with other neighborhoods. They calculated an 11% increase in home values spread out over 2 years of home sales. To support this, they documented 8 comparable properties that indicated a higher value on their home. - 2) They gathered documentation for work done on their home in the past 6 years. These included a new automatic garage door, a high efficiency furnace, a smaller but effective upgrade in the kitchen that included new granite counters, new patio, and extensive landscaping that was done in the rear yard. Their documentation included receipts plus some before and after photos, such as the before & after kitchen photos below. 3) Because they suspected the original appraiser was not familiar with their neighborhood, when they contacted the bank to present their new case, they requested an appraiser who lived within the area, or at least within 5 or 6 miles. - The good news is that the work paid off! They got a higher appraisal and the home buyer was able to get a loan that didn’t go through the much more rigid process that is now required by secondary loan purchasers such as Fannie Mae or Freddie Mac. - If you are considering selling your home and would like an idea of the current market value of your home, please give us a call at 513.321.6000. -RSIR