If you were planning to apply for the seller funded downpayment assistance program through Ameridream, please be advised that this program will soon be coming to an end on October 1, 2008. There is speculation that this program is being eliminated by Congress because the foreclosure rate by those who participated in this program was higher than other groups.

Per the Ameridream website here is some background information on its Down Payment Assistance Program. Charitable down payment assistance funded in part with seller participation has allowed homeownership to grow without using taxpayer dollars. To date, more than one million families and individuals have utilized this down payment assistance, generating nearly $10 billion in home equity for those families. These working families qualify for FHA insured loans in every respect, but are unable to save the needed down payment. Please visit http://www.supporthomeownership.com to let your voice be heard to Congress to save this program.

The city of Cincinnati’s downpayment assistance programs are not affected by this change, so the Cincinnati real estate market may not be too adversely impacted.

Cincinnati real estate Investors who own multi-family properties or apartment buildings are consistently trying to ensure that their rental rates are consistent with the market. Where as an investor can you go to find the market rates for your area. You can look in the local newspaper such as the Cincinnati Enquirer or community newspaper such as Suburban Life Press for the real estate classified ads.

One of the most critical moments for any real estate transaction, or any real estate agent for that matter, is when buyer and seller begin to negotiate. The buyer, post inspection, understands the condition of the home and is willing to ask for some concessions based on their new more through understanding of the property’s condition.

As a seller it is a balance between getting the best end price for the property and not not scaring off the potential buyer. Real estate agents are invaluable resources in these situations when they are able to help both sides of the transaction put things into perspective and approach the deal with the big picture in mind. A recent post in a blog about negations reminds me about how delicate an art good negotiating is.

A while back we wrote about the Humphrey Road Sidewalk project and are pleased to have an update to post here. Symmes Township has decided to move forward on the project and they began initial surveying Friday. We met with township Treasurer Phil Beck along Humphrey Road and talked with him about the direction of the project and the impact on the residents.

The direct impact on the local residents is undeniable. The sidewalk will provide easy and safe park access to upwards of 75 homes connecting families to each other in a pedestrian friendly way.

There is some good news recently put out by the Cincinnati Board of Realtors. According to the sales numbers the last 4 months have seen increasing home sale activity, a good indication that the Cincinnati housing market is beginning to recover. An even better secondary metric is that the overall inventory is dropping. This means that more houses are being sold than are being put on the market. Generally speaking a balanced market caries about 5 months of home inventory.

More sales and less inventory helps to return demand to a steady level. It is this relatively static demand that has given Cincinnati real estate has historically appreciated 2% each year. Although modest, it is steady and the recent positive changes in the short term market point to the fact that we will soon return to slow and steady long term appreciation.

Month 2008 Home Sales Inventory

January             1,130                    13.31

February          1,334                    11.32

March              1,557                      9.75

April                 1,636                      9.49

May                 1,913                      8.38