I have changed my opinion within major sections of Cincinnati this last year. I believe within the Sellers market regions of Cincinnati, you buy equity in the neighborhood. Equity in a neighborhood is the upward mobility of your immediate area- your neighbors.

There are rules to this theory and I believe they are bound by these three rules: the market search of the neighborhood, how close the subject property is to the core of the neighborhood and does it have the housing features of the typical house in that neighborhood.

First, the market search is critical. People are not creative when purchasing a house, if they want Hyde Park- they don’t want Oakley, Evanston or Norwood. Some areas of Cincinnati’s MLS simply don’t get searched and their values do suffer because agents and the general public do not know what that neighborhood is named!

Second, how close the house is to the core of the neighborhood. Context is everything- your proximity to the center of the neighborhood is critical. A community core can be an obvious “square”, it can be “that house” on the block, it can be adjacent to an iconic park- it’s a place where people want to be.

Lastly, the housing features- these are critical. If you buy a 2 bedroom in a 4 bedroom neighborhood- it’s a out of market house! Buy the same style of house that everyone wants or has. If you buy a 2 bed in a 4 bedroom area, you should make sure to have the money to add those additional bedrooms and make it nicer than your neighbors.

So don’t get frustrated by the marketplace, accept it, negotiate nimbly within it, but don’t forget- its not a bad place to be on successes’ coat tails! Be careful buying out there!

The reasons in general why they stress people is because it stress tests your finances, you need to make so many decisions, and you are trusting a new team of experts. The reasons why it is enjoyable is because you get to create your dream- one selection at a time!

The process of building a house is easier than renovating, but more complicated than buying an existing house. You need to identify your lot, your builder, your budget and timeline. Some communities have builders who are well financed, or self financed. That means that these builders have enough money on deposit, or a good enough profit margin that they can borrow the money to build the house and still sell it to you for a profit after recouping their “cost of money”.

If your builder does not finance the properties, or it’s a semi custom or full custom home, you will be required to get “construction financing” or pay Cash. Construction financing is done by banks who do traditional financing- Locally, I like to use a group of experienced banks, call me 513-500-7474 to get a list of Lenders. The banks manage the construction “draws” and are another protection for you- the consumer.

There are two contracts that can be used in buying new construction. The two are- lawyer drawn contract that binds the builder and customer together, or a State of Ohio Realtor Board Contract that binds the brokers to their clients and then attaches addendums to the contract. It doesn’t matter which is used, but if the first is used, I would hire a real estate or contract lawyer to review the contract and explain the details and position of the contract. Whoever draws up the contract will be protected more than who is bound by the contract!

Typically, the construction schedule is a 6-8 month schedule and I would always recommend building with a well laid out schedule. Materials can overcome some of mother natures curveballs, but you need to make sure that your specifications match your environmental risks.

For all of your site/ builder identification, negotiations and building representation needs, please contact John Payne at 513-500-7474.

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