Here is the newest edition of our

The source of our data is the Greater Cincinnati Multiple Listing Service. By seeking out and understanding the trends in our market place we are better able to forecast the upcoming market conditions and counsel our clients on pricing strategies to get their home sold for the highest possible price. Any thoughts and insight into what may occur in the future are solely our opinions and forecasts.

The first thing we look at is unit sales for the last six months (September – February):

As mentioned in the February Real Estate Market Trends Report this most recent six months of data continues to reflect the decline in unit sales felt in the time immediately after the homebuyer tax credit expiration. The tax credit had the impact of drawing a lot of home sales into the first six months of last year and caused an extensive slow down afterward. The graph shows that the leveling off of home sales in West Chester and Liberty Township during this last six months timeframe continued in February.

February 2011 homes sales showed a small uptick in sales when compared to the month of January 2011.  February sales were however 9.38% lower than February of 2010.   So the year over year comparison of sales does not look promising, particularly as we head into the next couple of months which will be compared to the “tax credit” months of last year. 

The next few months represent very tough comparisons moving forward as we will be comparing sales levels this year against the sales levels of the months of last year when the tax credits for homebuying were in place.  Generally we expect the year to year comparisons to be much lower than 2010 unless there is some unexpected development in the marketplace.

Average sale price for the last six months (September – February) is next:

In this graph you can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales from January 2010 through February of 2011.  The trend line continues to show you a gradual decline for average home sale prices.  Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever.  The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame. 

Track Home Sales In Your West Chester or Liberty Township Ohio Neighborhood Here >> Get Your Personal Market Snapshot!

Just to be clear here, homes are not worth more now than they were at the beginning of the year.  Any increase or decrease in the average sale price is reflective of the activity of that time frame not the exact value of any one home.  A perfect example of this is the month of January which according to the graph shows a huge decrease in the average sale price over the month of January 2010.  A look inside the numbers explains… In January 2010, 8 of the total 42 closed sales that month were under $150,000 in sale price, in January 2011 there were 14 of a total 49 closed sales in that same price range.  More sales in the lower price ranges will cause the average sale price to be lower.  In addition, in January 2010  there were 6 closed sales over $400,000 compared to just 3 closed sales in January 2011 over $400,000.  The luxury home market is facing a very difficult period in the next six months to a year with very high inventory levels and competition from the Homearama show homes.

So, was the average sale price lower because homes were worth less?  No, there was just a very different mix of homes that sold.  Falling home values do clearly effect the average sale price, but that is not the whole story.

List to sale price ratio: 

The List to Sale Price ratio is calculated by dividing the final sale price into the list price to find the percentage of the list price that a given home sells for.  The West Chester and Liberty Township Ohio List to Sale Price Ratio is 94.02% for February 2011.  As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year and we took another big drop down in February.  The swings up and down are an indicator of the lack of stability in the West Chester and Liberty Township real estate market right now.  The highlighted center area of the graph shows what appears to be the middle ground right now for the market. 

The trend here had been on an upswing, indicating that homeowners are generally pricing their homes at levels that reflect market value.  One important fact to keep in mind here is that these figures are calculated based on homes that have sold.  Homes that are priced too high when listed will not get 95-96% of their list price, in fact in this market, they won’t sell at all. 

The one factor that remains true, through all of the market’s ups and downs is that homes that sell quickly, sell for a much higher percentage of their list price.  In the most recent six months, homes that sold in the first thirty days that they were on the market sold for 96.75% of list price.  As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

As was stated in last month’s LowryTeam.com: West Chester, Beckett Ridge and Liberty Township real estate market update, our market remains challenging, yet full of opportunity. Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther.  The primary threats to the 2011 real estate market and any potential recovery are continued high unemployment and the potential loss of the mortgage interest tax deduction.  Interest rates have now risen off of their lows, but still remain at very attractive levels below 5.00% which provide a great environment for buying a new home.

Your comments and questions are always welcome!

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posted by Eric Lowry
Email Me | Search For Homes
www.LowryTeam.com | P: (513) 874-1830

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Are you getting your home ready to list it for sale?  Preparing to sell a home in

In my previous post, >>Preparing Your Home To Sell, we covered Curb Appeal, Front Entry / Porch & Landscaping.  Today we will cover your first impression (interior, foyer).  When selling your home in today’s real estate market it is critical that the first impression that homebuyers have of your home is a welcoming one.  A welcoming space is one that invites the homebuyer in and lures them into the rest of the house.

Many times homeowners don’t even come and go through their front door and thus don’t place a great enough emphasis on this area of the home.  This is the area of the home that starts off the showing for the homebuyer and this is where they begin to anticipate the rest of the house.

The homebuyer needs to be able to envision themselves in your home, so this is definitely an area of a home listed for sale that should have all personal effects, photos and clutter removed.  Generally speaking, any furniture that is located in this area should be removed with the exception of a properly sized foyer table.  Be sure that there are no pieces of furniture or babygates blocking the path or view from the foyer in the rest of your home.

Be sure to de-clutter your foyer closet.  A full and cluttered foyer closet simply tells homebuyers that you are short on closet space.  The foyer closet should not be more than half full.  Store unused and seasonal coats in plastic tubs in a storage area away from the living spaces of your home.

All personal/family photos should be removed from the foyer area.  If your foyer has a space that you feel needs decorating consider a mirror instead of photos.

The foyer paint color should be neutral and an earth tone.  Under no circumstances should your foyer have wallpaper on the walls.

As buyers enter your home, the scent that they smell must be clean and very subtle.  The use of candles or spray air freshener is not recommended.  Many homebuyers can have adverse reactions to these strong smells and in some cases may actually wonder what it is you are trying to cover up.

We have now created a great first impression for homebuyers as you continue preparing your home for sale in today’s real estate market.  In the next post in this series of articles we’ll cover Living Room, Dining Room, Family Room & Study.

Read the first article in this series here >>  Preparing Your Home For Sale In Today’s Market Part I

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8090 South Port Drive, West Chester, Ohio 45069

West Chester, Ohio 45069

Lakota Schools

$214,900  - Four Bedrooms - Two Full Baths, One Half Bath

This is a terrific two story home in West Chester, Ohio:

• Two Story Foyer!
• Kitchen Features Hardwood Floors, Pantry & Breakfast Nook 
• Warm, Inviting Family Room w/ Gas Fireplace 
• Large Finished Lower Level 
• Cathedral Master w/ Adjoining Bath
• Formal Dining Room
• First Floor Laundry
• Community Walking Trails
• Close To Schools, Shopping & Expressways

Click here to see more information on this terrific West Chester, Ohio home for sale including many more photos

Moving to West Chester, Ohio?  Request our Relocation Packet  It’s full of information about our area.

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

 

5722 Blackfoot Court, Fairfield Township, Ohio 45011

Fairfield Township, Ohio 45069

Fairfield Schools

$237,500  - Four Bedrooms - Two Full Baths, One Half Bath

This is a terrific two story home in Fairfield Township, Ohio:

• First Floor Master!
• Large Wooded Cul-de-Sac Lot
• Cathedral Family Room w/ Gas Fireplace 
• Island Kitchen w/ Pantry, Planning Desk & Breakfast Nook 
• Open Two Story Foyer
• Formal Dining Room
• First Floor Laundry
• Three Car Garage
• Large Deck – Great For Entertaining

Click here to see more information on this terrific Fairfield Township, Ohio home for sale including many more photos

Moving to Fairfield Township, Ohio?  Request our Relocation Packet  It’s full of information about our area.

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6636 Eagle Creek Drive, Liberty Township, Ohio 45011

Liberty Township, Ohio 45011

Lakota Schools

$274,900  - Four Bedrooms - Two Full Baths, One Half Bath

This is a terrific two story home in Liberty Township, Ohio:

• Custom Built Home!
• Two Story Foyer And Great Room
• Large Island Kitchen
• 1st Floor Study w/ Oak Panels & French Doors
• Beautiful Stone Fireplace In Great Room
• Large Master Bedroom w/ Sitting Area, Fireplace, Luxury Bath & Huge W/I Closet
• Walkout Lower Level
• Three Seasons Room Overlooks Rear Yard
• Very Nice Rear Yard w/ Large Trees
• Three Car Garage
• One Year Home Warranty
• New Roof In 2008
• Newer Furnace & AC
• Close To Schools, Shopping, Dining & Expressways!

Click here to see more information on this terrific West Chester, Ohio home for sale including many more photos

Moving to West Chester or Liberty Township, Ohio?  Request our Relocation Packet  It’s full of information about our area

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

 

7763 Tylers Reserve Drive, West Chester, Ohio 45069

West Chester, Ohio 45069

Lakota Schools

$365,000  - Four Bedrooms - Three Full Baths, One Half Bath

This is a terrific two story home in West Chester, Ohio:

• Located In A Pool Community!
• Tree lined wooded lot
• Beautiful patio setting – perfect for entertaining
• Former Zicka Walker model home 
• Cathedral Family Room w/ Fireplace
• Large Island Kitchen w/ Breakfast Bay
• First Floor Study w/ Hardwood Floors
• Formal Dining & Living Rooms
• Cathedral Master w/ Luxury Bath
• Finished Lower w/ Full Bath
• Three Car Garage
• Close To Schools, Shopping, Dining & Expressways!

Click here to see more information on this terrific West Chester, Ohio home for sale including many more photos

Moving to West Chester or Liberty Township, Ohio?  Request our Relocation Packet  It’s full of information about our area

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Smart Money Magazine recently published this article titled 10 Mistakes First Time Homebuyers Make. It’s a pretty good article, worth reading if you are a 1st time homebuyer.  Here is more information on the $8000 tax credit for 1st Time Homebuyers.

An article in the Cincinnati Enquirer today touches on the growing trend of short sales in real estate.  They are a little late to the story here and the article is not very informative to someone struggling to make their payments or needing to sell and owing more than the house is worth, but you can read the article here:

Cincinnati Enquirer Short Sale Article.

You can also read my previous post on short sales here.

Wondering about the value of your home in today’s market?  Request a Free Market Analysis.
 
Moving to West Chester or Liberty Township, Ohio?  Request our Relocation Packet  It’s full of information about our area.

You can subscribe to my blog via RSS.  Click here to subscribe via a feed or receive a subscription via e-mail!  Either way click the orange RSS options at the top of the page.  Of course, I never rent or sell your e-mail address… I don’t even know what it is, I never see it.

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posted by Eric Lowry
Email Me | Search For Homes
www.LowryTeam.com | P: (513) 874-1830

Why Buy a Home Now??

If you’re renting and wondering if you should buy a home, consider what bestselling author, David Bach, says, “The average homeowner is worth 35 times more than the average renter.”

He advises renters to take action immediately and start saving part of their paycheck every month to help accumulate a down payment. He also encourages renters to borrow 10-20 percent less than what the bank is willing to lend; that way they’re only buying as much home as they can afford.

The longer you rent, the longer it may take you to eventually get into homeownership. If the market conditions have scared you, perhaps you’re not looking at the other side of the coin. Owning a home becomes part of your investment portfolio, provides tax benefits, allows you to build equity (it still exists), and, if you buy now, you may get an excellent deal.

According to a MarketWatch news article, buying a home now can provide some real negotiating power to request improvements, price reductions, help with closing costs, and more. “People can get a lot of what they need and almost all of what they want today,” said Jay Papasan, one of the authors of “Your First Home”.

The historically low interest rates that we are currently enjoying make buying a home especially compelling roght now.  A 30 year fixed rate mortgage is 4.90% with no points as of today!

While poor market conditions have created a troubling situation for some homeowners, the downturn has made the buying market ripe for others. The affordability of homes is better than ever. The National Association of Realtors’ housing affordability index concluded that homes in December of 2008 were more affordable than at any other point since 1970 (the start of the index). And with numerous foreclosures on the market and prices dropping in many areas, now is a good time to buy. But in order to make your purchase profitable, here are some things you should consider…

To read the entire article in my monthly real estate newsletter click here!

Moving to West Chester or Liberty Township, Ohio?  Request our Relocation Packet  It’s full of information about our area.

You can subscribe to my blog via RSS.  Click here to subscribe via a feed or receive a subscription via e-mail!  Either way click the orange RSS options at the top of the page.  Of course, I never rent or sell your e-mail address… I don’t even know what it is, I never see it.

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

With regard to sales, in January 2008 58 units were sold vs. 55 units in January 2009.  This represents a decrease of just 5.17%.  I say “just” because today the Cincinnati Area Board of Realtors reported sales being down 19.29% (unit sales) for the Greater Cincinnati area. So being only down 5.17% for the West Chester and Liberty Township, Ohio real estate market feels like a victory!!

The average sale price for January 2008 was down 8.02% compared to the same period in 2009.  As you can see in the table below, the average sale price in January 2008 was $219,688 compared to $202,077 in 2009.  For there to be a stabilization of home prices and then at some point a return of appreciation, we will need to see a smaller supply of homes available for sale.  In many of the price ranges there remains a significant oversupply.  The average sale price was down 18.49% in January 2009 when compared to January 2008 for the Greater Cincinnati Area Board of Realtors.

 Moving to West Chester or Liberty Township, Ohio?  Request our Relocation Packet  It’s full of information about our area.

You can subscribe to my blog via RSS.  Click here to subscribe via a feed or receive a subscription via e-mail!  Either way click the orange RSS options at the top of the page.  Of course, I never rent or sell your e-mail address… I don’t even know what it is, I never see it.

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio