Eric Lowry's Articles Archives

Planning To Buy A Home Next Year?

October 26, 2011 by Eric Lowry Leave a Comment

Planning To Buy A Home Next Year?

If you are planning to buy a home next year it’s time to get started. Interest rates are at historically low levels and home prices are right down there with them. This makes for an opportune time to buy a home, whether you are a first time homebuyer or are a “move up” homebuyer.

Some potential home buyers remain concerned about home prices falling further. It is always possible that they could go a little lower, however there is no way to know where the exact bottom is until we have passed it and home prices are on there way back up. Historically speaking home prices do go up and they do go down, it’s just cyclical.

Missing out on the lowest interest rates is more of a concern than fluctuating home prices. Buying a $150,000 home with an FHA mortgage (3.5% down payment) at 4.00% interest rate gives you a monthly payment of $691. Buying that same home after rates have increased by just .5% increases that monthly payment to $734. The difference in the monthly payment amount is as if you had bought a $160,000 home with the 4.00% interest rate.

So, if you are going to buy a home next year the following steps should be taken starting now:

#1. Get PreApproved For A Mortgage

Why now you ask? Getting preapproved for your mortgage financing right now gives you the time to get all of your personal finances in order. Your mortgage lender can help you with any credit report errors that might need to be corrected. You will also have a very solid idea of your purchase price range so that you can take the next step and begin to look at homes for sale online.

#2. Start Looking At Homes For Sale Online Right Now

Starting to look at homes listed for sale right now online will give you a great opportunity to check out different styles of homes and in general will give you an idea of how much home you will be getting for your money. You can search for both condos for sale and single family homes for sale and decide which one seems the best fit for you.

#3. Select Your Area or Areas That You May Want To Search For Your New Home In

By looking at homes for sale online you can select some favorite homes and then you can set out to see if you like the areas they are in. Are the neighborhoods these homes are in a good fit for you? Drive through them and different times of the day and on weekends. Are you looking for an area or neighborhood with alot of children? Drive the neighborhood looking for playsets in backyards and drive through these same neighborhoods at school bus times, that will show you how many kids there are. Get details on the communities and schools that you are interested in.

#4. Call A Realtor

Yes, it is now time to get to it. It’s time to actually hire a Realtor to represent you as a buyer’s agent in the purchase of your home. Select your agent carefully. Selecting the right real estate agent can make the home buying process fun and hassle free. Your agent should be experienced in the areas and price ranges that you are looking in. You also need to be a good fit personally with your real estate agent, you are likely going to be spending a good deal of time with them for a while.

You are now on your way to buying your new home at today’s low interest rates and at these very low home prices. If we can be of assistance to you in your home search please feel free to contact us using the form below or call us at 513-874-1830

LowryTeam.com Real Estate Trends Report – October 2011

October 19, 2011 by Eric Lowry Leave a Comment

LowryTeam.com Real Estate Trends Report – October 2011

Here is the newest edition of our LowryTeam.com Monthly Real Estate Trends Report. This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridge and Liberty Township, Ohio. It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market. In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality. There is no such thing as a national weather forecast and there is no such thing as a real estate one either. ALL real estate is local!

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 (April – September):

A look at the sales numbers:

As we move into October and look back at this most recent six months of data, the trend that we are watching for right now is to see how unit sales will play out in the 4th quarter of the year. The 4th quarter sales last year (2010) were extremely weak, so we expect to see home sales continue to show improvement when compared to 2010. Sales in July thru September of 2011 have shown significant increases over the sales numbers for July thru September of 2010. The sales in July 2010 really dropped off after the expiration of the Homebuyer Tax Credits that were in place last year.

As of the end of September, the year to date sales for 2011 are very close to the same as the year to date sales for 2010 in West Chester & Liberty Township. 2011 year to date sales are down -1.66%

Average sale prices:

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 September of 2011. The trend line continues to show you a 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.

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. Falling home values do clearly effect the average sale price, but that is not the whole story. The mix of homes and their values definitely play a part in this fluctuation, ie., many more lower priced homes selling than in the luxury market.

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 was 96.32% for September 2011. As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year. Overall the recent months list to sale price ratio seems to be fairly stable and on a slightly upward track. The highlighted center area of the graph shows what appears to be the middle ground right now for the market.

Summary:

As we have stated previously in the 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 West Chester, Beckett Ridge & Liberty Twp has fallen over the past couple of years and frankly, the values may still fall farther. The primary threats or obstacles to the final quarter of 2011 real estate market and any potential recovery are continued high unemployment, a considerable oversupply of homes for sale and the potential loss of the mortgage interest tax deduction. Interest rates have settled back down and are at historical low levels around 4.25% which provide a great environment for buying a new home.

Wondering what the value of your home currently is? We would be happy to provide you with a detailed market value analysis of the value of your home. You can request your Market Value Analysis here

Other related posts you may be interested in:

What Are Mortgage Interest Rates In West Chester & Liberty Township OH?

Top 10 Tips When Selling a Home In West Chester, Liberty Twp Or Mason Ohio

Your comments and questions are always welcome!

7 Steps To Get Your Expired Listing Sold

September 29, 2011 by Eric Lowry Leave a Comment

7 Steps To Get Your Expired Listing Sold

So your home has been on the market for quite a long time and it just won’t sell. The first thing you should know is that there is a problem somewhere. Homes for sale in West Chester, Liberty Twp & Mason Ohio that are priced right and are in great condition are selling, and are selling pretty quickly. Here are 7 steps for getting your home sold when it has been on the market too long or the listing has expired:

1. Consider re-listing your home for sale. Please understand, I don’t mean just re-list to get yourself a new MLS number. I mean really re-list your home. Change your price. Change your agent/broker. Change your photos. Change your mindset about selling.

2. Consider offering some incentives. Offer to pay the buyer’s closing costs. Offer to pay the buyer’s agent a higher commisson. Offer to put all brand new kitchen appliances in the home if yours are older.

3. Make your home available for showings at anytime. If you are serious about selling your home, don’t put limitations on when it can be shown. If you have pets that cause issues for showings, make arrangements for them to stay at a friend’s house or at a pet boarding center.

4. Be sure you have the best marketing. Do you have the maximum number of high quality photos, a virtual tour, a YouTube video, Craigslist advertising and exposure to all of the national as well as local internet websites? You better have, if you want your home sold!

5. Be sure you have the best photos. Yes, I am repeating this one. It is crucial that you have great photos and plenty of them. Keep in mind, if your home has been on the market for quite a while, your photos are old. They need to be current with the seasons. No pictures of homes with trees with no leaves and NO SNOW!

6. Be sure that you have the right list price. Get an updated Market Value Analysis of your home. Real estate market conditions change. Be sure you have the most current information.

7. Get your home professionally staged. I know you didn’t have it staged before you listed your home for sale the first time, because if you had done so, your home would already be sold.

So there is a good start. If your home was listed for sale for too long and you are frustrated take these tips to heart. If you are looking for solutions and want a second opinion give us a call. We can get your home sold. We specialize in homes that should have sold, but didn’t.

Just fill out the form below and we will contact you as quickly as we can.

Luxury Homes For Sale In Mason, Ohio

September 27, 2011 by Eric Lowry Leave a Comment

Looking for luxury homes for sale in Mason, Ohio?

Look no further… you can find them right here >>Most Expensive Homes For Sale In Mason, Ohio

Mason OH Luxury Homes For Sale — Click The Map To View These Homes For Sale

As you can see on the map the most expensive homes for sale in Mason are pretty much group together in the Long Cove subdivision and in Heritage Club. The Long Cove subdivision is the subdivision with the largest number of the most expensive homes for sale in Mason Ohio. Long Cove subdivision has hosted the homearama home show several times in the past.

These homes range in price from $1,000,000 to $2,700,000.

You can start your search for a new home in Mason, West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – LowryTeam.com.

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

What Are Mortgage Interest Rates In West Chester & Mason Ohio?

September 23, 2011 by Eric Lowry Leave a Comment

What are Mortgage Interest Rates in West Chester, Liberty Township & Mason Ohio??

LowryTeam.com Mortgage Interest Rate Update

Have mortgage interest rates hit their lows? Will they continue to move ~~higher~~ lower? These are good questions. The truth of the matter is nobody knows for sure. We had seen an uptick in mortgage interest rates in West Chester & Mason Ohio earlier this year, only to see them sag back down again, as you can see on the graph. The interest rates are now hovering around in a range between 4.00% – 4.25% for a 30 year fixed rate mortage.

It has seemed like in West Chester and Mason Ohio that we had seen the lowest levels and that interest rates would likely continue to edge a little higher and then the economy shows continued weekness overall and the rates sag back down again. The only certainty that exists right now is that these are historically low rates for home purchases.

Get preapproved for your mortgage before you begin to search for homes.

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – LowryTeam.com.

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Have questions about buying a home or getting pre-approved for a mortgage? Fill out the form below and we will happy to answer your questions and assist you.

Top 10 Tips When Selling a Home In West Chester, Liberty Twp Or Mason Ohio

September 19, 2011 by Eric Lowry Leave a Comment

Top 10 Tips When Selling a Home In West Chester, Liberty Twp Or Mason Ohio

Selling a home in a down economy can be a challenging thing to do. Use the following 10 tips when selling your West Chester, Liberty Township or Mason OH home to get your home sold for the highest possible price in the least amount of time.

Home Selling Tip #1: Hire an experienced and reputable real estate agent. Selling a home can be stressful, and you want an experienced and reliable real estate agent you can count on and trust to guide you through the selling of your home.

Home Selling Tip #2: Give your home curb appeal. When selling a home, you need to keep your home looking its best. If a buyer is turned off by what your home looks like from the street, you will never get him or her inside to look around. Clean up your lawn, patch brown spots in the grass, clear sidewalks, and keep leaves and other debris picked up. Potential home buyers also notice things like chipped paint and dirty siding, so pressure-wash your home and repaint before putting it on the market if needed. Do whatever you need to do to show buyers that you’re serious about your home’s maintenance.

Home Selling Tip #3: Make minor repairs to your home. Don’t give potential home buyers an opportunity to start nitpicking at the value of your home by leaving minor repairs unfixed. Replace cracked floor or counter tiles. Patch holes in walls. Fix leaky faucets. Fix doors that don’t close properly and kitchen drawers that jam. Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls. Replace burned-out light bulbs.

Home Selling Tip #4: Stage your home. Once you have a potential home buyer inside, it’s important that your home has been spruced up and has been staged for the market. Think of your home as a product for sale, and imagine walking through it from the buyer’s perspective. Depersonalize it by packing up family heirlooms and photos. You want buyers to imagine themselves living in the home and they won’t do that if they can’t see past your stuff. Rent a storage unit and clear out the junk. De-clutter. Remove unused pieces of furniture and window coverings and light fixtures you are going to take with you. Each room should be left with just enough furniture to showcase it as the perfect room for its purpose. Remove books, knickknacks, and anything that seems deeply personal. Clear out closets and neatly arrange your dishes in the kitchen cupboards.

Home Selling Tip #5: Clean your home! Wash windows inside and out. Clean out cobwebs from corners, ceiling fan blades and light fixtures. Re-caulk tubs, showers and sinks. Polish chrome faucets and mirrors. Clean out the refrigerator. Vacuum daily. Remove or replace worn rugs. Hang up fresh towels in the bathroom. Eliminate any musty odors.

Home Selling Tip #6: Price your home right. Of all of the 10 tips for selling a home, this one is the most important. You need to price your home competitively, perhaps slightly lower than comparable homes in your neighborhood. Unfortunately, many sellers choose the real estate agent who suggests the highest listing price, but this can come back to haunt you. Pricing your home to sell involves looking at similar properties, making adjustments for the differences between them, tracking market movements and considering present inventory to arrive at a realistic value for the price of your home. Setting your listing price just right could lead to a bidding war, resulting in a higher sales price for you. Be sure that you and your Realtor work together to price your home correctly.

Home Selling Tip #7: Capture initial excitement. Don’t put your home on the market before your home and you are completely ready. Make sure you have taken all of the steps above before placing your home on the market. When selling a home, you need to get the most out of the initial excitement that a new home listing creates in potential home buyers. Home buyers will feel like they have discovered a great find if they snatch up a home just as it comes on the market. Once it’s been listed for a few weeks, however, home buyers will conclude that it’s not such a great value. Therefore, when selling a home, make sure you’ve done everything you can to make your home attractive to potential home buyers.

Home Selling Tip #8: Don’t get in over your head. Put your home on the market well in advance of looking for a new home. Don’t place an offer on your next home until you have solid offers on the one you have to sell now. The last thing you want to do is juggle two mortgage payments.

Home Selling Tip #9: Only divulge information on a need-to-know basis. Don’t do anything to create a perception that you will lower your potential selling price. For example, if you are moving due to job relocation, don’t offer up that information. Don’t let the potential home buyers think there is any urgency on your part in selling the home. If you are asked why you’re selling, simply say that you’re ready to trade up. You have a legal obligation to disclose information about the condition of the home and property, but you are not obligated to disclose your personal situation.

Home Selling Tip #10: Be flexible. Be willing to work with potential home buyers to help your chances of making a quick sale. Offer to pay for closing costs or repairs, and be adaptable when it comes to showing your home. If you really need to sell, you need to accommodate buyers’ busy schedules. This might mean opening your home for showings on weeknights and weekends. Using these 10 tips when selling a home can help you sell your home fast and for a good price.

Wondering what your home’s current market value is??

Get your own >> Personal Real Estate Market Update

Other articles that you may find of interest:

The Top Reasons Your Home Didn’t Sell

How To Sell Your West Chester, Liberty Twp or Mason OH Home Now

Looking To Sell Your Home? Use the contact form below and we will get back to you as quickly as possible!