It’s Tuesday, so this must be the Tuesday Open House.
What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.
It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…
The Union Centre Bash: There have been a number of questions recently regarding the Union Centre Bash and when it was, etc. So after a little research I found that it is no longer called the Union Centre Bash, but is now known as the Union Centre Boulevard Blast. It is scheduled to be August 13 -15, 2010. According to an article in the Journal News that I found online the “Blast” will be more of a regional draw, employing some best practices from similar showcases across the country. The direction of The Blast will be directed at families, adults, teens and children with multiple activities happening at the same time, “sort of like what you’d see at a state fair. You can reach the entire article online here >>Union Centre Boulevard Blast
New Listing: 5466 Sugar Maple Run, Liberty Township, Ohio. Check out this new listing in Falling Water subdivision in Liberty Township, Ohio. This is a terrific two story home located on a private, wooded lot and features a finished, walkout lower level, island kitchen w/ adjoining morning room & hardwood floors and much, much more!
Searching for foreclosures or short sales? Get a list of all of the foreclosed (bank owned) homes and short sale homes listed for sale in our area for free. Don’t pay for a list of foreclosures, short sales or distressed properties and don’t pay a subscription fee to any website for one either. These are homes that are listed for sale and you can have the information on these homes for sale, for free and without any obligation by just clicking here
2010 Home Sales in West Chester & Liberty Township, Ohio: The tax credit is over and now is when we find out if the homebuyer tax credits for both the First Time HomeBuyer and the move up homebuyer have had an impact on home sales overall. The key thing to watch moving forward is the unit sales numbers each month for West Chester & Liberty Township compared to last year. As can be seen on the graph, the last couple of months have seen home sales above last years totals. The real indicator of the housing market’s recovery will be what happens moving forward with home sales. Clearly the homes sales in West Chester & Liberty Township Ohio picked up when the tax credits were in effect, but what remains to be seen is; Will the home sales in the next few coming months remain at or above last year’s numbers so that the total sales numbers for the year remain above last year? If the sales remain stable and we can stay at or above last years sales numbers, then we would have to judge the tax credits to be a success in stablizing the housing market. If the sales numbers in the few months are not able to be sustained and in fact fall to levels below last year, then all we will have accomplished will be to move sales up into the early months of the year from the later months (July, August, September) and we will not have really improved the West Chester & Liberty Township housing market in the long term. What you can see on the graph is a steady increase in the home sales from January through May of this year in a much more dramatic peak than in the last two years indicating that there clearly was an impact from the homebuyer tax credit incentives. We will continue to monitor the home sales numbers and we will see where we go from here. >>You can read my 2010 1st Quarter Real Estate Market Report here
Our Facebook fan page of the week is: West Chester Farmer’s Market You can find information on the Farmers Market, the products that are available there through the summer and more. As of this writing their page has 129 fans, so I ask that you check out their fan page, become a fan and invite your Facebook friends to do the same.
This Month In Real Estate – June 2010, Courtesy of LowryTeam.com and Keller Williams Realty Associate Partners
Is a short sale or foreclosure the right deal for you?
With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties.
For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices.
According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers.
By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.
If you’re in the market looking for a home in West Chester or Liberty Township, Ohio and are prepared for a unique transaction, a short sale or foreclosure property for sale can be a great option. Here’s why:
Prices are low – Buying a foreclosed (bank owned) property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.
Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.
You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.
Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.
Your best ally when purchasing a short sale or foreclosure property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions.
For more information about short sales and foreclosures in the West Chester, Liberty Township, Beckett Ridge and Mason Ohio areas call me or email me. We are happy to help!
Wondering what your home is worth in today’s real estate market? Request a market analysis here!
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