January 2008 Home Sales For West Chester & Liberty Township, Ohio

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January 2008 Home Sales For West Chester & Liberty Township, Ohio

 
 

January 2007

January 2008

+ / –

Closed Units

82

58

-29.27%

Average Sale Price

$228,572

$219,688

-3.89%

Average Days On Market

78

70

-10.26%

Average List to Sale Price %

95.86%

95.10%

-.76%

In review…

The number of closed units fell by 29.27% which continues to show a weak market for home sales.  We are seeing sporadic increases of showing activity by buyers, however these showings are not resulting in increased sales as of yet.  This just re-inforces the need to price a home very competitively to get it sold.  There are homes selling,  as evidence by these homes which sold in 35 DAYS, 38 DAYS, 18 DAYS and 28 DAYS!

The average sale price was $219,688 in January.  As I have stated before this is probably the most over examined statistic in real estate today.  This month it does reflect a lower average sale price than what was seen in January of 2007.  It is 3.89% lower than 2007.  This is certainly not surprising.

The average days on market came down to an average of 70 days on market which is a huge improvement over the average of 102 days that we saw on the homes that closed in December and it is also lower than the average for January 2007.  This can be looked at as a positive sign, however it is based on the smallest sampling of sales that we have seen in some time and we do still have an increasing inventory of homes for sale.

The list price to sale price ratio was considerably lower again in January 2008 as compared to January 2007.  It fell .76 basis points from the prior year and .62 points when compared to December 2007.

For a bit of really good news…  we continue to look to mortgage rates which are hovering around 5.65% for a thirty year fixed rate mortgage.  These are unbelievable times to be buying a home!

As always I will continue to monitor these market numbers  for West Chester and Liberty Township Ohio and will share them as they become available.  Should you have particular questions about these numbers please let me know!

If you would like to learn the current market value of your home I would be happy to provide you with it.

I would love to hear your thoughts as well!

December 2007 Home Sales For West Chester & Liberty Township, Ohio

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December 2007 Home Sales For West Chester & Liberty Township, Ohio

 

2006

2007

+ / –

Closed Units

100

79

-21.00%

Average Sale Price

$241,617

$253,213

+4.80%

Average Days On Market

80

102

+27.50%

Average List to Sale Price %

97.54%

95.72%

-1.82%

So, one by one let’s review…

Number of closed units, not good.  Down by 21.00% is not a good sign at all.  Yes, it was December, but that is compared to December of 2006.

Average sale price was up to $253,213 in December.  This is probably the most over examined statistic in real estate today.  What is doesn’t mean is that prices are rising, they are not.  What it simply means is, the average price of the homes that did sell, was higher.

The average days on market moved up to an average of 102 days on the homes that closed in December.  A very large increase over December 2006 that really bears watching.

The list price to sale price ratio was considerably lower in December.  In December of 2006 homes that sold in West Chester and Liberty Township sold for an average of 97.54% of list price vs. 95.72% in December of 2007.

For a bit of really good news…  look to mortgage rates which are hovering around 5.65% for a thirty year fixed rate mortgage.  These are unbelievable times to be buying a home!

I will continue to monitor these market numbers  for West Chester and Liberty Township Ohio and will share them as they become available.

I would love to hear your thoughts as well!

FHA Financing – Perfect For 1st Time Homebuyers

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FHA Financing is back!

Actually, it really never went away, but was certainly overtaken by the many loan programs that became such hot commodities the last few years.  Many of these loan programs were the subprime mortgages that we now hear so much about in the media.  And while most of these programs are now long gone, as are the lenders that made them, the FHA loan is now back in fashion.

Why is it such a good loan program for the first time homebuyer.  Among the many reasons are it’s low down payment requirement, it’s more lenient qualification guidelines and… the rates are so low right now that it is an incredible deal.

Here is a scenario that I created today as an example:

Buyer buys a home for a purchase price of $150,000. 

Using the FHA loan, the rate as of today is 5.75% with just a 3.00% down payment. 

By the way, that 5.75% interest rate today was for 30 years, fixed rate.  (No adjustable rates with skyrocketing payments in a year or two). 

In this scenario, the buyer’s monthly payment for principal and interest would be only $849.10!

This payment does not include property taxes and homeowners insurance, but what an opportunity to buy a home and stop paying rent with a truly low monthly payment.

And by the way, FHA loans are not just for 1st time homebuyers! 

If you would like more information on FHA loans or for that matter any other mortgage financing let me know and I will get you in touch with a top mortgage consultant.

More detailed information on FHA loans by clicking here