West Chester OH Real Estate Outlook 2009

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Real Estate Outlook: What’s in Store for 2009?

What will the new year bring for housing and real estate? It’s easy to look at all the negative economic news in the headlines and say – there’s no sign that 2009 is going to be any better than 2008.

But here’s a different perspective to consider from one of the country’s veteran financial analysts — Richard Bove of Ladenburg Thalmann, an investment banking company.

In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down — most notably in the home mortgage sector.

Though it takes awhile for low-cost money to begin having its effect, Bove said he expects “housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase.”

Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration — and there’s a good chance we’re going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.

Already there are positive signs of the turnaround Bove predicts…

Read the entire article in my monthly real estate newsletter for residents of West Chester, Liberty Township and Beckett Ridge.

Wondering about the value of your home in today’s market?  Request a Free Market Analysis.

If you think now is the time to begin your search for a new home, start by checking out my Feature homes for sale and then search the MLS, all on my website:  www.LowryTeam.com

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

West Chester Ohio News: Mortgages Are On Sale!

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An eye catching headline to be sure, but also very much the truth.

Interest rates for home mortgages are at historic levels right now which is providing a terrific home buying opportunity!  How about this: In 1981 you would have paid 16.90% for a 30 year fixed rate loan.  Today, it’s 5.15%, now that is a sale! 😀

Check out the graph below depicting mortgage rates since 1981:

To give this a little meaning, let’s look at a $200,000 mortgage loan:

In 1981, at 16.90% the principle and and interest payment would have been $2835.12.  (Wow)

In 2009, at 5.10% the principle and interest payment would be $1085.90 (Now that is a sale)

So you say, “Well that’s great, but that was 1981”.  So let’s compare to just 6 months ago then:

August 2008 rates were 6.49% which is a principle and interest payment of $1262.82.

That is a savings of $176.92 per month or $2123.04 annual savings with today’s low rates.

It really is a great time to buy when you consider the low rates and the great inventory of homes.

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

West Chester & Liberty Township, OH Real Estate News

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♦Everyone it seems is interested in foreclosure and short sale properties.  Well how about this real estate deal:

The sale is planned for March 5th according to the Cincinnati Enquirer.  It should be noted that the shopping complex is continuing to operate business as usual.

♦Homearama 2009 has been delayed until September this year.  The show featuring the finest luxury homes in the area has normally been held in June each year.  Several weeks ago the Cincinnati Home Builders Association annouNced that the show had been delayed by the economy.  Read the full story regarding the Homearama 2009 here.

The price point of the homes built will be between $550,000 and $950,000.  Home builders that have committed to the show so far are: The Drees Company, Fischer Homes, John Henry Homes, Pendragon Homes and Summit Custom Homes.  More details on the luxury home show can be found in this article.

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

Liberty Township, OH Real Estate Update: January 2009

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As I mentioned in my previous post on the West Chester real estate market, the last three months have been very turbulent.  There is a great deal of uncertainty regarding the availability of mortgages for buyers and in the financial markets in general.  I can say with absolute certainty however,  that if you are thinking about buying a home, whether it is new construction or an existing home, the opportunities are terrific with regard to the home prices and there is no question about the ability to get a mortgage, the money is out there!

Today we will take a look at how the Liberty Township, Oh real estate market fared in the last three months of 2008.  The West Chester and Liberty Township markets are very connected and to many folks would be considered one and the same.  They share the same school district (Lakota Schools) and are geographically adjacent.   However breaking them down a little gives us better detail of just what has been going on.

To read part one of this real estate market update click here

With regard to sales, in 2007 135 units were sold vs. 88 units in 2008 in Liberty Township.  This represents a decrease of 34.81%.  This is quite obviously a huge decrease in sales.  A little further look into these numbers finds that in 2007, new construction accounted for 44 of the 135 sales (32.59%).  In 2008 just 15 of the 88 sales (17.05%) were new construction.  New construction sales were way down and this is definitely an indication of the scaling back that home builders have done.  The amount of market (spec) homes that are available for sale is very small and has been for some time now.

 

2007 Units 2008 Units + or –
135 88 -34.81%

The average sale price for the last three months of 2008 was down 12.72% compared to the same period in 2007.  As you can see in the table below, the average sale price in the last three months of 2008 was $232,831 compared to $266,751 in 2007.  With the new construction sales taken out of the numbers the average sale price would be down 5.25% in the last three months of 2008 when compared to 2007.  The impact new construction has on these numbers is significant due to the fact that typically the average sale price of new construcion homes is much higher which can skew the overall numbers, especially in a market like Liberty Township, OH which has a large presence of new construction.

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.  We will take a look at the supply of homes for sale next.  Be sure to check back!

 

2007 Avg Sale Price 2008 Avg Sale Price + or –
 $266,751 $232,831 -12.72%

 

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West Chester Ohio Real Estate: Christmas Walk Returns

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The Olde West Chester Christmas Walk returns this year after a two year absence.  The event begins at 1:00pm on Saturday, November 15th and concludes with a parade starting at 7:00pm at the Union Elementary School lite up by 1500 luminaria and ends with the lighting of the community Christmas tree at the township hall.  The businesses along Cincinnati-Dayton Road will be hosting open houses.  There will be live entertainment, food, children’s activities and yes, Sant Claus.  For more information visit the West Chester Township website

Also this weekend the new Miami University learning center is hosting an open house.  This is their new facility at the Voice Of America Center on Cox Road here in West Chester.  Guests will be able to tour the 23,000 square foot facility, learn more about Miami courses and programs offered at the VOALC, and learn more about the area surrounding the Center including the former VOA Bethany Relay Station.

Your comments are always welcome!

New Businesses And Developments in West Chester And Liberty Township

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There are so many new businesses and developments happening in our area at any one time that it is difficult to keep track of all of them. 

Here are links to a couple of them that caught my eye as being interesting and/or good additions to our area.  (It should be noted that there are many more than the couple noted here).

The first is a very interesting article in the Sunday Cincinnati Enquirer on the development of the Union Centre Blvd area.

Of course the article is very timely due to the opening of the Ikea store this week.

Also opening a new store this week in Liberty Township, Ohio is Play It Again Sports, again in the Enquirer:

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080309/BIZ01/803090335/1076/BIZ

Your comments and questions are always welcome!