Homes For Sale In West Chester & Liberty Township Ohio

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The supply of homes for sale in West Chester and Liberty Township increased again.

As of the beginning of February the selection of homes for sale in West Chester rose 5.91% when compared to the beginning of January 2008 and a whopping 15.41% when compared to the same time in 2007.

The story is much the same in Liberty Township with the number of homes for sale increasing 6.99% as of the beginning of February when compared to the beginning of January 2008.  The percentage increase of 10.25% when compared to the beginning of February 2007 is more favorable than the West Chester increase.

The selection of homes to buy right now is terrific if you are thinking of buying.  Get out and take a look at the opportunities that are out there right now.

Interest rates are hovering around 5.50% right now for a 30 year fixed rate mortgage, which are much lower than they were just a few months ago

Opportunities for first time homebuyers are particularly good right now, especially when you consider the great rates and down payment options provided by the FHA Loan program.

 

I would love to hear your thoughts!

Interest Rates, Home Showings, Builders & More

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This post is a little bit about a number of things…

First interest rates;  today a 30 year fixed rate mortgage is 5.49% compared to 5.95% just over two weeks ago (and a full 1.00% below what it was 18 months ago).  As I have said many times recently, and yes I probably do sound like a broken record, these rates are unbelievable.

I spent the weekend showing homes and made several observations to share as I went around this weekend.  There are a large number of vacant homes and condos for sale right now (motivated sellers).  And this should come as no surprise, the builders are very aggressive and very motivated right now.  There are lots of incentives out there and not all are advertised.  If you are thinking about new construction whether it’s building or simply buying a market home, it is a great time to do so.

A buyer asked me the other day;  “How will I know when the housing market has bottomed?”   My answer:  You won’t.  The only sure way to know that the market has bottomed out is when it’s on the way back up, and if it’s on the way up, it’s too late.  What I do know is the market has dipped and we are at the bottom of that curve.  It’s okay to buy down here.

 

Finally in the last two weeks there have been 116 new listings come on the market in West Chester and Liberty Township, Ohio and there have been 41 pending sales in that time.  So things are selling and we are continuing to see a great deal of new listings.

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!

West Chester & Liberty Township Ohio Real Estate Update

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January 2008 – Where we stand…

  My most recent research and observations of real estate in West Chester and Liberty Township, Ohio.In terms of homes available for sale (inventory),  the numbers continue to reflect a large oversupply of homes for sale.  Compared to January 2007, the number of homes available for sale in West Chester and Liberty Township, Ohio has risen from 683 to 761 as we begin the new year, an increase of 11.42%.  This is definitely not the direction/trend that we need to see as we watch for the market to show signs of improvement. As far as sales go, September – November 2007 sales were down 11.88% compared to the same three months of 2006.  These numbers represent unit sales (the number of homes sold) in West Chester and Liberty Township, Ohio.The median sale price in West Chester and Liberty Township, Ohio was down 2.01% in this same three month time frame compared to 2006.  The median sale price in September – November 2007 was $219,000. Days on market continues to climb.  The average days on market for the homes that sold and closed in September – November 2007 was 82 days vs. 72 days in 2006 ( a nearly 14% increase). Clearly homes are taking much longer to sell.  Keep in mind that these numbers do not take into account homes that have not yet sold. As I have said before, there is much to watch and many questions to be answered in the coming months!  One thing that I am certain of, it is a great time buy a home with phenomenally good prices and low interest rates. There are plenty of very nice homes for sale and many sellers are very motivated!   Also, contrary to what you might hear and/or believe there is not a problem with getting mortgages. The mortgage “mess” that you read about and hear about in the news should have no effect on your ability to get a mortgage. Tell me what you think!