• Home
  • News – Real Estate Ink
  • Search Homes For Sale
  • Selling A Home
    • Your Home’s Value
    • Preparing Your Home For Sale
    • Get A Cash Offer On Your Home
  • Meet Eric Lowry
  • Contact Us

West Chester & Liberty Township OH Real Estate: Home Values

April 1, 2010 by Eric Lowry

Everywhere you look these days there is news on home values.  It’s in newspapers, like the Cincinnati Enquirer, it’s on the web on sites like CNBC.com and USAToday.com and many others. Some is positive news and some news is very negative.

There are somethings to keep in mind here before you go off the deep end regarding your homes current market value.  The first is, don’t forget your basic math. Average sale prices have been going up in some areas, down in others. The average sale price is the just the value that occurs when all of the sales that occur in a given market are added up and divided by the number of sales. For example, if 100 homes have sold for a total sales volume of  $16,570,000. the average sale price would be $167,500. This simply represents the average of all of the homes that have sold and does not establish anything remotely close to a property’s value.

The second thing to remember is, when you hear these national news reports and economists discussing the rising or falling home prices, they are talking about national averages and these have nothing to do with our market values in West Chester, Beckett Ridge, Liberty or Fairfield Township areas.

These national reports are very much like getting a national weather forecast.  The average temperature in the United States tomorrow is not likely going to effect your life very much.  What you want to know if what the weather is going to be here tomorrow and if you are concerned about your homes value, you need to know the market data for our area, not some large metro area or state or country.

The best way to determine the value of your home is to get it analyzed by an experienced real estate professional. There are many factors in determining home values today and picking an average out of the air could hinder the sale of your home and frankly could cost you money. In today’s real estate market it is more important than ever to price your home appropriately.

If you would like to learn the current market value of your home you can request it here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

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

Filed Under: Beckett Ridge Homes For Sale, Eric Lowry's Articles, Fairfield Township Homes For Sale, Just For Fun, Liberty Township Ohio Homes For Sale, Real Estate Information, Real Estate Market Reports, Real Estate News, Sellers, West Chester Ohio Homes For Sale Tagged With: Cincinnati, Cincinnati Enquirer, Eric Lowry, Eric's Hassle Free Listing, Home Values, Homes For Sale, homes recently sold, Housing Market, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Ohio, Property Values, Real Estate Market Statistics, Top Real Estate Agent, Top Selling Realtor, West Chester Real Estate

West Chester & Liberty Township OH Real Estate: Tuesday Open House

March 2, 2010 by Eric Lowry Leave a Comment

What is Tuesday Open House??  Well, it’s clearly not an “open house”.  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…

For all of you fine dining fans out there, according to the Cincinnati Enquirer, the former Mesh restaurant located in West Chester, Ohio at Union Centre which closed Feb. 13, will be transformed into an “elegant, casual” Stone Creek Dining Company restaurant in the next couple of months.  You can get the full story on this West Chester Ohio restaurant here.

From my March Real Estate Newsletter:

HomeBuyers: Why Green Is Worth It.  For new and existing home buyers alike, the options to “green up” homes abound.  Green upgrades on homes offer two-fold benefits. They contribute to a healthier environment, both now and in the future, and they can save homeowners big when it comes to energy costs.

How much impact does a green home have on the environment, you ask? The government reports that Energy Star qualified homes built in 2009 are the equivalent of… You can read the entire article on green homes and other real estate market info in this months newsletter here.

Realtor.com update:  The Lowry Team’s homes listed for sale are now upgraded and enhanced with more photos and text than ever before.  Check out these West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio homes for sale here.

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

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

Visit My YouTube channel at:  www.youtube.com/LowryTeam

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

 

Filed Under: Buyers, Eric Lowry's Articles, Liberty Twp Community Info, Real Estate Information, Real Estate News, Restaurants & Dining, Tuesday Open House, West Chester Community Info Tagged With: Cincinnati, Cincinnati Enquirer, Dining, Eric Lowry, Eric's Hassle Free Listing, Green Homes, Homes For Sale, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Ohio, Realtor.com, Restaurants, Top Selling Realtor, Tuesday Open House, West Chester Real Estate

West Chester & Liberty Township, OH Real Estate Market Update

May 14, 2009 by Eric Lowry Leave a Comment

West Chester & Liberty Township, OH Real Estate Market Update

1st Quarter 2009 home sales compared to 1st Quarter 2008 for West Chester and Liberty Township, Ohio

In the 1st quarter of 2008 244 units were sold vs. 195 units in February 2009.  This represents a decrease of 20.08%.  This continues the trend of a large drop in closed sales when compared to the year ago period.  Unit sales continue to be soft, with the overall economy and job security issues having a big impact on potential buyers.  The 1st time homebuyers tax credit is influencing the activity in the under $225,000 market in a positive way.

2008 Units 2009 Units + or –
244 195 -20.08%

(Just as a point of reference for how far home sales have fallen: In March of 2006 alone we closed 170 units vs. 195 units for the first three months of this year.)

The average sale price for the first quarter of 2009 was down 8.32% compared to the same period in 2008.  As you can see in the table below, the average sale price in the first quarter of 2008 was $226,635 compared to $207,772in 2009.  As I have said before, 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 and also a lessening of the pricing presuure that is currently being applied by distressed property sales, such as bank owned homes and short sales.  In many of the price ranges there remains a significant oversupply of homes for sale.

However, there are dramatic differences in what is going on in the different price ranges.  If you are thinking of selling your home you must understand the market within the market that your home is in.  Some of the price ranges have such an oversupply of homes for sale and others are much more in line with what might be normally expected.

2008 Avg Sale Price 2009 Avg Sale Price + or –
 $226,635 $207,772 -8.32%

Here is the article from the Cincinnati Enquirer detailing the Greater Cincinnati housing numbers:

Q1 home prices down 17 percent

By Lisa Bernard-Kuhn • lbernard@enquirer.com • May 12, 2009

Sale prices of single family homes in the region slid more than 17 percent in the first quarter – fueled by the sale of foreclosed properties and other discounted real estate, according to a national report released today.

In Greater Cincinnati and Northern Kentucky, the median sale price fell to $106,500, a 17.1 percent decline from the first quarter in 2008, according to data from the National Association of Realtors.

The median sale price is the point at which half the homes sell for more and half sell for less.

Nationally, the median sale price for a single family home slid to $169,000, down 13.8 percent from the first quarter of 2008.

Overall, sales dipped 3.2 percent from the year-ago period.

“I think we’re near a bottom, but we’re not there yet,” said David Resler, chief economist at Nomura Securities.

While prices could hit bottom as soon as this summer, he said, they are likely to remain stable and start edging higher slowly. But the nascent signs of recovery in the housing market could be short-lived if employers continue to lay off workers in bulk.

First-time buyers accounted for half of all purchases during the first quarter, and 134 out of 152 metropolitan statistical areas reported lower median existing single-family home prices compared to the first quarter of 2008.

The biggest drop, of more than 50 percent, was in Fort Myers, Fla. Prices fell 40 percent or more in Saginaw, Mich.; Akron, Ohio; San Francisco; San Jose, Calif.; Phoenix; Sarasota, Fla. and Riverside, Calif.

The biggest price gain, of more than 21 percent, was in Cumberland, Md. The only other metro area that saw a double-digit increase was in Davenport, Iowa, which saw the median price climb nearly 14 percent.

“We are very much in a bifurcated market with sharp differences between foreclosures and short sales on one hand, and traditional homes on the other,” said Lawrence Yun, chief economist for the national Realtors, in a release. “In many cases, homes are selling below replacement construction costs, which speaks to the great values in the current market.”

In the first quarter, short sales and foreclosures accounted for nearly half of transactions, weighing down median home prices in most markets.

Short sales occur when a bank or lender agrees to accept less that what is owed on a home mortgage. The discounted properties along with foreclosures sell for about 15 to 20 percent less than market rate homes, Realtors say.

Yun said the $8,000 tax credit for first-time buyers included in the economic stimulus package signed by President Barack Obama earlier this year should boost sales.

“We expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas,” he said.

The Associated Press contributed.

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

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

Filed Under: Real Estate Information, Real Estate Market Statistics Tagged With: Beckett Ridge, Cincinnati Enquirer, Eric Lowry, Home Prices, Homes For Sale, Housing Market, Housing Statistics, Liberty Township Real Estate, LowryTeam.com, Ohio, Sibcy Cline Realtors, West Chester Ohio Real Estate

West Chester & Liberty Township Ohio Real Estate News

April 13, 2009 by Eric Lowry Leave a Comment

Here are a couple of articles to start off your Monday:

Smart Money Magazine recently published this article titled 10 Mistakes First Time Homebuyers Make. It’s a pretty good article, worth reading if you are a 1st time homebuyer.  Here is more information on the $8000 tax credit for 1st Time Homebuyers.

An article in the Cincinnati Enquirer today touches on the growing trend of short sales in real estate.  They are a little late to the story here and the article is not very informative to someone struggling to make their payments or needing to sell and owing more than the house is worth, but you can read the article here:

Cincinnati Enquirer Short Sale Article.

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

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

Filed Under: Financing, Real Estate Information Tagged With: 1st time homebuyers, Beckett Ridge Realtor, Cincinnati, Cincinnati Enquirer, Eric Lowry, Liberty Township Real Estate, Ohio, Realtor, Short Sale, Smart Money, Top Real Estate Agent, Top Selling Realtor, West Chester Ohio News, West Chester Real Estate

Search Thousands Of Homes For Sale In The MLS!

Search_Widget

Categories

  • Avoiding Foreclosure
  • Beckett Ridge Homes For Sale
  • Blue Ash Ohio Homes For Sale
  • Butler County Real Estate
  • Buyers
  • Cincinnati Real Estate Careers
  • Dayton Ohio Real Estate
  • Eric Lowry's Articles
  • Fairfield Community Information
  • Fairfield Homes For Sale
  • Fairfield Ohio Real Estate Market Reports
  • Fairfield Township Homes For Sale
  • Featured Properties
  • Featured Subdivision
  • Financing
  • Financing Options
  • First-time Homebuyer
  • Foto Friday
  • Holidays
  • Home Improvements
  • Homes For Sale in Lakota Schools
  • Just For Fun
  • Lebanon Ohio Homes For Sale
  • Liberty Township OH Real Estate Market Reports
  • Liberty Township Ohio Homes For Sale
  • Liberty Twp Community Info
  • Loveland Ohio Homes For Sale
  • LowryTeam.com Real Estate Market Trends Report
  • Maineville Ohio Homes For Sale
  • Market Update
  • Mason Community Information
  • Mason OH Real Estate Market Reports
  • Mason Ohio Homes For Sale
  • Monroe Homes For Sale
  • New Construction
  • New Listings
  • Preparing Your Home For Sale
  • Real Estate Information
  • Real Estate Market Reports
  • Real Estate Market Statistics
  • Real Estate News
  • Real Estate Video
  • Relocating to Cincinnati
  • Rent vs Buy
  • Restaurants & Dining
  • Sellers
  • Short Sale / Foreclosure
  • Springfield Ohio Real Estate
  • Tax Credit
  • Testimonials
  • Things To Do In Cincinnati Ohio
  • Things to do in Dayton
  • This Month In Real Estate
  • Tuesday Open House
  • West Chester Community Info
  • West Chester OH Real Estate Market Reports
  • West Chester Ohio Homes For Sale
  • West Chester Ohio Parks
  • What's My Home Worth
  • Wyoming Community Info
Return To Top
2025 Lowry Team Real Estate, Inc