Houses for sale in West Chester Ohio Archives

West Chester Real Estate Market Update – January 2016

January 27, 2016 by Eric Lowry

Year Ends Strong in Sellers’ Market for West Chester

West Chester Real Estate Market ended in a strong sellers’ market with a 2.5 month inventory of homes for sale. A 6 month inventory level is considered a balanced market. Anything under 6 months worth of inventory is considered to be an undersupply, favoring home sellers as opposed to favoring home buyers. Inventory typically is lower this time of year, however it’s at its lowest point in several years. Thinking of selling your home? This significant lack of inventory makes right now a fantastic time to get your home listed for sale.

The average sale price of homes in West Chester is $230,940, which is up 1.08% from the same time last year. Home prices are on a slow, steady rise; and are expected to continue to increase. Average days on market in West Chester is 66 days, compared to 70 last winter. The average list to sale price ratio for West Chester Real Estate is down slightly at 95.95% compared to last year’s 96.69%. This number describes what percentage of the list price homes are actually selling for.

Questions about the West Chester Real Estate Market?
Contact The Lowry Team at 513-874-1830.

The Lowry Team – Keller Williams Realty is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team is “Different By Design”… taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate, and a Marketing Director.

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other Articles You May Be Interested In:

Search the MLS for Cincinnati Houses For Sale

Find Out The Current Market Value Of Your West Chester Home

Moving to West Chester Ohio

10 Ways To Improve The Resale Value Of Your Home

Tips For Selling Your House Fast

10 Tips For Staging A Home

Beckett Ridge Homes for Sale

West Chester Houses Under 250K

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Buying a House in a Sellers Market

January 24, 2016 by Eric Lowry

Buying a House in a Sellers Market

If you’re thinking about buying a house this year, it’s important to be educated about the current real estate market conditions.

There is a 3-4 months inventory of homes for sale on the market right now, which is very low. When inventory levels are between 6-7 months, it is considered a balanced or neutral market. Anything more is considered a buyers market, and anything less than 6 months is considered a sellers market.

What this means is that since there is a low supply, and still a lot of demand, the current real estate market favors home sellers. There is greater competition among buyers which means that homes are selling very quickly. When a new listing comes on the market that interests you, it’s important that you contact your Realtor right away so you can view the home as soon as possible. If you wait a few days to go see it, it likely will have already sold.

This sellers market also means that homes are selling very close to list price. On average, homes in our area are selling at 98% of list price. So if you really love the house and don’t want to lose out to another buyer, you must make a very strong offer. Trying to make a low ball offer in this market is not going to work.

In addition to making a strong offer price, you must also be prepared to provide a pre approval letter with your offer. A pre approval letter strengthens your offer because it shows the seller that you have the financial capability to purchase the home. So it’s imperative you choose the right lender and get pre approved before looking at homes.

Ready to start your home search? Contact The Lowry Team at 513-874-1830.

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other Articles You May Be Interested In:

Search the entire Cincinnati MLS for Homes For Sale

Find Out The Current Market Value Of Your Home

5 Reasons 2016 is the Year to Buy a House

A Complete Guide to Buying a Home

What credit score is needed to buy a house?

How do I choose the right lender?

How much down payment do I need to buy a house?

Where are interest rates headed?

Why Use a Real Estate Team Instead of a Single Agent

Can my real estate agent represent me on new construction?

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Renting vs Owning in 2016

January 22, 2016 by Eric Lowry

Renting vs Owning in 2016

Trying to decide between buying a home or renting another year? Recent data might help you make up your mind.

There are currently low rental vacancy levels and a lack of new rental construction, which are driving rents up significantly. Rents are expected to outpace home price appreciation in the upcoming year. What does that mean for you? It means that renting is going to be more expensive than owning a home.

A recent Wall Street Journal article reports that “rents rose faster last year than at any time since 2007”. On average rents rose by 4.6% in 2015; when over the previous 15 years they had only risen an average of 2.7% annually. Zillow‘s 2016 Housing Market Predictions state that “rising rents won’t let up in 2016, and will continue to set new records. [2016] will bring the least affordable rents ever.”

Many people choose to rent just because they aren’t comfortable taking on the obligation of a home mortgage. However, unless you are living with family or friends rent free, you are paying a mortgage – either your own or your landlord’s. Wouldn’t you much rather put that money back into your own pocket? A home mortgage is like a forced savings which builds you equity in your home that you can use later on in life. If you are renting, you are only building your landlord’s equity.

Right now interest rates are at historic lows, but they are projected to increase steadily throughout 2016. Your window of opportunity to get a low interest home loan is closing. An increase in mortgage rates of 0.5% is equal to a 10% increase in home prices and affordability, which significantly increases your monthly payment. So the question you should ask yourself is, can you really afford to keep renting?

Questions about buying a house? Contact The Lowry Team today at 513-874-1830.

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

Other Articles You May Be Interested In:

Search the entire Cincinnati MLS for Homes For Sale

Find Out The Current Market Value Of Your Home

A Complete Guide to Buying a Home

What credit score is needed to buy a house?

How much down payment do I need to buy a house?

Where are interest rates headed?

What does it take to buy a home in today’s market?

Buy a Home With a Low Down Payment

Buying a Home Step 1: Get Pre Approved

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Connect with us on YouTube

Connect with us on Twitter

West Chester Houses Under 250K

January 21, 2016 by Eric Lowry

West Chester Houses Under 250K

Looking for a house in West Chester under $250,000? View full details and photos of all available houses for sale under 250K in West Chester Ohio. Our Homes For Sale information is a direct feed from the Multiple Listing Service (MLS) and is updated every 5 minutes.