Real Estate Market Update For West Chester & Liberty Township, Ohio – February 2008

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

 
 

February 2007

February 2008

+ / –

Closed Units

82

79

-3.66%

Average Sale Price

$235,031

$228,849

-2.63%

Average Days On Market

82

84

+2.44%

Average List to Sale Price %

96.88%

95.19%

-1.69%

When is a decrease in home sales good news??

When the decrease in the number of closed units is the lowest percentage decrease in quite some time.

Home sales in West Chester and Liberty Township fell by 3.66% in February 2008 when compared to February 2007.  This is remarkable when you consider that the last couple of months decreases were 29.27% In January and 21.00% in December.  We are seeing sporadic increases of showing activity by buyers, however these showings are not resulting in an increase in sales as of yet, however this is clearly an improvement over the steep declines that we were seeing.

The average sale price in West Chester and Liberty Township was $228,849 in February.   This is a lower average sale price than what was seen in February of 2007.  It is 2.63% lower than 2007.  This is certainly not surprising and continues to re-inforce the need to price your home aggressively to get it sold.

Wondering what your home is worth??

Click here to find the current market value of your home

The average days on market rose to an average of 84 days on the market,  which is a 14 day increase over homes that closed in January and it is just a 2 day increase over February 2007.  Keep in mind, the “days on market” statistic is based on homes that have sold and closed, and is not impacted by homes that are still for sale.  So that home that you drive by everyday, that you know has been for sale for months and months, is not factored into this statistic.

The list price to sale price ratio was considerably lower again in February 2008 as compared to February 2007.  It fell 1.69 basis points from the prior year and was .09 basis points higher than January 2008.  This list to sale price ratio of 95.19% is one of the strongest indicators of jus how much of a buyer’s market this really is.

Mortgage rates have climbed considerably.   Mortgage rates which were hovering around 5.49% for a thirty year fixed rate mortgage just weeks ago, are now  at 6.05% for the same thirty year fixed rate mortgage.  I had many people tell me that they were waiting for rates to go even lower when they were at 5.49%.  These people waited to buy or refinance and missed out on a great rate.  Will the rates return to these lower levels??  Only time will tell.  My guess is they may not get below 5.50%  again for quite some time.  If they do, I sure wouldn’t wait again!

As always I will continue to monitor these real estate 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 and comments!

The Secrets To Selling Your Home In West Chester & Liberty Twp, Ohio Right Now!

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Are these really secrets?  No, but they are certainly the keys to selling your home in this market!

Secret #1:

Your home must standout!  The condition of your home must be great, (good doesn’t cut it).  The decor must be tasteful, it must be clean and fresh.  Your home must be updated;  for example, new countertops and appliances in the kitchen, new carpet, maybe a new or re-finished deck, etc.  Spring is coming, (I think), so look at the front of your home.  Is it clean, freshly mulched, no weeds, etc.?  

Need more information on this, email me and I will send you my checklist, “20 Steps To Help You Sell Your Home”.   Have questions call me.

There are so many homes for sale right now that the homes that are cluttered, dark and out-dated are being and will continue to be overlooked by today’s buyers.  And, these homes will continue to sit on the market for sale.

Secret #2:

Your home must be priced right!  The price of your home must be great, (good doesn’t cut it).  “Trying a little higher price” on your home for a while has never been a good strategy, now in this real estate market in West Chester and Liberty Township, Ohio it is a really bad strategy.  The homes that are selling are priced aggressively.  This may be hard for some homeowners to accept, but it is the truth!

So…  these aren’t really secrets, but they are the answers to the question “What will it take to get my home sold in this market in West Chester and Liberty Township, Ohio?”.

Wondering what your home is worth?   Click here to find out!

Your comments and questions are always welcome!

Absentee Voting for the Primary Election Begins

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Absentee voting for the March 4th Ohio primary election begins on Friday.

Any registered voter can request an absentee ballot.  Many voters request a ballot due to being out of town on election day or for a variety of other reasons, but simply wanting to vote early is more than enough reason.

Read an article on absentee voting in Butler, Warren and Hamilton counties here.

Whether you vote with an absentee ballot or in person on March 4th, please remember to vote.

Get more election information here:

Ohio Secretary of State’s site

Butler County Board of Elections site

As always, I would love to hear your comments!

Home Selling Tips for West Chester Spring Buyer’s Market

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If you’re planning to put your home on the market in time for spring, now’s the time to get it ready to show.

But wait, it’s still a buyer’s market. What can you do to catch the buyer’s eye and get them to make an offer? Here are some home selling tips:

It’s going to take more than a fresh coat of paint and a new welcome mat. A buyer’s market raises the stakes, and you’ll find you need to do a lot more work on your home than you think, if you want to get the highest price possible.

You’ve heard that you should clean, paint and repair, but that may not be enough. If your home is cluttered and in disrepair, buyers won’t pay top dollar.

Knowing how buyers reason should help you pick which updates are most likely to help you sell your home.

Let’s take the most basic selling suggestions and explore why these are such important mantras.

  • Boost your curb appeal. A clean house with cosmetic upgrades like painting and planting flowers can help form a fantastic first impression of your home.

    Why? Eighty-four percent of homebuyers use the Internet to search for homes. One-third of homebuyers use the Internet first, before any other source. That means that people are making decisions whether or not to even drive by your home based on how it looks in video, virtual tours and photographs…

    Click here to Read The Entire Article in my February newsletter.

    Wondering what your home is worth? Click here to find out!

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!

New Listing In West Chester, Ohio

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My New Listing In West Chester …

7988 Millwheel Way, West Chester, Ohio 45069

7988 Millwheel Way

West Chester, Ohio 45069

Lakota Schools

$235,000  – Four Bedrooms – Two Full and Half Baths

Immaculate Two Story Home Features Newer Hardwood Floors In The Family Room, Kitchen & Foyer. New Windows, Shutters, Carpet ’07, Newer Roof & More!  Warm, Inviting Family Room w/ Fireplace, Large Master, Large Deck Great For Entertaining, Overlooks Large Lot w/ Many trees. One Year Home Warranty.