West Chester and Liberty Township Ohio Real Estate Market Report

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West Chester and Liberty Township Ohio Real Estate Market Report

Home SalesWest Chester and Liberty Township Township Ohio Home Sales were down 34.78% in March when compared to the sales in West Chester and Liberty Township in March 2013.  This decline is extremely large, especially when compared to the recent sales increases that we have seen over the last year.  The extremely cold Winter is likely playing a big part in this decline in home sales.  Also likely playing a part in the decline in home sales in our area is a lack of homes available for sale.  The inventory of homes for sale remains very low.

West Chester and Liberty Township Ohio Average Sale Prices were up 4.52% in March when compared to the average sale price in West Chester and Liberty Township in March 2013.  Home prices continue to see slow and steady improvement.  Future increases will likely be fueled by the shortage of homes for sale.

Find Your Home’s Current Market Value Right Here.

Days On Market for West Chester and Liberty Township Homes that closed in March 2014 was 78.  This is a dramatic improvement from the 103 days in March 2013.Avg. Sales Price

List to Sale Price Ratio for homes sold in West Chester and Liberty Township Ohio in March 2014 was 96.24% compared to 97.09% in March of 2013.  The list to sale price ratio is simply the percent of the current (last) list price of a home that it actually sells and closes for.  The list to sale price ratio can be a pretty good indicator of a real estate markets overall strength.  

The Inventory of Homes for Sale in West Chester and Liberty Township remains at very low levels.  Currently in the West Chester and Liberty Township real estate market there is just under 5 months of inventory. This represents a slight sellers market for the overall market.  This measure of the  inventory of homes for sale varies greatly depending on List vs Saleprice range.  The entry level 1st time home buyer market is much lower in inventory and is a very strong seller market.

Interest Rates in the West Chester and Liberty Township area remain very low and have largely been very stable.  The current rate for a 30 year fixed rate loan is approximately 4.5% for a conventional loan and approximately 4.25% for an FHA loan.

Other articles you may be interested in:

Tips to Add Curb Appeal To Your Home

5 Easy Home Improvements To Increase Home Value

West Chester Ohio Homes for Sale

Find Your West Chester Home Value

Find Your Liberty Township Home Value

Cincinnati Real Estate – Tuesday Open House November 5 2013

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Welcome To Tuesday Open House!

Tuesday Open House is our weekly video blog post featuring community information, real estate news and other topics of interest.

The Lowry Team is kicking off our Thanksgiving Food Drive for Reach Out Lakota and we would love to have you join us.  If you would like to donate just click on the link below.  You’ll find details and a quick form to fill out.

http://www.lowryteam.com/thanksgiving-food-drive.php

Did you know mortgage interest rates have dropped back down to as low as 4.25%?  Rates had increased to as high as 4.70% over the past few months.  This latest decrease presents a great time to buy at really low rates.  Ready to start searching for a home?  Use our real estate search engine:  http://www.lowryteam.com

And finally, wondering about home prices?  Are they increasing and by how much?  We are compiling our updated 2013 real estate market report right now and will share more about it next week.  Early research shows the average sale price in the West Chester / Liberty Township area is up 4.11%, Mason is up 2.76% and the Fairfield / Fairfield Township area is up 2.64%  Have specific questions?  You can contact us via email or phone anytime.

Have a great week and I’ll see you next Tuesday!

 
 

Low Interest Rates Aren’t Expected To Last – Now Is The Time To Buy A Home

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Low Interest Rates Aren’t Expected To Last – Now Is The Time To Buy A Home

Interest Rate MovementThe real estate market is currently experiencing a huge window of opportunity for homebuyers. The Federal Reserve has been buying $85 million worth of bonds monthly. This has allowed the interest rates on mortgages to drop low in the first half of the year. Over the summer, we saw a steady increase in interest rates. This was due to a rumor that the Fed was going to stop buying bonds. Recently, however, the Fed has announced that they plan to continue to purchase bonds. What does that mean for you as a homebuyer? Well, it means that as of the announcement, interest rates are experiencing a temporary drop. This drop in interest rates greatly affects your purchasing power. These low interest rates could mean the difference between you buying your dream home or settling for your second choice.

However, it is expected that the Fed is going to begin to taper their bond purchasing in December. Ben Bernake, Chairman of the Federal Reserve, states “If the data confirms our basic outlook, then we could move later this year.” This taper in bond purchases will drive interest rates back up. The National Association of Realtors, the Mortgage Bankers Association, Fannie Mae, and Freddie Mac all predict around a 1% increase in interest rates by this time next year. So if you have been on the fence about buying a home, let this be the push you need. This is your window of opportunity – don’t waste it.

Other articles that may interest you:

First Time Homebuyer Series:  Can You Afford To Keep Renting?

First Time Homebuyer Series:  3 Steps To Getting Started

West Chester & Mason Ohio Real Estate: This Month In Real Estate – October 2013

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West Chester & Mason Ohio Real Estate: This Month In Real Estate – October 2013

This Month In Real Estate for October 2013:  Factors that drive first time home purchases  and taking a look at the national home sale numbers.

Home sales nationally continued to improve in both unit sales numbers as well as increases in average sale price.  The national average on a 30 year fixed rate mortgage is currently at 4.50%  Get preapproved for a home loan  Locally as of this writing, a 30 year fixed rate mortgage is averaging around 4.29%

According to Keller Williams (KW) research first time home purchases are primarily drive by three factors.

1. The current real estate market – the current market in our area is very advantageous for buying a home right now.  First Time Homebuyers will find home prices are still low and represent great value.  Mortgage interest rates have now gone back down slightly after a very quick run up over the last few months

2. Financial readiness – while financial readiness is very much an individual issue, the affordability factor that today’s low rates and home prices offer can not be overlooked.

3. Location & price – location is most often identified by first time homebuyers as being either close to their workplace or close in proximity to where the currently live.

Thinking of buying a home?  Start your search on our real estate search engine: www.LOWRYTEAM.com

Thinking of selling your home in one of our areas of specialization including West Chester, Mason, Fairfield Township and Liberty Township ? Find Your Homes Value Here – Right Now

Homes with the best pricing and the best condition go first and sell quickly!  Need more information on preparing your home for sale?   

Other articles that you may find interesting:

First Time Homebuyer Series:  Can You Afford To Keep Renting?

First Time Homebuyer Series:  3 Steps To Getting Started

West Chester Ohio Homes For Sale

West Chester & Mason Ohio Real Estate – This Month In Real Estate November 2012

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West Chester & Mason Ohio Real Estate: This Month In Real Estate – November 2012

This Month In Real Estate for November 2012 takes a look at the national home sale numbers and also reveals Keller Williams (KW) research on the key factors that drive 1st time home purchases.

According to Keller Williams (KW) research 1st time homebuyers are motivated by the following factors:

1.)  The current market

2.)  Financial readiness

3.)  Location and price

Today’s West Chester & Mason Ohio real estate market offers record low interest rates and lower home prices.  Location for these buyers is often driven by the proximity to the first time homebuyers current rental and of course affordability is always a factor.

Find Some Great Homes For First Time Homebuyers in West Chester Here

Find Some Great Homes For First Time Homebuyers in Mason Here

Other articles that you may find interesting:

Mortgage Interest Rates In West Chester & Mason Ohio

This Month In Real Estate – October 2012

West Chester & Mason Ohio Homebuyers To Face Higher FHA Mortgage Insurance Costs

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West Chester & Mason Ohio Homebuyers To Face Higher FHA Mortgage Insurance Costs

Mortgages & Interest Rates In West Chester & Mason OhioHomebuying is about to get quite a bit more expensive for many home buyers in West Chester & Mason Ohio, not just first time homebuyers.  No, interest rates are not on the rise (yet).  It’s the cost of mortgage insurance that is going up.  The Federal Housing Administration (FHA) which backs mortgages that allow for smaller down payments has announced that it is increasing the cost on two types of fees that homebuyers must pay.

The increase in the mortgage insurance costs is two fold for FHA backed mortgages.  (1)  the FHA has announced that it will increase it’s annual mortgage insurance premium by .10 of a percentage point for loans under $625,000, which will now cost 1.25% of the loan amount.  This increase takes effect on April 1st.  (2) the second fee being raised is the upfront mortgage premium.  It is being raised by .75 of a percentage point, making the premium 1.75% of the loan amount.  This fee is often rolled into the mortgage.

Moral of the story… you may want to get a home under contract to purchase and a mortgage loan application submitted before April 1st if you would like to avoid these higher costs of obtaining a mortgage.  All of this assumes of course that you are obtaining an FHA backed mortgage.  If you are using a conventional mortgage to buy a home this increase does not effect you.