West Chester Oh Real Estate: October 2008 Home Sales

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

 
 

October 2007

October 2008

+ / –

Closed Units

102

97

-4.90%

Average Sale Price

$229,333

$225,545

-1.65%

Average Days On Market

92

72

-21.74%

Average List / Sale Price %

96.09%

94.98%

-1.11%

 Sales were once again down in October 2008 when compared to October of last year.  Unit sales (closings)  were down 4.90% in West Chester and Liberty Township.  The percentage decrease is smaller than it has been previously, continuing a pattern of inconsistency in sales.  We have a little burst of activity and then it slows again.  Average sale prices were down 1.65% over October of 2007.  This is a smaller decrease than we have been seeing in recent months.  To determine if this is a change in the overall trend of the average sale price for West Chester and Liberty Township homes we will need to be closely examining the sales figures for the coming few months. 

Thinking of selling?  Click here to learn the current market value of your home.

Interest rates continued their dramatic drop this week.  This week we saw a drop to at weeks end 5.30% for a 30 year fixed rate mortgage.  An FHA 30 year fixed rate mortgage is currently 5.50%.  These are great rates that are changing daily.  If you need a referral to a good lender with competitive rates and closing costs please let me know.

It’s A Great Time To Buy A Home In West Chester And Liberty Township, Ohio

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It really is a great time to buy a home.  Why??

Here are 6 reasons why now is the time to buy a new home in our area:

1.)  There is a great inventory of homes for sale right now – the selection is fantastic.  There are many great opportunities.  You can search homes for sale on my website:  Search homes for sale in West Chester and Liberty Township.

2.)  Interest rates are terrific right now.  As of today (10/23/08) a thirty year fixed rate mortgage is 5.80% with no points.   How low is this?  Consider that 18 months ago the rate was 6.49% with no points.  Keep in mind though, rates will not stay this low forever.

3.)  Owning a home is one of the best ways to build wealth.  When you are buying a home you are building equity and adding to your assets.

4.)  Tax breaks.  Owning a home provides great tax benefits including deductible items such as mortgage interest (both on your first and second), PMI or private mortgage insurance, and real estate property taxes.  Be sure to check with your tax professional.

5.)  If you are a first time home buyer you can take advantage of the first time homebuyer tax credit.  You can read more regarding this terrific opportunity in this recent post on my blog.  First time home buyer credit for West Chester and Liberty Township homebuyers

6.)  You can’t time the market.  You will never know when home prices have hit bottom until sales and prices have begun to increase. Buying a home now ensures a good price and good rate AND a piece of the market before our next major upturn. It is a buyer’s market now.

Are you a first time home buyer looking for more information on buying a home?  I am happy to help!

Are you a current homeowner thinking of moving up to a larger or newer home?  Email me for more information on our Guaranteed Sale Program.

Check Out My Feature Homes For Sale!