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LowryTeam.com: Monthly Real Estate Trends Report – December 2010

December 27, 2010 by Eric Lowry Leave a Comment

LowryTeam.com: Monthly Real Estate Trends Report – December 2010

Hot off the presses is our LowryTeam.com Monthly Real Estate Trends Report for December 2010.  This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridge and Liberty Township, Ohio.  It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market.  In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality.  There is no such thing as a national weather forecast and there is no such thing as a real estate one either.  ALL real estate is local!

The source of this data is the Greater Cincinnati Multiple Listing Service. By seeking out and understanding the trends in our market place we are better able to forecast the upcoming market conditions and counsel our clients on pricing strategies to get their home sold for the highest possible price. Any thoughts and insight into what may occur in the future are solely our opinions and forecasts.

Unit sales for the last six months (June – November) is first:

Unit sales in West Chester and Liberty Township have seen a steady decline in the last six months.  The spring market saw a fairly strong sales environment which was supported by the government’s home buyer tax credits.  These tax credits expired on April 30th, 2010 and you can see on the graph, that homes sales (closed units) peaked in the two months after, as these tax credit sales closed , 30-60 days later.

With no intervention or subsidy of the housing markets by the government you can see that home sales have made their way much lower in the following months.

To put these levels of home sales in proper perspective we compare them to the same time periods of the last two years.  In the fall of last year (2009) we were under the influence of the original first time homebuyer tax credit which definitely had a positive impact on home sales at the time.  In the fall of 2008 we were in the midst of the financial crisis with the all of the bank failures, etc. which caused a very significant slow down at the time in home sales.  So when you compare the last three year’s home sales for this time period of June – November you can see that our current level of home sales are at a level that is even below the levels seen during the financial crisis.

This is a pretty amazing statistic when you consider that we are operating in an environment of both extremely low interest rates and home prices.  One factor that may provide an uptick of some sort in home sales in the near term is rising interest rates.  Rates have definitely risen off of their lowest levels and history tells us that when rates go up, they tend to go up fast.  Some homebuyers may be fearful of missing out on these really low rates and will jump into the market to get a home under contract while the below 5.00% interest rates are still available.  This could result in a small upward trend for home sales in the next few months over the current levels.

Average sale price for the last six months (June – November) is next:

You can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales in 2010.  If you watch the trend line you can see a gradual decline for 2010.  Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever.  The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame. 

Homes are not worth more now than they were at the beginning of the year.  Any increase or decrease in the average sale price is reflective of the activity of that time frame.  A perfect example of this is the month of August which according to the graph shows a huge increase in the average sale price over the month of July.  A look inside the numbers explains… In July 17 of the total 82 closed sales that month were under $140,000 in sale price, in August there were only 6 of a total 78 closed sales in that same price range.  Less sales in the lower price ranges will cause the average sale price to be higher.  In addition, in July there were just 4 closed sales over $400,000 compared to 9 closed sales in August over $400,000.  So, was the average sale price higher because homes were worth more?  No, there was just a very different mix of homes that sold.

List to sale price ratio: 

The List to Sale Price ratio is calculated by dividing the final sale price into the list price to find the percentage of the list price that a given home sells for.  The West Chester and Liberty Township Ohio List to Sale Price Ratio is 95.68% for the six month period of June – November 2010.  As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year.  The swings up and down are an indicator of the lack of stability in the West Chester and Liberty Township real estate market right now.  The highlighted center area of the graph shows what appears to be the middle ground right now for the market.  The last two months have been below this range, indicating that homeowners are accepting lower offers when compared to their list prices than had been the case in previous months. 

The one factor that remains true, through all of the market’s ups and downs is that homes that sell quickly sell for a much higher percentage of their list price.  In the most recent six months, homes that sold in the first thirty days that they were on the market sold for 97.09% of list price.  As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

The West Chester, Beckett Ridge and Liberty Township real estate market remains challenging, yet full of opportunity. Clearly thevalue of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther.  The primary threats to the 2011 real estate market and any potential recovery are continued high unemployment and the potential loss of the mortgage interest tax deduction.  Interest rates have now risen off of their lows, but still remain at very attractive levels below 5.00% which provide a great environment for buying a new home.

Your comments and questions are always welcome! Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

 

Filed Under: Eric Lowry's Articles, Financing, Financing Options, First-time Homebuyer, Market Update, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics, Real Estate News, Sellers, Tax Credit Tagged With: Average Home Sale Prices In West Chester Ohio, Beckett Ridge Real Estate, Cincinnati, Eric Lowry, Eric's Hassle Free Listing, Home Sales, Home Values, Housing Market, Housing Statistics, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Ohio, Real Estate Market, Real Estate Market Statistics, Top Selling Realtor, VIPHomeFinder.com, West Chester Real Estate

Why You Must Sell Your Home Now!

December 17, 2010 by Eric Lowry Leave a Comment

Some West Chester & Liberty Township Ohio homeowners are waiting until after the holidays to put their home on the market for sale.  Some are waiting for the “spring real estate market” to list their home for sale.  My advice… if you want to or need to sell your home, sell it now.

Why?  If you are looking to sell within the next two years, the highest sales price you will be able to attain for your home is it’s current value.

This is not just my speculation or guesswork.  In November, Fannie Mae forecasted median home sales prices for the next eight quarters.  Their projections call for prices to fall and to not again reach today’s values until the 3rd quarter of 2012.

Home prices will not begin to rise again until…. (1) we have a more stable economic climate with higher consumer confidence  (2) unemployment begins to come down significantly (3) the inventory of homes listed for sale in West Chester & Liberty Township is reduced.

Just waiting for the spring months to get here before putting your home on the market can cost you real dollars.  Yes, it’s true that there are more buyers out looking at homes in the spring.  There are also a lot more homes on the market for sale then, meaning much more competition and thus a great deal more pricing pressure.  Waiting to list your home for sale will almost undoubtably mean you will be listing your home at a lower price and will be selling for less.  

But isn’t this just the seasonality of the market you ask?  Take a look at the graph below and you will see a comparison of the last three year’s home sales for West Chester & Liberty Township Ohio.  And while you can clearly see the seasonal peaks and valleys, the real issue here is that moving forward there appears to be no driving force to increase sales (demand) very much.  The other concerning note here is that we are currently operating at sales levels that are lower than sales were during the financial crisis of 2008.

So as we move into 2011 and the time of the year when inventory of homes for sale begins to grow, my advice?  Don’t Wait!   Get your home on the market and price it to sell today for today’s market.  Sell before the flood of additional homes come on the market.

And please don’t misunderstand me here, I am not trying to portray all gloom and doom and be overly negative, but I do think it is only responsible to state the facts and try to draw some reasonable conclusions.  There is reason to act with a sense of urgency here. 

Oh yeah… one other reason to not wait.  If you are also going to be buying a home, in addition to selling your current home you need to know that interest rates are going up and going up fast.  Keep waiting and they will be even higher.

Wondering what your home is worth in today’s real estate market? Request a market value analysis here!

Filed Under: Eric Lowry's Articles, Financing, Market Update, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics, Real Estate News, Sellers Tagged With: Beckett Ridge, Cincinnati, Eric Lowry, Home Sales, Home Values, Housing Market, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Ohio, preparing your home for sale, Preparing Your Home For The Market, Pricing your home for sale, Real Estate Market Statistics, Search Homes For Sale, Search The MLS, VIPHomeFinder.com, West Chester Ohio Realtor, West Chester Real Estate

West Chester & Liberty Township OH Real Estate: Has The Real Estate Market Stabilized?

October 15, 2010 by Eric Lowry Leave a Comment

Has the Real Estate Market Stabilized?

http://www.HomeValuesInCincy.com – Get The Best Customized Real Estate Reports for the West Chester, Beckett Ridge, Mason & Liberty Township Ohio Area.

  • Are you wondering if the Real Estate Market has Stabilized in your area?
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  • Would you like to gauge how the current Real Estate Market is trending?

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Simply go to http://www.HomeValuesInCincy.com and receive your custom report within minutes!!

It’s Sent Directly To Your Inbox, It’s Automated And It’s Free!

 

Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Filed Under: Eric Lowry's Articles, Market Update, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics, Sellers Tagged With: Beckett Ridge, Cincinnati, Eric Lowry, Eric's Hassle Free Listing, Home Values, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Ohio, Property Values, Real Estate Market, Real Estate Market Reports, Real Estate Market Statistics, Search Homes For Sale, VIPHomeFinder.com, West Chester Real Estate

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

June 8, 2010 by Eric Lowry Leave a Comment

It’s Tuesday, so this must be the Tuesday Open House.

What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.

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…

 

Mortgage Interest Rates:  The tax credits are gone and if you are looking for a reason to buy a home, look no further.  Thirty year fixed rate mortgages are 4.60% today according to Third Federal Savings.  This is amazing.  Just look at this example of what these low rates really mean:

$200,000 mortgage amount @ 5.50%  =  $1135.58 monthly principal & interest payment

$200,000 mortgage amount @ 4.60%  =  $1025.29 monthly principal & interest payment

This example shows a monthly savings of $110 on your mortgage payment and this is compared to a mortgage interest rate of 5.50% which is a historically low rate itself!

 

 

Has the real estate market stablized? Get your personal real estate market update and monitor home values in your neighborhood.  You’ll see homes for sale in your neighborhood right now, you’ll see detailed information on homes that have sold and best of all this personal market update will be delivered completely free and directly into your inbox with no obligation.  Get your real estate market update right now at www.HomeValuesInCincy.com

 

Our facebook fan page of the week is: The Square at Union Centre  You can find information on the Farmers Market, the free concerts that are there on Thursdays through the summer and more.  As of this writing their page has 88 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same.

While you are on facebook checking out the The Square at Union Centre fan page, please visit and become a fan of our facebook page:

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: Eric Lowry's Articles, Financing, Just For Fun, Liberty Township Ohio Homes For Sale, Real Estate Information, Real Estate News, Restaurants & Dining, Tuesday Open House Tagged With: Beckett Ridge, Beckett Ridge Homes For Sale, Cincinnati, Eric Lowry, Eric's Hassle Free Listing, Facebook Fan page, Home Values, Home values in cincy, Homes For Sale, Interest Rates, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Mortgages, Ohio, Real Estate Market Statistics, Search The MLS, Tuesday Open House, West Chester Real Estate

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 Report – 2nd Quarter 2009

August 3, 2009 by Eric Lowry Leave a Comment

I am pleased to present my 2nd Quarter 2009 Real Estate Market Report for West Chester, Beckett Ridge and Liberty Township, Ohio.  In this report you will find detailed real estate information and statistics.  The source of this information is the Greater Cincinnati Multiple Listing Service.  By seeking out and understanding the trends in our market place we are better able to forecast the upcoming market conditions.  Any thoughts and insight into what may occur in the future are solely my opinions and forecasts.

I am very focused on providing the best information possible and to being the real estate expert in our area.  Please let me know if you have any questions regarding any of this information.  So let’s get started:

SALES:

There were 294 units sold for the 2nd Quarter of 2009 compared to 364 units sold in the 2nd Quarter of 2008.  This represents a decrease of 19.23%.  If you simply leave it at that, it looks pretty bad, however if you dissect the market a little, you will see that things can look a little different depending on the price range.  Below, you will see the sales broken down by price range, which paints a picture of several different markets within the West Chester and Liberty Township, Ohio real estate market.

Price Range 2009 Units 2008 Units + or – %
Less than $200,000 140 143 -2.10%
$200,000 – $249,999 72 100 -28.00%
$250,000 – $299,999 40 56 -28.57%
$300,000 – $399,999 25 39 -35.90%
$400,000 – $499,999 13 17 -23.53%
$500, 000 + 4 9 -55.55%

AVERAGE SALE PRICE:

The average sale price in the 2nd Quarter of 2009 for the West Chester and Liberty Township Ohiomarkets was $214,898 compared to $231,621 in the 2nd Quarter of 2008, which constitutes a decrease of 7.22%.  So, let’s talk about what this means and what it doesn’t mean.  First, it does mean that the average price of all of the homes that sold was quite a bit lower, 7.22% lower in fact.  However, what this doesn’t mean is that the value of our homes fell by 7.22% in this period.  This average sale price is affected quite a bit by the fact that a much larger percentage of sales occurred in the under $250,000 range, thus causing the average to be lower.  So, is this good news or bad news?  Really to be honest, it is no news.  To know the value of your home and just how much the value has fallen you need a detailed, analytical analysis of the current market value.  You cannot draw a conclusion from market averages, and certainly not from what you read in the newspaper, Cincinnati Enquirer, USA Today or otherwise.

SUPPLY OF HOMES FOR SALE:

The oversupply of homes for sale is where the pricing pressure comes from.  Too many homes for sale in relation to how many are selling is a critical indicator to monitor as we watch for signs of market stabilization.  At the end of the 2nd Quarter of 2009 we had 729 homes for sale in the West Chester, Beckett Ridge and Liberty Township, Ohio marketplace compared to 924 homes for sale in 2008.  This represents a huge reduction in the amount of homes for sale.  With a current inventoryof 729 homes for sale, based on our current rate of sale we have just under 7.5 months worth of inventory for sale.  Meaning if we continue to sell homes at the current pace and no new listings come on the market, it would take us just under 7.5 months to sell them all compared to a 7.6 month supply one year ago.  So, because the pace of sales has fallen so dramatically, the level of inventory is really the same on a relative basis.  However, just like unit sales, these numbers can vary greatly by price range as you can see below.

PRICE RANGE HOMES FOR SALE MONTHS SUPPLY
Less than $200,000 251 5.38
$200,000 – $249,999 159 6.63
$250,000 – $299,999 85 6.38
$300,000 – $399,999 114 13.69
$400,000 – $499,999 45 10.39
$500,000 + 75 56.39

INTEREST RATES:

At the end of the 2nd Quarter of 2009 interest rates on a Thirty year fixed rate mortgage were hovering around a range of 5.30% – 5.40%.  Just one year ago at the end of the 2nd Quarter of 2008 interest rates for the same mortgage were 6.25% – 6.50%.  This is a very clear example of the extreme value of today’s interest rates.

TOP 10 SALES:

The top 10 sales of the 2nd Quarter of 2009*:

1.   7230 Londondale Drive  West Chester  $640,000
2.   6998 Lesourdsville-WC Liberty Twp. $625,000
3.   8162 Alpine Aster Ct  Liberty Twp. $540,000
4.   7254 Barrister Ct  West Chester $506,000
5.   7427 Great Waters West Chester $493,000
6.   6249 Lancashire Trl Liberty Twp. $490,000
7.   6049 Winding Creek Liberty Twp. $483,000
8.   7663 Overglen Dr West Chester $465,900
9.   7111 Linn Rd  Liberty Twp. $460,000
10.  7500 Susan Springs West Chester $439,000

 

 

*These sales are not necessarily those of Eric Lowry

Summary:

The West Chester, Beckett Ridge and Liberty Township real estate market remains challenging, yet full of opportunity.  Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther.  I would expect in the market overall for the rate of decline to slow, however, only when the supply of homes for sale drops and the number of buyers increases, will prices stabilize.  It will take a number of years to return to the values that we once experienced.  Exactly how long will be determined by the overall economy including the unemployment rate and of course how long interest rates are able to remain low.  This is a great market to buy a home and is particularly good for 1st time homebuyers. It is also very favorable for homeowners looking to move up to a larger home.  Any loss experienced on the selling side should be more than made up for on the purchase side.

Your comments and questions are always welcome!

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

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

Filed Under: Financing, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics Tagged With: Beckett Ridge, Cincinnati, Eric Lowry, Housing Market, Liberty Township Real Estate, LowryTeam.com, Ohio, Real Estate Market Reports, Real Estate Market Statistics, Sibcy Cline Realtors, Top Selling Realtor, West Chester Real Estate

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