• Home
  • News – Real Estate Ink
  • Search Homes For Sale
  • Selling A Home
    • Your Home’s Value
    • Preparing Your Home For Sale
    • Get A Cash Offer On Your Home
  • Meet Eric Lowry
  • Contact Us

LowryTeam.com: Monthly Real Estate Trends Report – March 2011

March 30, 2011 by Eric Lowry Leave a Comment

LowryTeam.com Real Estate Market Trends Report For West Chester & Liberty TownshipHere is the newest edition of our LowryTeam.com Monthly Real Estate Trends Report for March 2011.  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 our 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.

The first thing we look at is unit sales for the last six months (September – February):

As mentioned in the February Real Estate Market Trends Report this most recent six months of data continues to reflect the decline in unit sales felt in the time immediately after the homebuyer tax credit expiration. The tax credit had the impact of drawing a lot of home sales into the first six months of last year and caused an extensive slow down afterward. The graph shows that the leveling off of home sales in West Chester and Liberty Township during this last six months time frame continued in February.

February 2011 homes sales showed a small uptick in sales when compared to the month of January 2011.  February sales were however 9.38% lower than February of 2010.   So the year over year comparison of sales does not look promising, particularly as we head into the next couple of months which will be compared to the “tax credit” months of last year. 

The next few months represent very tough comparisons moving forward as we will be comparing sales levels this year against the sales levels of the months of last year when the tax credits for homebuying were in place.  Generally we expect the year to year comparisons to be much lower than 2010 unless there is some unexpected development in the marketplace.

Average sale price for the last six months (September – February) is next:

In this graph you can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales from January 2010 through February of 2011.  The trend line continues to show you a gradual decline for average home sale prices.  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. 

Track Home Sales In Your West Chester or Liberty Township Ohio Neighborhood Here >> Get Your Personal Market Snapshot!

Just to be clear here, 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 not the exact value of any one home.  A perfect example of this is the month of January which according to the graph shows a huge decrease in the average sale price over the month of January 2010.  A look inside the numbers explains… In January 2010, 8 of the total 42 closed sales that month were under $150,000 in sale price, in January 2011 there were 14 of a total 49 closed sales in that same price range.  More sales in the lower price ranges will cause the average sale price to be lower.  In addition, in January 2010  there were 6 closed sales over $400,000 compared to just 3 closed sales in January 2011 over $400,000.  The luxury home market is facing a very difficult period in the next six months to a year with very high inventory levels and competition from the Homearama show homes.

So, was the average sale price lower because homes were worth less?  No, there was just a very different mix of homes that sold.  Falling home values do clearly effect the average sale price, but that is not the whole story.

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 94.02% for February 2011.  As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year and we took another big drop down in February.  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 trend here had been on an upswing, indicating that homeowners are generally pricing their homes at levels that reflect market value.  One important fact to keep in mind here is that these figures are calculated based on homes that have sold.  Homes that are priced too high when listed will not get 95-96% of their list price, in fact in this market, they won’t sell at all. 

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 96.75% of list price.  As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

As was stated in last month’s LowryTeam.com: West Chester, Beckett Ridge and Liberty Township real estate market update, our 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.  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!

Search Homes For Sale In West Chester & Liberty Township Ohio

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

posted by Eric Lowry

Filed Under: Eric Lowry's Articles, LowryTeam.com Real Estate Market Trends Report, Market Update, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics, Real Estate News Tagged With: Average Home Sale Prices In West Chester Ohio, Beckett Ridge Real Estate, Cincinnati, Eric Lowry, Home Values, Housing Market, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Ohio, Real Estate Market, Real Estate Market Expert, Real Estate Market Reports, Real Estate Market Statistics, Realtor, Search Homes For Sale, Search The MLS, VIPHomeFinder.com, West Chester Real Estate

West Chester Ohio Real Estate: The Dangers Of Overpricing Your Home

January 7, 2011 by Eric Lowry Leave a Comment

Why overpricing your home can be very costly.

You will lose the excitement that a new on the market listing generates:  Real estate agents are working with buyers who have seen the homes currently on the market for sale and are waiting for new homes to be listed for sale.  Meaning, the most activity(showings) will take place in the first thirty days that your home is on the market.  Your home will receive it’s highest offer during this time.  After the initial period of being on the market, the only people that will look at your home will be new buyers coming into the real estate market that are looking for homes.

You can lose the most qualified prospects:  Prospective home buyers won’t just “make an offer” because  they probably won’t ever see your home.  They will view the homes for sale that are priced within their price range, knowing that they cannot afford anything that is priced in the higher price ranges.

Overpricing helps sell other, more properly priced homes first:  Your home may be used to demonstrate the good value of other properties.  Your objective should be to enter the real estate market  in a position that will attract  prospective buyers, not drive them away.  A classic example of this is a buyer looking at a number of homes in a row and the feedback received from the showing of your home was that your home was too small compared to the other homes.  This means that the other homes priced similar to yours were larger and a better value.

Your home will become stale on the market: Prospective buyers will wonder why your home has been on the market so long, or if  something is wrong with your home, even after you lower the price.  You may even have to settle for less than the market value.  A home takes on a reputation surprisingly fast, so don’t wear out your welcome on the market.

You will lose a strong negotiating position when your home is on the market for a long time, both financially and mentally:  Prospective buyers will not “feel a sense of urgency” to make an offer on an overpriced property, and you may feel compelled to accept less when you finally do get an offer.  Getting an offer on your home in the first thirty days on the market allows you to negotiate from a position of strength, getting an offer on day one hundred and forty on the market… not so much.

If you do get an offer, the contract may “fall thru” because of appraisal issues:  The contract sale price must be justified to the lender through the process of the home being appraised.  The buyer’s lender hires a third party (the licensed appraiser) to determine the market value of the home at the time of sale.  If the appraisal does not “come in” at or above the contract sale price, the sale cannot proceed without an adjustment being made.  The list price and sale price of your home, when listed for sale, must be justified with market sales data.

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: Eric Lowry's Articles, Financing, Financing Options, Real Estate Information, Real Estate News, Sellers Tagged With: Beckett Ridge Real Estate, Cincinnati, Determining the price of your home, Eric Lowry, Homes For Sale, Keller Williams Realty, Liberty Township Real Estate, Listing your home for sale, LowryTeam.com, Market Value Of My Home, My Home's Value, Ohio, Overpricing your home, Pricing your home for sale, Real Estate Market, value, VIPHomeFinder.com, West Chester Real Estate

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

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?
  • Would you like to know how much homes actually SOLD for in your neighborhood?
  • Would you like to gauge how the current Real Estate Market is trending?

FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORT

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 Township OH Real Estate: This Month In Real Estate August 2010

August 23, 2010 by Eric Lowry Leave a Comment

 

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!

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

Filed Under: Buyers, Eric Lowry's Articles, Financing, Financing Options, Real Estate Information, Real Estate News, This Month In Real Estate Tagged With: Beckett Ridge Real Estate, Beckett Ridge Realtor, Eric Lowry, Home Values, Homes For Sale, Interest Rates, Keller Williams Realty, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Real Estate Market, Search Homes For Sale, Search The MLS, This Month In Real Estate, West Chester Real Estate, West Chester Realtor

West Chester & Liberty Township OH Real Estate: Real Estate Market Snapshot

December 20, 2009 by Eric Lowry Leave a Comment

What is a Market Snapshot?  A Market Snapshot is a detailed real estate market report providing you with information on homes for sale and recent home sales in the West Chester, Liberty Township, Beckett Ridge, Fairfield Township, Monroe or Mason Ohio home.

Detailed information on each home is included on an interactive map as well as statistical data, all of which comes directly from the Greater Cincinnati Multiple Listing Service (MLS).

 

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

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: Beckett Ridge Homes For Sale, Buyers, Fairfield Township Homes For Sale, Liberty Township Ohio Homes For Sale, Real Estate Market Reports, Real Estate Market Statistics, Real Estate News, Sellers, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge, CMA, Eric Lowry, Eric's Hassle Free Listing, Homes For Sale, Keller Williams Realty, Liberty Township Housing Statistics, LowryTeam.com, Market Value Of My Home, MLS, Real Estate Market, West Chester Housing Statistics

  • « Previous Page
  • 1
  • 2
  • 3
  • Next Page »

Search Thousands Of Homes For Sale In The MLS!

Search_Widget

Categories

  • Avoiding Foreclosure
  • Beckett Ridge Homes For Sale
  • Blue Ash Ohio Homes For Sale
  • Butler County Real Estate
  • Buyers
  • Cincinnati Real Estate Careers
  • Dayton Ohio Real Estate
  • Eric Lowry's Articles
  • Fairfield Community Information
  • Fairfield Homes For Sale
  • Fairfield Ohio Real Estate Market Reports
  • Fairfield Township Homes For Sale
  • Featured Properties
  • Featured Subdivision
  • Financing
  • Financing Options
  • First-time Homebuyer
  • Foto Friday
  • Holidays
  • Home Improvements
  • Homes For Sale in Lakota Schools
  • Just For Fun
  • Lebanon Ohio Homes For Sale
  • Liberty Township OH Real Estate Market Reports
  • Liberty Township Ohio Homes For Sale
  • Liberty Twp Community Info
  • Loveland Ohio Homes For Sale
  • LowryTeam.com Real Estate Market Trends Report
  • Maineville Ohio Homes For Sale
  • Market Update
  • Mason Community Information
  • Mason OH Real Estate Market Reports
  • Mason Ohio Homes For Sale
  • Monroe Homes For Sale
  • New Construction
  • New Listings
  • Preparing Your Home For Sale
  • Real Estate Information
  • Real Estate Market Reports
  • Real Estate Market Statistics
  • Real Estate News
  • Real Estate Video
  • Relocating to Cincinnati
  • Rent vs Buy
  • Restaurants & Dining
  • Sellers
  • Short Sale / Foreclosure
  • Springfield Ohio Real Estate
  • Tax Credit
  • Testimonials
  • Things To Do In Cincinnati Ohio
  • Things to do in Dayton
  • This Month In Real Estate
  • Tuesday Open House
  • West Chester Community Info
  • West Chester OH Real Estate Market Reports
  • West Chester Ohio Homes For Sale
  • West Chester Ohio Parks
  • What's My Home Worth
  • Wyoming Community Info
Return To Top
2025 Lowry Team Real Estate, Inc