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West Chester & Liberty Twp OH Real Estate: Preparing Your Home To Sell

July 4, 2010 by Eric Lowry Leave a Comment

Are you getting your home ready to list it for sale?  Preparing to sell a home in West Chester, Liberty Township or Beckett Ridge can be an overwhelming task if you are not prepared.  The process of getting your home ready can be simplified by breaking the areas of your home up into groups. 

In my previous post, >>Preparing Your Home To Sell, we covered Curb Appeal, Front Entry / Porch & Landscaping.  Today we will cover your first impression (interior, foyer).  When selling your home in today’s real estate market it is critical that the first impression that home buyers have of your home is a welcoming one.  A welcoming space is one that invites the home buyer in and lures them into the rest of the house.

Many times homeowners don’t even come and go through their front door and thus don’t place a great enough emphasis on this area of the home.  This is the area of the home that starts off the showing for the homebuyer and this is where they begin to anticipate the rest of the house.

The home buyer needs to be able to envision themselves in your home, so this is definitely an area of a home listed for sale that should have all personal effects, photos and clutter removed.  Generally speaking, any furniture that is located in this area should be removed with the exception of a properly sized foyer table.  Be sure that there are no pieces of furniture or baby gates blocking the path or view from the foyer in the rest of your home.

Be sure to de-clutter your foyer closet.  A full and cluttered foyer closet simply tells home buyers that you are short on closet space.  The foyer closet should not be more than half full.  Store unused and seasonal coats in plastic tubs in a storage area away from the living spaces of your home.

All personal/family photos should be removed from the foyer area.  If your foyer has a space that you feel needs decorating consider a mirror instead of photos.

The foyer paint color should be neutral and an earth tone.  Under no circumstances should your foyer have wallpaper on the walls.

As buyers enter your home, the scent that they smell must be clean and very subtle.  The use of candles or spray air freshener is not recommended.  Many home buyers can have adverse reactions to these strong smells and in some cases may actually wonder what it is you are trying to cover up.

We have now created a great first impression for home buyers as you continue preparing your home for sale in today’s real estate market.  In the next post in this series of articles we’ll cover Living Room, Dining Room, Family Room & Study.

Read the first article in this series here >>  Preparing Your Home For Sale In Today’s Market Part I

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: Beckett Ridge Homes For Sale, Buyers, Eric Lowry's Articles, Fairfield Township Homes For Sale, Liberty Township Ohio Homes For Sale, Preparing Your Home For Sale, Real Estate Information, Real Estate News, Sellers, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge, Cincinnati, Eric Lowry, Eric's Hassle Free Listing, Keller Williams Realty, Liberty Township Real Estate, Listing your home for sale, LowryTeam.com, Market Value Of My Home, Ohio, preparing your home for sale, Preparing Your Home For The Market, Realtor, Relocating To West Chester, Selling A Home, Staging a home for sale, West Chester Real Estate, West Chester Realtor

West Chester & Liberty Township OH Homes For Sale: New Listing in Falling Water Subdivision

June 14, 2010 by Eric Lowry Leave a Comment

New Listing on LowryTeam.com!

 

5466 Sugar Maple Run, Liberty Township, Ohio 45011

Liberty Township, Ohio 45011

Falling Water Subdivision

Lakota Schools

$269,900 – Four Bedrooms – Three Full Baths, One Half Bath

This Is A Terrific Two Story Home In Falling Water Subdivision:

  • Like New, Move In Condition
  • Private, Wooded Lot 
  • Island Kitchen w/ 42″ Cherry Cabinets & Hardwood Floors
  • Bright, Open Morning Room w/ Cathedral Ceiling
  • Warm, Inviting Family Room w/ Gas Fireplace
  • Spacious Master w/ Adjoining Luxury Bath & Walk-In Closet
  • Finished, Walkout Lower Level w/ Rec Room, Study & Full Bath
  • Formal Living & Dining Rooms Feature Hardwood Floors
  • 9′ Ceilings On First Floor, Security System
  • Large Deck Overlooks Wooded Rear Yard
  • Dual HVAC Systems

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!

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

Filed Under: Buyers, Eric Lowry's Articles, Liberty Township Ohio Homes For Sale, New Listings, Real Estate Information, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge Realtor, Cincinnati, Eric Lowry, Eric's Hassle Free Listing, Falling Water Subdivision, Home Values, Keller Williams Realty, Liberty Township Ohio Homes For Sale, Liberty Township Real Estate, LowryTeam.com, New Listings, Ohio, Property Values, Relocating To West Chester, Search Homes For Sale, Search The MLS, Top Real Estate Agent, West Chester Homes For Sale

West Chester & Liberty Twp OH Real Estate Market Report 1st Qtr. 2010

April 8, 2010 by Eric Lowry

I am pleased to present my 1st Quarter 2010 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 West Chester, Beckett Ridge & Liberty Township, Ohio area. Please let me know if you have any questions regarding any of this information. So let’s get started:

SALES:

There were 189 homes sold in the 1st Quarter of 2010 compared to 195 homes sold in the 1st Quarter of 2009. This represents a decrease of 3.08%.  If you simply leave it at that, it doesn’t look too bad.  However, if you dissect the market a little, you will see that things can look a little different depending on the price range.  Also, we must keep in mind that in the 1st Quarter of 2010, sales with out question have been supported / propped up by the goverment’s tax credit incentives for both 1st time homebuyers and repeat buyers.  We did not have these incentives in place in the 1st Quarter of 2009, thus one could surmise, pretty easily I think, that the percentage decrease would have been quite a bit larger if not for the tax credit incentives.

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 2010 Units 2009 Units + or – %
Less than $200,000 93 97 -4.12%
$200,000 – $249,999 36 44 -18.18%
$250,000 – $299,999 27 30 -10.00%
$300,000 – $399,999 21 20 -5.00%
$400,000 – $499,999 4 2 100%
$500, 000 + 8 2 300%

AVERAGE SALE PRICE:

The average sale price in the 1st Quarter of 2010 for the West Chester and Liberty Township Ohiomarkets was $223,139 compared to $207,772 in the 1st Quarter of 2009, which constitutes an increase of 7.40%. 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 higher, 7.02% higher in fact.  However, what this doesn’t mean is that the value of our homes rose by 7.40% in this period. This average sale price is affected quite a bit in this case by the fact that we saw a pretty good increase of sales of higher priced homes compared to the market as a whole. This occurred while we had a decrease in the percentage of sales closed in all of the ranges under the $400,000 range, thus causing the average to be higher.

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 1st Quarter of 2010 we had 720 homes for sale in the West Chester, Beckett Ridge and Liberty Township, Ohio marketplace compared to 743 homes for sale in 2009. Meaning we have not seen a huge reduction in the amount of homes for sale. With a current inventory of 720 homes for sale, based on our current rate of sale we have just under 7.39 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 7.39 months to sell them all compared to a 7.75 month supply one year ago. So, relative to the pace that homes are selling, we have seen a small reduction in the inventory of homes for sale.  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 $200,000 299 6.42
$200,000 – $249,999 140 6.46
$250,000 – $299,999 80 6.49
$300,000 – $399,999 98 9.19
$400,000 – $499,999 49 14.00
$500,000 + 54 20.22

INTEREST RATES:

At the end of the 1st Quarter of 2010 interest rates on a 30 year fixed rate mortgage were hovering around a range of 4.95% – 5.05% which is largely the same as they were just one year ago. We have seen interest rates start to increase in the last few weeks though.  Just two weeks ago that thirty year mortgage was right around 4.75%.  So in the last two weeks rates have increased approx. .30%.   This is still a very clear example of the extreme value of today’s interest rates.

TOP 10 SALES:

The top 10 sales of the 1st Quarter of 2010*:

1. 6694 Southampton Lane West Chester $833,900
2. 7347 Wetherington Drive West Chester $778,965
3. 7311 Tamarron Place West Chester $725,000
4. 6883 Harbour Town Drive West Chester $563,545
5. 7277 Southampton Lane West Chester $535,000
6. 7237 Clawson Court West Chester $529,900
7. 7286 Southampton Lane West Chester $529,900
8. 4200 Tylers Estate Drive West Chester $515,000
9. 5816 Ferdinand Drive West Chester $478,000
10. 6745 Cherry Laurel Drive Liberty Twp. $430,000

*These sales are not necessarily those of Eric Lowry and the Lowry Team.

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 home buyers. 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: Beckett Ridge Homes For Sale, Eric Lowry's Articles, Fairfield Township Homes For Sale, Financing, First-time Homebuyer, Liberty Township Ohio Homes For Sale, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics, Real Estate News, Sellers, Tax Credit, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge Realtor, Cincinnati, Eric Lowry, Eric's Hassle Free Listing, Home Values, Homes For Sale, Keller Williams Realty, Liberty Township Housing Statistics, Liberty Township Real Estate, LowryTeam.com, Market Value Of My Home, Moving To West Chester, Ohio, Property Values, Real Estate Market Reports, Relocating To West Chester, West Chester Housing Statistics, West Chester Real Estate

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