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West Chester & Liberty Township OH Real Estate: Tuesday Open House – April 5th, 2011

April 5, 2011 by Eric Lowry Leave a Comment

Search Homes For Sale In West Chester OhioIt’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…

Preparing your home for sale

 

Need Mulch? If you are preparing your home to get it on the market for sale soon,  don’t forget the curb appeal. As the old saying goes… you only get one chance to make a good first impression. So clean up the landscaping and get yourself some fresh mulch. I’m not sure that there is a better way to go than to get it from the boy scouts. They even deliver! You can just go directly to the boy scouts site right here. My mulch is being delivered in just a couple of weeks…anyone like to help??

Search Bank Owned Homes & Short Sale Properties

 

Searching For Bank Owned or Short Sale Homes For Sale?  You can search for bank owned homes for sale as well as short properties using our real estate search tool:  LowryTeam.com You can create your own search criteria, save your searches, get alerts of newly listed homes for sale and much more!

Beckett Ridge Ohio Real Estate

 

Beckett Ridge Community Garage Sale:  The Beckett Ridge community garage sale is scheduled for Saturday, May 14th, 2011 from 8:00am – 4:00pm.  The Beckett Ridge Homeowners Association will run ads in the local newspapers.  You can find more information regarding the Beckett Ridge garage sale and the homeowners association on the Beckett Ridge Homeowners Association website: http://www.beckett-ridge.org/

Lowry Team Real Estate on FacebookOur facebook fan page of the week is: West Chester Township It is a brand new page on Facebook for West Chester Township!  You can find information on events and news going on in our township.  As of this writing their page very few friends, so I ask that you visit their fan page, become a fan and invite your facebook friends to do the same.

While you are on facebook checking out West Chester Township, please visit and become a fan of our facebook page: www.Facebook.com/LowryTeamRealEstate

What is my home worth? Want to get a good idea of what your home is worth… Get your own Personal Real Estate Market Update

Searching for homes for sale?  Search all of the homes for sale in West Chester, Beckett Ridge, Liberty Township, Mason or Monroe Ohio… Search The MLS

 

Filed Under: Eric Lowry's Articles, Just For Fun, Real Estate Information, Real Estate News, Short Sale / Foreclosure, West Chester Community Info Tagged With: Bank Owned Homes, Beckett Ridge Real Estate, Buying Short Sales, Cincinnati, Eric Lowry, Keller Williams Realty, Liberty Township Ohio Short Sale, Liberty Township Real Estate, LowryTeam.com, Ohio, preparing your home for sale, Preparing Your Home For The Market, Search Homes For Sale, Search The MLS, Top Real Estate Agent, Top Selling Realtor, Tuesday Open House, VIPHomeFinder.com, West Chester Ohio Short Sales, West Chester Real Estate

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 OH Real Estate: This Month In Real Estate – March 2011

March 23, 2011 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!

Filed Under: Eric Lowry's Articles, Market Update, Real Estate Information, Real Estate Market Reports, Real Estate Market Statistics, Real Estate News, This Month In Real Estate Tagged With: Buying A Home, Buying A Luxury Home, Eric Lowry, Eric's Hassle Free Listing, Interest Rates, Keller Williams Realty, low interest rates, LowryTeam.com, Mortgages, Search Homes For Sale, Search The MLS, This Month In Real Estate, VIPHomeFinder.com

West Chester & Liberty Township OH Real Estate: Big Changes Coming to FHA Loans

February 24, 2011 by Eric Lowry Leave a Comment

Today marks the return of guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

Big Changes Coming to FHA Loans Effective April 4th! by Dave Scully, Guest Blogger on RealEstate-Ink.com

All FHA 30 year loans that are assigned case numbers on or after April 11, 2011 will have an increase in the Monthly Mortgage Insurance Premium (MIP) from .90bps to 1.15bps for loans with less than 5% down.  For FHA 30 Year loans with greater than 5% down the Monthly Mortgage Insurance Premium will increase from .95 to 1.10BPS.  (BPS=Basis Points) What is a basis point?

On a loan sales price of $163,000 this will increase the Monthly Mortgage Insurance Premium by $33.  The net effect will be as if the rate is .375%-to a .50% higher in payment.

As if this wasn’t enough, effective on all FHA loans assigned case numbers after April 18th, 2001 the Up Front Mortgage Insurance Premium (MIP) on ALL FHA loans will increase from 1% to 1.25%.  This amount is always financed.

The best way to avoid the higher Mortgage Insurance Premium rates is to get out there and buy your home now!  Rates are still at near historical all time lows!  There are many great deals on homes out there! 

SEARCH WEST CHESTER & LIBERTY TOWNSHIP OHIO HOMES FOR SALE HERE!

Go out and take advantage of all 3:  (1) LOW RATES, (2) LOW HOUSING PRICES, (3) LOWER MORTGAGE INSURANCE PREMIUMS!

Filed Under: Buyers, Financing, Financing Options, Real Estate Information, Real Estate News Tagged With: Cincinnati, Dave Scully, Evolve Bank & Trust, FHA Financing, Financing A Home, Liberty Township Real Estate, Mortgage Insurance, mortgage lenders, Mortgage Preapprovals, Mortgages, Ohio, Search Homes For Sale, Search The MLS, West Chester Real Estate

West Chester & Liberty Twp OH Real Estate: Home Buyers Have The Edge!

February 9, 2011 by Eric Lowry Leave a Comment

Home Buyers Have The Edge!

According to Lawrence Yun, chief economist from the National Association of Realtors, “Home buyers over the past year got a great deal and buyers for the balance of this year have an edge over sellers.  Affordability could reach a generational high in the second half of this year because of rock bottom interest rates, helped partly by the Fed’s very accommodative monetary policy.”

Donald Trump says:  “I can’t guarantee it, but I’m pretty sure this is right now a great time to go out and buy a house. And if you do, in 10 years you’re going to look back and say, ‘You know, I‘m glad I listened to that interview with Donald Trump’.”

And John Paulson says:  “If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.” – John Paulson 9/27/2010

For more reasons why now is a prime time to buy a home, contact me and I’ll send you a free eBook titled  “7 Reasons Why Now Is A Great Time To Buy A Home”

Start Your Search For Your New West Chester or Liberty Township Ohio Home Right Here!

Filed Under: Buyers, Eric Lowry's Articles, Financing, Financing Options, First-time Homebuyer, Real Estate Information, Real Estate News Tagged With: 1st time homebuyers, Buying A Home, Buying A Luxury Home, Buying Foreclosures, Buying Short Sales, Eric Lowry, First Time homebuyers, Homes For Sale, Keller Williams Realty, low interest rates, LowryTeam.com, Search Homes For Sale, Search The MLS, VIPHomeFinder.com

Buying A Short Sale Property: A Mortgage Lender’s Perspective

February 8, 2011 by Eric Lowry Leave a Comment

Today, we introduce guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

Buying A Short Sale Property by Dave Scully, Guest Blogger on RealEstate-Ink.com

Buying A Short Sale ListingEvery buyer in the market wants to get the best deal. You may want to begin your search for a new home with properties that are on a “short sale”. First, let’s define what a short sale is. A short sale is when the sales price of the home is less than the amount the previous owners currently owe on their mortgage. In a short sale the borrowers are likely in the foreclosure process. Therefore the Bank must approve and sale and that is who your Realtor will be negotiating with.

Search For Bank Owned And Short Sale Properties For Sale Here

When buying a short sale you must be prepared for a longer negotiating process and closing process. As I said earlier you are dealing with the bank who must approve the sale of the property. The banks have so many short sales and foreclosures on their books that they do not react as quickly to an offer on the property. Also, the bank will allow you to do a whole house inspection, however they will require the sale of the home to be on an as is basis. I encourage every buyer to get a whole house inspection. However, on a short sale most banks will not make ANY repairs to the property.

Once your loan is approved and you are cleared to close we can typically close you within a day. However, on a short sale the bank will want to see the closing statement and review it for up to 72 hours prior to close.

They key to a successful and timely closing on a short sale is knowing what to expect and when to expect it. Personally I refer to short sales as “Long Sales” as they take a little bit longer to close due to the owner being the bank. I recommend you expect to close a short sale in 45 days instead of the 30 days that we can close a loan.

 Have a home that you need to sell in short sale?  Visit www.LowryTeam.com

Filed Under: Buyers, Financing, Financing Options, Real Estate Information, Real Estate News, Short Sale / Foreclosure Tagged With: Buying Foreclosures, Buying Short Sales, Dave Scully, Evolve Bank & Trust, Financing A Home, Financing A Short Sale, Interest Rates, mortgage lenders, Mortgages, Search Homes For Sale, Search The MLS, VIPHomeFinder.com

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