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Smart Money Magazine recently published this article titled 10 Mistakes First Time Homebuyers Make. It’s a pretty good article, worth reading if you are a 1st time homebuyer. Here is more information on the $8000 tax credit for 1st Time Homebuyers.

An article in the Cincinnati Enquirer today touches on the growing trend of short sales in real estate. They are a little late to the story here and the article is not very informative to someone struggling to make their payments or needing to sell and owing more than the house is worth, but you can read the article here:

Cincinnati Enquirer Short Sale Article.

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West Chester & Liberty Township, Ohio Real Estate Market Update

March 28, 2009 by Eric Lowry Leave a Comment

February 2009 home sales compared to February 2008 for West Chester and Liberty Township, Ohio

In February 2008 79 units were sold vs. 65 units in February 2009. This represents a decrease of 17.72%. That is quite a drop in closed sales when compared to the year ago period. Unit sales continue to be soft, with the overall economy and job security issues having a big impact on potential buyers. The 1st time homebuyers tax credit is influencing the activity in the under $225,000 market in a positive way.

2008 Units	2009 Units	+ or –
79	65	-17.72%

The average sale price for February 2009 was down 12.28% compared to the same period in 2008. As you can see in the table below, the average sale price in February 2008 was $228,849 compared to $200,757 in 2009. As I have said before, for there to be a stabilization of home prices and then at some point a return of appreciation, we will need to see a smaller supply of homes available for sale and also a lessening of the pricing pressure that is currently being applied by distressed property sales, such as bank owned homes and short sales. In many of the price ranges there remains a significant oversupply of homes for sale.

2008 Avg Sale Price	2009 Avg Sale Price	+ or –
$228,849	$200,757	-12.28%

Wondering about the value of your home in today’s market? Request a Free Market Analysis.

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

West Chester Real Estate: January 2009 Home Sales

February 25, 2009 by Eric Lowry Leave a Comment

It’s time to take a look at how January 2009 home sales compared to January 2008.

With regard to sales, in January 2008 58 units were sold vs. 55 units in January 2009. This represents a decrease of just 5.17%. I say “just” because today the Cincinnati Area Board of Realtors reported sales being down 19.29% (unit sales) for the Greater Cincinnati area. So being only down 5.17% for the West Chester and Liberty Township, Ohio real estate market feels like a victory!!

2008 Units	2009 Units	+ or –
58	55	-5.17%

The average sale price for January 2008 was down 8.02% compared to the same period in 2009. As you can see in the table below, the average sale price in January 2008 was $219,688 compared to $202,077 in 2009. For there to be a stabilization of home prices and then at some point a return of appreciation, we will need to see a smaller supply of homes available for sale. In many of the price ranges there remains a significant oversupply. The average sale price was down 18.49% in January 2009 when compared to January 2008 for the Greater Cincinnati Area Board of Realtors.

2008 Avg Sale Price	2009 Avg Sale Price	+ or –
$219,688	$202,077	-8.02%

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