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We list and sell a lot of homes in the West Chester, Mason and Northern Cincinnati Areas and many times we are asked to provide a home value analysis or a free CMA. What homeowners are asking for here is fact and data based estimate of what a particular home would sell for if exposed to the general real estate market for sale. A CMA is a real estate industry term for a Comparative Market Analysis.
What is a Free Home Value Analysis? A market analysis or home value analysis when done properly should consist of at least three parts. The first is to find 3-5 comparable homes that have sold recently and are located nearby the subject property, preferably in the same neighborhood. The second factor to consider is the current competition on the market for sale. These are commonly called the Active Comparable Listings. Again, these should be comparable in size and amenities and be in close proximity. This will give perspective on what homes similar to the subject are currently being listed for. The third factor to consider is the market conditions in the bracketed price range of the subject home. Is there an over supply of homes for sale in this range causing pricing pressure or is there a shortage of homes for sale?
These are all factors that go into the process of the Home Value Analysis. Bringing all of this data together and interpreting it properly is best done by an experienced real estate agent that is very familiar with the area and neighborhoods surrounding the home that the market value analysis is being completed on.
Real estate market data for West Chester, Ohio provided by Eric Lowry of The Lowry Team – Keller Williams Realty
We have seen a stabilization in the median list prices of homes for sale in West Chester and actually, when compared to the previous 12 months median, the list prices are higher. This is at least partially caused by the shortage in some of the lower price ranges of homes for sale and still higher levels of inventory in the upper price ranges. Home buyers that are searching in the under $200,000 price range cannot afford to wait to to make a decision if they find a great home, it will sell very quickly. For home owners that are ready to sell, proper pricing and preparation of the home can result in a very quick sale.
The median list price in November for homes listed for sale in West Chester was $194,900. This includes both single family homes and condos.
The average days on market for these currently listed for sale homes is 142 days on market.
The median sale price in October 2012 for West Chester OH homes sold was $181,950 with an average days on market for these sold properties of 136.
Visit our website to search for homes in West Chester OH or to be notified when West Chester homes come on the market.
To find out what you home is worth in the current market email Eric or call 513-874-1830.
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Thinking of selling your West Chester, Liberty Township or Mason Ohio home?
The best time to sell your home in 2012 is right now. We are heading into the spring market and home sales will be at their highest levels for the next four months. Both local homebuyers as well as the relocation buyers begin their home search process at this time of year so as to time the end of school year for their move. Interested in learning how to prepare your home for sale? We are happy to help. We can do a no obligation walk thru of your home with you to advise you on strategies that can get your home sold quickly for the highest possible price.
Interested in learning the current market value of your home? Learn your home’s value here.
Ready to List? Call or text Eric Lowry at 513-368-3751 or just fill in the contact form below and we will respond as quickly as we can!