Fellow Realtors, clients, family and friends, today I write to tell you that I have left Coldwell Banker Heritage Realtors and have joined the Elite team at Century 21 Elite Performance, and what a perfect fit it is for me. I have more to tell you all and look forward to updating you soon on this very good move! The face of Real Estate is changing with these changing times and so has the name of my brokerage in order to better serve you my clients and give you the kind of quality attention that you deserve! This is going to be great.
Springboro 2007 to 2008 Year End Number Comparison
Fellow Springboro residents, we're down $36,000,000.00 this year from 2007. The good news? Over $141,000,000.00 of real estate changed hands with a total of 404 homes sold! Average sales price in the Boro is down $16,000.00. There are amazing deals interspersed in those numbers as well. If you have any questions comments or concerns about these numbers or would like an individual market analysis for your imediate neighborh
2007 Year End Numbers at a Glance
Sold: 518
Other: 0
Total: 518
Bedrooms
Bathrooms
Square Feet
List Price
Selling Price
DOM
Minimum
2
1.00
960
$79,500
$65,000
1
Average
4
3.10
2,494
$282,614
$272,304
139
Median
4
3.00
1,926
$250,000
$244,800
115
Maximum
6
7.00
7,048
$1,199,900
$1,100,000
734
Total Dollar Value
$141,053,502
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
0-30 Days
31-60 Days
61-90 Days
91-120 Days
120+ Days
No. of Listings
18
89
92
78
241
Breakdown %
3.47
17.18
17.76
15.06
46.53
Avg SP % LP
99.00
95.96
96.85
96.20
96.20
2008 Year End Numbers at a Glance
Sold: 404
Other: 0
Total: 404
Bedrooms
Bathrooms
Square Feet
List Price
Selling Price
DOM
Minimum
2
1.00
576
$0
$7,000
11
Average
4
3.13
2,597
$269,629
$259,780
142
Median
4
3.00
2,037
$239,900
$233,700
111
Maximum
6
7.00
8,622
$1,400,000
$1,275,000
879
Total Dollar Value
$104,951,317
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
Wow! This is nice. $15,000.00 would have been better but hey... you'll take it right?
The great news is if you're a first time home buyer congratulations - a great deal on a house is accompanied by an $8,000.00 gift from Uncle Obama. I'm not in agreeance with this "Stimulus Package" as this administration has proposed more spending than all other American Presidents combined! Yes... COMBINED! I'm finished with my rant. Here's the link I would like you to visit. http://www.buynowfreemoney.com/1198 I have prepared it exclussively for you and yours. If you have any questions about this tax credit please call me or consult your tax professional.
The numbers are in for 2008 and though they're not as dismal as the media would have you believe, they are not too good if you are trying to sell your home. However, these number are great if you are in the market to buy OR if you're savvy enough to trade up with these great interest rates and low low prices on the upper eschelon homes. Let's get to the nitty gritty:
In 2008 - the average home price fell 21% and the number of sales fell close to 16%, according to the Dayton Area Board of Realtors.
That's it in a nutshell, and that is for the entire Dayton market. Each market varies so keep that in mind as you interpret those bottom line numbers. I will be posting updates for individual communities such as Springboro, Centerville, Kettering, and Beavercreek, and those numbers will be in greater detail in order to keep you up to date and highly informed. Either way, keep in mind that we're all going to make it through this and we'll all be leaner and hopefully not meaner. Bottom line is this is the time to buy. Don't get caught behind a sudden spike in interest rates to curb inflation or to "stabilize" our economy. Remember, a lean mean Federal government and a fat happy local government equals better real estate values and appreciation.
The community of Belmont continues to hum along in Real Estate. Here are the numbers so far for Belmont from January 1st 2008 to August 27th 2008. Can you believe that you can still buy 13 homes in Belmont for under $30,000.00 and as low as $9,000.00? Unbelievable! I've got a great buy over on Epworth and another on Edgar. Give me a call!
Active: 308
Pending: 53
Sold: 218
Other: 274
Total: 853
Bedrooms
Bathrooms
Square Feet
List Price
Selling Price
Days on Market
Minimum
1
0.00
460
$0
$9,000
0
Average
3
0.00
1,152
$72,556
$64,772
127
Median
3
1.00
1,064
$75,000
$67,450
100
Maximum
7
0.00
3,598
$249,700
$130,000
1,154
Total Dollar Value
$14,120,380
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
Out of 412 Homes currently on the market, there are still 157 homes listed from $250,000.00 to $400,000.00 thus accounting for close to 40% of all homes currently listed in the BORO. Interestingly enough if you were to look at the average home price in Springboro in 2003 and compare it to 2008 it actually shows a rate of APPRECIATION of 3%. That number is decieving however in that we're still seing price drops of $60,000.00 to $100,000.00 in homes originally priced in the $400,000.00 to $600,000.00 price range. The past few months those kind of price drops have leveled out - fortunatlely for the sellers and the market as a whole and in the Boro we seem to be at or getting close to our markets bottom. Only time will tell but I will continue to keep you informed. As always if you have any questions regarding these market numbers or if you want help pricing your home simply give me a call at 937-902-0191.
Active: 412
Pending: 42
Sold: 216
Other: 230
Total: 900
Bedrooms
Bathrooms
Square Feet
List Price
Selling Price
Days on Market
Minimum
1
0.00
0
$0
$7,000
0
Average
4
0.00
2,731
$315,062
$270,009
136
Median
4
3.00
2,016
$269,900
$235,375
106
Maximum
8
0.00
8,707
$1,400,000
$1,275,000
892
Total Dollar Value
$58,321,972
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
0-30 Days
31-60 Days
61-90 Days
91-120 Days
120+ Days
No. of Listings
10
48
33
29
96
Breakdown %
4.63
22.22
15.28
13.43
44.44
Avg SP % LP
95.70
97.86
95.84
96.72
95.53
Active
Listing Price Range
Quantity
Average DOM
$80,000 thru $89,999
1
310
$100,000 thru $119,999
5
114
$120,000 thru $139,999
25
141
$140,000 thru $159,999
8
100
$160,000 thru $179,999
25
103
$180,000 thru $199,999
25
78
$200,000 thru $249,999
77
122
$250,000 thru $299,999
64
134
$300,000 thru $349,999
57
145
$350,000 thru $399,999
36
149
$400,000 thru $449,999
15
92
$450,000 thru $499,999
21
138
$500,000 thru $549,999
8
108
$550,000 thru $599,999
11
167
$600,000 thru $649,999
7
181
$650,000 thru $699,999
2
31
$700,000 thru $749,999
5
106
$750,000 thru $799,999
6
104
$800,000 thru $849,999
5
106
$850,000 thru $899,999
5
137
$950,000 thru $999,999
2
47
$1,250,000 thru $1,499,999
2
63
412
127
Summary Price Information
Minimum
$84,900
Maximum
$1,284,000
Average
$330,638
Median
$279,900
Pending
Listing Price Range
Quantity
Average DOM
$50,000 thru $59,999
1
41
$60,000 thru $69,999
1
34
$90,000 thru $99,999
1
84
$100,000 thru $119,999
3
71
$140,000 thru $159,999
3
17
$160,000 thru $179,999
2
114
$180,000 thru $199,999
5
88
$200,000 thru $249,999
9
98
$250,000 thru $299,999
6
64
$300,000 thru $349,999
6
128
$350,000 thru $399,999
1
366
$500,000 thru $549,999
1
20
$600,000 thru $649,999
2
114
$750,000 thru $799,999
1
12
42
89
Summary Price Information
Minimum
$58,000
Maximum
$795,000
Average
$259,812
Median
$221,400
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Property Type Residential Property Subtype Single Family Transaction Type Sale Area Spring-Clearcreek SD Statuses Active, Pending (3/1/2008 or after) , Expired (3/1/2008 or after) , Sold (3/1/2008 or after)
410 homes on the market in Springboro. and 28 pending. Out of the 410 homes for sale 231 of them are in the price ranges of $200,000.00 to $400,000.00! That's over half the market! That's where you'll also find the highest concentration of days on market! These numbers are from June 1, 2008 to June 19, 2008. At those numbers that is an 11 month absorption rate. Be sure to scroll down for additional Springboro market information under market updates.
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
0-30 Days
31-60 Days
61-90 Days
91-120 Days
120+ Days
No. of Listings
1
3
5
3
7
Breakdown %
5.26
15.79
26.32
15.79
36.84
Avg % SP/LP
95.73
98.18
95.56
96.35
95.36
These numbers are from June 1st to June 19th and are for all of Springboro. Note how long it has been taking the higher priced homes in Springboro to sell. Homes in the $100,000.00 are selling like hot cakes! These numbers only represent sold properties - I did not include current or pending listings and they are a running tally of the month of June in 2008. Another worthy thing to note here is that of the homes that sold in the $200,000.00 price range their average days on market was 95. Not too bad. Still the highest back up in real estate in Springboro is anything in and around the $300,000.00 price ranges as there are still close to 40 homes competing in that price range alone. Get this - there are currently 45 homes for sale in Springboro in the $300,000.00 to $350,000.00 price range so when you factor in absorption rates it will likely take longer to sell homes within' that price range - that is unless... you hire a professional backed by the number one Real Estate brokerage in the Dayton area as well as Springboro. You guessed it - myself and Coldwell Banker Heritage Realtors! I understand the importance of pricing vs. timing as well as proper staging - not just moving furniture around the house. When done correctly just about any house can move within' a relatively short time and usually well below the time parameters of your competition. I have the stats to prove it - so if you're looking to sell in Springboro OR if you're currently marketing plan isn't working for you give me a call, and together we will get it done.
You hear that all the time in Real Estate, but what does that mean? Truthfully, it is rather rare that a seller's motivation will dramatically affect the price of a home, but it is often possible to save a few thousand dollars. The most common "motivated seller" is someone who has already bought his or her next home or is relocating to a new area. They will be under the gun to sell the home quickly or face the prospect of making two mortgage payments at the same time. Since that can drain a bank account quickly, most sellers want to avoid such a situation and may be willing to give up a few thousand dollars to avoid the possibility.
There are also family crisis that can motivate a seller to make a quick deal. However, when you see a real estate ad that mentions "divorce," "motivated seller," "relocation," or something to that affect, beware. Although the facts may be true, that does not necessarily mean the seller is motivated to make a quick and costly sale. Most likely, the ad is more designed to generate phone calls and leads rather than sell the home.
However, there are times when a seller is truly distressed, willing to make a quick sale and sacrifice thousands of dollars. With the seller's permission, the listing agent will post this information along with the listing in the Multiple Listing Service. They may also inform other agents during office and association marketing sessions or by flyers sent to other real estate offices. Provided this information has been made generally available to Real Estate Professionals, your agent should know when a seller is truly motivated and when it is just "puff" designed to elicit interest in a property.
The exception is when an agent is selling a home they have listed themselves or selling a home that was listed by another agent from their own company. In such a situation, the agent may be acting as an agent for the seller, or as a "dual agent," representing both you and the seller. In such a situation, they cannot legally provide you with information that would give you an advantage over the seller.
Hey are you ready to make an offer? When you prepare an offer to purchase a home, you already know the seller's asking price. But what price are you going to offer and how do you come up with that figure?
Determining your offer price is a three-step process. First, you look at recent sales of similar properties to come up with a price range. Then, you analyze additional data, such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home. Finally, depending on your negotiating style, you adjust your "fair" price and come up with what you want to put in your offer.
Comparable Sales
The first step in determining the price you are willing to offer is to look at the recent sales of similar homes. These are called "comparable sales." Comparable sales are recent sales of homes that compare closely to the one you are looking to purchase. Specifically, you want to compare prices of homes that are similar in square footage, number of bedrooms and bathrooms, garage space, lot size, and type of construction.If the home you are interested in is part of a tract of homes, then you will most likely find some exact model matches to compare against one another.
There are three main sources of information on comparable sales, all of which are easily accessed by a real estate agent. It is somewhat more difficult for the general public to access this data, and in some cases impossible. Two of the most obvious information sources are the public record and the Multiple Listing Service. There's still more to it than that.The most accessible source of information on comparable sales is the public record. When someone buys a home the property is deeded from the seller to the buyer. In most circumstances, this deed is recorded at the local county recorder's office. They combine sales data with information already known about the property so they can assess property taxes correctly.
Provided there have been no additions to the property, the information available from the public record is usually correct regarding sales price, square footage, and numbers of rooms. This makes it easy to use the public record as a source of data for comparable sale information.
Accessing the data is another matter, at least for the general public. Real Estate Professionals can generally look up this information through title insurance companies. The title companies either compile the data directly from the county recorder's office or purchase it from other companies.One problem with the public record is that it tends to run at least six to eight weeks behind. Add another four to six weeks for the typical escrow period and you can see the data is not current. The most current information is the most valuable.Most of the public is aware that the Multiple Listing Service is a private resource where Real Estate Professionals list properties available for sale. Recently, the public has been able to access some of that information on such sites as Realtor.com, MSN HomeAdvisor, and others.
Once a property is sold and the transaction has closed, the selling price is posted to the listing in the Multiple Listing Service. Over time, it has become a huge database on past sales, containing much more information on individual homes than can be gleaned from the public record. This information is only available to real estate agents who are members of the local Multiple Listing Service.
I can provide you with this data to help determine your offer price. But let's not forget pending transactions right? The most valuable information would be the most current, of course. A sale last week has more validity in helping you determine a purchase price than a sale from six months ago. The problem is that there is no actual record of the sales price until the transaction is completed. The information is not available in the public record because no deed has yet been recorded.
Neither is the information available in the Multiple Listing Service. Once a property is sold, it becomes a "pending sale" and all pricing information is removed from the listing. Prices are not posted until it becomes a "closed sale." This protects the seller in case the transaction falls apart and the property is placed back on the market. It would give an unfair advantage to future potential buyers if they already knew what price the seller had been willing to accept in the past.
However, if a Real Estate Professional has a reason to know the sales price, they can usually find out through professional courtesy. Also, some real estate brokerages post sales information on a transaction board in their office. Ofcoarse there's property condition to consider too. Gathering and analyzing information from comparable sales helps to establish the range of prices you should consider when making an offer to buy a home. More weight should be given to the most recent sales, but even so, you need to do a bit more analysis before setting upon the price you will offer. That is because you also need to consider the condition of the property, improvements, the current market, and the circumstances behind the seller's decision to sell.
Even when comparing exact model matches within a tract of homes, you should note whether the previous owners have made any substantial improvements. Cosmetic changes should be largely ignored, but major improvements should be taken into account. Most important would be room additions, especially bedrooms and bathrooms. Other items, like expensive floor tile or swimming pools should be taken into account, too, but should be discounted. A pool that costs $20,000 to install does not normally add $20,000 in value to the home. Rely on your agent to give you guidance in this area.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.