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.

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.

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.