The Springboro area is experiencing a SLIGHT downward pressure on prices. The inventory has been at an all time high however we are seeing some leveling out of the supply of homes on the market. This means the number of listing on the market is decreasing slightly compared to what it was several months ago. We are looking for 2008 to be comparable to 2007. Incidentally 2007 was our fourth BEST year in real estate history. The GOOD NEWS is our local market is not crashing as you hear on the news media only correcting slightly.
Personally, I am still selling a lot of homes in our area. They are taking longer to sell and are selling slightly lower than 2005 prices (peak of our market). For those wishing to sell, the best priced homes in the best condition are selling very fast. The others are sitting eventually selling at lower prices. For buyers, you are seeing a historical opportunity to purchase a home or buy up. Our prices are slightly down and so are interest ratesthat does not happen in the world of real estate economics. In the past when rates went down prices went up. I am not sure what buyers are waiting for. the prices to go up or interest rates to go upbecause both are going to happen!
There is discussion on a national level that 2009 will see some recovery. Some of our national advisors believe there will be a pent up demand for houses in 2009. When this happens surely we will see an increase in prices and buyers will come to the closing table as fast as they can.
It is important to remember that real estate is a long term investment. It always has been and probably always will be in the big picture of the market. The investors, who were flipping homes around the country, much like the stock market day trader, helped fuel higher prices. Now these causal investors are dumping inventory which increases housing supply and decreases prices. Couple this with the sub prime mortgage debacle and you can understand the downward pressure on prices. Fortunately for our area we are only experiencing some of the fall out but not at the level you see in California and Florida.
So what should you do? Start by not listening to the news media. Remember all markets are local. I would even suggest each individual subdivision is experiencing different market conditions, let alone cities and states. Call Julie Beall, a professional, FULL TIME Real Estate agent to get a market update in YOUR area. Take a good look at the information she will provide and decide for yourself.
ZIP Code: 45066
Contact The Author