How to Buy Real Estate in West Chester & Liberty Township, Ohio and Save Money
December 19th, 2007 categories: For Buyers
Contrary to what you have read or heard, the time to buy a new home or condo is now.
First, let’s take a look at the local market for the last 5 years:
West Chester average sale price for single family homes and condos (data obtained from the Greater Cincinnati MLS):
2003 $197,122
2004 $201,796
2005 $211,820
2006 $219,908
2007 $227,982 (1/1/07-12/1/07)
Liberty Township average sale price for single family homes and condos (data obtained from the Greater Cincinnati MLS):
2003 $238,373
2004 $247,624
2005 $265,831
2006 $274,207
2007 $268,266 (1/1/07-12/1/07)
Appreciation on property in West Chester is 15.65% from 2003 to 2007 and 12.54% for the same period in Liberty Township. Utilizing the same data the newspapers or tv blurbs on real estate- the headline would be “Housing Prices Crashing” News has always followed the “If It Bleeds-It Leads” mentality and savvy buyers are ignoring the headlines to grab up great deals.
Currently there are 480 single family homes and condos for sale in West Chester and 385 in Liberty Township so as a savvy buyer you need to find the right house and begin to ask questions.
- How many days on the market?
- Where are the sellers going?
- What are homes actually selling for in this neighborhood or area?
- Mortgage Smarts
How many days on the market-not only the current listing- but total days on market. Your agent is able to print a property history from the greater Cincinnati MLS. A long time on the market may indicate an unwillingness to negotiate or it may reflect overpricing early in the process and the owners are finally in step with the market. Homes that have been on the market for just a few days may not be quite as negotiable as ones on the market for several months.
Where are the sellers going- motivated sellers are more willing to negotiate. A seller who has already closed on their next property, carrying two mortgages should be more motivated than a seller who is waiting to sell before purchasing the next property.
Many buyers make the mistake of grossly under bidding for a home (low low ball) and ultimately pay more or lose the property because the home owner was insulted. Your agent will provide you with a CMA (Competitive Market Analysis) of the neighborhood. The CMA should include current listing, sold pendings (sold not closed), closed and expired listings. A good CMA should contain current data- not sales from more than 6 months. Given the data- is your offer within the range for the neighborhood? For example homes are selling between $225,000 – $260,000 – as the seller how would you respond to an offer of $175,000?
Finally, make sure you are dealing with a reputable lender and you have a handle on mortgage rates, points and closing costs. The best buyer has their loan approved, pending a purchase contract and appraisal. The buyer with “loan in hand” glitters in the eyes of sellers. If you have not secured a loan, the minimum you need is a letter from a lender clarifying your status as a borrower. The more detailed (credit file reviewed, money for the down payment and closing) the lender’s letter the better you look to the sellers.
Do your homework! Select the right home, write a balanced purchase contract and enjoy rising property values in West Chester or Liberty Township. If you need my assistance, I would be honored to assist you just call or send an email.
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