3 Reasons to Shop for Homes in Fairfield and Fairfield Township, Ohio
January 25th, 2008 categories: Fairfield, Ohio, Real Estate Buying, Real Estate News, Relocation
The housing market in Fairfield and Fairfield Township is loaded with affordable housing values for smart buyers.
First, let’s take a look at the local market for the last 5 years:
Fairfield, Ohio average sale price for single family homes and condos (data obtained from the Greater Cincinnati MLS):
2003 $133,842
2004 $142,462
2005 $148,048
2006 $146,878
2007 $137,141
Fairfield Township, Ohio average sale price for single family homes and condos (data obtained from the Greater Cincinnati MLS):
2003 $165,549
2004 $170,635
2005 $177,606
2006 $178,257
2007 $174,407
Appreciation on property in Fairfield from 2003 to 2007 and 2.5%and for the same period in Fairfield Township 5.4%. Utilizing the same data the newspapers or TV blurbs on real estate- the headline would be “The Sky is Falling on Real Estate” 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 252 single family homes and condos for sale in Fairfield and 147 in Fairfield Township so you need to find the right house and begin to ask questions.
- How many days on the market?
- How many are new construction vs. resale (in Fairfield 25 new construction and 22 in Fairfield Township)
- 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 $165,000 - $185,000 - as the seller how would you respond to an offer of $140,000?
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 or condo, write a balanced purchase contract and your home in Fairfield Township or Fairfield.
If you need my assistance, I would be happy to assist you- just call or send an email.
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