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:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	11	59	48	28	72
Breakdown %	5.05	27.06	22.02	12.84	33.03
Avg SP % LP	94.08	97.37	95.19	94.97	95.42

 

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.

Information should be deemed reliable but not guaranteed, all representations are approximate, and individual verification is recommended. Copyright ©2008 Rapattoni Corporation. All rights reserved.

Area Market Survey

Listings as of 08/28/08 at 1:36pm

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)

Sold Selling Price Range  Quantity      Average DOM   $19,999 or under 1 101   $70,000 thru $79,999 2 41   $90,000 thru $99,999 4 117   $100,000 thru $119,999 8 104   $120,000 thru $139,999 10 113   $140,000 thru $159,999 10 113   $160,000 thru $179,999 18 83   $180,000 thru $199,999 17 135   $200,000 thru $249,999 51 126   $250,000 thru $299,999 37 141   $300,000 thru $349,999 15 202   $350,000 thru $399,999 13 138   $400,000 thru $449,999 9 166   $450,000 thru $499,999 6 112   $500,000 thru $549,999 3 132   $550,000 thru $599,999 4 189   $600,000 thru $649,999 2 497   $650,000 thru $699,999 2 96   $700,000 thru $749,999 2 199   $750,000 thru $799,999 1 24   $1,250,000 thru $1,499,999 1 65     216 134

Summary Price Information Minimum  $7,000 Maximum  $1,275,000 Average  $270,009 Median  $235,375

Expired Listing Price Range  Quantity      Average DOM   $70,000 thru $79,999 2 99   $100,000 thru $119,999 3 207   $120,000 thru $139,999 11 79   $140,000 thru $159,999 7 104   $160,000 thru $179,999 15 138   $180,000 thru $199,999 18 120   $200,000 thru $249,999 44 169   $250,000 thru $299,999 30 157   $300,000 thru $349,999 22 155   $350,000 thru $399,999 21 168   $400,000 thru $449,999 16 163   $450,000 thru $499,999 10 240   $500,000 thru $549,999 9 195   $550,000 thru $599,999 6 252   $600,000 thru $649,999 2 183   $650,000 thru $699,999 1 326   $700,000 thru $749,999 3 131   $750,000 thru $799,999 3 377   $800,000 thru $849,999 1 508   $850,000 thru $899,999 2 108   $900,000 thru $949,999 3 195   $1,250,000 thru $1,499,999 1 319     230 165

Summary Price Information Minimum  $74,900 Maximum  $1,299,000 Average  $329,396 Median  $278,700

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.

Active: 0

Pending: 0

Sold: 19

Other: 0

Total: 19

	Bedrooms	Bathrooms	Square Feet	List Price	Selling Price	Days on Market
Minimum	3	1.00	1,008	$99,900	$100,000	20
Average	4	3.26	3,094	$326,928	$313,611	122
Median	4	3.00	2,515	$264,900	$260,500	95
Maximum	5	5.00	5,157	$715,531	$685,000	420
Total Dollar Value					$5,958,600

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.

I remember all to well what it was like.  One thing to remember is start with one thing and stay on it.  Don't be like me and start one thing and your A.D.D. kicks in and you're like, "oh yeah, I need to fix that," "oops... after I fix that other thing," and oh look over there I need to address that.  Keep your focus.  Begin with the outside of the house.  Why?  Because once it's finished it will be easier pulling up to your house when you get home from work knowing that you have the inside to do.  Trust me... it will be something you see right away to give you a feeling of accomplishment. 

Still others will argue to work on the outside of the house first, and unless there is a major project involved, they believe it is best to do it last. There are two main reasons for this. First, the first steps in preparing the interior of the house are easier. They also help develop the proper mind set required for selling - beginning to think of your "home" as a marketable commodity. Second, the exterior is the most important. A homebuyer's first impression is based on his or her view of the house from the real estate agent's car.

So take a walk across the street and take a good look at your house. Look at nearby houses, too, and see how yours compares.

Landscaping

 

 

Is your landscaping at least average for the neighborhood? If it is not, buy a few bushes and plant them. Do not put in trees. Mature trees are expensive, and you will not get back your investment. Also, immature trees do not really add much to the appearance value of the home.

If you have an area for flowers, buy mature colorful flowers and plant them. They add a splash of vibrancy and color, creating a favorable first impression. Do not buy bulbs or seeds and plant them. They will not mature fast enough to create the desired effect and you certainly don't want a patch of brown earth for homebuyers to view.

Your lawn should be evenly cut, freshly edged, well watered, and free of brown spots. If there are problems with your lawn, you should probably take care of them before working on the inside of your home. This is because certain areas may need re-soding, and you want to give it a chance to grow so that re-sod areas are not immediately apparent. Plus, you might want to give fertilizer enough time to be effective.

Always rake up loose leaves and grass cuttings.

House Exterior

 

 

The big decision is whether to paint or not to paint. When you look at your house from across the street, does it look tired and faded? If so, a paint job may be in order. It is often a very good investment and really spruces up the appearance of a house, adding dollars to offers from potential homebuyers.

When choosing a color, it should not be something garish and unusual, but a color that fits well in your neighborhood. Of course, the color also depends on the style of your house, too. For some reason, different shades of yellow seem to elicit the best response in homebuyers, whether it is in the trim or the basic color of the house.

As for the roof, if you know your house has an old leaky roof, replace it. If you do not replace a leaky roof, you are going to have to disclose it and the buyer will want a new roof, anyway. Otherwise, wait and see what the home inspector says. Why spend money unnecessarily?

The Back Yard

 

 

The back yard should be tidy. If you have a pool or spa, keep it freshly maintained and constantly cleaned. For those that have dogs, be sure to constantly keep the area clear of "debris." If you have swing sets or anything elaborate for your kids, it probably makes more sense to remove them than to leave them in place. They take up room, and you want your back yard to appear as spacious as possible, especially in newer homes where the yards are not as large.

The Front Door & Entryway

 

 

The front door should be especially sharp, since it is the entryway into the house. Polish the door fixture so it gleams. If the door needs refinishing or repainting, make sure to get that done.

If you have a cute little plaque or shingle with your family name on it, remove it. Even if it is just on the mailbox. You can always put it up again once you move. Get a new plush door mat, too. This is something else you can take with you once you move.

Make sure the lock works easily and the key fits properly. When a homebuyer comes to visit your home, the agent uses the key from the lock box to unlock the door. If there is trouble working the lock while everyone else stands around twiddling their thumbs, this sends a negative first impression to prospective homebuyers.

Hey, let's be honest here.  If I were to sell my own home today it would take me a month of solid work to get the place ready.  Especially with my schedule and I know I'm not unique.  Well... at least I keep telling myself that. 

Removing Clutter, Though You May Not Think of it as Clutter

This is the hardest thing for most people to do because they are emotionally attached to everything in the house. After years of living in the same home, clutter collects in such a way that may not be evident to the homeowner. However, it does affect the way buyers see the home, even if you do not realize it. Clutter collects on shelves, counter tops, drawers, closets, garages, attics, and basements.

Take a step back and pretend you are a buyer. Let a friend help point out areas of clutter, as long as you can accept their views without getting defensive. Let your agent help you, too.

Kitchen Clutter

 

 

The kitchen is a good place to start removing clutter, because it is an easy place to start. First, get everything off the counters. Everything. Even the toaster. Put the toaster in a cabinet and take it out when you use it. Find a place where you can store everything in cabinets and drawers. Of course, you may notice that you do not have cabinet space to put everything. Clean them out. The dishes, pots and pans that rarely get used? Put them in a box and put that box in storage, too.

You see, homebuyers will open all your cabinets and drawers, especially in the kitchen. They want to be sure there is enough room for their "stuff." If your kitchen cabinets, pantries, and drawers look jammed full, it sends a negative message to the buyer and does not promote an image of plentiful storage space. The best way to do that is to have as much "empty space" as possible.

For that reason, if you have a "junk drawer," get rid of the junk. If you have a rarely used crock pot, put it in storage. Do this with every cabinet and drawer. Create open space.

If you have a large amount of foodstuffs crammed into the shelves or pantry, begin using them - especially canned goods. Canned goods are heavy and you don't want to be lugging them to a new house, anyway - or paying a mover to do so. Let what you have on the shelves determine your menus and use up as much as you can.

Beneath the sink is very critical, too. Make sure the area beneath the sink is as empty as possible, removing all extra cleaning supplies. You should scrub the area down as well, and determine if there are any tell-tale signs of water leaks that may cause a homebuyer to hesitate in buying your home.

Closet Clutter

 

 

Closets are great for accumulating clutter, though you may not think of it as clutter. We are talking about extra clothes and shoes - things you rarely wear but cannot bear to be without. Do without these items for a couple of months by putting them in a box, because these items can make your closets look "crammed full." Sometimes there are shoeboxes full of "stuff" or other accumulated personal items, too.

Furniture Clutter

 

 

Many people have too much furniture in certain rooms - not too much for your own personal living needs - but too much to give the illusion of space that a homebuyer would like to see. You may want to tour some builders' models to see how they place furniture in the model homes. Observe how they place furniture in the models so you get some ideas on what to remove and what to leave in your house.

Storage Area Clutter

 

 

Basements, garages, attics, and sheds accumulate not only clutter, but junk. These areas should be as empty as possible so that buyers can imagine what they would do with the space. Remove anything that is not essential and take it to the storage area.

According the the National Association of Realtors many of you are planning just that this summer, and with all the negative talk about the market you're probably concerned.  Here are some ideas to help set your mind at ease.

When conversing with real estate agents, you will often find that when they talk to you about buying real estate, they will refer to your purchase as a "home." Yet if you are selling property, they will often refer to it as a "house." There is a reason for this. Buying real estate is often an emotional decision, but when selling real estate you need to remove emotion from the equation.

You need to think of your house as a marketable commodity. Property. Real estate. Your goal is to get others to see it as their potential home, not yours. If you do not consciously make this decision, you can inadvertently create a situation where it takes longer to sell your property.

The first step in getting your home ready to sell is to "de-personalize" it.

The reason you want to "de-personalize" your home is because you want buyers to view it as their potential home. When a potential homebuyer sees your family photos hanging on the wall, it puts your own brand on the home and momentarily shatters their illusions about owning the house. Therefore, put away family photos, sports trophies, collectible items, knick-knacks, and souvenirs. Put them in a box. Rent a storage area for a few months and put the box in the storage unit.

Do not just put the box in the attic, basement, garage or a closet. Part of preparing a house for sale is to remove "clutter," and that is the next step in preparing your house for sale.

Does name branding matter? Well let's consider the last time you were out of town, perhaps striking up conversation with someone on a plane and the topic of conversation gets to relocation. Not only is our relocation department tops but when local real estate companies without name branding are not only missing out on millions of dollars of creative and directional advertising but they're also harder names to remember. Remembering Coldwell Banker however is not difficult to do and just for that very reason. Can you see the benefit to not only buyers but sellers in that kind of branding?