Current Home Owners have Plenty to Gain from Selling Now

red home sign on hundred dollar bills. Real Estate business ConcWith the current real estate situation, prices have reached record highs in many markets. Despite this trend many homeowners are still on the sidelines of the housing market and are hesitant to put their properties up for sale regardless of the incentives to do so. This might be particularly true for owners who bought in the past 10 years, when prices were above the pre-recession and historical norms. However, today’s market conditions could make now the perfect time to sell.

Housing Market 2017
Perhaps the biggest story in the housing market in 2017 has been the massive demand to buy homes and the relatively limited inventory of properties they can actually purchase. In comparison to the market five years ago, there are now 20 percent fewer homes up for sale nationwide4.

Digging into the Numbers
The reason for this trend is clear enough to industry observers: Buyer demand is so great that when any home is put up for sale, owners are likely to find significant enough interest – typically from multiple bidders – that they can get through the real estate sales process quickly and easily. Today fewer than half of all homes for sale are still available within two months of being listed.

Different Situations
Why aren’t more homeowners eager to get into the market and earn a significant return on their home investments thanks to today’s high prices?

Some people may be worried about how much they would have to pay for a new home after selling their own. Others may be waiting for competition to ease so they don’t have to go through the bidding process to get a new home once their old home has sold. Others are just afraid to list before they find something they like.

Further compounding the inventory issue is the fact that home builders aren’t able to put up new houses quickly enough to meet demand in most parts of the country.

When Sellers become Buyers
The good news for prospective sellers is in the busier markets, the selling process has been so accelerated, everything happens in less than a week. For example, a listing can go up on a Thursday or Friday, with an open house scheduled for that weekend, and multiple bids may come in by Monday. That’s a four-day turnaround, and a lot of homes go from not even being listed to under contract within five.

That could encourage current owners on the fence about getting into the market themselves, though that means if they do shop around, they will need to have contingency plans in place for getting their own homes listed and under contract quickly.

Brought to you by HMS Home Warranty.  HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers.  To learn more click www.hmsnational.com.

What Home Sellers Can do to Boost the Sale of Their Property

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There are plenty of DIY projects that can help homeowners make their properties more appealing both inside and out, and boost appeal when selling their homes, according to HGTV. One of the simplest is to put a little more effort into making a yard look good with some extra gardening, yard cleanup (like raking leaves and clearing twigs or branches) and a freshly mown lawn.

Improving the Exterior
It’s relatively easy to clean out gutters or pressure wash the side of a home to really make the property sparkle. Be sure to make any repairs to damage that may be visible on the home’s exterior. A fresh paint job – especially on the front doors or around the windows –  can go a long way toward making a home look newer than some might think. Simply buying a new welcome mat can also make the entryway look fresh.

Inside the Home
Once the outside of the house is taken care of, home sellers need to turn their attention to the inside. Taking the time to make rooms a little less personalized – so would-be buyers can more easily picture themselves living in the house – is a good idea. Repaint any bold-colored rooms to make them a bit more muted. Efforts to organize drawers, closets, and other hidden-away areas help with creating appeal, especially when curious open house attendees might want to poke around.

It’s also important to keep in mind the kinds of rooms home shoppers will want to investigate most thoroughly, according to IKEA. Chief among them is the kitchen. Stow away most of your appliances to keep counters and islands free of clutter. And, remember to make sure every surface in this room sparkles.

Along similar lines, people are always going to be particularly interested in the home’s bedrooms, so be sure to keep them tidy with personal items hidden away  including emote controls or toys. Finally, it’s also wise to give everything in the bathroom a serious scrubbing, because anything awry in there can be a serious turnoff for many would-be buyers.

Consult with Your Agent
Working with real estate professionals to get advice about boosting curb appeal is always a good idea since they know what efforts are most likely to result in a quick and easy sale.

Brought to you by HMS Home Warranty. HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers. To learn more click www.hmsnational.com.

Positive News for June Home Sales in Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana

花火8
The region’s June 2017 home sales showed positive news with most of the market area showing an increase in the average sale price and number of homes sold. Dayton, Ohio set an all-time record with its average sale price at $168,771. In Cincinnati, the average sale price rose for the 13th consecutive month and that price of $222,216 set a new record value for the month of June. Although fewer homes sold in Northern Kentucky, during June, the average sale price rose by over 5%.  In Southeastern Indiana, home sales declined a bit for the month, but year-to-date the trend is for higher sales and average sale price in that market area.

It’s a great time to buy and sell homes. Mortgage interest rates are still low. Many homes that are in move-in ready condition and priced correctly for their market area are selling quickly .

Here are the statistics:

Cincinnati

June 2017 vs June 2016

  • 1.04%% Increase in homes sold (2,810 homes vs 2,781)
  • 4.72% Increase in average sale price ($222,216 vs $212,201)  – Setting a record for June!
  • 4.76% Increase in median sale price ($174,950 vs $167,000)
  • 5.81% Increase in gross sales volume ($624,425,918 vs $590,130,872)

January – June 2017 vs January – June 2016

  • 1.11% Increase in homes sold (12,698 homes vs 12,559)
  • 6.32% Increase in average sale price ($200,271 vs $188,360)
  • 6.6% Increase in median sale price ($159,900 vs $150,000)
  • 7.50% Increase in gross sales volume ($2,543,035,796 vs $2,365,617,223)

Dayton

June 2017 vs June 2016

  • .66% Increase in homes sold (1,690 homes vs 1,679)
  • 4.58% Increase in average sale price ($168,771 vs $161,380)  – Setting an all-time record!
  • 5.47% Increase in median sale price ($144,500 vs $137,000)
  • 5.27% Increase in sales volume ($285,222,709 vs $270,956,666)

January – June 2017 vs January – June 2016

  • 3.62% Increase in homes sold (7,757 homes vs 7,486)
  • 6.43% Increase in average sale price ($154,374 vs $145,046)
  • 5.60% Increase in median sale price ($132,000 vs $125,000)
  • 10.28% Increase in sales volume ($1,197,478,652 vs $1,085,811,300)

Northern Kentucky

June 2017 vs June 2016

  • -1.66% Decrease in homes sold (710 homes vs 722)
  • 5.01% Increase in average sale price ($192,624 vs $183,440)
  • 1.89% Increase in median sale price ($167,300 vs $164,200)
  • 3.26% Increase in sales volume ($146,763,708 vs $132,443,728)

January – June 2017 vs January – June 2016

  • 5.09% Increase in homes sold (3,491 homes vs 3,322)
  • 3.69% Increase in average sale price ($177,045 vs $170,746)
  • 2.60% Increase in median sale price ($153,900 vs $150,000)
  • 8.96% Increase in sales volume ($618,067,331 vs $567,220,517)

Southeastern Indiana

June 2017 vs June 2016

  • -7.6% Decrease in homes sold (122 homes vs 132)
  • -1.3%Decrease in average sale price ($157,554 vs $159,622)
  • -3.1% Decrease in median sale price ($140,050 vs $144,475)
  • -8.8% Decrease in sales volume ($19,221,640 vs $21,070,079)

January – June 2017 vs January – June 2016

  • 3.0% Increase in homes sold (578 homes vs 561)
  • 7.0% Increase in average sale price ($158,743 vs $148,360)
  • -1.8% Decrease in median sale price ($135,000 vs $137,500)
  • 5.5% Increase in sales volume ($87,792,130 vs $83,229,979)

Look at homes for sale in Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana.

 

 

Five Reasons to Work with a Real Estate Agent

WhyUseAnAgent.jpgYou’re thinking of buying or selling a home. Do you really need to work with a real estate agent? Yes, you do! Here is why…

Knowledge – Reason 1
Buying or selling a home is one of the largest purchases you will make. This type of financial decision should not be made alone. A real estate agent has knowledge of the local market as a community expert, and is familiar with all of the details of the home buying and selling processes. From getting a home ready for market, pricing a property for sale, researching comparable properties or negotiating a sales contract, your sales agent has the skill set needed to get you through a myriad of details involved in a real estate sale. Plus your agent will be up-to-date on real estate laws which have to be obeyed.

Experience – Reason 2
You will probably personally experience buying or selling a home only a few times during your life – depending upon the number of times you move. A real estate agent’s daily life is spent working with buyers and sellers and looking at properties. Agents have access to the most up-to-date information of recent real estate sales.

Your agent will help you to determine the correct price to sell your home or what kind of offer should be made when buying a home.

If you’re selling a home, your agent will provide effective ways to market it and give your home maximum exposure. From photography, open houses, working professional connections to using social media, your agent will be diligent in vetting buyers and getting your home sold.

Communication – Reason 3
Part of your agent’s job is to stay in touch with you throughout the buying and selling process. He or she is there to manage expectations and minimize surprises.

Your agent will serve as “your voice” when conveying concerns to a buyer or seller. By speaking for you through a tough transaction, your agent can smooth over any issues that could lead to a turn off or kill a deal. Your agent will know what is fair with conditions and contracts.

Keep in mind that many times agents are working for their clients seven days a week, including evenings. There’s not many professions that do that! They make themselves available to their clients to answer questions that may arise.

Negotiations – Reason 4
Your real estate agent will know the ropes when it comes time for negotiation. Multiple offers on a home may be the norm in a seller’s market. You want to have a strong negotiator on your side when it comes time to writing or countering a sales contract.

A real estate agent is paid on commission which is not earned until closing. Your agent has a vested interest in keeping the selling process going all the way to the closing table.

Therapy – Reason 5
Buying or selling a home can be taxing on the nerves. Your agent will listen to your concerns. He or she will calm you when you have a home inspection that did not go as expected. Your agent will also be there to celebrate the good times with you – and take satisfaction in helping you sell an old home and finding a new one.

Look for a Sibcy Cline real estate agent here.

 

Home Sales Rose in May in Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana!

HomeSales_May2017.jpgMay 2017 was a strong month for home sales throughout Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana with increases in the number of home sales from four to almost seven percent.

May 2017 was also a record-setting month in Cincinnati with the average sale price reaching $199,421. In Northern Kentucky, the average home sale price was $182,783 – the highest since September 2016. In Dayton, Ohio, the May 2017 average sale price was 4% better than last May. Southeast Indiana had a 4.0% increase in average sale price at $161,340.

Not increasing in all regions are the number of homes for sale – which still remain low. In Cincinnati the number of homes for sale is down 24.98% as compared to inventory from May 2016. In Northern Kentucky the inventory of new listings for sale in May 2017 was the highest since June 2016 – 950 homes. However, in that region the total number of homes for sale still remains low with only 1,726 properties. In Dayton, Ohio, there were 2,172 new listings added for sale in that region in May 2017 – which was up from 2,108 new listings in May 2016.

The real estate market remains strong – homes in good condition many times are selling quickly – some with multiple offers. Mortgage interest rates are still low. Look at homes for sale.

Here are the May 2017 home sales statistics:

Cincinnati May 2017 Home Sales

May 2017 vs May 2016

  • 4.05% Increase in home sales (2,695 homes vs 2,590 homes)
  • 7.05% Increase in sales volume ($537,439,239 vs $502,052,134)
  • 2.88% Increase in average sale price ($199,421 vs $193,843)
  • 1.19% Increase in median sale price ($160,000 vs $157,000)

January – May 2017 vs January – May 2016

  • .96% Increase in home sales (9,872 homes vs 9,778 homes)
  • 7.74% Increase in sales volume ($1,912,894,430 vs $1,775,446,351)
  • 6.71% Increase in average sale price ($193,770 vs $181,580)
  • 6.90% Increase in median sale price ($155,000 vs $145,000)

Source: Cincinnati Area Board of Realtors, Home Sales Report, May 2017

Dayton, Ohio May 2017 Home Sales

May 2017 vs May 2016

  • 4.03% Increase in home sales (1,626 homes vs 1,563 homes)
  • 8.07% Increase in sales volume ($256,075,029 vs $236,944,693)
  • 3.89% Increase in average sale price ($157,488 vs $151,595)
  • .71% Increase in median sale price ($133,950 vs $133,000)

January – May 2017 vs January – May 2016

  • 4.48% Increase in home sales (6,023 homes vs 5,765 homes)
  • 12.32% Increase in sales volume ($907,874,053 vs $808,282,267)
  • 7.51% Increase in average sale price ($150,735 vs $140,205)
  • 6.61% Increase in median sale price ($129,000 vs $121,000)

Source: Dayton Area Board of Realtors, Home Sales Report, May 2017

Northern Kentucky May 2017 Home Sales

May 2017 vs May 2016

  • 6.61% Increase in home sales (742 homes vs 696 homes)
  • 11.38% Increase in sales volume ($135,625,702 vs $121,771,783)
  • 4.47% Increase in average sale price ($182,783 vs $174,959)
  • 2.81% Increase in median sale price ($155,500 vs $151,250)

January – May 2017 vs January – May 2016

  • 6.62% Increase in home sales (2,771 homes vs 2,599 homes)
  • 10.35% Increase in sales volume ($479,594,468 vs $434,621,789)
  • 3.50% Increase in average sale price ($173,076 vs $167,226)
  • 2.74% Increase in median sale price ($150,000 vs $146,000)

Source: Northern Kentucky Association of Realtors, Home Sales Report, May 2017

 

Southeastern Indiana May 2017 Home Sales

May 2017 vs May 2016

  • 6.5% Increase in home sales (132 homes vs 124 homes)
  • 10.7% Increase in sales volume ($21,296,838 vs $19,238,573)
  • 4.0% Increase in average sale price ($161,340 vs $155,150)
  • 2.0% Decrease in median sale price ($136,500 vs $139,347)

January – May 2017 vs January – May 2016

  • 6.4% Increase in home sales (456 homes vs 429 homes)
  • 10.3% Increase in sales volume ($68,570,499 vs $62,159,900)
  • 3.8% Increase in average sale price ($150,374 vs $144,895)
  • 0% Increase in median sale price ($135,000 vs $135,000)

Source: Rick McMillin VP/Sales Manager of Sibcy Cline Harrison, Southeastern Indiana Home Sales Report, May 2017

Sibcy Cline Super Open House is May 20 and 21, 2017!

Superman_WebArt.jpgThinking of buying a new home? Plan on seeing some great homes at the Sibcy Cline Super Open House Weekend on May 20 and 21, 2017! View all area open houses on Sibcy Cline’s website.

Why Sell your Home and Buy a New One?
Home values are rising and you could get top dollar for your home during this “seller’s market”.  And, mortgage interest rates are still low – which is really good new for home buyers.  Perhaps now is a good time for you to sell your old home and purchase a new one!

Why You Should Sell Your Home – Now

It’s currently a strong seller’s market with more buyers than sellers. Learn how to take advantage of this type of market and sell your home now:

Get a Very Good Price for your Home
With fewer homes on the market for sale and many motivated buyers (due to low interest rates and a strong economy), odds are in your favor to get top dollar for your home without price reductions. Many homes are receiving multiple offers – which means you will be able to select the best offer for your needs.

What you do not want to do is price your home out of the market. You have to be realistic about its current value. Your real estate agent will show you what similar homes are selling for and how a fair market value is determined. An overpriced home could result in an inconsistent appraisal, which will then give your buyer doubts or reason to possibly back out of the deal.

Less Time on The Market
Homes are selling at a faster pace. When your home sells in a short amount of time, you will not have to constantly clean and keep your home in tip-top shape for showings.

You will still need to prepare your home for the market initially. Staged homes show better in person and online – and will capture more interest among homebuyers. Read more about curb appeal and a staged home.

Selling As Is 
In a seller’s market, many buyers are not agonizing over every item that needs to be fixed in a home. You may be able to sell your home “as is”. However, if your home has structural issues or a roof that needs replacing, your price will need to reflect those concerns or it may be best to fix those issues first before going on the market to sell. Remember, a home in great shape will attract more buyers.

The Seller’s Market Won’t Last Forever
Conditions for a seller’s market can change, taking that advantage away. For example, if your area has a spurt of growth in new construction, you will now have more competition of available housing for sale.

Will I Find a Home Now that Mine Has Sold?
If your home sells quickly, you will now be in a position to find a new home right away. While you are selling your current home, you should start looking at homes for sale. If you find that dream home, you may want to consider a bridge loan that will give you the funds needed for a downpayment before your current home sells.

Another consideration would be to ask the buyers to be flexible on timing for the closing or occupancy of the home. You might be able to request a rent-back agreement.  This would help to alleviate moving twice.

One final idea is to move into a short-term rental while you look for a new home. Although this requires two moves, it will take away the pressure of finding that new dream home in a short amount of time.

Look at homes for sale.