Great news for homeowners in Southeastern Indiana. Home sales for 2013 were the highest since 2006. Here are the details:
2013 versus 2012
- 10.5% Increase in home sales (1,042 homes vs 943 homes)
- 12.5% Increase in sales volume ($133.1 million vs $120.6 million)
- 1.6% Increase in median sale price ($122,000 vs $120,000)
- Average sale price had a slight decrease ($127,742 vs $127,880)
The 2013 sales unit volume was the highest for the Southeastern Indiana Board of Realtors since 2006 and was the third highest in the board’s history. This is the fourth consecutive year for median price appreciation in Southeastern Indiana.
December 2013 versus December 2012
- 6.5% Increase in home sales (98 homes vs 92 homes)
- 12.6% Increase in sales volume ($12.099 million vs $10.745 million)
- 9.9% Decrease in median sale price ($109,801 vs $122,000)
- 5.7% Increase in average sale price ($122,464 vs $116,801)
Sibcy Cline’s Home Sale Statistics – 2013 vs 2012
- 36.6% Increase in home sales
- $180,794 Average sale price
- $175,450 Average median price
Sibcy Cline’s Southeastern Indiana agents sold homes for $53,000 more than the average sale price of the Southeastern Indiana Board of Realtors with an average median sale price $65,640 higher than the board’s.
Statistics source: Rick McMillin, Vice President/Sales Manager of the Sibcy Cline Harrison office and the Southeastern Indian Board of Realtors Home Sold Report, January 3, 2014.
You own a home and want to buy another – should you buy or sell first? Will you end up owning two homes or none at all? Here are some pros and cons to consider:
Buy A Home First
- Pros: Buying a home before you sell lets you find the right home for your needs without the stress of a closing date looming.
- Pros: You can make contingencies when you make an offer to purchase a home such as obtaining financing and the sale of your existing home within a certain time period.
- Cons: In buying a home, you could find yourself owning two homes at one time if your old home does not sell quick enough. Will you be able to secure a mortgage for the new home without selling and can you afford two mortgages?
- Cons: A contingency of selling a home before purchasing looks less attractive than other less restrictive offers to a seller. Your purchase offer may not be accepted.
Sell A Home First
- Pros: For many, with the sale of the home behind them, the stress level is lower. You have less risk with no double mortgages, property taxes and insurance payments.
- Pros: With no home to sell, you remove the contingency of having to sell from a buying contract. This makes your offer more attractive to the sellers of the home you want to buy.
- Pros: You know your home sale price which can help to determine how much you want to spend on a new home.
- Cons: The clock is now ticking to find a new home. Unless you are willing to consider temporary housing or have an agreement to a short-term “rent back”, you will need to be very focused on finding a home.
- Cons: If you need to move into temporary housing, you will be moving two times and find a place to store belongings.
Don’t Stress Out!
Most people find that the situation works out fine whether buying or selling first. Many who opt for temporary housing are usually waiting for their newly built homes to be completed.
Just Be Prepared
Whether you buy or sell first, you need to remember that timing is not always optimal when moving. You might have to consider temporary housing to fill in a gap period. Or, if you buy before selling your old home, you might need to consider a bridge loan to cover mortgage expenses until your current home sells.
How To Decide What To Do First?
Talk to your Realtor and Mortgage Loan Officer to see which path is best for your circumstances. They will consider your finances and current real estate conditions to help you make the best choice.
Home sales remained strong in October 2013 for Northern Kentucky:
October 2013 versus October 2012 Statistics
- 17.06% Increase in number of homes sold (494 units vs 422 units)
- 15.15% Increase in sales volume
- 1.64% Decrease in average price sold ($146,823 vs $149,264)
- 4.27% Increase in median price sold ($131,900 vs $126,500)
- 88 Average days on market for October 2013 (vs 95 days in October 2012)
Year-To-Date January – October 2013 versus 2012 Statistics
- 18.72% Increase in number of homes sold (4,990 units vs 4,203 units)
- 26.10% Increase in sales volume
- 6.32% Increase in average price sold ($154,974 vs $145,912)
- 5.47% Increase in median price sold ($$135,000 vs $128,000)
- 85 Average days on market for October 2013 (vs 94 days in October 2012)
Statistics provided by: Northern Kentucky Association of Realtors Home Report
Have you been on the fence about selling your home? Read these reasons why you should think about selling now:
Demand for Homes Is Increasing
Sales have been high for many months and consistently higher than last year’s sales numbers. Buyers are purchasing homes.
- See Cincinnati stats here
- See Northern Kentucky stats here
- See Dayton stats here
- See Southeastern Indiana stats here
Supply of Homes Is Increasing
Nationwide, the total housing inventory has been approaching a normal five-month supply of homes and there are forecasts for even higher inventory counts. By listing now while seller demand is strong, there is less competition on the market.
The Return of New Construction
The recovering real estate market will include the construction of new homes. They can be competition when selling.
Interest Rates To Rise?
The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have predictions of rising mortgage interest rates. When these rates rise, buying and selling homes will be more expensive.
From The KCM Blog
Your home is on the market and you are thinking about neutralizing your walls. Of course, that florescent green has got to be toned down, but there is no need to have all-white boring, blah walls when selling. The goal is make your home more inviting – not forgettable.
Create Color Focal Points
Adding a little color not only creates interest in a room, but can also draw the eye in to see architectural details or other focal points in a room. Color can highlight a fireplace or built ins.
Color to Make a Focal Point
If your room lacks focus, an accent wall can do the job!
Don’t Paint – Use Color With Accessories
If you are fearful of selecting the wrong color, enhance that white or cream room with colorful accessories to make the room more interesting.
Want to Make the Room Feel Larger?
Select a darker hue if you want your room to appear larger. If you use dark blues or greens be sure to have strong lighting to create that sense of space. (Colors that make spaces feel smaller? Reds, oranges and yellows!)
Want some inspiration for your accent color?
- Go here to House Beautiful to see what the experts are selecting, or here for HGTV advise in picking colors.
- Here are some tips about selecting accents walls.
- Use Sibcy Cline’s Pinterest boards! We have 100s of images of homes to inspire you.
Is homeownership still the American Dream? According to Trulia.com, yes, it is!
This housing-oriented web site put together statistics about homeownership recently from the Fall 2011 American Dream Survey and found that 70% of Americans say that owning a home is part of their personal American Dream:
- 65% – 18-34 year olds (Millennials)
- 66% – 35-44 year olds (Generation X)
- 74% – 45-54 year olds (Baby Boomers Pre-Retirement)
- 76% – 55+ year olds (Baby Boomers About To/Already Retired)
The report showed that 70% of current homeowners plan to buy another home in the future.
From a renter’s perspective, statistics indicate that homeownership is still valued: 57% of renters say owning a home is one of the best long-term investments they can make. Homeownership ranked higher than putting money into a 401K, purchasing mutual funds, buying gold or investing in the stock market.
The Trulia.com statistics showed that 59% of current renters aspire to own their own homes.
On August 23, 2011, Sibcy Cline was honored at the 2011 Family and Private Business Awards Ceremony by the Goering Center as a winner of the “75+ Years Family-Owned Business” award!
This was such a tremendous honor for Sibcy Cline, especially in light of the economic recession of the last several years. There were 441 companies nominated and 56 finalists for the business awards. Our company is humbled to have won among such competition.
The Goering Center is a non-profit organization that is affiliated with the University of Cincinnati and focuses on private and family-run local businesses by providing education and training to their members for the past 22 years.
Pam Sibcy, Robin Sheakley and Rob Sibcy want to thank all of the Sibcy Cline agents and employees for their hard work and dedication that helped to make this award possible. The Sibcy family is sharing this 2011 Family Business Award with them. They feel that each Sibcy Cline individual plays an important role in making the company the best in real estate, mortgage, insurance, title, relocation and home services.
Says Rob Sibcy, “This is our third award in one year. We are the Top Place To Work, the Best Place To Work and now a top Family Business. Thank you so much for being part of the best team!”