Are we getting close to the market bottom? Many think we are. The 2009 stats for the first 10 months of the year show some slowing in the rate of decline we experienced earlier this year. The market has continued downward with a 8.3% drop in closings and 5¼% drop in average sale prices.
In 2008 compared to '07, we saw a 12.3% decline in closing activity and a 5.8% decline in average sale prices in central Ohio.
Looking back 2 years... There was an 4.4% drop in closings and 1.9% decline in average sale prices in 2006. In '07 the number of closings was down an additional 7.7% compared to '06. Average sale prices were down right at 1% for the year.
Since building activity appears to have softened, many builders are offering incentives and concessions to buyers willing to make a commitment to purchase. Below market interest rates, free options, closing costs paid and no downpayment mortgages are among the incentives being offered. Substantial discounts on "spec" inventory are also available to the astute buyer in today's market.
Buyers and sellers today will find both opportunities and difficulty in the marketplace today depending on the location and price range. Sellers who have owned their property for 5 years or more are the ones most likely to be in a position to take advantage of the current market conditions. Our current "move up" clients are taking advantage of this market. Although they may have to sell their present property for less than it would have sold for a year or 2 back they are usually able to save substantially more than that on the new home they are buying.
Contact Dan Gregor direct today at 614-548-0531 or 1-800-362-4918 for access to the most up-to-date information throughout Central Ohio -- or -- Visit www.OhioHomesValues.com for access to MLS, our featured listings and, you can request a free on-line Market Report on your neighborhood with recent sales, current listings and analysis including charts and graphs.
Approximate Location Boundaries: Central Ohio MLS Service (includes homes in the surrounding counties)
About Dan Gregor:
The 10 member Gregor Team at Prudential American Realty Center offers the homebuyer and homeseller a team of specialists knowledgable in all phases of residential real estate. We offer the services of 2 buyer specialists, 2 listing/marketing specialists, a fine homes specialist, a new homes specialist and the services of a condominium specialist. Plus, access to our lender, title, inspectors and all the additional resources of Prudential locally and nationally.
Our team also offers exclusive services like a guaranteed sale/trade-in program for your present home and the free use of our moving van for local moves. The Gregor Team also uses Prudential's Value Range Marketing (PVRM) which generates substantially more showings and offers on our seller's homes and Prudential's Yahoo Connection provides buyers fast access to all the details on our listed properties and detailed daily activity reports to our sellers showing internet inquiries on their home. Visit our newest site www.OhioHomeValues.com to get your home's value, to search MLS or to request free real estate information.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
