Home sales continue to show a decline for Jul-Aug 2010 vs 2009, however, the average prices of the homes sold has increased except for two of the school districts.
Number of Homes Sold during Jul-Aug
The actual number of homes sold experienced pretty large decreases in Jul-Aug versus the number that were sold last year. Last year the gov’t $8,000 Tax Credit for 1st Time Home Buyers was in effect. For 2010, that tax credit continued plus, a $6,000 credit was available for current homeowners. Those tax credits expired the end of April 2010 which served to move sales forward to the early part of the year. Therefore, we expected the sales to decline during the summer and that is what is happening.
Average Price of Homes Sold during Jul-Aug
Although the number of homes sold in these areas was down, the average price of those homes increased for all the districts, except for Westerville and Delaware school districts. These price increases might be due to the low, low interest rates allowing buyers to “buy more house” for the same mortgage payment. In 2009, interest rates were around 5.25%-5.5%. This summer they’ve been running around 4.3%-4.5%. That difference can allow a buyer to buy a more expensive home while staying within their monthly budget.
Why did Westerville and Delaware decrease? I don’t have a definite answer, but these two districts generally have average prices below $200,000, so they offer good options for 1st time home buyers. Short sales and lender-owned homes may also be more prevalent, which can lower neighborhood prices.
What’s this mean for Buyers and Sellers?
The low interest rates are very good for buyers, since they can either choose to move up in price while staying within their budget or they can lower their monthly payment and may actually save versus paying rent.
For sellers it can mean that IF their home is in tip-top condition AND it’s not over-priced, that they may get close to their list price. However, they must keep in mind that there is more inventory on the market due to the reduced number of homes being sold now, making it critical to have the home in good condition and well priced.
Having more inventory on the market allows buyers to have a greater selection of homes, but means more competition for sellers.
Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.


Last night was the first game of the OSU Buckeye season and they trounced Marshall 45-7. Since I don’t subscribe to cable, I rely on Twitter to keep me informed during the game. While there were a lot of tweets on the game, there were also some about a local news anchor who made somewhat of a “whoops” on the air. Lovely Andrea Cambern SHOULD have said “







Politicians could take a lesson from Realtors®
OK … stepping off my soapbox now. I really need to stop watching those Sunday morning shows!
Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
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Posted in Central Ohio, Commentary, Realtors®
Tagged central ohio real estate market news, Meet the Press, politicians vs middle America