When its time to sell your home the one of the primary reasons to hire a real estate agent is to remove the stress from your shoulders.
And a big portion of that stress is … getting bodies into the house.
We understand that and have spent hours — maybe even days — studying buyer demographics and determining where it would be best to showcase your home for sale. We are proud to announce that we are in the January issue of Open House & Dream Homes which publishes more than 20,000 copies each month for free distribution around central Ohio.
Basically put, because people still pick them up and skim through them to get to know what they like and where they are beginning their search for a home. Our goal is to get you on their mind from the very beginning and make that decision quick and easy and get your home sold.
The average home in in Delaware, Ohio sold for $98.64 per square foot in August 2013, which was an 8 percent increase over August 2012 when the average sales price was $91.22 per square foot.
That’s the good news. The “not so good” news is that August continued the overall price slide that Delaware has experienced since hitting its high in June.
Delaware City Housing Report August 2013
Avg. (Sale) Price
Avg. Sq. Ft.
Low / High
$0 / $3,400,000
Closed in August
$20,999 / $643,961
Sold Last 3 Months
$20,999 / $2,800,000
Sold Last 6 Months
$7,000 / $2,800,000
$8,000 / $587,000
Source: Columbus Board of Realtors Multiple Listing Service
What does this mean on a whole? Well. the biggest challenge facing home owners in Delaware, Ohio that are looking to sell is two-fold.
Inventories Are Rising: Okay so 3.26 months of inventory is nothing to get all crazy over, however that’s a bump of more than .25 months inventory compared to June and July when “active adjusted*” inventory was at less 3 months.
The Active Vs. Sold Gap: The average house that sold in Delaware last month sold for $205,754 or $98.64 per square foot. The issue is that the average house on the market in Delaware is listed for $116.50 per square foot or if they sold for the average square foot size in August that house is over-priced by $55,000. Gulp, now the “actual” number is probably not that high as there are a couple of listings in the $1,000,000+ price point in Delaware on the market which are usually balanced by the $25,000 – $65,000 properties at the lower end. The sale have dried up the lower end and the houses coming on the market are coming on at the higher price ranges and not balancing out the price points.
Are these big challenges? Not for homes that are priced right for its condition. Buyers prove time-and-time again they are willing to buy homes that are solid values.
* – Active Adjusted – Utilizing the sold numbers from June and July and applying them to current inventory levels to create and apples to apples comparison approach.
The This Week in Delaware County Real Estate has been on hiatus as I’ve been busy working — hey gotta sell some houses baby — and also trying to figure out this market and boy is it full of bulls and bears.
I love talking real estate and when I talk with the everyday “Joe” and “Jill” they can see where I’m coming from when I voice my concerns for saying, “the market’s back … buy, buy, buy.” My basic points are simple and (I think) valid:
A “hot” market doesn’t necessarily mean a healthy market. Pretty simple idea right, just because everybody else is buying a house with no-money down and 120% mortgage means it’s a good idea right. That thinking is what got us in trouble the first time around.
The state of the economy. A year ago everything was horrible with the economy, now it is okay. What’s happened? Things are a little better – but the biggest piece of that appears to be a resurgence in the housing market. Is this a paper run up?
I don’t have the answers, I admit if I did I’d be teaching this stuff rather than trying to sell houses. The point is simple – be honest with yourself and don’t buy into the hype from someone else on why you are buying or selling your home.
Do you want or need to buy or sell your home? Then do it. Period. It’s that simple in my mind. Don’t let some real estate agent or mortgage officer tell you what’s best for you – let them help you find out your options certainly – but don’t allow them to make up your mind.
As we are heading into the middle of the year it is always interesting to see how much of a change we are actually seeing on a weekly basis. Based on the chart at right you can see that the four-week rolling average on the sold listings have been much more consistent from the Columbus/Central Ohio Multiple Listing service than those reported from the Delaware County Auditor’s site – and more valuable as well. Continue reading “Prices Increase 9%, 43% in First Five Months in Delaware County Ohio”