The word for real estate in Anderson Township and All of Cincinnati is “selling”. Though all the information we are getting is not good it is generally positive. Our inventory has been too high for too long for a lot of the wrong reasons. Now sales are moving up and that means inventory is coming down. We are a few months away from the two numbers meeting, and hopefully moving in opposite directions. According to our latest information the local absorption rate for February is now approximately 8.4 months. This refers to the number of months it might take a property to sell if correctly priced. This is down from 10.4 months in December, 2008.
The number of single family and condo properties sold for January-February 2009 is down 17.2% from the same period in 2008 and total dollar volume is down 30.5%. Active residential inventory for February 2009 is down from February 2008 by 13% and the total number of sold properties is down 17%. These numbers speak to the fact that the average sale price is down 16.1% from January-February of 2008.
With all this said, buyers are active and looking at everything that is listed. We are in an historical time where interest rates have never so low, property inventories are high, lenders are making loans, regardless of what the media is saying, and sellers are being realistic on their pricing. Also buyers have the opportunity to use the stimulus package offer of a tax deduction of up to $8000 for their purchase through November 30, 2009. This is a wonderful time to think of buying and/or selling your property.
If any of this peaks your interest, call me and let’s talk. I offer confidential counseling with no obligation to help you determine the current value of your property and the best marketing plan for your needs.
This is truly the Best Time to buy in Anderson or anywhere else in our area.