Marysville Ohio Market Conditions February 2009

Submitted by Vicki Owens, ABR, CRS, GRI, Branch Owner/Agent, Andy & Associates Realtors, Marysville Office

As of February 14, 2009, there were 215 residential properties listed for sale in the Marysville Exempted Village School District. There are 35 homes reported to be in contract and pending the close of the sale. Year to date, 20 homes sold since January 1.

From January 1-December 31, 2008, 331 homes sold for the year. The average list price of a home was $169,047 and sold price $162,889 with market days for sold listings averaging 107. Homes are selling within 96% of their listed price on the average.

Compared to 2007, 385 homes sold . The average list price for 2007 was $171,078 with the average sold price of $165,113. Days on the market average was 111 days. In review, 44 less homes were sold in 2008 than in 2007 and for about $3700 less on the average taking just a few less days to sell. These statistics used are per the Columbus MLS for homes listed in the Marysville Exempted School District only, not including all of Union County. They are a compilation of listings through the Columbus Board of Realtors as reported by agents and participating builders.

Comparatively speaking, even in other market areas of Central Ohio, we have weathered the market downturn quite well in the past 3 years. There is no question that now is a great time to buy with mortgage interest rates now around 5% and tax incentives! Qualifying for a loan still remains more difficult than prior to 2007. If your FICO score and debt ratios show evidence of responsible spending and steady employment, there are still solid programs to choose from. Many Union county properties qualify for USDA financing at low rates and zero down payment. Ohio Bond Money down payment assistance for first time home buyers is also available again soon. VA programs offer no money down programs. The most popular FHA programs now require a 3.5% down payment. If an FHA loan is utilized for a HUD owned property, there is a $100 down payment program available. Ask your banker or Realtor for more details!

The number of foreclosed homes for sale has remained steady since 2007. We have seen an increase in the number of pre-foreclosure sales (short sales). These homes are all competition for the pre-owned home market and have resulted in lower home prices overall. Buyers contemplating the purchase of a home should seek the assistance of an experienced real estate agent to guide them through the process. There can be a sea of paperwork and waivers involved and when making an investment in property, it is important for the consumer to be aware of exactly what and whom they are dealing with in a purchase. If a buyer is seeking a move in ready property, foreclosed homes may not be the best buy-there are many homes in great condition for sale at very competitive prices.

For more information about our market, if you have a home to sell or are looking to buy, Vicki Owens of Andy & Associates, Realtors, is our area's only Certified Residential Specialist (CRS) and the WSYX/FOX28 TV area specialist offering highly recommended services in Union County since 2003. Also assisting clients into Franklin, Logan, Champaign, Madison and Delaware counties. Contact her locally at 937-644-3385, visit her website at www.movetomarysville.com or email Vicki at vicki_owens@hotmail.com Copyright 2009 Vicki Owens, Andy & Associates, Realtors