We are pleased to welcome our first guest blogger Marc Rasmussen, a Realtor with Michael Saunders and Company in Sarasota, Florida. As the weather cools here in Cincinnati we often think of where we may spend our next winter. We are so happy that Marc is with us to talk about luxury real estate in Sarasota, because it will be nice to see palm trees and waterfronts in December.
Marc Rasmussen
I look forward to his posts about thier local market, and the properties and deals for those of us looking for a winter home. Please welcome Marc and enjoy his entries.
Yesterday the Case-Shiller home price index came out, and it had some positive numbers. The C-S index looks at 20 major metropolitan real estate markets and watches the change in home sale prices on a monthly basis. The index provides numbers that are normalized for the home prices in the first quarter of 2000.
Because Cincinnati is not one of the markets observed by the index, we have o draw some conclusions from our closest neighbor, which is Cleveland. The below chart shows the decline and slow rebound of the housing market over the last 12 months in Cleveland.
Case Shiller Home Price index July 2009 - Cleveland
What we see in the numbers is that in February, March, and April of this year home values in Cleveland fell below the their 2000 value levels for the same months. But we also see an increase in home values as the spring and summer months arrive. In Cincinnati we saw a similar trend, driven by a number of factors including the season, first time home buyer credit, and improving macro-economic conditions.
If you have been thinking about moving up into a large home this may be the time to make the move. As prices begin to rise proportionately more expensive homes will gain in price faster than lower priced homes. A $500,000 home will cost $550,000 if it gains 10% in value, while a $200,000 home will cost $220,000. That is a $30,000 difference. call me today if you are interested in deeper local market analysis! 513-518-1140
This Sunday we are having a bonanza of open houses! We will be holding 5 open houses, so come by and see us!
12:00 PM – 1:00 PM in Deer Park!
4005 East Galbraith Rd
3946 Trebor Dr
1:30PM 2:30Pm in Oakley
3646 Brentwood
3:00Pm – 4:00 PM in Oakley!
2825 Andrew St
3:00PM – 4:00PM in Clifton!
255 Hastings Rd
