Foreclosure outlook for Circleville & Chillicothe

Posted on May 11th, 2010 by admin

As a Real Estate professional , it’s my job to report to people, and help guide them in the decisions they make with buying or selling a home.

From my personal research, and various sources, it is my firm Belief that we’ll see a large increase in the number of foreclosures in the Circleville & Chillicothe areas over the next 12 months.

The reasoning for the increase is due to 2 separate things.

#1 The tax credit has expired
#2 The foreclosure moratorium has expired

#1 Isn’t a huge issue , the government’s $8500 tax credit to new homebuyers has expired. This does not increase the number of foreclosures on the market , but hurts the rate at which they’re purchased by buyers. Over the past 3 years, we’ve seen a larger portion of the market consist of foreclosures, to the point that for a few months in 08 and 09 , foreclosures accounted for nearly 40% of the sales in the marketplace locally (Normally it’s only 3% to 5%).

The #2 is a huge issue , in October, the president signed a bill that declared a moratorium on foreclosures , and because of this , the number of homes that banks could foreclose on were severely limited.

Now , the foreclosure moratorium expired several months ago, however locally, it takes anywhere from 6 months to well over a year for a bank to actually foreclose on a homeowner who had already defaulted. Putting us in a time period over the next 6 months of when we will most likely see these homes hit the market.]

For buyers, this is good news, as when foreclosures are on the market, prices go down and things become more affordable. For sellers, this isn’t a good thing, as it drives down the value of most homes , as existing owners will need to compete with banks who absolutely must sell.

Tags: chillicothe foreclosures., circleville foreclosures, foreclosure report

Circleville real estate market update

Posted on April 27th, 2010 by admin

It’s been a while since I’ve updated the general state of the market for Circleville & Pickaway counties.

So far in Pickaway County , we’ve had a total of 103 sold listings so far this year, at a total median price of $140,350.

Currently there are 26 listings that are under contract without contingencies (This means they WILL close), at a total average list price of $120,469.

These numbers are showing that the market is stabilizing , and sales are up (while sales prices are down somewhat).

Compared to last year, we’ve had just over 20 more sales this year, and the median price has increased by around $11,000 which is a VERY good sign. This however is still much lower than the 2006 median value which was around $170,000.

The total number of days on market has decreased by approximately 15 down to a total average of 90 days before a home is sold , this is the  one of the lowest numbers it has ever been. Properties currently in contract have averaged 98 days, which is more in-line with what we see in Pickaway county,

Tags: Pickaway county real estate, pickaway county real estate market

Circleville Homes For Sale

Posted on September 25th, 2009 by admin

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A little bit about Circleville (From their wiki entry):

Noted frontier explorer Christopher Gist was the first recorded European visitor to the Circleville area. Gist reached “Maguck,” a small Delaware town of about 10 families on the east bank of the Scioto River and the south side of Circleville, on January 20, 1751, and remained in the town until January 24.

Circleville was founded in 1810. It derived its name from the circular portion of a large Hopewell culture earthwork upon which it was built. The original town plan integrated Circleville into the preexisting land with a street layout of concentric circles. An octagonal courthouse stood directly in the center.

Dissatisfaction rose with Circleville’s layout, however, and in 1837, the Ohio General Assembly authorized the “Circleville Squaring Company” to convert it into a conventional grid. By 1856, this had been completed in several phases. No remaining traces of the original earthworks remain, though a few old buildings retain curved walls that were part of the original circular layout.

On October 13, 1999, an F-3 tornado hit the city. A squall line moving through the region spawned several tornadoes in the county, including the F-3 that hit town. The tornado touched down on the north side of town doing substantial damage to a barber shop and a masonry building. A furniture store was also damaged with a hole in its roof where it was reported that items from inside the store were sucked out. Damaged to nearby buildings also occurred as the tornado moved east across the north-central part of town.

The tornado then moved into a residential area in the Northwood Park neighborhood where several homes along Fairlawn Drive were destroyed. Heavy damage to trees and vehicles also occurred in this area. The tornado would lift as it crossed Edgewood Drive, but snapped the tops of some nearby trees as it lifted and moved on.

Tags: circleville homes, Circleville homes for sale, circleville ohio homes for sale, circleville ohio realty, circleville realty