Posted: 6:00 a.m. Sunday, Nov. 11, 2012
Butler County housing market: Homes sold this year so far are the highest they’ve been since 2009. Prices are picking up, going above prior year levels, but prices are still down 20.6 percent from 2006.
No. of homes sold*
Year/ No. of home sold
Average sales prices*
Year/ Average price
*sales for January-September of the year
SOURCE: Multiple Listing Service of Greater Cincinnati
Frequently Asked Questions
1. Why is the tax appraisal different from the sales price?
For tax purposes, properties are only appraised once eve three years. Historically, tax values would lag behind a sale price. Our goal using a computer assisted market approach and cost approach is to provide a fair and equitable value, which may not directly match, dollar-for-dollar, the actual sale price, but should be reasonably close. — Roger Reynolds, Butler County auditor
2. How does a vacant property in my neighborhood impact my home value?
It depends. A single vacant home may have no influence if the property is not in a deteriorated state; however, multiple foreclosures with multiple vacant homes in a neighborhood can certainly have a negative impact on value. — Roger Reynolds
Vacant properties are not the issue if these are maintained. Properties that are left to deteriorate or have deferred maintenance concerns can be either occupied or unoccupied and do influence the neighborhood. A deteriorated property that is located near a home that is listed for sale may negatively impact the value of a home because a buyer’s perception and emotions will be affected. If many deteriorated or “distressed” properties are sold in a short period of time, the values in that neighborhood will decrease at least temporarily. — Gwen Ritchie of Huff Realty
3. How does a house on the market for a year or more in my neighborhood impact my home value?
When a house stays on the market for a long period of time, it may or may not bother the other homes in the neighborhood. If a house is on the market that long, it’s usually priced too high. If it sells, yay! — Reva Owens of Coldwell Banker Oyer
4. What is a bank appraisal for?
For protecting the bank/lender. The bank wants to make sure the home is worth what they are investing (i.e. the loan). What if it doesn’t come through? The bank would likely not provide the loan. — Roger Reynolds
If the bank appraisal value is less than the contract’s Sales Price, the bank will most likely deny the loan unless the sales price is adjusted to reflect the appraisal’s value. — Gwen Ritchie
5. What is the better value to use for my home—the auditor appraisal or sales price?
The Auditor’s appraisal has one specific use, i.e. valuation for real estate taxes, and is imperfect at best due to valuing in mass rather than more individualized focus. The sale price, if arms-length, should be most reflective of market value. — Roger Reynolds
Sales price of comparable properties is definitely a better value to use for valuation purposes because this is reflective of current market pricing based on location, condition, supply and demand of the marketplace at the time of the sale. These values change with the market; so the sales price would most likely differ as early as three to six months from a sale. — Gwen Ritchie
The best price to use for your home is a combination of both tax prices and sales prices that are comparable. Realtors look at all of these as well as condition of the houses to set a price on a home. There is no black/white way to price a home. — Reva Owens