Knox County Ohio Blog

Real estate foreclosures in Knox County, Ohio are on the rise.  Due to the increase in unemployment, I believe it is realistic that home foreclosures will continue to increase until the job market rebounds.  Home foreclosures can cause serious stress and these types of financial challenges are one of the biggest factors influencing the increased divorce rate among married couples today.

Did you know that a high percentage of the homes that are foreclosed on could have avoided foreclosure and the owner could have sold the home through a REALTOR?  This is where the term Short Sale comes into play.

The Short Sale Explained.  (Just click the play button) 

In today's current housing market, many people owe more on their home than their home is worth.  There are many reasons a homeowner may owe more on their home than it is currently worth and here are some examples:

1. This may have happened because the value of the home simply dropped.
2. They refinanced their original loan and rolled the closing costs into the new loan.
3. They may have added a home equity loan and financed the closing costs into the loan.
4. They did a cash out refinance to pay off other consumer debts, vehicles and credit cards.
5. Many owners refinance to pay unexpected medical bills or funeral expenses. 
6. Divorces, in many cases, create the need to refinance a home when one of the spouses wants to maintain ownership of the home and often at that point they are required to remove the ex spouse from legal ownership and financial obligation.
7. There are dozens of reasons why someone might owe more on their home than it is worth and in many cases it could even be a combination of any of the items listed above.

The Knox County, Ohio Board of Realtors experienced a 5% increase in the number of homes that successfully sold in November compared to October 2009. What is even more impressive is when I compared the average sales price of November 2009 to October 2009, I quickly noticed that November averaged a higher sales price of 4.49% than the month prior. This does not mean that home values are on the rise, but it does mean that there were higher priced homes that sold in November than in October and that is a good sign.

The Knox County Board of Realtors reported 42 residential home sales throughout Knox County including Mount Vernon, Centerburg, Gambier, Howard, Apple Valley, Fredericktown and the smaller villages. The average sales price for the Knox County, Ohio homes that sold in November was $111,068. The lowest priced home that sold was a bank repossession which sold for $33,000.  The highest priced home closed at $232,000.

November 2009 Compared to November 2008

I do extensive monthly market research and have completed monthly market studies for more than 15 years. When I pulled last years November 2008 home sales statistics, I compared them with the November 2009 statistics and the comparison made me smile. This November we had 42 homes sales and last year in the same time period we only had 29 home sales. That is a huge difference and that amount of increase in any market is considered BIG.  Here are the results for November 2009:

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*Disclaimer: The Knox County Board of Realtors MLS statistics as of December 1st, 2009

You may have heard the exciting news that the First Time Homebuyer $8,000 Tax Credit has been extended.  This will prove to be great news for thousands of Knox County, Ohio homebuyers and many existing homeowners who qualify for this financial incentive.  I asked national real estate expert David Knox to help me explain the benefits of this extended and revised tax credit.  In order for you to take advantage of this incentive you will need to buy and close your transaction before the tax credit deadline.

Knox County, Ohio has great properties for sale.  We can show you any property listed in the Knox County MLS.  The Sam Miller Team is proud to feature the following listings.  Contact us today for your private tour:

$100,00 and less
$100,000 - $150,000
$150,000 - $200,000
$200,000 - $300,000
$300,000 and up

Not only do we specialize in single family homes, but we also specialize in condominiums.  Click here for our complete list of Mount Vernon, Ohio condominiums.

Are you looking for a place to call home in Knox County, Ohio where you can spread out?  Click here to see our amazing properties with acreage.

Apple Valley Lake is a beautiful resort community located in Howard, Ohio.  One of it's incredible assets is the pristine lake that is perfect for all sorts of water sports throughout the year!!  Click Here for our complete list of our properties for sale in this fantastic community!

Interested in a bank owned property?  Search our list of bank owned homes in Knox County, Ohio.

For real estate listings sent directly to your inbox as soon as they hit the market, click here. 

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This past week I attended the National Association of Realtors Convention in San Diego, California.  The event was jam packed with fresh, cutting edge ideas, featuring some of the top Realtors in the country.  The conference was filled with tremendous educational sessions and it featured one of the biggest real estate trade shows I have ever seen.  My goals for attending this conference were to learn about the newest market trends, connect with other top agents and exchange ideas and to explore the newest real estate technology.  All my convention goals were achieved and more.

This year I was invited to participate in a private CyberProfessional real estate meeting.  This meeting is organized by an exclusive group of high tech real estate professionals who leverage their use of technology to provide a higher level of service to their clients and customers.  One of the many topics discussed during this meeting was how to market homes using HD video technology to make your listings stand out over other competing listings.  Each of the 40 CyberProfessionals in attendance had an opportunity to share their key strength relating to real estate technology.  This format created a tremendous synergy because everyone at the event had an opportunity to shine.  The real benefit of this format was after each member presented,  there was an open discussion and this is where the ideas really flowed.  There was so much information being shared that I took pages and pages of detailed notes.  The lesson I learned from this group is that even though I have some solid technology strengths...my skills and knowledge individually are not nearly as strong as the collective efforts of the CyberProfessionals and their members.  This was truly an amazing day! 

2009 marked my 10th year being invited to The Bill Barrett Top 50 Real Estate Superstar Group.  This is the single best real estate event I attend each year and this year was no exception.  The group is composed of the best of the best agents around the country and the goal is to share ideas, brainstorm concepts, fine tune systems, openly discuss group successes and challenges. The highlight of the meeting was when everyone has an opportunity to share their marketing materials.  This year one of the key discussions of the group focused on bank owned homes and pre-foreclosures. A discussion came up concerning more than 50% of all people who lose their home through foreclosure never seek help from a real estate professional. What is amazing is that a very large percentage of those homes could have either been saved or sold and the foreclosure could have been avoided.  The collective knowledge and experience of the members in this group are truly the best of the best. 

This year there was a new meeting at the conference headed up by RIS Media and Alan Dalton called "Top 5" real estate network.  The meeting was by invitation and only 150 agents worldwide were invited out of the 20,000 who were in attendance at this year's conference.  It was an interesting meeting and the concept behind the group could become very valuable for the members.  RIS Media is a key player in the real estate industry and is one of the best sources when it comes to providing communication to REALTORS.  From what I heard and learned about the "Top 5 Real Estate Network" it seems that RIS Media and Alan Dalton are creating a network of real estate professionals who will have access to materials and resources that would not be available to the average agents.  If "Top 5" can get off the ground in a big way and build some very key recognition within the real estate industry, I believe they are onto something that could become BIG.  

Lastly, I met with some of our leadership at RE/MAX International at their trade show booth at the convention.  We discussed new technology that is specifically related to RE/MAX offering enhanced client services and we also reviewed some recent changes that are taking place with our client foreclosure division.  This new enhancement with RE/MAX and their corporate website will enable my team to better serve and connect with consumers looking to purchase a bank owned and foreclosure home.  

The 2009 NAR conference was a huge home run event and I am already looking forward to next years event in New Orleans.

Sam Miller

If you're looking to buy or sell, I'd love to help.  Contact Me today!

Click Here to view our fantastic properties for sale.

Great news for those of you still wanting to buy a home and thinking you've missed the $8,000 Tax Credit!!  The Senate voted Wednesday November, 4, 2009 to extend and expand the tax credit to include many buyers who already own homes. 

Buyers who have owned their current homes at least five years would be eligible for tax credits up to $6,500 and the bill extends the $8,000 tax credit to those first time home buyers who haven't owned a home in the last three years.  To qualify, buyers in both groups have to have a signed purchase agreement by April 30, 2010, and close by June 30, 2010.

An article I read entitled, "Congress set to expand home buyer tax credit," by Stephen Ohlemacher, a writer from the Associated Press, quotes Senator Johnny Isakson, a Republican from Georgia who is a former real estate executive who championed the credits, "This is probably the last extension."  "We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Senator Max Baucus, a Democrat from Montana, chairman of the Senate Finance Committee.  "With the right mix of tax breaks and investments we will get through this recession and get folks working again."  

According to this article, extending and expanding the tax credit for home buyers is estimated to cost the government about "$10.8 billion in lost taxes." 

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.  The credit would also be phased out for those folks with annual incomes above $125,000 and for joint filers with incomes above $225,000.

For members of the military serving outside the United States for at least 90 days and more, the credit will extend until June 30, 2011.

This bill is H.R. 3548.

The house is scheduled to vote on this bill today, Thursday, November 5, 2009.  Stay Tuned.....

KNOX COUNTY, OHIO OCTOBER 2009 NUMBERS

The numbers are in for Knox County, Ohio MLS sales for October 1, 2009 through October 31, 2009:

The Knox County, Ohio MLS is reporting 40 Home sales in October 2009. The average sales price for a home SOLD in October was $106,288. The lowest priced home sold in October SOLD for $24,000, which was a bank repossession. The highest priced home sold in October, SOLD for $195,000.  This was a country home with over 5 acres of land.

October 2009 home sales were up more than 25% as compared to October 2008 (a good sign).  According to the Knox County, Ohio MLS, RE/MAX Stars Realty represented more than 52% of all the listed homes that SOLD in October 2009. RE/MAX Stars Realty also represented more than 50% of all the buyers who purchased homes in October 2009.
 
The Sam Miller Team participated in the sale and closing of 19 real estate transaction sides in October 2009 which accounts for a very large percentage of the sales that closed within the Knox County, Ohio MLS in October.

The Knox County, Ohio real estate market is still very active and homes that are properly positioned are selling well. 
  

Disclaimer:  All sales data per Knox County, Ohio MLS sales statistics as reported on November 2nd, 2009*

Featured Listing:

13 Wildwood Lane - $210,000

Interested in recieving listings directly to your inbox?  Sign up and start your auto email home search now!!!

 
The Mount Vernon, Ohio condominium activity has been very active in 2009. So far this year there have already been 9 condo homes sold through the Knox County,Ohio MLS and other sales have taken place directly from the condominium builders and developers. From January 1, 2009 through October 20, 2009 the average sales price for a Mount Vernon, Ohio Condo was $117,778 and the median sales price was $120,000.  The lowest priced condominium that sold in 2009 sold for $80,000, while the highest priced condo to sell this year sold for $195,000. Of the sales that were reported by the Knox County MLS, the sales were recorded in the following condo developments:

Highmeadows (Located between Wooster Road and Sychard Road)

Colony(Located on Historical East Gambier Street / State Route 229 East)

Maplewood (Located at corner of Eastern Star Road and Gambier Road)

Fairways (Vernonview Drive near Woodside and Upland Terrace)

Knolls (Located on South Main / Granville Road next to RE/MAX Stars)

I am aware of at least 2 pending sales in both the Fairways and also Woodberry developments. I am confident that there are other sales in the works because we have personally have tremendous buyer activity on 4 of our available condo homes. I predict there will be another 3 or more successful condo sales that will finalize and close by December 31, 2009.

There are 12 condominiums that are currently available in the Knox County MLS as I write this. The highest price for an available condo has a current asking price of $219,777 and the lowest listing price for an available condo in the Knox County MLS is only $110,000.  The average listing price for the 12 available condominiums in the Knox County, Ohio MLS is $152,187. This average listing price is more than $30,000 higher than the average sales price so far this year.
 
Because there were so many more condo sales this year selling in the $80,000 to $120,000 range, the average sales price was pulled down for 2009 considerably.  It is important that readers do not misunderstand these figures because this does NOT mean that the values of condominiums in Mount Vernon, Ohio dropped by more than $30,000. What this means is that there were a higher number of condo sales in the lower and mid price ranges while the upper end and more expensive condominiums were simply out sold by shear numbers this year.  I believe this was the case because most purchasers interested in buying an $80,000 to $120,000 condo did not generally need to sell an existing home in order to purchase. The same is not generally the case true for condo listings that are priced between $150,000 to $250,000 in Mount Vernon, Ohio. In the upper price ranges the interested purchaser often needs to sell their current home before they can complete the purchase and this factor alone explains why the upper end condo units have not kept pace with the more affordable condo sales in 2009.

I created a some links below so that you could view details, color photos, virtual tours and additional information on our available condominiums in Mount Vernon, Ohio. As always, feel free to call or e-mail us at any time.

1 Fairway Drive

16 Fairway Court

28 Fairway Drive

503 C East Gambier Street

16 Woodberry

34 Woodberry

62 Woodberry

Thank you for taking the time to read our real estate report!

Sam Miller

Twin Oak is the newest elementary school in Mount Vernon, Ohio

Twin Oak Elementary School is located at 8888 Martinsburg Road and is only about a mile from the Mount Vernon Middle School and the Mount Vernon High School.  Located on what once was the home of a fruit farm owned by the W.C. Rockwell family, the grounds of this school are simply stunning!!  Twin Oak has some of the latest and greatest technology found in Mount Vernon.  It features an impressive computer lab and utilizes several large interactive smart boards.  If you haven't personally had a smart board experience, you and your children are in for an educational treat.

See available homes for sale in the Mount Vernon Twin Oak School District by Sam Miller

We have now made it easier to search for Knox County, Ohio homes.  Now you can search for homes by the school district you would like to be in!!!  Check out the new custom feature via the links below and let us know what you think.  This new feature should be perfect for home buyers who have very specific school district needs.

If you are interested in working with us to help you with a future home purchase we are happy to create a fully customized home search for you.  All you need to do is visit and complete the home buyer request form at "I Want To Buy A Home" and we will take care rest for you.  Within 24 hours you will be able to view specific homes that meet your needs and we will send you detailed listing information by e-mail until we find the home you want.

The following information is the August 2009 Knox County real estate information.  This information was taken from the Knox County, Ohio MLS and includes all of Knox County including, Mt. Vernon, Apple Valley, Fredericktown and Centerburg.

August 2009 Knox County Home Sales Information

Number of residential homes sold                            38
Average Sales Price of those homes sold                   $112, 060.00
Total Amount Sold                                                  $4,258,000.00

August Knox County Listing Information
Total New residential listings for August                   83
Average New List Price                                            $157,000

Total Number of Homes Currently in the MLS            424
Average List Price                                                   $162,000

The market is showing significant signs of increased activity.  We've had a lot more showing traffic on our homes listed for sale as well as increased offers in negotiations and number of sold properties.  It feels like the market is beginning to pick up.  This may partially be due to the $8000 home buyer tax credit.  Houses must be closed by November 30, 2009 in order to qualify for this tax credit.  I think the end of the year looks to be real active and now is an excellent time to buy a new home or upgrade to a larger one.  It's a wonderful time to take advantage of the super homes listed right now as well as the incredible low rates. 

Homes for sale $100,000 or less

Homes for sale $100,000 - $150,000

Homes for sale $150,000 - $200,000

Homes for sale $200,000 - $300,000

Homes for sale $300,000 and up

In the market for a new home or ready to sell one?  Contact The Sam Miller Team for all your real estate needs.