Is now the time to sell your home?

CHILLICOTHE – If you’ve been considering whether to put your house on the market, now might be the time to take the leap.

Scioto Valley Association of Realtors President Scott Rickey said two major factors play into a seller’s favor right now.

First, late May and into June is a very active period for prospective buyers — particularly those looking for family homes who are hoping to find that new home, close on it and get settled in before the start of a new school year in late August. That means buyers might be more decisive on making offers more quickly.

Second, Rickey said there is a tighter inventory of available homes on the local market right now, meaning those that are for sale are more likely to fetch sellers a better price.

The numbers bear that out.

Even though April statistics released recently by the Ohio Association of Realtors revealed that April was a down month for both individual unit sales and average sales price in the area covered by the Scioto Valley Association of Realtors — a 2.3 percent and 6.9 percent drop, respectively, compared with the same month in 2014 — both are trending upward when all four months of this year are compiled together.

Thus far in 2015, there have been 4.6 percent more homes sold than in the first part of 2014 and the average sales price has risen 6.6 percent from $96,568 to $102,959.

Rickey said the upward trend in sales price is less a reflection on the types of homes that are moving and more tied to buyers willing to pay a bit more because of the limited number of homes on the market. Of those that are available, family homes are trending now.

“What we’re seeing is three-bedroom, two-bath homes are quite popular with a price range, you can look at anywhere from $90,000 to about $130,000,” Rickey said. “That seems to be a price range that is selling quite rapidly.”

Open floorplans, particularly those that incorporate the kitchen into that openness, and utility rooms on the first floor are among the features that are proving popular in the Scioto Valley presently.

Rickey said it’s difficult to gauge the outlook for the local housing market for the remainder of the year but noted there is some good news from a projection by a National Association of Realtors economist expecting more than 800,000 new jobs in 2015 nationwide.

With additional jobs comes an increase of potential homebuyers who now have the confidence and regular income to consider owning their own house.

Whether some of that job boost will be seen locally has yet to be seen, though the jobless situation in the region has been improving. According to the most recent county-by-county figures from the Ohio Department of Job and Family Services, unemployment in Ross County was 6.1 percent in March and 8.8 percent in Pike County.

While Pike’s rate is still fifth highest among Ohio’s 88 counties and Ross’ is ranked 35th highest, both are still much lower than the double-digit percentages during the height of the latest recession.

The April jobless rate statewide was 5.2 percent, up a tenth of a percent from the figure for the past three months. County-by-county rates for April are expected to be released Wednesday.

Statewide, home sales saw a 2.3 percent increase during April and a 2.2 percent boost in average sales price. For the year to date, average price is up 5.8 percent, which Ohio Association of Realtors President Greg Hrabcak said is a positive for sellers.

“The marketplace is experiencing a continued, steady rise in the average sale price,” Hrabcak said. “This is a clear indication that consumers are regaining confidence that housing is a solid long-term investment.”