Real Estate Information Archive

Here is the Dayton Area Home Sales summary for June 2011 according to the Dayton Area Board of Realtors:

Single-family and condominium sales reported to the Dayton Area Board of REALTORS® Multiple Listing Service reached 1,058 in June, the highest total so far in 2011.  Compared with June 2010, this represented a decrease of 113 units, or 9.6%. However, with the beginning of the summer home shopping season underway, the rate of decline was a much slimmer drop-off than last month’s 18.8% year-over–year decline. June’s transactions resulted in a sales volume of $131.4 million, an average sale price of $124,374 and a median price of $101,900. Average and median were both high water marks for this year, albeit declines of 8% and 7.3% compared to a year earlier.

The six-month sales total showed 5,014 sales, down 13.7% year-over-year, and a total sales volume of $558.8 million. This translates to a January-June average sale price of $111,448 and a median sale price of $89,000, declines of 9.6% and 17.4% respectively, compared to the same period a year earlier.

Single-family and condo listing submissions in June totaled 2,126, 9.3% less than June of 2010 when 2,344 were entered. Year-to-date listing entries showed 12,367 added to the inventory. This represents an 8.8% decline in listing activity compared to the 13,560 added by the end of June last year.

There were 9,409 available listings in the inventory at the end of June, down from May’s 9,486 listings. This represents a supply of 8.8 months, also down from May when the available supply was at 9.2-months. This decrease in inventory and the supply ratio are both good signs going forward, as this indicates increased sales activity and a greater demand for homes. This pace is comparable to last year, when the supply sat at 8.4 months.

Here are the Top Five Areas for June, 2011 according to the Dayton Area Board of Realtors:

Area                                   # Homes Sold         Avg. Sale Price

Springboro                             44                 $252,569

Beavercreek-N. of Rt. 35          33                 $176,224

Fairborn                                33                 $ 83,778

Troy                                     29                 $134,731

Englewood, Clayton                 28                 $115,364

It may be a down market, but the majority of Americans still see value in homeownership.

According to a recent survey, conducted on behalf of the National Association of Home Builders (NAHB), "An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the home owners said they are happy with their decision to own a home."

There is good reason for homeowners to feel this way. Homeownership offers people a wide range of benefits, including many that reside outside your pocketbook. The first benefit is stability. According to the National Association of Realtors (NAR) and their 2010 study named "Social Benefits of Stable Housing," "Homeownership and stable housing go hand-in-hand. Homeowners move far less frequently than renters, and hence are embedded into the same neighborhood and community for a longer period. "

This stability has far-reaching affects. Studies have revealed that children of homeowners are more likely to graduate and less likely to live in areas with high crime rates. Responsibility is also passed down to the next generation. Daughters of homeowners have a lower incidence of teen pregnancy.

According to the survey, "First, a home purchase naturally involves one of the largest financial commitments most households will undertake. Homeowners, therefore, tend to minimize bad behavior by their children and those of their neighbors that can negatively impact the value of homes in their neighborhood. Second, homeowners are required to take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments. These life management skills may get transferred to their children."

Homeownership even affects our health. This same NAR study found that homeowners report higher levels of physical health, even after the study adjusted for age and socioeconomic factors. "In addition to being more satisfied with their own personal situation than renters," says the study, "homeowners also enjoy better physical and psychological health."

Owning your home gives you stability. Eventually, if a homeowner buys within their means, even the longest of mortgages gets paid off. This makes your home one of your greatest retirement assets.

According to Celinda Lake, president of Lake Research Partners. "People believe overwhelmingly that owning a home is an anchor to the American Dream," she said. "It's an anchor to your retirement, and it's an anchor to your personal economic well-being."

"Homeownership is worth the risk, pure and simple," said Neil Newhouse, a partner and co-founder of Public Opinion Strategies. "Even though the market is weak, people who don't own say they want to buy a house. Almost three-quarters of those who do not currently own a home, 73 percent, said owning a home is one of their goals. And among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher."

This is why 80 percent of owners would recommend homeownership to those they know. If you're in the market, maybe it's time you took listened to their advice! Historically low interest rates and high rates of affordability make now a great time to buy.

By Carla Hills, Realty Times Published: July 6, 2011

It gets so busy during the summertime. Sometimes it feels as though time has literally sped up. Softball games, family reunions, and camps mean running from point A to point B in a hurry. It's easy to lose sight of the small things.

Little changes are how we make a big difference with the environment. From taking shorter showers to upgrading our appliances, there are ways each day we can help Mother Earth enjoy the Summer as much as we do!

How can you have a low-impact Summer? Our experts give us the following tips.

First, support your local growers. Get produce at your area's Farmers' Market. Buy fruits and veggies in the "grown local" section of your favorite grocery. This may not seem like a big deal, but it supports local commerce and reduces the amount of fuels needed to transport your produce.

The next step also pertains to our food. Grow it yourself! Growing a simple vegetable garden is easier than you think. Most of the work goes into good prepping. Periodic weeding and harvesting are simple manual tasks that deliver real fruits of your "labor." Save money on your electric bill and contribute to a "new" way of living that is spreading across the country.

If you grow your own garden, consider being as natural or organic as possible. There are a plethora of wonderful products on the market that help keep bugs at bay.

Natural bug repellants are available for humans, too! Geraniums secrete a scent that drives mosquitos away. Mix a few drops of essential oils (citronella, orange, and rose geranium) into a spray bottle of water. Use this to spray down your legs and arms before any trip outside or to the garden. Not only will you smell good, you'll be a "no bug zone."

Are you looking for ways to save on energy and fuel costs? Start with your travel habits. Cars, even the most energy efficient models, consume mass amounts of gasoline, which has been refined from oil. The amount of energy and pollution that is involved in refining these products would astound you! Be organized and plan trips to the store. Also consider carpooling or using public transit! Your city may have HOV lanes, or high occupancy vehicle lanes. This means if there is more than one person in your car, you get a free pass around the rush hour traffic! If you have a walkable city, use your legs to walk or bike.

On the inside of your home you can save energy by upgrading your appliances. Newer Energy Star appliances use a fraction of the energy that their older counterparts did. You'll be surprised how much your electric bill drops in the first month!

Keep your home and yard cool for years to come by planting shade trees. Trees give our environment so much. They deliver loads of oxygen, all while consuming our nasty carbon dioxide. They help to reduce global warming with this effect! And of course, the give us shade to enjoy those evening glasses of iced tea.

Little habits add up to big change. Don't be too hard on yourself. Every day is a new day. Pick one thing to change today. Pick another next week and start a new habit.

Carla Hill, Realty Times  Published 6/21/11

Here's an interesting article on open houses for both buyers and sellers. As always, please give me a call if you're interested in selling your home. Let's discuss how my innovative marketing strategies can work for you to get your home SOLD!

Open House: Live From (Name Your City)

by Broderick Perkins

The open house is the original reality show. Sellers get to sing the phrases of a home they've loved. Potential buyers get to dream in real time, in the very same space they may one day occupy.

The grand prize is a cornerstone of the American Dream. Homeownership.

But it's not just a game for sellers and buyers currently in the market. Being a looky loo is acceptable, advantageous and well-advised. If you know you will one day sell, you should also get in on the game to examine the competition to level the playing field long before you list your property for sale.

Here's why you really do need to keep up with the Joneses and how to do so at an open house.

• Get home improvement clues. You want your home to be as contemporary as the competition, without over doing it. If they've upgraded their kitchens you'll be wise to follow suit. Conversely, if no one has added a swimming pool, you don't want to take the plunge either.

• Spying can be good for your decor. If you live in a neighborhood where many homes have similar floorplans you can lift lessons in furniture arrangement, color and pattern use, lighting, accessories, what improvements and additions work and what doesn't work.

• You can vet a real estate agent. And open house allows you to see an agent with his or her boots on the ground. You want to see the agent sell the home she or he is hosting, not pushing his or her other listings -- unless, of course, the potential buyers ask for other properties. In addition to check an agent's work skills, it's also an opportunity to check his or her personality to determine if you can work together.

• Make sure your price is right. Open house events include fliers and other printed materials that describe the home and include its price. You can use them to collect comparables. Public records may not be up to date, leaving out improvements, the seller is happy to reveal to support their price.

• It's an opportunity to get a closer look at your neighborhood. If you haven't started a family, you can get some clues about local schools. Neighbors know about crime, proximity to attractions and events and other neighborhood issues you may have overlooked. If you work at home, you may not be aware of commuting conditions and proximity to commute routes.

It's a good idea to reveal you are a looky loo. Sign in along with the real buyers. An experienced agent wants clues about any interest in the property, hopes you will give the listing some word-of-mouth and may even ask for feedback.

Published: June 9, 2011

Here's a good article on the U.S. housing market I thought you might be interested in.

Turnaround: 4 Months and Counting by Steve Cook, RIS Media

Price declines will end and average U.S. home prices will stabilize by Labor Day. Prices in even the hardest-hit markets will level out by the end of 2012.

That’s the latest prediction from the authoritative Moody’s Analytics and Fiserv, Inc, after an analysis of home price trends in 375 markets tracked by the Fiserv Case-Schiller Indexes.

Fiserv reports that home prices have fallen so far that they are at pre-bubble levels, creating affordable housing relative to income which, coupled with a slowly improving economy, will finally end price declines.

The slide in home prices has greatly improved home affordability. Relative to household income, affordability is at or close to pre-bubble levels in nearly every metro area across the U.S. This dynamic, combined with growing economic strength, leads Fiserv and Moody’s Analytics to project that average U.S. home prices will stabilize in the third quarter of this year. By the end of 2012, home prices in even the hardest-hit housing markets will level out.

However, while Fiserv and Moody’s project the national U.S. home price average will stabilize in the third quarter of 2011, a 3 percent decline is expected in the first half of this year.

“The first step toward restoring confidence in housing markets is an improvement in consumer sentiment, which we expect will increase slowly through 2011 due to stronger job gains and a falling unemployment rate,” says David Stiff, chief economist, Fiserv. “As confidence rises, the decline in home sales that started in 2006 will, finally, come to an end.”

Even as balance returns to the housing market, Fiserv Case-Shiller data forecasts the pace of recovery will be uneven across U.S. metro areas.

“Many metro areas have vast inventories of vacant homes, a consequence of both over-building during the bubble and high rates of foreclosure,” says Stiff. “New data from the 2010 U.S. Census provide estimates of the depth of the overhang of vacant homes in some markets. Between the 2000 and 2010 Censuses, the overall U.S. housing vacancy rate increased by 2.4 percentage points. In metro areas with the largest price bubbles and crashes, housing vacancy rates have jumped by 3 to 7 percentage points.”

The most stressed U.S. housing markets are characterized by unemployment rates that exceed the national average and high housing vacancy rates. Examples include Detroit, Las Vegas and Orlando, where unemployment tops 10 percent and vacancy rates are above 15 percent. Stiff noted the feedback loop that continues to exert downward pressure on home prices in these markets:

“Economic growth in these markets was highly dependent on residential real estate from 2002 to 2006, with many new jobs tied directly or indirectly to booming housing markets. When the bubble popped, these markets suffered the largest job losses. Rapidly falling employment undercut housing demand, causing home price depreciation to accelerate, leading to more job losses in residential real estate.”

The markets that escaped this dynamic are better positioned for more robust recoveries. Examples include Dallas, Milwaukee, Houston, New York, Baltimore and Pittsburgh. Stiff notes that while many of these metro areas did experience double-digit home price declines, their economic growth was more balanced during the boom years, relying less on residential construction. Today, these markets benefit from relatively lower housing vacancy and unemployment rates.

 Published 5/16/11

What does your home inspection cover? And who is liable if a problem develops down the road? These questions were answered in this recent Realty Times column:

You need an inspection on any property you are buying, regardless if it's old or new construction. An inspection is like a check-up for your house. What repairs will need to addressed now and what might need to be addressed later down the road? This is what you have answered during an inspection. Having an inspection done prior to signing a contract allows you to negotiate your findings into the deal. Does the roof need replaced? The seller may give an allowance to pay for the repairs. If you don't ask, you'll never know!

Perhaps you've fallen in love with a fixer-upper and are dreaming of doing the repairs yourself. If the inspection discovers hidden damage and costs, you'll be given the option to keep looking for a more suitable house. Keep in mind, however, that simply because a house needs repairs doesn't mean you shouldn't purchase it. Nearly every house will have a list of repairs that need to be done to get it "shipshape." It is your decision to choose how much you are willing to spend and how much work you are willing to do.

A home inspection varies depending on what type of property you are interested in. According to the American Society of Home Inspectors (ASHI), "the standard home inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components."

There are limits, however, to what a home inspection will cover. They aren't required to identify conditions that are concealed or are considered latent defects. That means if personal property, plants, snow, or debris is covering an issue, the home inspector isn't require to move those items to inspect it and isn't liable if he misses it. They aren't require to make determinations on systems that aren't readily accessible.

And they aren't required to note the presence of potentially hazardous plants and animals. That includes "wood destroying organisms" or even molds.

This means you should find a home inspector that you trust. The ASHI recommends you choose from their list of licensed professionals. "ASHI members know houses, ensuring that you can find a home inspector. They are trained to objectively communicate to you, the home inspection buyer, what the house has to say. ASHI members have demonstrated technical proficiency and report-writing skills, and they have committed to continuing education in order to achieve and maintain their member status."

Having a trusted inspector means that most every problem that can be identified, will be. And inspection is about peace of mind, and a good inspector gives you that.

Published: April 22, 2011

Here's an encouraging article by Carla Hill, Realty Times:

Homeownership has been part of the American Dream for centuries, and it's no wonder why. It rocks.

First, owning a home is an investment. No, it's not a sure-fire way to get rich-quick. It is a long-term investment. Over the course of many years, even through times of economic upheaval, you can build wealth over time.

An average appreciation rate during normal times is around 6.5 percent a year. That means if you buy a home for $100,000, in just ten years you will have a home that could feasibly sell for around $174,000.

During that time you build equity, as well. Equity is the value of your property minus what you owe. So even if you still owe $60,000 on your home after 10 years, you will now have $114,000 in equity. Many homeowners use this equity to take out loans to use for home improvement projects, such as adding on new additions.

Owning a home also comes with less tangible benefits. Studies have shown that it creates a sense of community, motivating community involvement. And family stability is manifested through higher graduation rates and lower crime rates.

When you own a home, you take control of the creation of your surroundings. You can paint, make updates, and style the home to your liking -- all things not possible with most rentals.

You have even further stability when you have a fixed-rate mortgage. A fixed-rate means your rate will never increase. This means you will know the cost of your mortgage for the life of the loan. There won't be any surprises, which is what caught many homeowners off guard during the sub-prime mess. And there aren't any worries about the cost of rent going up each year. You can budget for life!

Don't forget about those great tax breaks, such as deducting your mortgage interest, and tax credits, such as money back for making energy efficient upgrades!

And of course, just think of all the fun times you can have with your family and friends. Memories will be made that will last a lifetime!

Published: March 29, 2011

Believe it or not, Spring is finally right around the corner!

Today's market presents some very unique opportunities for buyers. With affordability near record highs and interest rates near record lows, many homeowners are making the decision to move up or on. If you're thinking of selling your home, here are some helpful hints.

1. Curb Appeal: Buyers make snap judgments about each home they view. These judgments are drawn largely from first impressions. Be sure your home has impressive curb appeal. Fresh flowers and mulched beds, along with trimmed hedges and grass are a must. If your home needs a fresh coat of paint, now is the time. And even if your paint or siding is in good repair, consider painting your front door an eye-catching color, such as red or blue.

2. Inspection: An inspection can make or break a deal. Even after they've fallen in love with your house, a buyer may decide foundation issues or faulty electrical are too much of a headache. The benefits of having an inspection done prior to listing can be two-fold. First, your buyers will be aware of what repairs are needed before they make an offer. Second, you can choose to address these repairs and therefore have them removed from the scenario altogether.

3. Repairs: Buyers are turned off by long lists of needed repairs. This goes double for time-consuming and costly repairs, such as roof work or foundation issues. By identifying and addressing the issues, you may be able to yourself save time and money in the long run.

4. Organize Paperwork: There may be contracts or warranties you have on your home that will transfer to a new buyer. These can include appliances, builder warranties, and even contracts with lawn and pool companies there were paid up-front.

5. Talk to your lender: How much new home can you afford? Are you able to sell your home for enough to cover the remaining balance of the loan? These are important questions to get answered prior to listing!

6. Prepare for showings: Staging a home for sale has multiple different layers. First, you should clean and organize. Have carpets cleaned and repaint dirty or loudly colored walls. Next, remove large and bulky furniture, as these make rooms appear smaller. And finally, take down personal pictures, trophies, and memorabilia that could distract the buyer from what they are actually interested in ... your house!

Every seller needs a competitive edge in today's market. By being prepared for selling prior to listing, you can gain an advantage.

 Published: March 10, 2011, Realty Times

Residential sales, including condos and single-family units, totaled 554 in January to begin the new year, with a figure nearly identical to last January’s 559 sales. The sales volume generated by this activity came to just over $56.4 million, which calculates to an average sale price of   $101,876 and a median sale price of $78,550. These figures are down 8.8% and 12.7%, respectively, in year-over-year comparisons. “Sale prices are historically lower during slower, bad weather months and with school in session,” stated Dayton Area Board of REALTORS® president Bob Wilson. “Averages in January and February are usually the lowest of the year. Increases are usually seen in the spring, when families begin looking again and traffic through available homes picks up.”

Residential listings added during the month reached 1,676, down 10% from the previous January.  The overall residential inventory at month’s end stood at 8,428, representing a 15-month’s supply of available single-family and condominium units. The supply at the end of January 2010 was 7,835 listings, with a similar supply ratio of 14 months. 

Statistics compiled by John Junker, MLS Data Specialist