Real Estate Information

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

Statistics compiled by John Junker, MLS Data Specialist

The final two quarters of residential real estate sales in the Miami Valley, as reported by the Dayton Area Board of Realtors Multiple Listing Service, proved to be the polar opposite of the first two quarters in 2010. The first six months saw mostly year-over-year increases in number of sales and average sale prices, while the second half saw those gains gradually erode. Surprisingly, strong numbers in December helped the final 2010 average sale price squeak into positive territory, the first time it has done so since 2005.

The average sale price for single-family properties finished the year at $123,544, a tiny increase of .22 percent over 2009. The number of homes sold through the MLS totaled 10,058, a 5.8% decrease from 2009’s 10,680 sales. This activity generated over $1.24 billion in total volume, down just 5.6% from 2009. The median sale price for the year came in at $105,000, which was identical to last year’s median.

Single-family listings submitted in 2010 totaled 23,053, compared to 21,978 in 2009, a 4.9% increase. At the beginning of the 2010, 7,611 active listings were available for sale. Inventory peaked at 9,224 listings in July, before declining through the fall. By year’s end, there were a total of 7,722 active listings available for sale. This total represented a 10.7-month’s supply based upon the latest resale rate, which picked up considerably in December.  

In December, 718 transactions took place. This compares to just 599 sales in November, an increase of almost 20%. This is a very atypical increase in sales from November to December when activity is almost always declining as the end of the year approaches. This was also just 8 units less than last December, the smallest year-over-year decline in the last six months of 2010.

The sales volume generated by this activity reached $88.4 million, a 1% increase over last year’s comparable figure, and translated to an average sale price for the month of $123,119, an appreciation of 2.3% over last December’s average. This was the first year-over-year appreciation in the average sale price since June.

The median sale price for the month showed an even greater increase as the December figure of $102,500 was a 6.7% jump over the $96,000 median figure reported in December 2009. This is the first year-over-year increase in this figure since May.

Listings submitted in December totaled 1,379, a 10.6% increase over last year’s 1,246. The total active inventory of available single-family listings at the close of 2010 was 7,722, down from November’s 8,010.

The supply of listings at year’s end, based on December’s pace of sales, was 10.7-months, significantly down from last month’s 13-month supply when the inventory was larger and the sales pace was much slower.

Last year at the same time the inventory stood at 7,611, up a slight 1.4% from this year’s 7,722. The supply then was 10.4-months, very comparable to this year’s supply with the sales pace and inventories nearly the same.

Statistics compiled by John Junker, MLS Data Specialist

Winter Lawn Care Tips

Winter may have your lawn looking less than stellar. To keep your neighbors happy -- and potential buyers interested -- take a look at these lawn care tips.

Why is winter lawn care so important? By taking a few precautions during the Winter, you can ensure a healthy lawn come Springtime.

The first, and perhaps easiest, step is to pick up any leaves that cover your lawn. If left sitting over grass, they will create dead spots.

The same goes for clutter and debris, such as toys. You may think that grass is completely dormant during Winter months, however, grass still needs oxygen and sunlight to maintain life. If you have it covered, you have it smothered.

The next step, do not drive on the grass. Winter is a time for holiday parties and family get-togethers. Many people may be tempted to park on lawns. Resist the urge!

You can take lawn care two steps further, as well.

If your lawn has pH issues, now is the time to treat it with lime and other additives. Contact your local lawn specialist for more information.

Late Winter is also the time to aerate your lawn. What is aerating? By making small holes in the surface of your lawn, you allow for deeper root growth. You also allow nutrients to gain direct access to the grass roots. This should give you a fuller, thicker lawn.

Follow these simple steps and wake up to a beautiful Spring lawn.

By Carla Hill, Realty Times

Published: December 30, 2010