by Tammy Murphy | May 13, 2024 | BLOG, Current Events, GLOBAL, Investor Relations, Market Updates, Neighbor Chat, Networking, Real Estate News, Real Homes to Love
May 2024 Real Estate Market Update: Strong Sales and Rising Prices!
Hello, Dayton homeowners and future buyers! As we dive deeper into 2024, we’re thrilled to bring you the latest updates from our local real estate market. May has been a remarkable month, showcasing impressive growth in both sales and prices. Whether you’re considering buying, selling, or simply curious about the market, there’s a lot of exciting news to share!
Market Highlights
In May, we saw a total of 1,360 home sales, reflecting a 6% increase from the 1,283 sales reported in May 2023. This trend of increasing sales continues, demonstrating resilience against the typical seasonal slowdowns that often characterize this time of year.
The total sales volume for May reached $392 million, marking a robust 17% increase compared to the same month last year. Such strong activity is a positive sign of the health and vibrancy of our local market!
Price Trends
The upward trajectory in home prices remains a key story in our market. The median sales price hit $250,000, representing an 11% increase from last year. The average sales price also rose, reaching $288,362, which is 11% higher than May 2023. These increases reflect strong demand and a competitive market that favors homeowners looking to sell.
Year-to-Date Performance
As we look at the first five months of 2024, the trends continue to impress. There have been 5,770 sales, which is a 14% increase from the same period last year. The total sales volume for this timeframe has soared to $1.57 billion, a remarkable 27% increase compared to 2023. The average sales price year-to-date stands at $272,424, showing an 11% rise, while the median price has also increased to $230,000, up 9% from last year.
Inventory Insights
In May, there were 1,753 new listings, which is a 23% increase from last year’s 1,419. Year-to-date listings have also seen a rise, with a total of 7,077 listings submitted—up 17% from 6,020 last year. However, with only 1,540 active listings at the end of May, the inventory represents just over one month’s supply based on the current sales pace, indicating a competitive market for homebuyers.
Why This Matters to You
These trends present an exciting opportunity for buyers and sellers alike. If you’re thinking of selling, rising prices could mean a great return on your investment. For buyers, navigating a competitive market can be challenging, but we’re here to help you every step of the way.
If you have questions about your home’s value, want to explore your buying options, or need guidance on the current market, please don’t hesitate to reach out. We offer no-obligation assessments tailored to your needs.
Let’s Connect!
Our team is dedicated to helping you achieve your real estate goals, whether you’re looking to buy, sell, or simply explore your options. Stay tuned for more updates, and let’s make 2024 a fantastic year for real estate together!
by Tammy Murphy | Apr 30, 2024 | BLOG, Buyers, Current Events, For Rent, Investor Relations, Neighbor Chat, Networking, Podcast, Real Estate News, Real Homes to Love, RENTAL, Sellers
Decoding Land Contracts: A Blueprint for Real Estate Success
Welcome to our latest podcast episode, where we delve deep into the fascinating world of land contracts. If you’ve ever wondered about the intricacies of these contracts and the opportunities they offer to both buyers and sellers in real estate transactions, then this episode is a must-listen for you.
We begin by unraveling the complexities of land contracts, shedding light on the fundamental concepts that underpin these agreements. Whether you’re a prospective buyer or seller, gaining a deeper understanding of land contracts can provide you with invaluable insights and knowledge to make informed decisions.
One of the key takeaways from this episode is the importance of working with experienced professionals such as your Realtor and Legal Counsel. These experts play a vital role in guiding you through the nuances of land contracts, ensuring that your financial needs and goals are met with clarity and transparency.
By fostering open and honest communication with your team of professionals, you can pave the way for a successful transition to your next home. Whether you’re looking to buy or sell real estate, the knowledge gained from this episode will empower you to navigate land contracts with confidence and precision.
Don’t miss out on this opportunity to gain a blueprint for real estate success. Tune in to our podcast episode and unlock the secrets of land contracts, setting the stage for a seamless and rewarding real estate journey. Your dream home awaits, and understanding land contracts is the key to unlocking its doors.
https://youtu.be/oUFfB0TD9-Y
by Tammy Murphy | Apr 23, 2024 | BLOG, Buyers, Current Events, Neighbor Chat, Networking, Podcast, Real Estate News, Real Homes to Love, Sellers
Buy or Sell First? This question revolves around the complexities of timing in the real estate market. With low inventory and high demand, deciding whether to buy first or sell first can seem like a real estate version of “which came first, the chicken or the egg?” Tammy and Elle share their perspectives on this process, offering valuable insights and considerations to help listeners navigate this crucial decision.
In today’s market, nearly everyone is grappling with the same dilemma. You might be thinking, “I need to sell my house to buy my next one, but what if I can’t find a new home in time?” Or perhaps, “If I wait to sell, will my contingent offer even stand a chance?” These are valid concerns, and this episode aims to address them head-on.
Through candid discussions and expert advice, Tammy and Elle guide listeners in understanding the implications of buying or selling first. Whether you’re a seasoned homeowner or a first-time buyer, this episode is packed with valuable information to help you make informed decisions about your next move in the real estate market.
Tune in to gain clarity and confidence in navigating the buying vs. selling dilemma. Let Tammy and Elle’s insights empower you to take the next steps towards your dream home without the stress of uncertainty. Don’t miss out on this episode—it’s time to sip The Real-Tea and make informed real estate decisions!
https://youtu.be/QEEPPYxOhJE
by Tammy Murphy | Apr 16, 2024 | BLOG, Buyers, Current Events, LENDERS, Neighbor Chat, Networking, Podcast, Real Estate News, Real Homes to Love, RENTAL, Sellers
Unlocking the Secrets of the Loan Process: A Conversation with Mortgage Advisor Justin Williams
Are you in the midst of navigating the complex world of home buying? Perhaps you’re curious about the loan process and eager to gain insights from a seasoned expert. Look no further than our latest podcast episode featuring Justin Williams, a Mortgage Advisor with Union Home Mortgage.
In this special episode, we dive deep into the crucial aspects of the loan process that every prospective homebuyer should know. From essential questions to ask to key considerations, Justin shares valuable perspectives and insider tips to demystify the loan journey.
Whether you’re a first-time homebuyer or seasoned in real estate transactions, this episode promises to equip you with the knowledge and confidence to navigate the loan process effectively. Don’t miss out on this valuable opportunity to unlock the secrets of securing a mortgage and making informed decisions for your home purchase.
Tune in to our podcast and join the conversation with Justin Williams to gain invaluable insights and empower your home buying journey. Your dream home awaits, and understanding the loan process is the key to unlocking its doors.
What sets this episode apart is the opportunity for you, our listeners, to directly engage with Justin. Do you have burning questions about mortgages, lending criteria, or financial considerations? Comment below and share your questions with us, and we’ll put Justin back in the hot seat to provide clarity and expert advice.
by Tammy Murphy | Apr 8, 2024 | BLOG, Current Events, GLOBAL, Market Updates, Neighbor Chat, Networking, Real Estate News, Real Homes to Love
April 2024 Real Estate Market Update: Strong Growth Continues!
Hello, Dayton friends! Spring has fully arrived, and with it, exciting developments in our local real estate market. April 2024 has proven to be a robust month for home sales, showcasing an upward trend in both sales and prices. Whether you’re considering buying or selling, let’s dive into the latest numbers and insights!
Market Highlights
April saw a significant 14% increase in home sales, with 1,228 transactions reported compared to 1,075 in April 2023. This surge reflects the continued demand for homes in our vibrant community, with buyers eager to find their perfect match.
The sales volume for the month reached $325 million, marking a 21% increase from last year. This momentum is encouraging for both buyers and sellers, as it indicates a healthy, active market.
Price Trends
Price growth remains steady, with the average sales price rising to $265,444, a 6% increase over April 2023. The median sale price also experienced a boost, reaching $225,000, up 3% from the previous year. These rising prices highlight the strength of our local market and the value of investing in Dayton real estate.
Year-to-Date Performance
Looking at the first four months of 2024, the trends continue to impress. A total of 4,375 sales have been recorded, which is a 16% increase compared to the same period last year. The cumulative sales volume for this timeframe is an astounding $1.16 billion, representing a nearly 30% increase from 2023.
The average sale price for the year so far stands at $267,158, reflecting an 11% rise, while the median price has also grown, moving from $203,750 in 2023 to $225,000 in 2024—a 10% increase. These statistics are promising for homeowners and investors alike!
Inventory Insights
In April, there were 1,557 new listings, a 21% increase from last year, contributing to a total of 5,321 listings year-to-date, up 15%. However, with 1,323 active listings at the end of April, we see just one month’s supply of homes available based on the current sales pace, suggesting a competitive environment for buyers.
Why This Matters to You
The strong performance in our market presents a wonderful opportunity for both buyers and sellers. If you’ve been contemplating selling your home, the rising prices and active market could work in your favor. For buyers, understanding the competitive landscape is essential, and we’re here to help you navigate your options effectively.
If you have any questions about your home’s value, potential buying power, or market trends, don’t hesitate to reach out! We offer no-obligation assessments and are ready to provide personalized insights tailored to your unique situation.
Let’s Connect!
Our team is dedicated to helping you achieve your real estate goals, whether you’re buying, selling, or simply exploring your options. Stay tuned for more updates, and let’s make this spring a season of success in real estate together!
by Tammy Murphy | Mar 19, 2024 | BLOG, Buyers, Current Events, Neighbor Chat, Networking, Podcast, Real Estate News, Real Homes to Love, Sellers
NAR Settlement Announced – Now What? If you are like many, this is the breaking news and hot topic – and depending on your news source – highly debatable! As with ANYTHING you should do your own research, ask questions and seek to understand as to HOW THIS AFFECTS YOU. Everything is being distorted when it comes to the NAR Settlement and it does not necessarily mean that Realtors have CUT their commission, or that you don’t need to use a Realtor, or any other variety of click bait topics being trolled!
First, the settlement that was “announced” is an agreement that is YET TO BE ACCEPTED. It is subject to still change and just as the DOJ previously had made an agreement with NAR that they then RESCINDED – nothing is set and final, until the ‘fat lady of justice process’ actually SINGS.
Second, NEVER has the commission rate been decided or directed by NAR; nor is it set in stone – it has ALWAYS BEEN NEGOTIABLE. It has been a process that was incorporated in the sale of a home to be paid by the seller proceeds, that also allows for the compensation to the BUYER’S AGENT without having the Buyer come out of pocket directly for the payment of their Agent’s fee for services; which for 116 years was an agreeable process and standard industry. Now What??
MY TAKE on this – which I have been in the business since 2001 and seen many changes in the process – some for the better service of our clients; ease of business for the Agents; and in general, just because of technology changes. IF YOU KNOW ME – then you know I have had my pulpit moments for just about all of those changes! LOL
In this case, I think the NEGATIVE IMPACT of this “settlement” stands to hurt our BUYERS and SELLERS – ultimately doing EXACTLY THE OPPOSITE of what “was intended” by this lawsuit / settlement. Why do I say that? Well, if the BUYER is now responsible to PAY for their Realtor FEES, it is currently only able to be done OUT OF POCKET and NOT ROLLED INTO THEIR LOAN. So someone looking to purchase a $100,000 home, not only needs to have the 3.5% (5 or 10 or whatever down-payment percentage determined by them for the loan they are seeking) PLUS the closing costs (which BTW were NOT included in this lawsuit discussion as “needing to be negotiable for the Buyer so they were fully aware of what their costs are / were”) which can be 1%-5% depending on where / what are closing costs are factored into the specific type of loan they are using. This DOES NOT INCLUDE the Out of Pocket Expenses Buyer has for the PROCESS: Inspections and Appraisal fees (typically anywhere from $400-$1500+) again – DEPENDING on the type of property, location and type of loan. SO MANY VARIABLES that go into determining WHAT THE BUYER is going to pay – and yet ANOTHER REASON THE BUYER NEEDS TO HAVE A REALTOR ON THEIR BEHALF THAT IS WORKING TO ENSURE THEY UNDERSTAND EVERYTHING INVOLVED WITH THEIR PURCHASE.
Don’t even get me started how this is setting the country up for massive issues with Fair Housing Violations, REDLINING, and a complete DISCRIMINATION against all those from First Time Buyers – to our MILITARY – to everyone else who may be in a “situation” that takes special care!
If you are a SELLER – you will be affected in a different way and should ask questions of any Realtor you look to HIRE, as to what this means for YOU.
If you are a BUYER – you will be affected THE MOST, and having a honest discussion with a Realtor you seek to HIRE, is critical to ensure YOU get the representation you want / need and understand HOW THEY WILL BE PAID. Again, so many factors involved depending on the house, location, and loan you want…make sure you get the answers you need to be able to do what is BEST FOR YOU.
For the people who may have ever thought REALTOR SERVICES ARE FREE – that is WRONG. Of course the fee for using a Realtor is being PAID (by someone) and for those who FAILED TO DISCLOSE WHO WAS PAYING FOR THE REALTOR(s) – SHAME ON YOU for getting us all into this mess! (But YES, there is A LOT that we do that is “extra” and sometimes we do A LOT OF WORK and don’t get to the closing table – which means we are NOT GETTING PAID!) Having our commission tied to the actual CLOSING PROCESS ensures that we are COMMITTED TO THE PROCESS FOR OUR CLIENT (otherwise it just becomes an ala cart pricing structure that you pay each time you want us to show a house, write a contract, attend an inspection, negotiate an issue, etc…) my eyes are rolling back in my head at this point!!!
Want to know more about what I think?? I cover it here on an BONUS episode of The Real-Tea Podcast and I am ALWAYS HAPPY TO ANSWER YOUR SPECIFIC QUESTIONS FOR YOUR SPECIFIC SITUATION 😉 Watch the video episode on YouTube at https://youtu.be/aY6P6J3zTr4 or audio version on Spotify at https://podcasters.spotify.com/pod/show/real-homes-to-love/episodes/The-RealTea-on-NAR-Lawsuit-Settlement-e2h8dhi.
And YES – there is reliable details about all of the FACTS, this site is PUBLIC and available to update YOU on this subject (without the rhetoric, hype, or click bait!!) FACTS.REALTOR
