by Tammy Murphy | Oct 28, 2024 | BLOG, Current Events, Neighbor Chat, Networking, Real Estate News, Real Homes to Love, Senior Living
As we dive deeper into the intricacies of property taxes, it’s essential to reflect on the broader implications of these increases beyond just the numbers on a tax bill. For many homeowners, especially those on fixed incomes, these rising costs can mean tough choices: deciding between making necessary home repairs or paying that ever-increasing tax bill.
So, what’s next for homeowners in Montgomery County? With the potential legislative changes on the horizon, there is a glimmer of hope. The proposed increase to the Homestead Exemption could provide much-needed relief, particularly for our elderly neighbors and those facing financial hardships. However, the question remains: will these changes be enacted swiftly enough to make a meaningful impact?
During our discussion with John McManus, it was refreshing to hear his insights not just as a treasurer but as a fellow community member. He highlighted the importance of transparency in how tax dollars are spent and the need for ongoing dialogue between local government and residents. “It’s not just about collecting taxes; it’s about ensuring that our community feels the benefit of those funds,” he emphasized.
This sentiment resonates deeply with many residents who feel disconnected from the decisions that affect their wallets. How can we bridge that gap? Engaging in community forums, reaching out to local representatives, and voicing our concerns can empower us as constituents. John reminded us that our collective voice has the power to drive change. As homeowners, we must remain vigilant and proactive, ensuring our interests are represented in these legislative discussions.
Moreover, as we navigate these challenging times, it’s crucial to explore ways to mitigate the impact of rising property taxes. Have you considered a property tax appeal? While it might seem daunting, many homeowners have successfully challenged their tax assessments with the right information and support. It’s worth investigating, especially if you believe your home’s valuation does not reflect current market conditions.
In conclusion, while property taxes may seem like an unavoidable reality, they don’t have to be a source of frustration. By staying informed, engaging with local leaders, and exploring available resources, we can work together to find solutions that benefit our community. Let’s continue this conversation—after all, it’s our community, and we all have a stake in its future.
Together, let’s advocate for change and support one another through these challenges!
by Tammy Murphy | Oct 14, 2024 | BLOG, Current Events, GLOBAL, Market Updates, Neighbor Chat, Networking, Real Estate News, Real Homes to Love
Third Quarter 2024 Real Estate Market Update: Steady Prices Amid Changes!
Hello, Dayton community! As we transition into the final months of 2024, it’s time to reflect on the results from the third quarter of the year. The Dayton real estate market has shown resilience, with solid price growth despite a dip in sales volume. Whether you’re thinking of buying, selling, or just keeping an eye on the market, we have valuable insights to share!
Q3 Highlights
September brought a total of 1,175 home sales, representing a 12% decrease compared to the 1,344 sales in September 2023. This decline in transactions reflects broader market dynamics, but it’s important to note that overall demand for homes in our area remains strong.
The cumulative sales volume for September reached $324 million, down 4.6% from last year. Despite fewer sales, prices continue to climb, showcasing the value of homes in our community.
Price Trends
The trend in home prices remains positive. The average sales price rose to $276,129, marking a 9% increase from the previous September. Meanwhile, the median sale price increased to $232,000, up 2.2%. This growth in prices reflects a competitive market where buyers are willing to invest in quality homes.
Year-to-Date Performance
Looking at the broader performance for the year through September, we see an overall increase in sales activity. There have been 10,969 sales year-to-date, representing a 7% increase from 10,216 in the same period last year. The total sales volume for the year has hit $3.05 billion, a remarkable 17.6% increase compared to 2023.
The average sales price for the year stands at $278,348, reflecting a 9.6% increase, while the median price has risen to $239,000, indicating an 8% increase. These trends suggest that home values continue to appreciate, which is great news for current homeowners and potential sellers.
Inventory Insights
In September, there were 1,462 new listings, down 13.4% from last year’s 1,690. However, year-to-date listings total 13,451, up 7.7% compared to the previous year. The overall inventory at the end of September showed 2,013 active properties, translating to just under two months’ supply based on the current resale rate, indicating a tight market.
Why This Matters to You
The third-quarter results highlight a competitive landscape for buyers and a favorable environment for sellers. If you’re thinking about selling your home, the rising prices could lead to a great return on your investment. For buyers, understanding the current market dynamics is key to making informed decisions.
If you have any questions about your home’s value, want to explore your buying options, or need insights into the current market conditions, please don’t hesitate to reach out! We offer no-obligation assessments tailored to your needs.
Let’s Connect!
Our team is here to support you in achieving your real estate goals. Stay tuned for more updates as we approach the end of the year, and let’s make the rest of 2024 a successful year in real estate together!
by Tammy Murphy | Aug 12, 2024 | BLOG, Current Events, GLOBAL, Investor Relations, Market Updates, Neighbor Chat, Networking, Real Estate News, Real Homes to Love
August 2024 Real Estate Market Update: Steady Growth Continues!
Hello, Dayton community! As we transition into fall, we’re excited to share the latest updates from our local real estate market. August has proven to be a month of steady sales and continued price growth, highlighting the resilience of our market. Whether you’re thinking of buying, selling, or just curious about what’s happening, there’s plenty of positive news to share!
Market Highlights
In August, we reported 1,318 home sales, which is relatively unchanged compared to 1,332 sales in August 2023. This stability in sales reflects a consistent demand for homes, even as we move through the summer months. The cumulative sales volume for August reached over $377.8 million, marking an 8.5% increase from the previous year.
Price Trends
Home prices are continuing their upward trajectory. The average sales price climbed to $286,666, an impressive 9.6% increase from last August. Similarly, the median sales price rose to $249,000, up 6% from last year. These price increases signify the growing value of properties in our area and the ongoing interest from buyers.
Year-to-Date Performance
Looking at the first eight months of 2024, the market shows a marked improvement. There have been 9,781 sales, which represents a 10% increase over the same period last year. The cumulative sales volume has surged to $2.7 billion, reflecting a 21% increase from 2023. The average sales price for this period stands at $278,630, which is nearly a 10% increase, while the median sales price has risen to $239,900, up 8.5%.
Inventory Insights
In August, we saw 1,654 new listings, a decrease of 7.8% from last year. However, year-to-date listings have increased by 11%, totaling 11,987 entries. The overall inventory at the end of August was 2,001 properties, which translates to just a 1.5-month supply based on the current sales rate, indicating a competitive environment for buyers.
Why This Matters to You
The August market trends provide exciting opportunities for both buyers and sellers. If you’re considering selling your home, the rising prices suggest that now could be a great time to make a move. For buyers, staying informed about current market dynamics is essential for making informed decisions in this active environment.
If you have questions about your home’s value, want to explore your buying options, or need insights into the current market conditions, please don’t hesitate to reach out! We offer no-obligation assessments tailored to your needs.
Let’s Connect!
Our team is here to support you in achieving your real estate goals. Stay tuned for more updates as we progress through the year, and let’s make the rest of 2024 a successful year in real estate together!
by Tammy Murphy | Jul 15, 2024 | BLOG, Current Events, GLOBAL, Investor Relations, Market Updates, Neighbor Chat, Networking, Real Estate News, Real Homes to Love
July 2024 Real Estate Market Update: Summer Surge!
Hello, Dayton friends! As we enjoy the warm summer days, we’re excited to share the latest insights from our local real estate market. July has proven to be a month of growth and opportunity, with impressive increases in both sales and prices. Whether you’re considering buying, selling, or just curious about the market, there’s plenty of great news to share!
Market Highlights
In July, we recorded 1,328 home sales, a notable 13% increase compared to July 2023. This surge reflects the heightened demand characteristic of the summer home buying season, indicating that buyers are actively seeking new opportunities in our vibrant community.
The cumulative sales volume for the month reached over $375 million, a remarkable 19% increase from last year. This positive trend demonstrates the strength of our local market and the ongoing interest in homeownership.
Price Trends
Home prices continue to rise, reinforcing the value of investing in real estate in our area. The average sales price in July climbed to $282,427, marking a 5% increase from the previous year. Meanwhile, the median sales price also saw a boost, reaching $246,675, which is up 3% from last July. These increases highlight the growing demand for homes and the value buyers are placing on quality properties.
Year-to-Date Performance
Looking at the overall performance for the first seven months of 2024, the numbers are equally impressive. We’ve seen 8,438 sales year-to-date, representing an 11.9% increase compared to the 7,540 sales during the same period last year. The total sales volume for this year has surged to $2.34 billion, reflecting a 22.8% increase from 2023.
The average sales price year-to-date stands at $277,373, a nearly 10% increase, while the median price has risen to $237,000, up 7.7% from last year. This consistent growth in home values is a positive sign for current homeowners and those considering entering the market.
Inventory Insights
July also saw an increase in new listings, with 1,630 entries, which is a 13% increase compared to last year’s 1,507 listings. For the January-July period, we recorded a total of 10,324 listings, up 14.7% from 2023. However, with 1,673 active listings at the end of July, we currently have about 1.3 months’ supply of homes available, which continues to suggest a competitive market for buyers.
Why This Matters to You
These trends present exciting opportunities for both buyers and sellers. If you’re thinking about selling your home, now may be a great time to capitalize on rising prices. For buyers, understanding the current market dynamics is crucial for making informed decisions in this active environment.
If you have any questions about your home’s value, want to explore your buying options, or need insights into the current market conditions, please don’t hesitate to reach out! We offer no-obligation assessments tailored to your needs.
Let’s Connect!
Our team is here to support you in achieving your real estate goals. As always, stay tuned for more updates, and let’s make the rest of 2024 a successful year in real estate together!
by Tammy Murphy | Jun 17, 2024 | BLOG, Current Events, GLOBAL, Investor Relations, Market Updates, Neighbor Chat, Networking, Real Estate News, Real Homes to Love
Second Quarter 2024 Real Estate Market Update: Resilience and Growth!
Hello, Dayton friends! As we wrap up the second quarter of 2024, it’s time to take a closer look at the real estate market in our area. The latest numbers reveal a market that remains robust, with impressive growth in prices and continued activity despite a slight dip in sales for June. Whether you’re considering buying, selling, or just curious about the market, there’s plenty of exciting information to share!
Q2 Highlights
The second quarter has continued to showcase the strength of our local real estate market. In June, we recorded 1,282 home sales, reflecting a 3.8% decrease from June 2023. However, this minor decline comes on the heels of strong performance in April and May, demonstrating resilience in the face of seasonal shifts.
The cumulative sales volume for June reached $375 million, which is a 5% increase from the previous year. This consistent volume indicates that while sales may have slipped slightly in June, buyer demand remains strong overall.
Price Trends
One of the most notable trends has been the rise in home prices. In June, the average sales price hit a new high of $292,966, marking an impressive 9.5% increase from last year. The median sales price also rose to $255,000, up 8.9%, setting another peak in our market. These increases reflect a continuing trend of rising home values, making it a great time for homeowners to consider their selling options.
Year-to-Date Performance
Looking at the first half of 2024, we see a strong performance overall. There were 7,075 sales recorded, representing an 11% increase from the 6,365 sales in the first half of 2023. The cumulative sales volume for this period reached an impressive $1.96 billion, a 23% increase year-over-year.
The average sales price year-to-date stands at $276,568, up 10% from last year, while the median price increased to $235,000, reflecting a 9% rise. This steady growth in prices signifies a healthy market and increased demand for homes.
Inventory Insights
June also brought 1,608 new listings, up 9% from last year. For the first half of the year, 8,689 listings were submitted, marking a 16% increase compared to 2023. However, with 1,673 active listings at the end of June, we have just a 1.3-month supply of homes available, which continues to indicate a competitive environment for buyers.
Why This Matters to You
The second quarter results highlight both opportunities and challenges in our market. For sellers, rising prices and strong demand could translate to a favorable selling environment. For buyers, understanding current trends and acting quickly is crucial in this fast-paced market.
If you have questions about your home’s value, want to discuss your buying options, or need insights into the current market conditions, please don’t hesitate to reach out! We offer no-obligation assessments tailored to your unique needs.
Let’s Connect!
Our team is here to support you in achieving your real estate goals. As always, stay tuned for more updates, and let’s make the remainder of 2024 a successful year in real estate together!
by Tammy Murphy | May 27, 2024 | BLOG, Buyers, Current Events, Neighbor Chat, Networking, Real Estate News, Real Homes to Love, Sellers, Senior Living
A topic that is on everyone’s mind and in the middle of a lot of discussion is about Property Taxes, so “Let’s Talk About Property Taxes” here in the Montgomery County / Dayton Ohio Region specifically… We know (or have heard) that the increases seen this past year due to the continued uptick in the Seller’s Market – has netted about a 34% INCREASE in property tax basis. What does that mean for the average homeowner? Higher Property Taxes, of course. Now that increase you pay isn’t 34% but it is HIGHER and with no real legislation or “control” in place – OHIO is one of the states that this tax can continue to be a burden and negative impact on the future of properties – if not addressed!
Our State Legislation currently has at least 5 bills under consideration – to address Property Taxes. From raising the Homestead Exemption from its current $25,000-$38,000 to a HIGHER AMOUNT; to restricting the amount of increase for those who are Elderly or Disabled or Fixed Income; to potentially a hybrid version that combines a little of all the bills to one. EITHER WAY YOU SLICE IT – People are being TAXED higher than they see the value necessary – and with continued ballot votes that offer LEVY and ASSESSMENTS that can ADD to the Property Taxes, people are just fed up.
This was the perfect time to have our guest speaker, John McManus, the Montgomery County Treasurer, on our recent podcast The Real-Tea – and was he an enjoyable treat to share! His view and perspective on things is coming from a place of “the people” and to hear that he UNDERSTANDS our perspective and feels the PINCH with us, was a welcome and unexpected benefit. I don’t know about you – but having someone in this position who understands and can relate to the plight of the people is certainly advantageous! I say we keep him in the position for a few more terms!?
Take a listen / look at our podcast – there was so much information we had to do a second episode – so don’t miss that one either!
https://youtu.be/U1aT_0Oenx0
https://youtu.be/lSq9D0f3hIQ
Here’s a few of the tidbit details you may want to check out as well:
Do you know how much of your property tax goes to the school district?? 60% ! And levies can either increase or decrease additional funds for this purpose: New levies are making an INCREASE, or a RENEWAL is keeping the level as current. Montgomery County receives 2-4 %
Depending on your property location, the following ALSO receive a portion of your property taxes: Cities, Townships, Parks and Recreation, Emergency Services, Human Services, and Schools including Sinclair and / or Miami Valley Career Tech.
To see what YOUR property tax goes to cover specifically:
- Go to www.mcauditor.org
- Click on Property Search (proceed to site)
- Search By Address (enter your property address as directed)
- Select the Parcel for your property.
On the left side bar – Select the LEVEY DISTRIBUTION and you will see the breakdown of where your property taxes are being distributed.
BEWARE OF SCAMS:
County Recorder’s Office: Fraud Alert Notification System: Recordings filed against your property will be an immediate notification to you so that you can QUICKLY see if there is fraudulent activity against your property.
Sign up for this FREE SERVICE @ https://go.mcohio.org/applications/recorder/fraud/
County Auditor’s Office: Buy with Confidence – a program to offer homebuyers information and resources to avoid being taken advantage of when buying property. https://www.mcohio.org/1480/Buy-With-Confidence
DON’T BUY HOUSES OF FACEBOOK MARKETPLACE or CRAIGSLIST without doing your DUE DILIGENCE TO VERIFY!
John’s passion project is with Financial Literacy for Adults and Children… This is a FREE Program that can be arranged to present information and education on understanding money / budget and financial planning. Contact the County Offices at 937-225-4010 to schedule.
