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.
by Tammy Murphy | May 14, 2024 | BLOG, Current Events, Estate Planning, Facing Foreclosure, Neighbor Chat, Networking, Podcast, Real Estate News, Real Homes to Love, Sellers, Senior Living, Short Sale
Reverse Mortgages: Unveiling Insights and Pitfalls… At first glance, Reverse Mortgages may seem like a beneficial financial option, especially for seniors looking to tap into their home equity. However, our episode uncovers the hidden complexities and potential risks associated with these arrangements. Through a detailed analysis and invaluable insights, we empower you with a deeper understanding of Reverse Mortgages.
Our mission is clear: to equip you with the knowledge necessary to make informed decisions. By dissecting the intricacies of Reverse Mortgages, we provide you with the tools to navigate this financial option with confidence and clarity. Whether you’re considering a Reverse Mortgage or simply curious about its implications, this episode is a must-listen.
Join us as we unravel the mysteries surrounding Reverse Mortgages and offer practical advice to help you avoid common pitfalls. By staying informed and aware, you can protect yourself and your assets while making sound financial choices for the future.
Tune in to our podcast episode and gain a deeper understanding of Reverse Mortgages. Don’t let the allure of quick cash overshadow the importance of due diligence and informed decision-making. Your financial well-being is paramount, and we’re here to guide you every step of the way.
** This episode is dedicated to Mildred Elrod, mother of Tammy Lilly, and the subject case of today’s topic. Her passing in December of 2023 brought to light not only the issues of a Reverse Mortgage; but it spotlights the unconscionable preying on our seniors. From their real estate holdings to potential inheritance by family; the government’s insatiable appetite to misrepresent a “solution” that ultimately is a scheme to deteriorate what should be the people’s rights of ownership, wealth accumulation and future generation of wealth inheritance. **
You Tube: https://youtu.be/yrZUlpTG7fo
Spotify: https://podcasters.spotify.com/pod/show/real-homes-to-love/episodes/The-Real-Tea-SPECIAL-Episode-on-Reverse-Mortgages-e2im43i
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
