The Dayton housing market is buzzing! People are asking: “Are homes in Dayton selling?” “Where in Dayton should I buy a home?” “Has the Dayton housing market hit rock bottom?” “Are interest rates going to remain around 4%?”
Before I fill you in on just how I answer the questions above that are posed to me on a daily basis, I will first tell you this: I will not give anyone personal market predictions, false hope, or even stretch the truth just to make the market seem one way when in all reality it’s actually the opposite. With that being said, let’s get to answering the questions.
QUESTION #1 “Are homes in Dayton Ohio selling?”
The short answer is, Yes! I have a good amount of buyers right now and I cannot tell you how hard it is to locate and find inventory. I put my buyers on an auto-email provided by the Dayton MLS that will email them pictures, price, stats & location of homes that fit and meet their specific criteria. It seems like every time my buyers fall in love with a home and request that we schedule a showing, it just so happens that the home is currently under contract. I am not saying that every home in Dayton Ohio is selling – because they’re not. If you look closely, there are many homes that have been on the market for well over 120 days and some that have been on the market over 365 days.
The homes that are selling in the Dayton market are homes that are clean, well-manicured, 3 or more bedrooms, with very little left for the new homeowner to do upon moving in. It’s as simple as this: If your home has no curb appeal, is messy, or needs a ton of repairs, it is not going to sell in this market. There are so many homes for sale in Dayton Ohio and the market is saturated with short sales & foreclosed homes – and potential buyers seem unwilling to purchase them because they consider them a potential money pit. I can also tell you that condos & townhouses in Dayton are currently very slow to sell. I’m hearing a lot of questions similar to this: “Why would I purchase a condo in Dayton or a suburb of Dayton for $150K and pay $167 dollars a month towards a condo (homeowners association) fee, have neighbors either beside me, underneath me, or on top of me – when I can purchase a home for the same price, have no homeowners association fee, and actually have a yard with neighbors more than a 2×4 and piece of drywall away from me?”
QUESTION #2 “Where in the Dayton Ohio/Miami Valley area should I buy a home?”
Wherever you feel most comfortable! I would never try and steer a buyer into a certain city, neighborhood, or even school district, everything is relevant. While some people might consider certain school districts in the Dayton area more desirable than others, your family’s personal preferences and needs should help guide your decision. For example, your children may have a lot of friends or participate in their favorite activities in one particular school district. Home buyers should make decisions based on things like property taxes, school district, resale, safety, and accessibility to and from work & leisure. I work the entire Dayton area – I’ll study not only the Dayton housing market, but also the housing markets of all the local suburbs like Centerville, Bellbrook, Springboro, Oakwood, & Kettering Ohio – which all happen to be great places to buy a home.
QUESTION #3 “Has the housing market in Dayton Ohio hit rock bottom?”
In my professional opinion, yes! I would say the local housing market here in Dayton Ohio has hit “rock bottom.” However, I say this with full confidence that the housing market is rebounding and we will make a full recovery. Everything in this world seems to be cyclical….even bell bottom jeans and halter tops! With the days of jumbo home loans being secured with “no look docs” behind us, I think the future of responsible homeownership is settling in and mistakes made in the past (mainly by banks) are going to be very difficult (or even illegal) to make in the future. As far as interest rates go, I can’t really foresee rates falling below 4%. If interest rates fall any further, housing will turn into an entitlement – and at this point I’m not sure if the U.S. Government can afford any more entitlements. In all seriousness, I think we are going to see interest rates on the rise in the near future. One thing’s for sure – the days of the 4% – 30 year mortgage rates are about to come to an end.
If you are currently selling a home in Dayton Ohio, here are a few tips:
- It’s the 21st century, hire a 21st century Realtor! People DO NOT buy homes or sell homes using “Print Advertising” anymore.
- Stage your home to sell! Whether you do it yourself or you hire a professional home stager…..Stage to sell!
- Price your home to sell! Get a “Free Home Evaluation,” find out what your home is worth & price your home to sell!
If you are currently buying a home in Dayton Ohio, here are a few tips:
- Always be armed & ready with a “Pre-Approval Letter.” Getting pre-approved gives you a bargaining tool and the ability to act fast.
- Always order a full home inspection by a Certified home inspector! Anyone can call themselves a “Home Inspector,” so make sure the one you hire is C-E-R-T-I-F-I-E-D.
- Always compare the listing price of the home (asking price) with the current tax value of the home. Ask your Realtor to elaborate in further detail.