Navigating the Current Real Estate Market Trends: A Snapshot of Dayton, OH Real Estate Trends 4-22-2024

As we step into the heart of the real estate market, it's crucial for both buyers and sellers to stay informed about the latest trends shaping our local landscape. Today, we're taking a closer look at the current market trends in the Dayton, OH real estate market to provide you with valuable insights into what's happening in our community. 1. Inventory Levels: Stagnant Yet Significant Inventory levels are a key indicator of market dynamics, and in the Dayton, OH real estate market, we're observing a somewhat stagnant situation. With 1252 single-family homes currently available for sale, recent data reveals that 1092 properties were sold in the last 30 days. What's particularly noteworthy is that only 562 homes were listed within the same timeframe. This discrepancy between supply and demand highlights the need for careful navigation in today's market. 2. Pricing Trends: Upward Trajectory When it comes to pricing trends, we've witnessed a notable uptick in median and average sale prices over the past year. Comparing March 2023 to March 2024, the median sale price rose from $217,100 to $237,250, while the average sale price increased from $251,293 to $281,635. These figures underscore the steady appreciation of property values in our area, making it an opportune time for sellers to capitalize on market dynamics. 3. Buyer Demographics: Millennials Leading the Charge Despite fluctuations in the market, there hasn't been a significant shift in buyer demographics. In fact, Millennials continue to represent the largest buyer group in the Dayton, OH real estate market. Their sustained interest in homeownership underscores the enduring appeal of our community and the opportunities it offers for individuals and families alike. 4. Interest Rates and Market Stability: A Balancing Act Looking ahead, market stability remains a key consideration for both buyers and sellers. While there's no indication of interest rates or prices dropping in the near future, it's essential to recognize the broader economic context. With the Federal Reserve giving no further indication of rate cuts and ongoing housing shortages, market conditions are expected to remain relatively stable in the coming months. 5. Days on Market: A Tale of Two Trends The days on market metric offers valuable insights into the pace of market activity and buyer demand. In the Dayton, OH real estate market, we experienced a 12-month high in January with a median of 60 days on the market. However, recent trends suggest a shift in momentum, with the median days on market decreasing to 51 in March and further down to 45 days in April. This decline indicates a potential increase in market activity and competition among buyers, underscoring the need for proactive strategies in today's competitive landscape. In conclusion, navigating the current real estate market in the Dayton, OH real estate market requires a keen understanding of the prevailing trends and dynamics. Whether you're considering buying or selling a property, staying informed and working with a knowledgeable real estate professional can make all the difference in achieving your goals. As always, I'm here to provide personalized guidance and support to help you navigate the ever-changing real estate landscape. If you have any questions or would like to learn more about the market trends in our area, don't hesitate to reach out. Together, let's make informed decisions and seize the opportunities that await in the Dayton, OH real estate market.

My Real Estate Journey

My journey in real estate started back in 2014 when my mom gave my friend, Sam, and I tickets to a 3 day real estate investing workshop in Columbus, OH. At the time Sam and I were living with roommates near the University of Dayton paying a measly amount of rent each, but between the 5 of us at the house it certainly added up for our landlord. We made the hour-long drive each morning to Columbus to learn about real estate. As I know now, the topic we were learning about is called Wholesaling; a practice where you find a distressed property, buy it for cheap, and sell it to a flipper, keeping the profit in the middle as a “wholesale fee.” We spent a few thousand dollars on the course and set out to launch our business. It didn’t take long for us to fail miserably.  Even though we were unable to create success, I knew real estate would be my path to financial freedom, I just had to buy a house. At the time I was a bartender at Applebee’s while I attended school. I started discussing what I had learned from the course with the people there; my manager got wind of what I was trying to do, and he had a house to sell me! I couldn’t qualify for a loan at the time, but he was able to sell it to me on a lease-option contract, a type of owner financing.  I managed to get everything squared away for the down payment, secured 2 roommates, and moved into the home. Over the next 18 months the plan was to fix it up, build my credit, and have enough to purchase the home. I made it into management at Applebee’s, I figured it would be easier to qualify for a loan on salary, but boy was I wrong. It was a major pay cut and a huge increase in working hours. I no longer had the additional income or time to continue to fix the home.  After 10 months of management, I stepped down and went back to bartending. It was an instant pay increase while allowing more time for what I enjoyed, real estate. I decided to get my real estate license and I found a local investor network that was just getting off the ground in Dayton. Here I met two of my greatest real estate mentors and friends, Darrin and Christina Carey, who told me to read Rich Dad Poor Dad; the book that shifted my mindset completely.  In summer of 2015, I finished my licensing classes and passed my test on the first attempt. Out of school I joined Irongate Realtors; at the time they were the largest local brand. I was so excited when I got my license; I told everyone!! I was still bartending at Applebee’s on the weekend, it was a great network for me to leverage. Because I now had my license I was able to generate the real value of property. I did this for the property that I was supposed to close on at the end of the year; I was underwater! The beauty of the lease-option, is that is exactly what it was, an option to purchase the home at the previously agreed upon price. I decided to call it quits on that property, and move home with mom and dad.  I knew it was the right decision, but I couldn’t shake the feeling that I failed. I continued to go to the monthly investor meeting, it grew and grew and grew. There are now over 6,500 members on the facebook group. It only took two months into the new year until this even changed my life. I was still bartending part time as I got my business off the ground. I went to my bar table to find an amazing couple, family friends of my parents. I told them about how I was transitioning into real estate with my license and getting my business off the ground. His wife looked at me and said, “Do you want to sell an 8 unit apartment building?” to which he chuckled, “Do you just want to buy it?”  It was February 2016, I went down to check out this 8 unit apartment building. It had 1 paying tenant, 1 tenant to be evicted, and 7 units that needed varying amounts of work. I asked him what he would want to sell it for, and when he told me his number I immediately knew I had to buy it. When I left that day I called my friend Darrin for a small loan, he told me “No. You can get owner financing on this property. Here is how…” It worked! I partnered with my brother, Lewie, and we closed on the 8 unit. Over the next 5 years we struggled, but managed, to get the property fixed up, rented out, and cash flowing enough to sell it. It was an amazing deal, but an even better learning experience. You can read about this deal in my book, Graduate with Cashflow, where I discuss this deal and other beginner real estate investor tips and tricks.  Shortly after closing on the apartment building I moved my license to Outside the Box Real Estate, Christina Carey’s brokerage, to focus working with investors. Business was great, I really enjoyed it. I was able to help new and experienced investors start and grow their investment portfolio. To some investors, I felt like their coach and mentor. A little while in, Christina and I had an opportunity to take over a property management company. Instantly we had almost 450 units under management.  Over the next 2 years I worked diligently to ensure the properties were maintained, turned over quickly and effectively, and that the tenant maintenance issues were taken care of. I was able to build a long and healthy list of contractors, handymen and women, cleaners, and other trade folks. I still have contacts that I refer out to this day.  Sales were harder to come by with all my time being occupied managing the properties and burnout came swiftly. I put in my two week notice right before covid closed the entire country. I kept my license at Outside the Box for a time, but ultimately I decided to join Realistar with my long time friend Christina James. What Mrs. Carey was to me for investing, Mrs. James was to me for sales. She was a great lead and mentor and she really helped me get my residential sales business rolling. Over the next 30 months I focused solely on my clients and their needs.  After growing with Realistar I felt I had reached a peak, and I started looking for something more. I interviewed with several local brokerages, thinking that was where I wanted to be. It wasn’t until I was talking to one of my lender partners, Jason Hudson of NRL Mortgage, that I heard about Real. Real Brokerage Technologies Inc, the fastest growing publicly traded company.  I found out all of the information that I could, and I knew they were the fit for me. Within hours of submitting my application the president himself connected me with another Ohio agent to help bring me into the Real ecosystem.  It is now my mission to help as many clients as I can with their real estate needs. I love talking about buying, selling, investing, and remodeling. All the knowledge I’ve learned over the last 10+ years helps me give the best possible service to my clients no matter what they may need. It is my goal over the next year to grow my team at Real in order to bring the absolute best service to Dayton, OH and the surrounding markets.

Dayton, OH Market Update From February 2024

The Dayton, OH real estate market continues to show signs of strength as we head into the spring season of 2024. In this month's market update, we delve into the latest statistics and trends that are shaping the local housing market.One of the most significant highlights is the increase in average sales price. Year over year, the average sales price in Dayton has risen by an impressive 14% to $262,000. This upward trend bodes well for homeowners looking to sell, as it indicates a healthy demand for properties in the area. Additionally, the average price is up 14%, further solidifying the positive trajectory of the market.Another crucial factor to consider is the available inventory. In April 2024, Dayton had a mere 1.1 months of inventory. This figure signifies a shortage of available homes compared to the number of potential buyers in the market. With such limited inventory, competition among buyers is fierce, leading to increased prices and faster sales. Sellers can take advantage of this situation by strategically pricing their homes and maximizing their returns.Real estate news in Dayton is also worth noting. The city's robust economy continues to attract businesses, leading to job growth and an influx of new residents. Furthermore, Dayton's affordability compared to other major cities in Ohio and neighboring states makes it an attractive destination for both first-time homebuyers and investors. These factors contribute to a perpetually active real estate market and a steady stream of potential buyers.As we look ahead, it's essential to remain cautious about potential challenges. Rising interest rates may impact affordability for some buyers, leading to a slight slowdown in the market. However, the overall strength of the Dayton market suggests that any potential dip may be temporary and mild compared to other regions.In summary, the Dayton, OH real estate market continues to thrive in April 2024. The average sales price has seen a remarkable 14% year-over-year increase to $262,000, reflecting strong demand and a competitive market. With only 1.1 months of inventory available, sellers have the upper hand while buyers face intense competition. The city's economic growth and affordability make it an attractive destination, ensuring a steady flow of interested buyers. Although rising interest rates may pose a slight challenge, the overall outlook for Dayton's real estate market remains positive.

3 Tips For Buying Your First Home in 2024

Are you thinking about buying your first home in 2024? Congratulations! Purchasing a home can be an exciting and fulfilling milestone in life. However, it can also be a complex process, especially if you are a first-time buyer. To ensure a smooth and successful home buying experience, here are three essential tips to keep in mind.1. Get Preapproved and Ask About Rate BuydownsBefore you start your home search, it's crucial to get preapproved for a mortgage. This step involves submitting your financial information to a lender who will then evaluate your creditworthiness and determine how much they are willing to lend you. By obtaining a preapproval letter, you will have a clear understanding of your budget and be in a better position to make a competitive offer when you find your dream home.Additionally, when exploring mortgage options, be sure to ask about rate buydowns. A rate buydown is a payment made to the lender upfront to reduce your interest rate for a certain period, typically the first few years of your mortgage. This can help lower your monthly mortgage payments, making homeownership more affordable, especially during the initial years when expenses might be higher.2. Interview Real Estate AgentsFinding the right real estate agent can make a significant difference in your home buying journey. Take the time to interview multiple agents and choose one who understands your needs, has experience in your desired area, and is a good communicative fit for you.A skilled agent will guide you through the entire process, from searching for homes to negotiating the best deal and handling the paperwork. They can also provide valuable insights and advice based on their expertise, helping you make informed decisions. Remember, buying a home is a significant investment, so having a knowledgeable and trustworthy professional by your side is essential.3. Create a Wish List for Your Dream HomeBefore you start attending open houses or browsing online listings, take some time to create a wish list for your ideal home. Consider your needs, preferences, and future plans. Do you need multiple bedrooms for a growing family? Is a fenced backyard important for your pets? Are you looking for a specific architectural style or location?Having a wish list will help you prioritize your requirements and narrow down your options when you start touring potential homes. It will also make it easier for your real estate agent to understand your preferences and find properties that align with your desired features. Remember, no home will likely be perfect in every aspect, so be prepared to compromise on certain elements while focusing on the must-haves.In conclusion, buying your first home in 2024 can be an exciting and fulfilling experience if you approach it with the right knowledge and guidance. Start by getting preapproved for a mortgage and exploring rate buydown options. Interview multiple real estate agents and choose one who is a good fit for your needs. Lastly, create a wish list for your dream home to help streamline your search. By following these tips, you'll be well on your way to finding the perfect home and making your 2024 homeownership dreams a reality.