👀Are house prices plummeting in the Dayton Metro Market❓
The news is reporting all different information on the housing market 📊 across the nation and in our community.
How do you know what or who to believe❓
I’m Denise Swick with RE/Max Performance and in this video
I will not only give you the 7️⃣ most important statistics & facts to explain exactly the type of market we are experiencing…
…but at the end of the video the 3️⃣ deadly mistakes sellers are making in this market.
🔒The lockdown of our country may have affected many cities and towns, yet in the Dayton Metro area, the real estate market is absolutely on fire🔥
👍Going into 2020 and the first quarter, we were experiencing a 40%⬆️ increase in showings on listings.
That is incredible, especially coming off of one of, if not THE hottest🔥🔥 real estate market I have seen in 30+ years of selling real estate.
📌Fact #1 May of 2020 had 1954 🆕 house listings come to the market, compared to 2444 new listings in 2019.
That is nearly 20%⬇️ less houses for sale than last year, that’s a huge percentage and it is for obvious reasons.
Many people were unable or afraid to list their houses for sale.
📌Fact #2 The year over year, the months of supply of 🏡houses for sale was and is about 4️⃣ months supply…
…Meaning approximately 27-30% of the current inventory did not sell in May.
Even with that anything under about 5-6 month’s supply is a seller’s market where prices 💲 are💪 strong and even going up⬆️
📌Fact #3 Many people are thinking that because of COVID-19 they can “get a deal” in this market 📈
🧐 well, the Dayton MLS system reports that houses in 2019 were selling for 98.2% of their original list price to the sale price and in 2020 that number is 98.4%.
So clearly the buyers are paying the same or slightly ⬆️ above the listing price of the property.
📌Fact #4 and this is probably the most exciting 🤩 and best indicator that our market is incredible, is that in 2019 the average sale price of a house in the Dayton Metro area was $179,811, heck I remember when the average sale price for the area was $98,000 dollars 📣WOW📣
Now in 2020, the average sale price is $187,488…
…That is 4% higher than last year and imagine if we weren’t under restrictions 🤔to shelter in place…
Which leads me to fact…
📌Fact #5 There were 30%⬇️ less sales occurring in May 2020 than in 2019. Only 1250 houses closed in 2020 and in 2019 there were 1778 closed sales.
📌Fact #6 Which is also quite interesting is that houses, even with the shut down, are still on average selling 5️⃣ days faster than in 2019.
📌Fact #7 the best and most telling prediction of the type of market we are in this second quarter of 2020 is that in June of 2019, 1️⃣5️⃣8️⃣0️⃣ houses closed escrow & right now there are 2️⃣5️⃣4️⃣2️⃣houses that are under contract waiting to close escrow.
😁That is over 1 1/2 more houses getting ready to close this month than at this time last year❗️
While all of this is very good news, I promised you the 3️⃣ deadly 😱 mistakes that sellers are making in this market.
You can see that roughly 30% of the houses going up for sale are not selling and the average sale price is not over the asking price, yet close.
✅ The house is not in ready to show condition 💃
In this market👩💼, you still do not get a second chance to make a first impression…
…even with motivated buyers in this market, that is so important😲
✅ Not requiring prospective buyers to have in hand before showing a pre-approval 🥇or proof of funds letter.
Why❓
💬There are roughly 15% of the properties that get a contract quickly, that come back on the market in a few days 📆 or weeks…
…because the buyer’s financing wasn’t a sure thing🤬
✅ Not exposing the house to the market for a long enough period to get the absolute best price 💲 and TERMS 📑
Many agents and sellers think that selling a house the first day out in 4-8 hours is awesome 🥳
Think about it realistically…
Yes, you may have multiple offers 🤩 and get full price or close, yet not all buyers can rearrange their schedules and get to the house on such short notice🤦♂
This is drastically ⬇️ reducing your chances to get even MORE 💵 money, or better yet, better terms…
…like an all-cash 💲 buyer and no ❌❌ inspections!
I’ll take that please! and it happens… a lot 🤑
If you’re ready to sell 🏠houses are selling fast 🏃♂and safe.
Call☎️ or Text📱 me at 937-619-7454…
…for an in-person or 💻virtual meeting and get your house’s approximate value at DeniseSwick.com.