Dayton Ohio Real Estate Market Update - April 2008

 

So whats going on in the Dayton Ohio real estate market?  You can also view specific local community info on Beavercreek, Bellbrook, Centerville / Washington Twp, Kettering, Miamisburg / Miami Twp.  Each update is pulled from Dayton MLS data for the specific neighborhood and can be found at Dayton Ohio area neighborhood information and click on the Dayton Ohio real estate area you are interested in learning more about.  Would you like specific and instant Dayton MLS market data?  You can find that and more with our Market Snapshot¦ this tool pulls data directly from the Dayton MLS and can even update you periodically on the Dayton Ohio real estate market directly to your email¦  Sounds pretty cool huh?  Check it out below. Then go to Market Snapshot

 

    

 

 

 

April 2008 Dayton Ohio Real Estate MLS Activity:

 

Total Active properties in Dayton MLS	10,408
Total homes that failed to sell in the Dayton MLS	1112
Total homes pending sale in the Dayton MLS	900
Total homes SOLD in the Dayton MLS	891
Average LIST Price of all homes sold in the Dayton Ohio real estate market	$168,127
Average Selling Price of all homes sold in the Dayton Ohio real estate market	$126,294
Median selling price of all homes sold in the Dayton MLS	$113,500
Average % of asking price of all SOLD homes in the Dayton MLS	95.74%
Average Days on the market for all homes SOLD in Dayton MLS	127

 

 

 

 

 

 

 

 

 

 

Also Read: Is Curb Appeal Important to Selling Dayton Ohio Real Estate
 

Need general info on the area?  Check out any local Dayton Ohio community by clicking on the photos above¦ want more?  Go to general Dayton Ohio info.

 

So what does the Dayton MLS data mean for my real estate?

Well things are staying pretty consistent in the Dayton Ohio real estate market¦  While that may not be great news for Dayton Ohio home sellers it is not all bad either.  Much of the country has seen much worse real estate falls than we have and are seeing.  There are a lot of homes for sale in the greater Dayton Ohio real estate market, a lot of homes for buyers to pick from and a lot of home owners facing foreclosure¦ But, if you have a true real estate professional with an aggressive marketing plan, price your home right, and stage your home to sell there are still a lot of home buyers out there too.

 

Based on actual sales from last month and active homes for sale in the greater Dayton Ohio real estate market we have about 11 1/2 months supply of homes at the current rate of sale. While that is down from just a few month ago, it is still clearly classified as a 'buyers market. 

 

Thinking of buying a home¦ this is a great time.  You will have a lot of homes to choose from and prices are good.  You can still even get a great rate from our team mortgage broker¦  Remember, as always, the best homes still sell fast.  So, if you find one you like and the price is right, then buy it dont shop just to look¦ or make a very low offer trying to steal a home¦ you will most likely loose that home.

 

Just like Dayton home sellers¦ if you are looking to buy in the greater Dayton Ohio real estate market you need a team of professionals that can help you find the home you are looking for THEN negotiate a great deal and see you all the way to closing.  Beleive it or not getting to closing is usually the hardes part of the real estate transaction.

 

We are always here to help¦ you may want to check out some of the thousands of homes for sale in the greater Dayton Ohio real estate market below¦

 

 

 

 

 

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

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I recently heard this story: 

    "Is the lender required to honor a pre-approval?  My lender pulled credit and said everything was great.  Now two weeks later after all of the vendor work they are saying my credit doesn't qualify based on the same report they originally pulled.  They claimed to have missed something before.  What should I do?" 

Read: Dayton Ohio Mortgage Broker Terms: Revealed for more in depth definitions.

 

This is a huge issue in the Dayton Ohio Mortgage Broker industry and frankly it drives me crazy.  Which brings me to the pressing issue: 

 

What is the difference between a Pre-Approval and Pre-Qualification?

If you are starting your Dayton Ohio home search you must know the difference.  Not having the correct information can cost you thousands.

 

What is a Dayton Ohio Mortgage Brokers Pre-Approval?

A written commitment from the lender after reviewing income, debts, assets, employment history and any other resources that could help prove the credit worthiness of the client.  A pre-approval is basically underwriting a file without a property address.  The final approval is pending an appraisal, title search and no change in the borrowers income, assets, employment, etc.  As a Dayton Ohio Mortgage Broker when I issue a pre-approval I do the following things to ensure that the loan will close:

1. Ask about the sources of income to make sure that they can be verified
2. Pull a tri-merge credit report
3. Run the file through an automated underwriting system
4. Ask for proof of assets to ensure they are from an acceptable source

As a Dayton Ohio Mortgage Broker I would suggest that you always go the extra step to get a pre-approval, not a pre-qualification.  Read the following article from the National Association of Realtors as to why a pre-approved buyer has a leg up on the competition.

 

To calculate your mortgage payment click on the calculator below!!!

 

 

What is a Dayton Ohio Mortgage Broker Pre-Qualification?

You may have hear the term "not worth the paper it is written on", that is a perfect example of what a pre-qualification from a Dayton Ohio Mortgage Broker is.  Unfortunately over the past several years Dayton Ohio Mortgage Brokers have gotten into trouble with breezing through a loan application and not asking the right questions and putting buyers into a position where they can't complete the purchase because of financing. 

Buyer beware of a Dayton Ohio Mortgage Broker that seems unsure of how to read your credit report or calculate your income.  A pre-qualification consists of similar questions as a pre-approval but will be lacking a tri-merge credit report, automated underwriting findings and a complete loan application.

 

Why does a Pre-Qualified Buyer hold all the cards in Dayton Ohio?

With a larger number of homes on the market a pre-qualified buyers offer will be taken more seriously by a seller.  The good homes are still getting multiple offers after several days on the market, no seller wants to accept an offer from a buyer without a pre-approval letter.  A pre-approval letter will help you determine if you are searching for homes in the right price range.  There are good deals to be had and pre-approved buyers will have them.  See The Best Deal in Dayton Ohio Real Estate to find your next great deal or your first one!!!

 

For a FREE Pre-Approval please e-mail me at Laura@MarkRyanGroup.com. 

 

 

 

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

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This past month the Federal Reserve has cut rates by 1.25%. Most people think this means that now is a great time to refinance your Dayton Ohio Mortgage or invest in Dayton Ohio Real Estate.

Dayton Ohio Mortgage Rates hit 3 year low:

Unfortunately the federal funds rate does not directly affect the 30 year fixed rate mortgage on your Dayton Ohio home. Although changes in it, especially unexpected ones, can impact Dayton Ohio Mortgage rates temporarily. For example when the Fed made an emergency .75% rate cut the Dayton Ohio mortgage rates hit a 3 year low... for about 6 hours.

Dayton Ohio Mortgage Rates vs. Fed Funds Rate:

The federal funds rate is actually the overnight lending rate. Sounds simple right? Many people automatically think that if the Fed drops the rate than Dayton Ohio Mortgage Rates are dropping. WRONG! The Fed fund rate influences short term rates and I am not talking about adjustable rate mortgages (5 and 7 year arms). The fed funds rate affects certain types of Dayton Ohio Mortgages such as home equity loans, credit cards and other short term loans like car and persornal loans. It can also effect CD's, savings account rates and money market accounts but will not have a direct affect on Dayton Ohio mortgage rates.

The 10 year bond and Dayton Ohio Mortgages:

Dayton Ohio Mortgage Rates follow the US treasury bond rate, particularly the 10 year bond. Dayton Ohio Mortgages track US Treasury bonds quite well. There is no direct relationship but if you compare the two side by side you will see a correlation. See the cart below from HSH.com.

For the most part you can count on a few things:

1. Dayton Ohio Mortgage Rates tend to follow the 10 year Treasury Bond.
2. Unless the Federal Reserve does something un-expected your Dayton Ohio Mortgage rates will not be affected.
3. If inflation is anticipated by anyone with some credibility Dayton Ohio Mortgage Rates will rise.
4. So if you are counting on a FED rate cut to save you from foreclosure, it won't help... a Short Sale may be what you need. Read Short sale steps: how to avoid foreclosure.

If you want to know more about the Dayton Ohio Real Estate market you can read about it at: Dayton Ohio Real Estate Market Update: Total Market Overview . Some other things that you can look for when it comes to the Dayton Ohio Mortgage Rates are first time home buyers loans and some HUD incentives especially for Ohio Home buyers.

As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

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As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com

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