Dayton Housing Market
By the numbers...
Since there seems to be quite a bit of misinformation out there right now surrounding the housing market, I want to dispel a few myths and make sure you have the right information. Most often reality isn’t what’s portrayed on TV, so here’s what the Dayton real estate market looks like by the numbers…
Week of March 23-27, 2020
New Listings: Contracts Signed: Closed:
+171 +259 +196
Myth vs. Reality
Myth #1: The ‘stay at home’ order prevents me from buying or selling a home.
Reality: Real Estate Professionals, Lenders, and Title Agencies have all been deemed as ‘essential businesses’ and will remain open to serve your needs. You are permitted to leave your home to receive these essential services. Some delays can be expected in the closing process, but we don’t expect any major interruptions.
Myth #2: Home values will be going down
Reality: While no one has a crystal ball, we do have 2 main indicators that will support property values and keep them elevated. 1) Historically low mortgage rates, and 2) A multi-year housing shortage.
“February’s sales of over 5 million homes were the strongest since February 2007.”
“Once the social distancing and quarantine measures are relaxed, we should see this temporary pause evaporate and potential buyers return [to the market] with the same enthusiasm.”
“Unlike the stock market, home prices are not expected to drop because of the ongoing housing shortage.” - NAR Chief Economist, Lawrence Yun.
Myth #3: Realtors cannot show properties due to the ‘stay at home’ order
Reality: Public safety is our #1 concern, and Realtors have adapted to conform with social distancing and minimal contact best practices. We are now employing virtual tours via video conferencing apps, property videos, and professional photography. In-person showings are available by appointment, and will follow 6-foot min. distancing as well as sanitization best practices. If you’re not in a hurry to move, I suggest window shopping for now!
Myth #4: No one is listing their home right now
Reality: New listings are coming on the market everyday, but many listings (especially ones that are still occupied) have been delayed due to the concerns surrounding coronavirus. Since there is less competition from occupied properties, and strong buyer demand, right now is a great time to list your home if you’ve already moved out and the property is vacant.
Extra: It's important to know that when you list your house, there will almost certainly be several people coming through it i.e. potential buyers, inspectors, appraisers, contractors, and agents. Keeping yourself safe and healthy is paramount, so please take this into consideration if you are at higher risk.
Be well, stay safe!