Things are changing day by day, and there's alot of misinformation and confusion out there surrounding the housing market and home values. I'm committed to delivering the facts to keep you educated on what's really happening here in the Dayton area. Stay tuned, as every Friday I'll be bringing you the latest numbers from the Dayton Multiple Listing Service.
What happened in the Dayton Housing Market this past week?
This week saw a slow down in properties being listed compared to last week, but a positive gain in the number of contracts being written. What we're seeing is that the reduction of homes coming to market is compounding the effects of an already short supply. Buyer demand remains consistent, resulting in steady home values, and stiff competition for available housing. Serious buyers continue to shop and buy properties, while the 'tire kickers' are tending to stay home.
-New listings declined, adding to an already short supply
-Buyer demand has remained consistent
-Low interest rates continue to help buyers' purchasing ability
Week of April 4-10, 2020 vs. previous week
New Listings: Under Contract: Closed:
203(-22%) 351 (+2.3%) 213 (-30%)
Lenders are tightening up...
For the past several weeks, lenders have been tightening up their lending standards for buyers. With the rate of unemployment at high levels, and an uncertainty about what's coming next, any lenders are safeguarding themselves by imposing stricter lending practices. In some cases;
Higher credit scores are required
Minimum down payments may increase for certain loans
Lenders may verify buyer's employment several times throughout the process
Buyers need to make sure they are of sound financial footing before beginning their home buying journey.
Conditions that are affecting the local market are changing day-by-day, and I will do my best to keep you educated and informed!
Stay safe, be well!
-Stephen