Aug 2024 Dayton OH Housing Stats
There never is a shortage of national or state statistics on how the housing market is doing. But those broad stats can be misleading for specific cities and regions. If you live in the Dayton OH area you are probably most concerned with the Dayton, Ohio numbers. Let’s take a look at how Dayton compared to a year ago as the benchmark. Aug 23 to Aug 24 total home sales remained about the same posting just -1.05% lower this year. Part of the reason for that lower number was related to the fact that total new listings were down nearly -8% from this time last year. Many sellers fear not being able to find a replacement home and this is a big factor in the posting of this lower number. This decline in new listings (low supply) and sales has pushed our average sale price up 9.68% over Aug of 23! Year to date sales are very positive with sales up an incredible 10.25% and average sale price up 9.68%. 2024 is shaping up to be a great year and is expected to finish strong as interest rates slide a bit. I’m always available to discuss in more detail and even break these stats down to a neighborhood level for you.
NAR Settlement - Home Buyer Change Explained
The National Association of Realtors Settlement has created a change on the buyer side of things. This change is nationwide, not brokerage or state specific. Now, all buyers who would like to tour a home with their broker must sign a buyer representation agreement with their agent PRIOR to being able to see the property. In the past, a buyer could contact a Realtor and request a showing without signing this. These buyer agreements are not new. A lot of agents have used them for years. Now, however, they are mandatory with everyone. Going forward, the new license law requirement is that a buyer agreement must be signed PRIOR to any showing taking place. The agreement clearly outlines the compensation paid to your agent. Typically, the seller will offer payment to the buyer’s agent just like in the past so that it is easier for the buyer to buy. However, if a seller is only offering partial or no compensation, the buyer will be responsible for the remainder. The changes on the buyer and seller side of things may leave you with questions on how they will work in practice. I work everyday in the Dayton housing market and would be happy to discuss how it all works.
Real Estate Title Insurance
Title insurance provides protection from defects in a real estate title. So, you are getting ready to close on a home and the title search you paid good money for shows the title is clean with no issues. Your lender is requiring that you also ( as part of your closing costs) pay for title insurance to cover them. Why? The title is clean? Is this just a money grab for the lender and title co? Title searches are not infallible and the lender knows it and won’t take the chance of not being covered. Even the best, most comprehensive title search in the world can’t uncover certain issues that can cause problems later. Suppose someone forged a document or deed on a prior sale. That could never be detected by a title search but if a lawsuit is filed because of it, you are left to cover the cost of defending your interest in the real estate on your own dime. You’ll have no luck recovering from the title company in this instance. Fraud, clerical errors, boundary disputes, undisclosed heirs and a number of other issues is where the right kind of title insurance can kick in to protect your interest. Title insurance that covers the lender is aptly named Lender’s Title Insurance. This does not cover the buyer. There is Owner’s Title Insurance for that. It’s an extra charge but at a reduced rate if you are already buying Lender’s Title Insurance. Title companies here in the Dayton, Ohio area will allow you to consider Owner’s Title up to 30 days after closing at the reduced rate. After that, a new title search will have to be done as well. The cost of this insurance is state mandated so the price is the same everywhere. The fee varies depending on the price of the home and loan amount, there are multiple online calculators to plug and chug if you want to know the cost. Feel free to reach out with any and all real estate related questions that come to mind!
Categories
Recent Posts
