How’s the Dayton, OH Real Estate Market?
The stats are in for March 2023 and the Dayton real estate inventory is hovering around 1000 units. This is down over 17% from last year at this time! That’s significant and this short supply coupled with strong demand has increased our prices 6.5% over March of 2022. The tight supply of homes has resulted in home sales being down well over 10% from March 2022. Many sellers are enjoying multiple offers on their homes and selling prices above their asking. It’s a great time to be a seller and a challenging time to be a buyer. There are tactics you can use to set yourself apart and win the bid on the buy side. I have many of these outlined on my website DavidSellsDayton.com under the ‘Realtor Tips’ tab. Reach out anytime to discuss the Dayton and surrounding area real estate market.
How did the 2022 Dayton OH real estate market finish out?
2022 was an interesting year real estate-wise. It started off at a fever pitch, interest rates doubled and things cooled. In 2022 the number of sold homes dropped by over 8 percent BUT total sales volume actually INCREASED slightly (.08) because the average sale price increased, pumping things up. Sale price increased by over 9 percent to just shy of $240,000. Inventory is the number of homes we have for sale expressed as the number of days it takes to sell those homes off. In 2021 the Dayton area had under 30 days worth of Inventory - an incredibly swift market. Last year it increased to 1.3 month’s supply. Still a Seller’s Market just not as red hot as it used to be. Reach out with any real estate related questions that come to mind.
Do I Need to Pay Private Mortgage Insurance PMI?
Private mortgage insurance is a fee you pay to your lender if you are putting less than 20% down on your conventional mortgage. It insulates the lender from a loss if you default on your mortgage. If you are putting less than 20% down and having to pay PMI it’s important to know you are not stuck with it forever. Once you reach 78 percent loan-to-value the servicer of the loan must automatically termite the PMI. So, if you are ready to move but hesitant because you don’t have a full 20% down I wouldn’t let it stop me if I found a home I really loved. In time you’ll have the PMI dropped and you’ll be glad you moved forward on your dream home. FHA has something similar call MIP or Mortgage Insurance Premium. Although VA loans don’t have mortgage insurance they do have something called a VA funding fee that helps them to cover losses and keep the program going. It’s a one time fee of approximately 2 to 3 percent and it can even be rolled into the loan for a true no money down VA loan. If you are looking for a top Realtor in Beavercreek, Bellbrook, Kettering and surrounding areas reach out to me and I’ll show you there is a Difference with David. More Videos for Buyers
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