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Where Did All the Houses Go?

March 15, 2021 by Eric Lowry

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Where Did All the Houses Go? 

The inventory of homes for sale right now is crazy low. The pandemic is definitely part of the reason, but it’s not the whole story. Let’s dive in and find out what exactly is causing this shortage.

According to a report on CNBC, so far in 2021 there were 207,000 homes that should have been listed across the country, that were not. There is definitely a record shattering decline in the number of homes for sale, or what we call the inventory.

It’s the result of years of steady erosion; this didn’t happen overnight. It’s just that it’s worse now. The shortage has certainly accelerated. The number of homes available for sale has dropped dramatically. So, where have all the houses gone? And why?

The Pandemic is Partially to Blame

The pandemic has certainly caused some of this. I’m sure we’ve all heard or thought, “Who wants to sell a house in the middle of a pandemic? Who wants a bunch of strangers trampling through the house?” There is certainly a part of the population that just doesn’t want that, so they just have not even considered putting their home on the market.

A lot of home owners are baby boomers, and they are a group of people that are at a higher risk in this pandemic. A good amount of them just weren’t coming to market out of an abundance of caution. To be clear though, these folks aren’t the only ones who think and feel this way. They just happen to be the largest portion of the home owners that might have listed but did not.

The Vicious Cycle of Low Inventory

Another contributing factor is the vicious cycle where many people who might sell their home aren’t doing it because they don’t know where they’d go. They don’t know that they’d be able to find a house they would buy if they sell theirs. So they don’t put their home on the market because there is nothing for them to buy. Thus the vicious cycle, the downward spiral, continues with another home that doesn’t go on the market because of the market. It just keeps perpetuating itself continuing to reduce the potential inventory that might otherwise have come on the market.

Current Interest Rates

Another factor to consider in this whole equation is the exceptionally low interest rates we’ve seen over the past year. A tremendous amount of homeowners have refinanced their home loans to take advantage of these historically low rates. So these people now have a low mortgage rate and a low monthly payment, and that could be making people happy enough in their current homes that there isn’t a lot of motivation for those people to sell any time soon.

The New Construction Factor

You also need to give thought to the new construction factor. In the past, home builders were building a lot of homes that fed the supply of homes for sale. There would be a lot of market homes in a wide variety of price ranges. Today, with the quickly rising cost of building materials, new construction homes prices have escalated significantly. Meaning, in the entry level and first-move-up price points, there is just isn’t really any new construction happening in a lot of these areas.

Long Term Effects of Institutional Investors

Institutional investors are another thing contributing to this decline in inventory over time. Institutional investors are large companies that over the course of a number of years are buying up large blocks of single family homes and renting them out. They are not flipping these homes, they are holding them to rent. These investors have taken thousands and thousands of homes out of the real estate market that will not be coming up for sale. There could be a point where home prices get high enough that they might consider selling, but there are not current indications of this happening. They are content to hold onto these properties whose asset value is increasing dramatically.

What’s Going to Change this Situation?

So what’s going to change this current low inventory situation? More new construction would certainly help, but honestly I don’t think that’s going to happen. Certainly not in the price ranges where we really need the increased inventory.

As the end of the pandemic nears, there probably will be a few more listings come on the market, but most likely not a dramatic amount, and certainly not enough to meet the demand of all the buyers that are in the market right now.

For the foreseeable future, this severe shortage of inventory of homes for sale, I don’t see it changing much. So for now, this is just the market we’re in; it’s today’s reality. We will always continue to watch for trends and indicators that things are changing, but for now, what we see is a pretty hot real estate market.

It’s unbelievably hot if you’re a seller, in a really great way. If you’re a buyer, you really just have to see the opportunity here is that while you might be buying a home for more than you’d like to be paying for it, you’re borrowing the money at such a cheap level with the low, low interest rates that you can at least say from one perspective you got a good deal there.

If you have any questions about the real estate market, please feel free to reach out to us at 513-368-3751.

Articles you may be interested in:

Cincinnati Real Estate Market Update – March 2021

Dayton Real Estate Market Update – March 2021

Springfield Real Estate Market Update – March 2021

Filed Under: Buyers, Eric Lowry's Articles, Sellers Tagged With: buying a house in 2021, Eric Lowry, selling a house in 2021, The Lowry Team, The Lowry Team exp Realty, Where Did All the Houses Go?, why aren't there any homes for sale?

REAL ESTATE NOW Springfield Market Update – March 2021

March 15, 2021 by Eric Lowry

513-368-3751 to Connect with a Top Real Estate Agent in Springfield

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Just Listed Under $150,000 Under $200,000
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What’s going on in real estate now? Find out in this Springfield market update!

As you probably know, the Springfield real estate market right now in most areas and price ranges is going absolutely crazy. Homes are selling in just hours after being listed, getting numerous offers, and are selling above list price. Sometimes by quite a large amount! Not to mention the fact that there is a major shortage of homes for sale. It’s an unprecedented situation, so let’s dive into the details.

Is now a good time to sell my Springfield home?

In the last three months, home sales are up anywhere from 12-20% over the same period in 2020. This is a huge increase for our area! It’s important to note that same period last year was also a very strong period in real estate. So if you have been considering possibly selling your home, now is the very best time to find out what it might sell for in today’s market, and what the best timing and strategy might be for that.

You can get an idea of what your home might sell for at www.SpringfieldOhHomeValues.com. This home valuation tool will give you a starting point for estimating what your home might be currently worth.

However, a better solution would be to schedule a time for us to come out and give you an actual market analysis. You’ll get a more detailed, accurate idea of what your home will sell for in today’s market, and what the optimal strategy is to get you the best price possible. Right now is very likely the best time we are going to see this year to get top dollar for selling your home.

The best time to sell is when there are plenty of buyers and when the competition is very low. And right now we are at such a low level of homes available for sale, it’s unprecedented. Meaning, if you’ve got a home to sell, you are a hot commodity, completely in command. You will be able to dictate terms and get the very top dollar for your home.

Everyone wants to sell at the top, and currently 2021 is as near the top as we will probably get. In 23 years of selling real estate, I have never seen anything like this. However, it’s not something that will likely be sustainable long term. So, if you have a home to sell, this is your moment.

Is now a good time to buy a house in Springfield?

Now, if you’re a buyer, you may be thinking, “Well this doesn’t sound so good for me right now.” But actually that’s not true. There are couple things you have to keep in mind when buying in today’s market.

The first thing – low interest rates. Rates are historically low right now. These crazy low rates that we’re seeing are definitely fueling the market and the activity, but they are also a historic opportunity to borrow money at a significantly lower cost. Low interest rates dramatically lower monthly payments, making homes more affordable even though we are seeing higher prices.

The other thing to think about is if you’re thinking of delaying your purchase until the market “cools down”, you will be buying a home when the interest rates are potentially significantly higher. And the home that you might have bought this year will cost more in a year or two years. Thus you are paying more for the home, and you are paying more for the money you’re borrowing to get the home. That means your monthly mortgage payment would be significantly higher than if you buy today. So the moral of the story is, waiting will cost you money.

So if you’re thinking about buying a home or selling a home, please reach out to us and let us know what we can do to assist you.

Call or text Eric Lowry at 513-368-3751.

Filed Under: Eric Lowry's Articles, Sellers, Springfield Ohio Real Estate Tagged With: Best Real Estate Agents in Springfield Ohio, Eric Lowry, exp Realty, New Carlisle OH homes for sale, REAL ESTATE NOW Springfield Market Update - March 2021, selling a house in Springfield Ohio, Springfield OH homes for sale, The Lowry Team, Top Realtors in Springfield Ohio

REAL ESTATE NOW Dayton Market Update – March 2021

March 12, 2021 by Eric Lowry

513-368-3751 to Connect with a Top Real Estate Agent in Dayton

Home Values Map Search Contact Us
Just Listed Under $150,000 Under $200,000
Under $300,000 Under $400,000 Luxury Homes in Dayton

What’s going on in real estate now? Find out in this Dayton market update!

As you probably know, the Dayton real estate market right now in most areas and price ranges is going absolutely crazy. Homes are selling in just hours after being listed, getting numerous offers, and are selling above list price. Sometimes by quite a significant amount! Not to mention the fact that there is a major shortage of homes for sale. It’s an unprecedented situation, so let’s dive into the details.

Is now a good time to sell my Dayton house?

In the last three months, home sales are up anywhere from 12-20% over the same period in 2020. This is a huge increase for our area! It’s important to note that same period last year was also a very strong period in real estate. So if you have been considering possibly selling your home, now is the very best time to find out what it might sell for in today’s market, and what the best timing and strategy might be for that.

You can get an idea of what your home might sell for at www.DaytonOhHomeValues.com. This home valuation tool will give you a starting point for estimating what your home might be currently worth.

However, a better solution would be to schedule a time for us to come out and give you an actual market analysis. You’ll get a more detailed, accurate idea of what your home will sell for in today’s market, and what the optimal strategy is to get you the best price possible. Right now is very likely the best time we are going to see this year to get top dollar for selling your home.

The best time to sell is when there are plenty of buyers and when the competition is very low. And right now we are at such a low level of homes available for sale, it’s unprecedented. Meaning, if you’ve got a home to sell, you are a hot commodity, completely in command. You will be able to dictate terms and get the very top dollar for your home.

Everyone wants to sell at the top, and currently 2021 is as near the top as we will probably get. In 23 years of selling real estate, I have never seen anything like this. However, it’s not something that will likely be sustainable long term. So, if you have a home to sell, this is your moment.

Is now a good time to buy a house in Dayton?

Now, if you’re a buyer, you may be thinking, “Well this doesn’t sound so good for me right now.” But actually that’s not true. There are couple things you have to keep in mind when buying in today’s market.

The first thing – low interest rates. Rates are historically low right now. These crazy low rates that we’re seeing are definitely fueling the market and the activity, but they are also a historic opportunity to borrow money at a significantly lower cost. Low interest rates dramatically lower monthly payments, making homes more affordable even though we are seeing higher prices.

The other thing to think about is if you’re thinking of delaying your purchase until the market “cools down”, you will be buying a home when the interest rates are potentially significantly higher. And the home that you might have bought this year will cost more in a year or two years. Thus you are paying more for the home, and you are paying more for the money you’re borrowing to get the home. That means your monthly mortgage payment would be significantly higher than if you buy today. So the moral of the story is, waiting will cost you money.

So if you’re thinking about buying a home or selling a home, please reach out to us and let us know what we can do to assist you.

Call or text Eric Lowry at 513-368-3751.

Filed Under: Dayton Ohio Real Estate, Eric Lowry's Articles, Sellers Tagged With: Best Real Estate Agents in Dayton Ohio, buying a home in Dayton, Dayton Ohio Real Estate, REAL ESTATE NOW Dayton Market Update - March 2021, selling a home in Dayton, The Lowry Team Dayton Ohio, The Lowry Team exp Realty, Top Realtors in Dayton Ohio

REAL ESTATE NOW Cincinnati Market Update – March 2021

March 9, 2021 by Eric Lowry

513-368-3751 to Connect with a Top Real Estate Agent in Cincinnati

Home Values Map Search Contact Us
Just Listed Under $150,000 Under $200,000
Under $300,000 Under $400,000 Luxury Homes in Cincinnati

What’s going on in real estate now? Find out in this Cincinnati market update!

As you probably know, the Cincinnati real estate market right now in most areas and price ranges is going absolutely crazy. Homes are selling in just hours after being listed, getting numerous offers, and are selling above list price. Sometimes by quite a large amount! Not to mention the fact that there is a major shortage of homes for sale. It’s an unprecedented situation, so let’s dive into the details.

Is now a good time to sell my Cincinnati home?

In the last three months, home sales are up anywhere from 12-20% over the same period in 2020. This is a huge increase for our area! It’s important to note that same period last year was also a very strong period in real estate. So if you have been considering possibly selling your home, now is the very best time to find out what it might sell for in today’s market, and what the best timing and strategy might be for that.

You can get an idea of what your home might sell for at www.CincyHomeValuesNow.com. This home valuation tool will give you a starting point for estimating what your home might be currently worth.

However, a better solution would be to schedule a time for us to come out and give you an actual market analysis. You’ll get a more detailed, accurate idea of what your home will sell for in today’s market, and what the optimal strategy is to get you the best price possible. Right now is very likely the best time we are going to see this year to get top dollar for selling your home.

The best time to sell is when there are plenty of buyers and when the competition is very low. And right now we are at such a low level of homes available for sale, it’s unprecedented. Meaning, if you’ve got a home to sell, you are a hot commodity, completely in command. You will be able to dictate terms and get the very top dollar for your home.

Everyone wants to sell at the top, and currently 2021 is as near the top as we will probably get. In 23 years of selling real estate, I have never seen anything like this. However, it’s not something that will likely be sustainable long term. So, if you have a home to sell, this is your moment.

Is now a good time to buy a house in Cincinnati?

Now, if you’re a buyer, you may be thinking, “Well this doesn’t sound so good for me right now.” But actually that’s not true. There are couple things you have to keep in mind when buying in today’s market.

The first thing – low interest rates. Rates are historically low right now. These crazy low rates that we’re seeing are definitely fueling the market and the activity, but they are also a historic opportunity to borrow money at a significantly lower cost. Low interest rates dramatically lower monthly payments, making homes more affordable even though we are seeing higher prices.

The other thing to think about is if you’re thinking of delaying your purchase until the market “cools down”, you will be buying a home when the interest rates are potentially significantly higher. And the home that you might have bought this year will cost more in a year or two years. Thus you are paying more for the home, and you are paying more for the money you’re borrowing to get the home. That means your monthly mortgage payment would be significantly higher than if you buy today. So the moral of the story is, waiting will cost you money.

So if you’re thinking about buying a home or selling a home, please reach out to us and let us know what we can do to assist you.

Call or text Eric Lowry at 513-368-3751.

Filed Under: Eric Lowry's Articles, Market Update, Real Estate News, Sellers Tagged With: Best Real Estate Agents in Cincinnati, Buying a House in a Seller's Market, buying a house in Cincinnati, Cincinnati Market Update, Cincinnati Real Estate Market Update, Eric Lowry, exp Realty, exp Realty Ohio, selling a house in Cincinnati, The Lowry Team Cincinnati, The Lowry Team exp Realty, Top Realtors in Cincinnati

Selling Your Home During the Holidays

November 10, 2019 by Eric Lowry

Selling Your Home During the Holidays

Typically, people tend to wait to put their home on the market until “peak” season which is the spring and early summer. However, you may not want to wait that long. You may even need to sell your home during the holiday season depending on your circumstances. But don’t worry, there are plenty of reasons selling your home during the holidays can be beneficial to you.

Spring and summer are when you will have the most competition as housing inventory is highest at this time. Not only is resale inventory high, but new construction is as well. In many parts of the country, new construction will continue to surge reaching new heights in 2020, which will lessen the demand for your house.

Thinking maybe you’ll just wait until right after the holidays? It’s important to consider the fact that the supply of listings increases substantially after the holidays. If you need to sell a house during the holidays, you will find that your competition is quite limited which can be a great thing when it comes to getting you a great sale price on your home!

While the market does slow a bit at this time of year, there are definitely still buyers out looking during the holiday season. For instance, relocation buyers are out there house hunting. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible. Another benefit is that those buyers who are out looking for homes during the holidays are serious buyers and are ready to buy now.

If you’re concerned about showings getting in the way of your holiday plans, don’t worry! You can restrict the showings on your home to the times you want it shown. You will remain in control.

So you’ve decided that selling your home during the holidays is the best decision for you; here are some tips to help guide you:

  1. If possible, put your house on the market before you decorate for the holidays. Pictures of your home will be taken for the MLS (Multiple Listing Service) and other marketing purposes looking as it normally would.
  2. Once you have listed your house, decorate but don’t go overboard. You don’t want your house to seem cluttered and cramped. If necessary, move furniture out to accommodate your tree and other decorations.
  3. Take advantage of this time of year when you have showings on your home. Your home feels even more cozy, warm and welcoming during the holidays. Appeal to all of the senses. Play Christmas music softly in the background. Bake Christmas cookies just before a showing and have them on a platter for the buyers to enjoy.
  4. Lastly, use out of town guests to your advantage. Enlist their help in keeping your home clean and tidy. Assign everyone a task to complete each day. Delegate so you do not feel overwhelmed.

Thinking about selling your home during the holidays? 
Call or text The Lowry Team at 513-368-3751

Filed Under: Eric Lowry's Articles, Sellers Tagged With: Eric Lowry, how to sell a house during the holidays, Keller Williams Realty Cincinnati, Keller Williams Realty Dayton, selling a house in Cincinnati, selling a house in Dayton, Selling Your Home During The Holidays, The Lowry Team, Top Realtor in Dayton, Top Realtors in Cincinnati

How to Prepare for a Home Inspection

March 24, 2019 by Eric Lowry

Home Inspection Preparation

How to Prepare for a Home Inspection

Preparing for a home inspection is something that more sellers should take into consideration. In a real estate transaction, the home inspection is the biggest hurdle that a home seller faces to have a successful sale, so it’s very important to know what to expect.

When selling real estate, the home inspection takes place within approximately the first week after an offer has been submitted by the buyer and accepted by the seller. A home inspection is paid for the buyer and is performed by a licensed professional home inspector.

Within the terms of the contract, this is called the “inspection contingency”. This means that the contract is dependent upon the successful negotiation and resolution of any inspection items. If the inspection reveals significant problems with the home or the buyer and seller can’t agree to repairs, the buyer may decide to “walk away” from the home. If this happens, they will be sending over a release to sign that terminates the contract.

It stands to reason that you want to be sure your home is in the best possible condition before the home inspection takes place. Home sale preparation is one of the keys to selling real estate, so getting your home ready for the inspection only makes sense. A home inspector is not going to be looking at any messes, but an unkempt home will give the impression of uncaring owners who may not be performing regular maintenance of items that shouldn’t be neglected.

One suggestion to help make the home inspection go more smoothly is to make it easier for the home inspector to do his job. It is common practice in real estate that the seller not be present while the home inspection is taking place. A couple easy things you can do before you leave the home is to make sure the inspector can access the attic and the entire basement. If the attic access is in a closet, remove any items that may block his way. Make sure the inspector will be able to see all the exterior walls in the basement, and have easy access to the HVAC system.

What Do Home Inspectors Check?

Home inspectors go over your home with a fine tooth comb. They generally start on the outside of your home and work their way in. Depending on the size of your home, an inspection can take anywhere from 1.5 – 5 hours. Most inspections fall within the 2-3 hour range.

Some common things inspectors look at on the exterior of your home can include:
-Proper grading to ensure water doesn’t easily get into the home
-Visual damage or cracks on the driveway
-Wood rot on trim or window sills
-Structural cracks on the foundation
-Electrical wiring coming into the house
-The state of the roof including shingles and sheathing, and the chimney

Some things that inspectors look for on the interior of the home can include (but are certainly not limited to):
-Signs of water penetration
-Structural defects
-Plumbing, electrical, and HVAC systems
-Any signs of insects or rodents
-Functionality of the windows, including any failed seals

Common Defects Found During Home Inspections

How to Prepare for a Home Inspection 2

The best way to prepare yourself for a home inspection is to understand what some of the most probable defects a home inspector is likely to find.

-Improper bathroom venting – In order to prevent mold issues in the attic of a home, current building codes require that a bath fan vent to the outside of the home. However, this wasn’t always the case. A lot of older homes still have it vented into the attic.

-Failed window seals – You can tell if your windows have failed seals by looking for any fogging between the glass panes.

-Chimney defects – This is most commonly just cracks and repointing or mortar. These are often found near the top of the chimney and have occurred over time due to the elements.

-Electrical violations – These are most common in homes where the homeowner has made improvements on his own and not hired a certified electrician. However, there are often a lack of GFI (Ground Fault Interrupter) outlets in the kitchen and bathrooms. Double tapped electrical breakers and non-grounded outlets are other common examples.

-Rotted exterior wood – This is most commonly found around exterior trim, window sills, and areas around decking.

-Minor plumbing defects – Some of the most common plumbing defects include dripping faucets, loose toilets, and slow or leaky drains.

-Mold and radon remediation – Mold and radon are the two biggest deal killers in real estate. Mold is something that will need to be tested and remediated by a mold specialist. After being remediated, the mold specialist would then need do a mold re-test to get the all-clear. The most common places to find mold are the attic, basement, and bathrooms.

Radon is a naturally occurring gas found in the ground that enters the home through the basement area. It is a known health hazard and most buyers will request that you have it mitigated by having a radon mitigation system installed and a second radon test done. The radon test should show safe levels below 4.0 pCi/L. This is relatively easy to have done.

Disclosure or Fixing Items Prior to Closing

When defects are listed on the home inspection report, the buyers then put together a list of repair requests that they want you to have completed by licensed professionals prior to closing or give them a repair allowance to have the repairs done themselves after closing.

This portion of the transaction is the inspection negotiation. As the seller, you can agree to either all, some, or none of the repairs. However, it is important to note that you if you refuse to make the repairs and the deal falls through, you will have to disclose all those known defects to any future potential buyers.

Bottom Line

If you want to keep your home sale on track, it is crucial to prepare for the home inspection.

Questions about selling your home?
Call/text 513-368-3751

Find Your Home's Current Market Value In Seconds

Filed Under: Eric Lowry's Articles, Sellers Tagged With: Eric Lowry, home inspections in Cincinnati, How to Prepare for a Home Inspection, selling a house in Cincinnati, The Lowry Team, Top Realtors in Cincinnati, Top Realtors in West Chester Ohio

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