Home Sales Rose in May in Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana!

HomeSales_May2017.jpgMay 2017 was a strong month for home sales throughout Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana with increases in the number of home sales from four to almost seven percent.

May 2017 was also a record-setting month in Cincinnati with the average sale price reaching $199,421. In Northern Kentucky, the average home sale price was $182,783 – the highest since September 2016. In Dayton, Ohio, the May 2017 average sale price was 4% better than last May. Southeast Indiana had a 4.0% increase in average sale price at $161,340.

Not increasing in all regions are the number of homes for sale – which still remain low. In Cincinnati the number of homes for sale is down 24.98% as compared to inventory from May 2016. In Northern Kentucky the inventory of new listings for sale in May 2017 was the highest since June 2016 – 950 homes. However, in that region the total number of homes for sale still remains low with only 1,726 properties. In Dayton, Ohio, there were 2,172 new listings added for sale in that region in May 2017 – which was up from 2,108 new listings in May 2016.

The real estate market remains strong – homes in good condition many times are selling quickly – some with multiple offers. Mortgage interest rates are still low. Look at homes for sale.

Here are the May 2017 home sales statistics:

Cincinnati May 2017 Home Sales

May 2017 vs May 2016

  • 4.05% Increase in home sales (2,695 homes vs 2,590 homes)
  • 7.05% Increase in sales volume ($537,439,239 vs $502,052,134)
  • 2.88% Increase in average sale price ($199,421 vs $193,843)
  • 1.19% Increase in median sale price ($160,000 vs $157,000)

January – May 2017 vs January – May 2016

  • .96% Increase in home sales (9,872 homes vs 9,778 homes)
  • 7.74% Increase in sales volume ($1,912,894,430 vs $1,775,446,351)
  • 6.71% Increase in average sale price ($193,770 vs $181,580)
  • 6.90% Increase in median sale price ($155,000 vs $145,000)

Source: Cincinnati Area Board of Realtors, Home Sales Report, May 2017

Dayton, Ohio May 2017 Home Sales

May 2017 vs May 2016

  • 4.03% Increase in home sales (1,626 homes vs 1,563 homes)
  • 8.07% Increase in sales volume ($256,075,029 vs $236,944,693)
  • 3.89% Increase in average sale price ($157,488 vs $151,595)
  • .71% Increase in median sale price ($133,950 vs $133,000)

January – May 2017 vs January – May 2016

  • 4.48% Increase in home sales (6,023 homes vs 5,765 homes)
  • 12.32% Increase in sales volume ($907,874,053 vs $808,282,267)
  • 7.51% Increase in average sale price ($150,735 vs $140,205)
  • 6.61% Increase in median sale price ($129,000 vs $121,000)

Source: Dayton Area Board of Realtors, Home Sales Report, May 2017

Northern Kentucky May 2017 Home Sales

May 2017 vs May 2016

  • 6.61% Increase in home sales (742 homes vs 696 homes)
  • 11.38% Increase in sales volume ($135,625,702 vs $121,771,783)
  • 4.47% Increase in average sale price ($182,783 vs $174,959)
  • 2.81% Increase in median sale price ($155,500 vs $151,250)

January – May 2017 vs January – May 2016

  • 6.62% Increase in home sales (2,771 homes vs 2,599 homes)
  • 10.35% Increase in sales volume ($479,594,468 vs $434,621,789)
  • 3.50% Increase in average sale price ($173,076 vs $167,226)
  • 2.74% Increase in median sale price ($150,000 vs $146,000)

Source: Northern Kentucky Association of Realtors, Home Sales Report, May 2017

 

Southeastern Indiana May 2017 Home Sales

May 2017 vs May 2016

  • 6.5% Increase in home sales (132 homes vs 124 homes)
  • 10.7% Increase in sales volume ($21,296,838 vs $19,238,573)
  • 4.0% Increase in average sale price ($161,340 vs $155,150)
  • 2.0% Decrease in median sale price ($136,500 vs $139,347)

January – May 2017 vs January – May 2016

  • 6.4% Increase in home sales (456 homes vs 429 homes)
  • 10.3% Increase in sales volume ($68,570,499 vs $62,159,900)
  • 3.8% Increase in average sale price ($150,374 vs $144,895)
  • 0% Increase in median sale price ($135,000 vs $135,000)

Source: Rick McMillin VP/Sales Manager of Sibcy Cline Harrison, Southeastern Indiana Home Sales Report, May 2017

Tips for Buying a Home in a Seller’s Market

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House hunting in a seller’s market can be tough. With not enough homes for sale, the challenge is for a buyer to make an offer that rises to the top and is accepted by a home seller. How do you do it? It’s all about being flexible and knowledgable. Here are six tips to bring your “A” game when buying a home in a seller’s market:

1. Work with a Real Estate Agent
When buying a home, it is advisable to have agent representation. This professional will first sit down with you to review the entire home-buying process so you know what to expect. Your agent will then search for homes that meet your criteria in areas you prefer. Your agent will know of homes coming onto the market and alert you to be prepared. He or she will also craft an offer to purchase that is strong and works in your best interest.

2. Know Your Budget
Understanding how much home you are qualified to purchase is very important – especially in a seller’s market. Getting pre-qualified for a mortgage loan is your first step in creating a home budget. Once you have this information, you can feel secure in making a strong offer on a home that includes documentation of this pre-approval.

3. Need vs Want – Type of Home and Location
Once you know how much you can spend on a home, the next things to determine are the kind of home and amenities needed. This list may include the number of bedrooms and baths, ranch-style home versus two story, type of floor plan or walkability factors. By keeping an open mind of what your major needs are, the more homes you can consider in a seller’s market. When creating your list, you need to consider: “I need” and “I wish I had”.

Remember, no home will be a “perfect place to live” – especially when searching in a seller’s market. Try to keep an open mind. If the home needs updating, will it work within your budget to make those changes? Can you make do with a floor plan that offers three bedrooms instead of four?

Location will also be a consideration. You may want a home located near your work, shopping or close to a highway.  If your preferred neighborhood is out priced for your budget, you will need to start looking at other nearby areas. Widening your search geographically will cast a larger net of available homes on the market.

4. Be Ready to Act Fast
A key factor for home buyers in a seller’s market is to make a timely offer. You will need to stay on top of the daily changes in the market and when a new property is listed, be flexible with your schedule to view that home immediately and be prepared to make an offer.

5. Make a Strong Offer
In a seller’s market, think through your offer strategy. A low-ball offer will probably be dismissed right away. Don’t nickel and dime the seller. Too many contingencies can be a turn off to a seller. Think through the occupancy date and what would be appealing to that seller.

6. Be Prepared For a Bidding War
You may get caught in a bidding war for that dream home in a seller’s market. You do not want to overpay and will need to have a limit set of what you are willing to offer. Know the market and do your research on home values.

With multiple offers, the seller has his or her pick of which offer to accept, start a counteroffer process or reject all offers. The seller does not need to inform any potential buyers of the multiple offer situation. If the seller counteroffers, other offers may still come in for consideration. A seller does not have to respond to offers in the order received or reveal the status of other offers. With multiple offers, the seller has the upper hand and can use it to increase the price or improve the terms of sale.

In such a bidding war, you can either give your best offer and hope it is the strongest, or have an escalation clause that lets you bid up to a certain limit. If caught in a bidding war, you need to be available to your agent so your bid remains active.

If your offer is not accepted, do not panic. There will be other homes for sale. Don’t let your impatience to buy a home ruin your budget by offering too much for a home. Know your limits.

With these six tips, you are ready to start your home search in a seller’s market! Starting looking for homes for sale.  Find a Sibcy Cline agent.

New Directions and Proximity Mapping Tool on www.sibcycline.com

Sibcy Cline’s website now has a new directions and proximity mapping tool that features directions, number of driving miles as well as estimated drive time from a listed property to a desired location.

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To use the tool, a user simply needs to create an account from a listing detail page…

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…and click on “Saved Locations”.

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A registered user can add up to five address locations (work, school, etc.)

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We think this new tool will “move” people! It’s a great way to help potential buyers make decisions about what part of town they want to live. And for those who enjoy walking or biking, the map also features walking directions with estimated time to reach a destination.

Be sure to check out this new tool on Sibcy Cline’s website!

Sibcy Cline is Ranked as the Largest Residential Real Estate Company by the Business Courier for the 24th Year in a Row

花火8The Business Courier published its annual ranking of the top residential real estate companies and Sibcy Cline was placed at the top at number one for 2017.  Rankings were based on 2016 sales volume. This is the 24th year in a row that Sibcy Cline has been recognized as the largest local real estate company!

Sibcy Cline has 1,200 real estate agents and over 200 employees. The company was founded in the 1930s and has been a family-run operation since that time. Sibcy Cline is a full-service company with real estate, mortgage, relocation, insurance, title and home services divisions.

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April 2017 Home Sales Report for Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana

HomeSales_April2017.jpgApril 2017 home sales were very strong in Dayton, Ohio with that region boasting its strongest month on record with 1,316 homes sold. Although sales were not at record pace in Cincinnati and Northern Kentucky as in previous months, home sales were still strong, and average and median sale prices rose in these regions in April. In Southeastern Indiana, sales were behind April 2016, but sales are still strong for that region overall year-to-date.

It’s a great time to sell and buy a new home. Home values are rising and mortgage interest rates are low. Demand for homes for sale is high. Look at homes for sale.

Here are the statistics for April homes sale per region:

Cincinnati April Home Sales

April 2017 vs April 2016

  • 1.319% Decrease in home sales (2, 119 homes vs 2,362 homes)
  • 1.71% Decrease in sales volume ($432,814,944 vs $440,362,552)
  • 9.56% Increase in average sale price ($204,254 vs $186,436)
  • 8.49% Increase in median sale price ($163,000 vs $150,250)

January – April 2017 vs January – April 2016

  • .21% Decrease in home sales (7,173 homes vs 7,188 homes)
  • 7.96% Increase in sales volume ($1,374,836,574 vs $1,273,434,217)
  • 8.19% Increase in average sale price ($191,668 vs $177,161)
  • 8.51% Increase in median sale price ($153,000 vs $141,000)

Source: Cincinnati Area Board of Realtors Home Sales Report, April 2017

Dayton, Ohio April Home Sales

April 2017 vs April 2016

  • 1.31% Increase in home sales (1,316 homes vs 1,299 homes)
  • 8.55% Increase in sales volume ($206,823,500 vs $190,534,920)
  • 7.15% Increase in average sale price ($157,161 vs $146,678)
  • 2.36% Increase in median sale price ($130,000 vs $127,000)

January – April 2017 vs January – April 2016

  • 6.23% Decrease in home sales (6,769 homes vs 7,218 homes)
  • 14.43% Increase in sales volume ($647,220,075 vs $565,595,073)
  • 8.43% Increase in average sale price ($148,309 vs $136,782)
  • 8.14% Increase in median sale price ($127,600 vs $118,000)

Source: Dayton Area Board of Realtors Home Sales Report, April 2017

Northern Kentucky April Home Sales

April 2017 vs April 2016

  • 7.27% Decrease in home sales (574 homes vs 619 homes)
  • 4.50% Decrease in sales volume ($101,017,579 vs $105,780,751)
  • 8.04% Increase in average sale price ($175,988 vs $162,889)
  • 3.33% Increase in median sale price ($155,000 vs $150,000)

January – April 2017 vs January – April 2016

  • 5.47% Increase in home sales (2,007 homes vs 1,903 homes)
  • 8.94% Increase in sales volume ($340,830,880 vs $312,8450,006)
  • 3.30% Increase in average sale price ($169,821 vs $164,398)
  • 3.82% Increase in median sale price ($149,500 vs $144,000)

Source: Northern Kentucky Association of Realtors Home Sales Report, April 2017

Southeastern Indiana April Home Sales

April 2017 vs April 2016

  • 14.2% Decrease in home sales (91 homes vs 106 homes)
  • 28.7% Decrease in sales volume ($11,681,753 vs $16,373,704)
  • 16.9% Decrease in average sale price ($128.371 vs $154,469)
  • 9.4% Decrease in median sale price ($125,000 vs $138,001)

January – April 2017 vs January – April 2016

  • 9.2% Increase in home sales (332 homes vs 304 homes)
  • 12.1% Increase in sales volume ($48,332,161 vs $43,100,390)
  • 2.7% Increase in average sale price ($145,549 vs $141,778)
  • .9% Increase in median sale price ($133,700 vs $132,500)

Source: Rick McMillin VP/Sales Manager of Sibcy Cline Harrison, Southeastern Indiana Home Sales Report, April 2017

 

 

 

 

 

Fourth-Generation Agent Ashton Gustafson Speaks to Sibcy Cline Agents

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Two fourth-generation real estate professionals: Robin Sheakley and Ashton Gustafson!

Ashton Gustafson, a Texas-based real estate professional, spoke to a group of Sibcy Cline Top 100 agents to share his thoughts on real estate – how to have music among all of the noise. His two-hour presentation sped by as he shared his stories of working with buyers and sellers. Here are some of the points taken from his presentation:

Faster than Expected is Greater than On Time
To deliver “happiness” and be memorable to clients, agents have to have be on top of their game. Service that is faster and better will be definitely be remembered and appreciated. Ashton cited an example of ordering boots online with free, three-day shipping. Instead, the boots arrived in under 24 hours with a note from the company that they realized he was ordering for the first time and wanted to do something special for this buying experience. That action led to lots of praise from Ashton for that shoe company – which was Zappo’s.

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Building Your Brand
An agent’s brand is not a logo – but how that professional conducts business. Ashton feels it is important to “get in the path of people’s stories long enough to eventually be in the past of their business.” In other words – call, write and see your sphere of influence. Offer people good information and stay connected often. He said people prefer to work with real estate agents who are also friends. In order to qualify as a friend, an agent needs to make that personal connection first.

Ashton shared an example of an agent who heard a buyer who casually mentioned that if he bought a certain home he would want to camp out in the backyard on the first night at that home. That agent leased a large star-gazing tent and to make that wish happen when the client purchased the home – and created a memorable real estate experience.

Ashton offered several useful apps to maintain agent brand building:

Slydial – This direct-to-voice-mail messaging app lets you easily leave a message. In minutes agents can make “just-thinking-about-you calls”.

Snip.ly – This app has the ability to add a personal touch to a digitally shared article. When a reader clicks through on the Sniply link, that agent’s contact information appears at the bottom of that piece – making it a much more personalized connection for the reader.

Search.Twitter.com – Twitter is great place to find out what is happening locally. By connecting to “search dot twitter dot com” – one can type in a search term and find out local news in just seconds. (Much easier than scrolling through Twitter news feeds!)

Evernote – This app is effective for note taking and lists.

Listening is Greater than Shouting
Paying attention to what people are saying, an agent can be even more connected. When house hunting, don’t see just one home, but plan tours for several homes so you can have the time to talk and figure out what that buyer really desires.

Ashton feels that having a “human” thumbprint is much more important than a mere digital one. The more personally connected agents are to their sphere, he feels will result in  more business in the future.

Your Music is Greater than the Noise
There are 1,440 minutes in a day. Ashton suggests spending those minutes wisely and not waste time on meaningless activities. He feels connecting to email all of the time is not productive – nor is immediately answering a phone call. He utilizes a “60 Daily Points of Rhythm” (or here), a system that includes 25 relationship-building calls, 25 personal prospecting emails and 5 handwritten notes of gratitude.  By concentrating on getting his points, he is accomplishing his job so he then has time for his interests and family.

Ashton consistently provides his sphere with hyper-local CMAs every 6 months, offers of home evaluations and post-buyer transaction neighborhood updates of real estate activity. Consistently providing information has resulted in recognition of Ashton as a market expert.

Want to learn more about Ashton Gufstason?
Ashton is a native of Wichita Falls, Texas. He is a fourth-generation real estate professional who was named by Realtor Magazine as part of the “30 Under 30” class in 2010.  Here is how to follow Ashton:

Sibcy Cline is Ranked on REAL Trends Top 500 List

Sibcy Cline Realtors is on the REAL Trends Top 500 list for 2017 with a ranking of number 38.  The list ranked the number of transactions of U.S. independent real estate brokers.

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View all of the brokers on this ranking list.

REAL Trends is a real estate publishing and consulting company that conducts an annual ranking of independent U.S. residential real estate brokers.