How Homeowners Win When They Downsize

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:

“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”

And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.

And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

• Do the original reasons I bought my current house still stand, or have my needs changed since then?
• Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
• What are my housing expenses right now, and how much do I want to try to save by downsizing?

Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.

Bottom Line

If you’re looking to save money, downsizing your home could be a great help toward your goal. Let’s connect to talk about your goals in the housing market this year.

The Importance of Online Reviews When Choosing a Realtor in Dayton, Ohio

Online Realtor reviews are a powerful tool for anyone looking to buy or sell a home in the Dayton, Ohio region, and there are many good reasons to use them when researching realtors.

Understanding the Benefits of Researching Realtor Reviews

For starters, online real estate agent reviews can help you gauge a realtor's credibility and reputation. By reading feedback from previous clients, you can get a sense of the realtor's level of professionalism, communication skills, and overall experience. You can also identify patterns in the feedback, such as recurring issues or consistent praise, which can help you make an informed decision.

Finding a Trustworthy Realtor in Dayton, Ohio with the Help of Online Reviews

Online client testimonials can also provide valuable insights into a realtor's market knowledge and approach. A good realtor should have a deep understanding of the local real estate market, including trends, pricing, and competition. They should also have a personalized approach that aligns with your needs and preferences. Online reviews can help you determine if a realtor has these qualities, based on feedback from previous clients.

Moreover, online real estate reviews can help you determine whether a Dayton, Ohio, realtor is trustworthy and has a proven track record of success. Buying or selling a home is a significant financial transaction, so it's essential to work with someone you trust. Online reviews can give you a sense of a realtor's reliability, honesty, and integrity, based on the experiences of previous clients.

Don & Cyndi Shurts of Keller Williams Community Partners Realty: A Real Estate Team with 240+ Five-Star Reviews in Beavercreek, Ohio

In conclusion, if you're looking to buy or sell a home in the Dayton, Ohio region, online reviews are a valuable tool to help you make an informed decision about which realtor to work with. And if you're specifically looking for a highly recommended realtor in the Dayton, Ohio region, Don & Cyndi Shurts of Keller Williams Community Partners Realty are an excellent choice with their impressive 240+ five-star reviews on their Google Business Profile. Don't settle for anything less than the best in your real estate transaction, and do your research by reading online reviews.  Don & Cyndi Shurts are experienced real estate experts with 22 years in the region, including local communities such as Beavercreek, Bellbrook, Fairborn, Kettering, Springboro, Centerville, Xenia, Oakwood, Huber Heights, and many other great suburbs.

Why Buying a Home Makes More Sense Than Renting Today

Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988. 

And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:

“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row . . . The median asking rent was $1,732, up by $15 from last month and down by $32 from the peak but is still $354 (25.7%) higher than the same time in 2019 (pre-pandemic).”

With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option, especially if the long-term trend of rents increasing each year continues. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years). 

Owning a Home Could Be More Affordable if You Need More Space

The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, depending on how much space you need, it’s typically more affordable to own than to rent if you need two or more bedrooms:

So, if you’re looking to live somewhere where you have two or more bedrooms to accommodate your household, give you more breathing room to spread out your belongings, or dedicate the extra space to practice your hobbies, it might make sense to consider homeownership.

Homeownership Allows You To Start Building Equity

In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own equity, which in turn grows your net worth. 

And, as home values typically rise over time and you pay off your mortgage, you build equity. That equity can set you up for success later on because you can use it to help fuel a move to an even bigger space down the line. That’s why, according to Zonda, the top reason millennial homeowners bought their home over the past year was to build their own equity instead of someone else’s.

Bottom Line

If you’re trying to decide whether to buy a home or continue renting, let’s connect to explore your options. With rents rising, it may make more sense to pursue your dream of homeownership.  

The Dayton, Ohio housing market has experienced significant changes in recent years, with affordability challenges posing a significant barrier for many prospective homebuyers. With a limited number of homes available on the market, finding a home that fits your budget can be a daunting task. However, there are ways to overcome these challenges and find the right home for you. Here are some strategies to consider:

Expand Your Search

With so few homes available on the market in Dayton, widening the scope of your search to include nearby communities could help you find more options in your budget. Consider exploring areas that are slightly farther away from Dayton, such as Beavercreek, Kettering, or Springboro. These communities offer a wide range of housing options at more affordable prices.

Work with a Trusted Lender

One way to overcome affordability challenges is to work with a trusted lender who can help you consider alternative financing options. A lender can advise you on different mortgage options and help you determine the best one for your financial situation. Additionally, a lender can help you search for down payment assistance programs that can make buying a home more affordable.

Seek Expert Advice

If you've been searching for a home in Dayton or nearby communities but are concerned about rising costs, it's important to have a team of trusted real estate professionals on your side. A knowledgeable real estate agent can help you navigate the local housing market, provide valuable insights into the latest trends and changes, and advise you on the best strategies to find a home that fits your budget. Additionally, a real estate attorney can help you negotiate contracts and protect your interests throughout the home-buying process.

In conclusion, the Dayton housing market may present some affordability challenges, but there are ways to overcome them. By expanding your search, working with a trusted lender, and seeking expert advice, you can find the home of your dreams at a price that fits your budget. Whether you're a first-time homebuyer or an experienced real estate investor, these strategies can help you navigate the current market and achieve your homeownership goals.

Selling a home can be a daunting task, but with the right preparation and mindset, it can also be a smooth and rewarding experience. If you're looking to sell your Dayton, Ohio home, here are 4 essential tips to help you get the most out of your sale.

Tip #1: Give Buyers Buyer Access

The first step to selling your home is to make it as easy as possible for potential buyers to view it. This means being flexible with showing times and making sure the home is easy to access. Consider leaving a key with a trusted neighbor or setting up a lockbox for easy access. By giving buyers the ability to see your home at their convenience, you increase the chances of a successful sale.

Tip #2: First Impressions Matter

When it comes to selling a home, first impressions are everything. You want to make sure that your home makes a great impression from the moment potential buyers pull up. This means taking care of your landscaping, repainting your front door, and adding some fresh flowers or a new doormat. By creating a warm and welcoming exterior, you increase the chances that buyers will want to see more.

Tip #3: Make Your House Look as Good as Possible

Once potential buyers enter your home, you want to make sure they're greeted with a clean and well-organized space. This means decluttering and depersonalizing your home, making necessary repairs, and even considering hiring a professional stager. A well-staged home can help buyers envision themselves living in the space and make your home stand out from the competition.

Tip #4: Price The Home Right

Finally, pricing your home is crucial to a successful sale. You want to make sure that you're not pricing your home too high and deterring potential buyers, but you also don't want to price it too low and leave money on the table. Research comparable homes in your area and work with a trusted real estate agent to determine a fair price for your home.

And speaking of trusted real estate agents, if you're looking for help selling your Dayton, Ohio home, look no further than Don & Cyndi Shurts. With 19 years of experience selling homes in the Miami Valley, they are award-winning agents with Keller Williams Realty. They can help you create a plan that fits your needs and get the most out of your sale.

In conclusion, selling your Dayton, Ohio home doesn't have to be a stressful experience. By following these 4 essential tips and working with a trusted real estate agent, you can ensure a successful and rewarding sale. So, if you're ready to take the first step towards selling your home, call Don & Cyndi Shurts at 937-241-2124 or 937-604-5194 today!

The Three Factors Affecting Home Affordability Today

There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.

Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.

1. Mortgage Rates

While mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% for nearly eight months now (see graph below):

As the graph shows, mortgage rates have experienced some volatility during that time. And even a small change in mortgage rates impacts your purchasing power. That’s why it’s so important to lean on your team of real estate professionals for expert advice to stay up to date on what’s happening in the market. While it’s hard to project where mortgage rates will go from here, many experts agree they’ll likely continue to remain around 6%-7% in the immediate future. 

2. Home Prices

Over the past few years, home prices appreciated rapidly as the record-low mortgage rates we saw during the pandemic led to a surge in buyer demand. The heightened buyer demand happened while the supply of homes for sale was at record lows, and that imbalance put upward pressure on home prices. However, today’s higher mortgage rates have slowed down price appreciation.

And, the truth is, home price appreciation varies by market. Some areas are seeing slight declines while others have prices that are climbing. As Selma Hepp, Chief Economist at CoreLogic, explains:

“The divergence in home price changes across the U.S. reflects a tale of two housing markets. Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply. The consistent gains in the Southeast and South reflect strong job markets, in-migration patterns and relative affordability due to new home construction.”

To find out what’s happening with prices in your local market, reach out to a trusted real estate agent.

3. Wages

The most positive factor in affordability right now is rising income. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have grown over time: 

Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage since you don’t have to put as much of your paycheck toward your monthly housing cost.

Home affordability comes down to a combination of rates, prices, and wages. If you have questions or want to learn more, reach out to a real estate professional who can explain what’s happening locally and how these factors work together.

Bottom Line

If you’re planning to buy a home, knowing the key factors that impact affordability is important so you can make an informed decision. To stay up to date on the latest on each, let’s connect today.

What Are the Experts Saying About the Spring Housing Market?

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.

Here’s what industry experts are saying right now about the spring housing market and what it means for you:

Selma Hepp, Chief Economist, CoreLogic:

“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”

Greg McBride, Chief Financial Analyst, Bankrate:

“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”

Rick Sharga, Founder and CEO, CJ Patrick Company:

“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.” 

Jeff Tucker, Senior Economist, Zillow:

“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”

Bottom Line

If you’re thinking about selling your house, this spring’s a great time to do so while inventory is still so low. And if you’re in a good position to buy, lean on your team of expert advisors for the best advice. Whatever your plans, let’s connect to make sure you’re able to navigate the spring housing market with confidence.

What’s the Difference Between a Home Inspection and an Appraisal?

If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home before lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.

Home Inspection

Here’s the key difference between a home inspection and an appraisal. Bankrate says:

“In short, while an appraisal helps you understand a home’s value, inspections help you understand a home’s condition.”

The home inspection is a way to determine the current state, safety, and condition of the home before you finalize the sale. If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you as a buyer have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.

Home Appraisal

The National Association of Realtors (NAR) explains:

“A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage.”

When you apply for a mortgage, an unbiased appraisal (which is required by the lender) is the best way to confirm the value of the home based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.

This is especially critical in today’s sellers’ market where low inventory is driving an increase in bidding wars, which can push home prices upward. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more.

However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices in check. If there’s ever any confusion or discrepancy between the appraisal and the sale price, your trusted real estate professional will help you navigate any additional negotiations in the buying process.

Bottom Line

The inspection and the appraisal are critical steps when buying a home, and you don’t need to manage them by yourself. Let’s connect today so you have the expert guidance you need to navigate the entire homebuying process.

Mastering Mortgage Rates: Your Guide to Finding the Best Loan Products in Today's Market

Are you in the market for a new home or looking to sell your current one? As Dayton Realtors, we are often asked about mortgage rates and how they will impact buying or selling decisions. Well, the truth is that mortgage rates are constantly fluctuating, and it can be hard to predict where they will go in the future. But don't stress about it too much!

Navigating the Changing Landscape of Mortgage Rates

It's important to remember that mortgage rates today are still historically low, even though they have risen slightly over the past year. In fact, compared to rates in the early 2000s, today's rates are still a great deal. So, if you're ready to buy or sell, don't let small changes in rates hold you back.

However, we understand that the decision to buy or sell a home is a big one, and you may have questions or concerns about the current market. That's where we come in! As real estate agents, we can help you navigate the market and provide you with advice on when the best time to buy or sell might be.

And here's some good news - some mortgage lenders are offering unique benefits like free refinancing or cash toward future refinancing on certain loan products. This isn't something that every bank is offering, but it's definitely worth considering if you're in the market for a new mortgage.

Specialized Loan Products for Professionals and Veterans

When it comes to finding the best mortgage product for you, we highly recommend speaking to a few local lenders. Each lender may offer different loan products and rates, so it's important to shop around and find the one that fits your needs and budget. For example, if you're a veteran, a VA loan may be the best option for you. Or, if you're planning to make some home improvements before moving in, an FHA 203K loan could be a good fit.

If you're a professional, such as a physician, dentist, or lawyer, you may qualify for a specialized loan product like a professional loan. These types of loans often have more flexible underwriting criteria and can offer higher loan limits than traditional loans.

Ultimately, the goal is to find a mortgage product that works for you and your unique situation. So, don't be afraid to reach out to a few local lenders and explore your options. So, take a deep breath and don't stress too much about mortgage rates. Focus on finding the home that's right for you, and we'll be here to help you every step of the way!

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Experience the Beauty of Koi Ponds in Dayton - Free Koi Pond Tour on June 3, 2023

Summer is just around the corner, and what better way to kick off the season than by exploring some beautiful koi ponds? On Saturday, June 3, 2023, the Dayton Koi Club is sponsoring a free Koi Pond Tour, where visitors can explore six unique ponds located throughout the Dayton area.

The tour will run from 10 am to 5 pm, providing ample time for visitors to take their time and fully appreciate the beauty of each pond. Koi keepers from the Dayton area have generously opened up their ponds for the public to tour, giving visitors a chance to learn more about koi, their habitats, and how to care for these magnificent fish.

The tour will feature six ponds in total, located in different areas of the Dayton region.

• 700 Hyde Park, Dayton 45429
• 4158 Sierra Park Terrace, Beavercreek 45440
• 2921 Stauffer Dr, Beavercreek 45434
• 504 Xenia Ave, Yellow Springs 45387
• 333 S. Stafford St, Yellow Springs 45387
• 690 Yellow Springs Fairfield Rd, Yellow Springs 45387

Each pond on the tour is unique, featuring its own set of plants, landscaping, and of course, koi. Visitors will be able to view these stunning fish up close and learn about the different breeds and colors of koi, as well as their dietary needs and the best ways to maintain a healthy koi pond.

The tour is free to the public, making it an ideal way to spend a summer day with family and friends. The Dayton Koi Club hopes to encourage more people to learn about koi and the joys of keeping a koi pond. Whether you are an experienced koi keeper or simply someone who appreciates the beauty of these fish, the Koi Pond Tour is an event you won't want to miss.

So mark your calendars for Saturday, June 3, 2023, and come explore the stunning koi ponds of Dayton. With six ponds to choose from, each with its unique charm and beauty, you are sure to have a wonderful time.