A lot has changed since September of last year, but one thing remains the same: it's still a seller's market! Despite the pandemic, a rise of interest rates, and inflation throughout the country, home prices have dropped slightly.  There are still more buyers than there are homes for sale. If you're thinking of selling your home, now is a great time to do it.

Buyer demand has moderated and housing supply has risen in recent weeks, it is still a sellers' market because inventory is low.

A Sellers' Market is when there are less than 6 months of housing inventory.

A Buyers' Market is defined as when there are more than 7 months of inventory.

So it is STILL a great time to sell a home because home sellers will benefit from serious buyers and competitive offers!

Conclusion: 

The fall real estate market typically sees a slight slowdown compared to the summer season. Due to the increase in the inventory of homes, bidding wars are becoming less common, and homes are selling less quickly. If you're thinking of buying or selling a home, now is a good time to do it. Working with a qualified real estate agent can help increase your chances of success in today's market conditions.

This Common Mistake Can Cost Homeowners Big Money When Selling Their Home

Regularly scheduled home maintenance is one of the simplest ways to keep your property in good shape and avoid costly repairs down the line. Unfortunately, many homeowners put off this necessary upkeep until it's too late. By then, they're dealing with water damage, pests, or other expensive problems. Don't be one of those people - start taking care of your home today! 

Scheduling regular maintenance can help you stay on top of any potential issues before they become big problems. Not to mention, it'll save you money in the long run. So get started today and thank yourself later!

As Dayton Realtors we see home sellers make many common mistakes.  We see them nearly every day! 

The most common mistake homeowners make is overpricing the house. 

The second most common mistake is the topic of this blog: Delayed Home Maintenance.

1. The biggest reason houses don’t sell is the condition of the house!  

This can include the lack of cosmetic updates.  We hear buyers say, “this house is stuck in the 1970s.”  Buyers also notice when walking around the house or through a home, items that need to be repaired.   Buyers tell their agents, “if they didn’t fix what I can easily see while walking through the house in 5 minutes, I wonder what else hasn’t been done that I can’t see.” 

2. Delayed home maintenance can lead to more expensive repairs in the future.

We had a seller that failed to seal or stain their large wood deck for a year or two.  Then the sellers had to move with their job out of the area and they decided to rent the house for a few years.  A couple more years passed by, without the homeowners resealing/staining the deck.   Due to personal financial reasons, the owners decided to sell their Dayton Ohio real estate.   They call us to help them list their home.  We listed the home.  The home inspector and the VA appraiser both flagged the rotting deck as unsafe.  Guess what? They didn’t sell their house for the amount they really wanted, and they had to pay to have portions of the deck replaced.  If the owner had just purchased a can or two of stain and spent a few hours applying every other year, they would have saved thousands of dollars.

3. Small annual home maintenance projects go a long way to keeping your home in good repair potentially saving homeowners large sums of money for major repairs. 

Here are just a few common items that we see neglected:

• Heating and A/C systems – seasonal cleaning and service can extend the life of these mechanical systems by many years.
• Roof Maintenance – Having your roof checked out every 1-2 years for nail pops, dislodged flashing, or missing shingles can save you from water intrusion causing mold in walls and drywall damage.
• Termites – Get your home inspected every few years for termites.  Once termites have done damage to wall and floor joists, repairs are costly. 
• Septic System – If you are not on city or county sewer service, you should have your septic tank cleaned every 1-2 years.  Can you go longer than that? Sure, your tank might hold more, but solid waste may clog your leach field or dry well.  Have you priced what rebuilding a leach field or dry well will cost you?  You don’t want to.  And if you need to make repairs or have it rebuilt you might need to bring your system up to current county requirements which might require an entirely new system

4. When a house hasn’t received many updates from when it was built, a few improvements can make a huge difference without spending tens of thousands of dollars.

Some such improvements include:

• painting the exterior (front doors and shutters) and interior with up-to-date colors
• replace the carpets
• replace light fixtures inside and outside the home
• install new faucets in the kitchen and baths

5. By delaying these repairs, many homeowners are unaware of hidden damage.

The keyword is hidden.  Hidden mold.  Hidden rot.  Hidden termite damage.

6. Hidden defects in a home are the biggest cause of canceled home purchase contracts.

Buyers are not going to pay the same price for a home when defects are discovered during the inspection period.  Most sellers who have delayed repairs, don’t have the cash on hand to pay for the repairs at closing.  Some sellers compensate the buyers by reducing the contract price by large numbers, $5,000-$40,000, or by paying those amounts to contractors from the proceeds of the sale.  However, a large percentage of these homes come back on the market due to these issues.

Home maintenance may seem like a pain, but it’s nothing in comparison to the cost of repairing the damage that could have been avoided with a bit of proactive care. So, don’t wait until something breaks or starts leaking to take care of it – do it now. Tackle those small annual projects and you’ll be glad you did when that big repair bill comes rolling in. And if you think you can put off home repairs because “the next owner will take care of it,” think again. Hidden defects are the number one reason contracts for home purchases fall through, so taking care of your home is really in your best interest. Are you convinced? Start your maintenance project today!

When you are ready to sell your home, we are ready to assist you!

It's no secret that the economy is in a state of flux. The question on everyone's mind is: what will happen when we hit another recession? And, more specifically, what will happen to the housing market?

What Would a Recession Mean for the Housing Market?

Historically, there have been some clear patterns when it comes to housing during recessions. In this blog post, we'll take a look at those patterns and see what they could mean for homeowners and buyers in today's market.

Most people would think that a Recession would typically lead to a decrease in housing prices. During a recession, it is not uncommon to see a decrease in demand and an increase in foreclosures.

The housing market is always one of the first to recover from a recession, and it has been during every previous nationwide economic downturn. In four out of six times that we've experienced them so far (including recently), prices have gone up again even as mortgage rates declined - which means you can buy more home with your money if things get tough!

However, it's important to note that not all recessions are the same, and there can be regional differences in how the housing market responds.

You can see from the graphs that it is important to remember that home prices don't always go down during a recession.

Here are a few other thoughts to keep in mind during economic and real estate shifts:

• Home prices are not always correlated with the economy.
• People need to buy homes or rent homes at all times regardless of the economy due to things like new jobs, divorce, downsizing, etc.
• Buying a home is always a good decision over renting unless you only plan on staying in an area for less than a year or two.
• Buying a home is an investment that puts you on a path of building wealth through real estate. A good investment is always a good investment.
• Location, location, location - don't lose sight of real estate wisdom when buying a home.

The most important thing to remember is that no one can predict the future. However, by understanding how the housing market has behaved in past recessions, we can get a better idea of what to expect in the event of another economic downturn.

If you're thinking of buying a home, it's important to do your research and understand the market in your area. Pay attention to news and economic indicators, and speak with an experienced Dayton Ohio real estate agent like Don & Cyndi Shurts at Keller Williams Advisors Realty to get a better idea of what you can expect.

Recessions can be scary, but by understanding how the housing market has been affected in the past, we can be better prepared for what lies ahead.

Dayton Area Home Buyers Are Often Very Confused about The Short Tax Proration! Who can blame them?

The husband and wife real estate team of Cyndi and Don Shurts have been explaining the “Short Tax” proration for years to their buyers and sellers in Montgomery County, OH, and surrounding counties. 

We start from the point of confusion – most everyone you meet is confused about the “Short Tax” proration.

Let’s see if we can clear up the confusion.

When we are talking about a tax proration, we are talking about property taxes charged by the county the house is located within.  Here are some basic things to know about property taxes to get us started:

1. Each county charges homeowners a tax on the assessed value of the property.

2. Some counties charge less in taxes than other counties.

3. When selecting a home to purchase there are other taxes to consider as well, like income taxes charged by the city, or school taxes just for example.  To help you understand local tax burdens on residents of various Dayton area communities click here.

4. Taxes are not billed until the taxed calendar year is over.  So in 2023, homeowners get a tax bill for the 2022 calendar year.  You might hear this referred to as paying taxes “in arrears.”  

5. So when you buy a house the current owner has not likely paid their property taxes for the current year and a portion of the last calendar year because they have not received a tax bill. (Most of us don’t pay a bill before a bill is created or received in the mail or online!)

6. When a buyer has a purchase contract to buy a home, the seller will give the buyer a “tax proration” based upon the most recently available or already paid tax bill from the previous calendar year.  This calculation of an estimated property tax bill is most often figured by the title company in preparation for the closing of the sale on the property.  Most often this pre-payment tax proration by a home seller is given to the new homeowner at closing in the form of a credit on the Closing Document (CD).

7. Property taxes are paid semi-annual.  A property tax bill is generally sent to a homeowner in January and June of each year (semi-annual) with the bill coming due generally in February and July.  Remember, those bills are covering the previous calendar year.   For example, the property tax bill received in January is for the previous January – June (first 6 months), and the bill that comes in June is for the previous July – December (the last half of the year or last 6 months of the year.)

8. Keep in mind that if a homeowner says they “paid their taxes this year” or that their property taxes are current.  What they mean is that they have paid the tax bills they have received this year.  It does not mean they have paid taxes for the current calendar year.

In most parts of the country, no one talks about the “short tax proration” or the “long tax proration” because there is only one option: The Tax Proration (which is what we call the “Long Tax Proration.”)

When a house is bought/sold with the “Long Tax" proration,” the seller is required to pay in advance of the transfer of ownership any property taxes that have been billed or have not yet been billed for the time period in which the seller has owned the property.  The title company will take those monies from the seller and will pay any unpaid taxes and/or give the buyer the monies as a credit against their down payment.  In this case, when the tax bill is delivered to the home (or your escrow account at your mortgage lender) the new owner/new owner's mortgage company (ie., escrow account) will pay that tax bill from the escrowed funds provided at closing by the previous owner.

Got that so far?  If so, good.  We’ll move on.  If not, read this blog from the top again before moving on to the short tax proration.

If this proration is confusing don’t be too hard on yourself.   We have found that many new real estate agents and even experienced Realtors in our area don’t truly understand the difference between the long and short tax prorations!  Their lack of understanding leaves buyer clients in the dark.  If you are selling a home, you should have a real estate professional that knows how to deal with the tax prorations as well.

So what is a “Short Tax” proration?

I think the simplest way to understand the “Short Tax” proration is this.  If you agree to the “Short Tax” proration you are agreeing to pay 6 months of property taxes for the current owner of the home.  That’s it clear and simple.  You will pay out of your pocket a tax bill when it comes due for a time period in which YOU didn’t own the home.

Why is there a short tax proration?

Montgomery County Ohio has the short tax proration as the preferred or traditional method of calculating the prorations.  Why?  No one is certain.  Most believe it is tied to the Dayton Flood of 1913 when the Great Miami River flooded the city - killing 360 people, displacing 65,000, and destroying over 20,000 homes and structures.  The tax break was given to residents to help them rebuild their lives and homes and to encourage personal contribution to the building of the levies and dams currently in place to protect the city from a recurrence.  

Whether this is the reason for the “Short Tax Proration” is not 100% certain; however, if truly the explanation, it is unknown why the “Short Tax Proration” continues today.  But it does. 

Why would I agree to a short tax proration?

Though there is no law requiring the “short tax" proration,  the method of calculating property taxes is customary and expected by most home sellers in Montgomery County.  Other considerations:

• When purchasing a home in Montgomery County make your offer with the tax proration in mind.  Figure it into your financial numbers prior to making the offer.

• During the last few years of the greatest sellers’ market in real estate recorded history, many home buyers made purchase offers on homes in surrounding counties offering the short tax proration as a way to make their offer more enticing to the home seller, especially when in a multiple offer situation that has been very common the last two years.

• Keep in mind, that offering the “Short Tax Proration” allows you to give more money to the seller in the purchase offer you make without those funds coming out of your pocket right away (ie, you will ultimately pay the property taxes when they come due, in a few months from closing possibly.

• Prior to the sellers' market we are currently in, many buyers asked the sellers to pay the buyers closing cost for them.  Oftentimes, in exchange for the sellers paying the buyers closing cost at the transfer of ownership, the buyers would agree to pay for 6 months of the sellers closing cost in exchange.

Bottom line about "Short Tax" proration

I can share with you the math behind the tax prorations and I can illustrate it for you using a calendar, but the bottom line is as a buyer willing to agree to the short tax proration, you are agreeing to pay 6 months of the seller's taxes (semi-annual property tax).

Some people initially think this "Short Tax" proration is unfair to the buyer.  We understand that initial reaction.  Keep in mind that like any other terms or conditions of a purchase agreement, tax prorations options are fully negotiable. 

This is why having a trusted, highly-rated, and experienced Dayton Ohio Realtor like Don or Cyndi Shurts of Keller Williams Advisors helping your buy or sell a home can save you the stress of finding out this kind of information after the contract has been executed and save you literally thousands of dollars! 

Don & Cyndi can be reached via the communication tools on this real estate website or by calling/texting 937-241-2124 or 937-604-5194.

Building a home can be difficult. Millions of decisions, constant attention, and all-around hard work is put into every house you see today. It’s also one of the most satisfying jobs you’ll ever have in your lifetime, as many of the new construction homeowners in Beavercreek, Ohio say. 

A home lasts for decades, or longer. Making sure that your home is what you want requires a lot of thought and carefully planned actions, making that first night in your home ever sweeter. It helps to remember a few pointers during the process, so here are some helpful tips to help you along the way. 

There are benefits to both new homes and resale homes, but knowing the difference is key in making a decision. Buying a home is a huge investment, and it needs to be thought of as such. A few of the key concepts that matter most are economic, environmental impact, and personal preference.

Take the new homes in Beavercreek, Ohio, for example. Most residents there own their current homes, and the market can be tough to buy into. Considering new homes helps put you in a better position as a buyer, and gives you so many more options. Plus, who doesn’t enjoy a shiny new home? 

Buying a new home should be exciting. You get to pick out your home style, location, and all the finishes. That being said, the actual process of buying your new home can be very overwhelming because of the many decisions that need to be made. There are also the many unknown decisions that tend to pop up throughout the process and need to be addressed.

You have checked off one of the biggest decisions that are required when buying a new home and that is your location. You have decided to buy a new home in Beavercreek, Ohio. Perhaps you now find yourself asking what's next? This is where we can offer assistance.

We want the buying of your new home in Beavercreek, Ohio to be as stress-free and as positive an experience as it can be so we are here for you. Whether you are a seasoned home buyer or very new to it, check out our guide, 8 Things To Know About Buying a New Home In Beavercreek, Ohio, and begin this new home buying experience informed and with confidence!

Keller Williams Agents Don & Cyndi receive a new client review and rating on their Google Business page.

The Shurts' love helping military families move to the Bellbrook area.  Read the full review from Edward and Shannon at Keller Wiliams Advisors Realty - Don & Cyndi Shurts

Four Things To Help You Find A Great Beavercreek Realtor To Sell Your Home

When you're selling a house, it's important to find the best Realtor possible. Not all realtors are created equal - some are better than others. So what should you look for when choosing a Realtor? Here are four things to consider: experience, area knowledge, professionalism, and happy clients (great online reviews and ratings). 

Experience is key - your Realtor should have a lot of experience selling homes in Beavercreek Ohio and the surrounding area.  How many houses have they sold?  New, inexperienced agents may be full of confidence but do they know what they are doing?  An experienced listing agent not only will provide a peaceful and enjoyable experience, but they can net you thousands of dollars more for your house (often more than covering the cost of the broker's commission).  Don & Cyndi Shurts sell about 60 homes a year and have been full-time agents for 18 years.

Area knowledge is also important - your Realtor should be familiar with the local market and know what's going on in the community.  Beavercreek agents Don & Cyndi Shurts have lived in Beavercreek for more than 16 years as a couple; Cyndi is a Beavercreek native.

Professionalism is vital - your Realtor should be well-organized and responsive, able to keep you updated on the progress of your sale.  How do you know if a real estate agent is professional and will be actively communicating with you through the sale of your home?  Check their online reviews, #4.

Probably one of the most important ways to find a great Beavercreek agent is to look at the online presence, especially the number of online realtor reviews.  Be careful to notice whether the reviews are for all the agents at the office or on a large team.  Many local agents might have a hundred or more leads, but the reviews are for 20-30 agents on their team.  Also check various online Realtor reviews locations for Beavercreek agents.

Water pressure is something that you never really notice until it's different. Sometimes your water pressure can be too hard or too soft, and it's important to know what proper pressure is like so you don't end up with significant damage from leaks. If you have ever wondered what the water pressure should be and how to measure it, keep reading to see what it should be like in your home.