The Pulse

I live for this, professionally.  Markets such as the one we're in truly separate the pretenders from the contenders.  Preparedness is the key, but with the trust of my principles we've been able to not only experience success, but accomplish some extraordinary things in a market where few have been able to accomplish their goals.

The Vitals

In May 2012, the median sales price for single-family homes in Greene and Montgomery Counties was $94,250.  What a difference five years makes!  The stats for May 2017 are in and the median price is $125,000 - an increase of 32.6%!!

Depending upon the municipality, or more accurately, school system that a Purchaser is searching to live within - there is literally a par absorption rate... there are fewer homes available than there are buyers shopping for them!

Mortgage rates are fantastic and lenders are not only loosening the grip on accessibility programs, but offering incentives to set themselves apart from the competition.  Whether you seek a lower rate, reduced closing costs or favorable buy-down terms, they're out there... and I can direct you to the best in the business!

Case Studies

Here are a few examples of my recent transactions... with names redacted for HIPPA compliance, or to protect the victims!

• Buyer-side transactions:
  • Couple #1 was seeking a newer home at very smart price-point for their ages.  After a couple bad experiences with their prior agent they were referred to me.  We made sure we were among the 'first in' to new listings on the day they hit the market.  Late in the afternoon on Easter Sunday a property came available.  Noting it's vacancy and the fact that the holiday festivities were in the rearview mirror - we scheduled an appointment for early that evening... wrote it, negotiated it and achieve an acceptance before the Monday morning onslaught would've surely happened!  We structured the deal to minimize their cash outlay and closed 5 days early and under budget!
  • Couple #2 has been a joy to work with! They'd been frustrated with the lack of responsiveness from other REALTORS®.  We quickly zeroed in on what we thought was a dream home, only to be rebuffed by sellers who thought their $20 bill was worth $25 and a listing agent who was too busy to be bothered.  Rather than give up, we expanded our search area and found a gorgeous home in Troy that suits them even better with lower property taxes and NO massive HOA fee!  By the way, the initial home we offered upon (twice) is still for sale at the original price after 92 days in this scorching hot market!  I'm sure that you've heard that the first offer is typically the best offer?!
  • Buyer #3.  Where do I even begin?!  Sometimes you just click with someone and know they'll be a lifelong friend.  Referred from a friend and past client, we set out on a course to find just-the-right-home with plenty of character inside and out!  Through use and re-use of every real estate app known, we found the 'it' house during our FIRST home tour!!  Then looked at another couple dozen, just to be sure.  So the goal was to hit a particular monthly payment with as little cash out of pocket as possible.  I asked for their trust and was honored to receive full confidence.  With interest rates being so low, a $1,000 reduction in purchase price only reduces the monthly payment by about $4.40.  Yes, that's all.  Upon researching the numbers and applying some finance principles, we were able to more than quadruple that return!  We got the home she wanted at the terms we needed resulting in a win-win for our side!  And the happiest occupant of all?  Lieutenant Dan, the cat with a full compliment of legs.
  • Couple #4.  They know who they are and the hurdles we jumped.  With a combination of well-placed private banking and a $23,000+ price reduction we secured a gorgeous estate home with that pool-ready back yard. Looking forward to the late summer cookout!
  • Couple #5 began with a simple question on the phone, "Can you show me a few homes, I haven't heard back from my agent in 3 days.  Is that normal?"  No it isn't and yes I can!  Not only did we negotiate a 6.8% price reduction - we convinced the seller to include every bit of furniture in the home as well!  Yes, you read that correctly.  (Home - 6.8%)+furniture = happy buyers!
  • Buyer #6 is one impressive young man, 20 years young.  While looking for 2-4 family homes (to live in and lease the rest, because he's more intelligent than most of us!) we stumbled into a GREAT buy on a foreclosed home in Kettering that was easily 25% below market value.  We navigated the treacherous waters of a HUD transaction and came out the other side with a fantastic deal and equity in his pocket - a wonderful story for a fantastic family!
• On the Seller's side:
  • Couple #7's goal was to move prior to selling their existing home.  Check.  When making the decision between leasing or selling the prior home, the choice was made to sell.  While the challenges of selling a country home in the city took a bit longer than expected due to a free-spirited Purchaser taking their time with pesky paperwork, a successful sale was completed and they're LOVING the fact they are NOT landlords!
  • Couple #8 was referred to me by a friend and business associate.  We pushed the boundaries of pricing for their floor plan and neighborhood due to the market we're in and accepted one of four offers we received that was even above our up-stretched price in under 24 hours!
  • Couple #9 is a military transferee departing WPAFB for Nellis AFB in Las Vegas (free crash pad, guys?).  Once we helped a purchaser resolve a pet issue, we were able to negotiate a full-price offer at terms favorable to our side.  Great people... especially her as she TWICE made me homemade lumpia!  
  • Seller #10 called five local brokerages interviewing agents and was very honest and upfront about his goals in selling his parents' home.  We spent a great deal of time communicating over a couple weeks before agreeing to work together, and what a pleasure it's been!  In less than 24 hours we received multiple offers and accepted on that was 3.7% ABOVE list price!
  • Couple #11 is also Couple #2 above.  Though time separates our ages, we bonded beautifully!  I've always enjoyed marketing unique properties, and this was no exception.  Unique certainly doesn't mean bad, as this was a beautiful home that had a couple of out-of-the-box contingencies.  Appraisers don't like unique.  We put the home on the market late on a Saturday afternoon at a price 11.6% above a recent appraiser opinion.  By Sunday evening we had received five offers from six showings, all above asking price.  We accepted an AMAZING offer dramatically above list price with agreed upon added protections of value.

I am so grateful for each and the trust they put in my guidance.  These are but a few of the reasons I love what I do...

The Prognosis 

The Miami Valley experienced a similar market only a year ago.  May through early July were incredible markets very reminiscent of this year.  Sellers were thrilled with their values and buyers were ecstatic with their purchases.  Then, crickets. From mid-July into the fall we experienced what the mainstream media labeled a 'market correction'.  Ironically the buyers, sellers and real estate industry professionals felt the market was correct.

But just like that, it was gone.  Sellers who were 'late to the game' were pricing to catch lighting in a bottle from the early summer, but found themselves languishing on the market with few lookers, fewer buyers and nothing but time.  REALTORS® found ourselves omitting sales from 5/2016 through 7/2016 from our home value analyses as the market had reset itself.

But 2017 is different.  A year ago we were embroiled in a Presidential election that divided friends and families as well as challenged the stock and bond markets.  Regardless of political commentary the stock market is setting records, the federal reserve is considering rate hikes and is making funds available at pre Dodd-Frank quotas.

It would be irresponsible to suggest the local real estate market will continue at this pace, it won't, but should the current market optimism continue we shouldn't anticipate the grind-to-a-halt that we experienced in 2016.

The Heart And Soul

The health of the real estate industry is truly the heart and soul of the financial markets for most consumers.  When the real estate tide rises, it lifts many investments with it.

But don't be misled, nothing about current real estate brokerage is simple:

• Appraisers are in uncharted territory when it comes to confirming value
• Mortgage underwriting lacks consistency and sometimes, logic
• Seller expectations must be tempered with reality
• Purchaser heartbreak has become commonplace
• Unprepared REALTORS® can create inescapable dilemmas

Some are intimidated by the spike in the market.  It's true that in many areas, prices have escalated and purchasing power isn't what it has been over the previous decade - but the same applies to the home you may be selling, it should bring more return - balancing your transactions.

I'm happy to discuss your options and offer experience-based guidance.  

Exceeding your expectations is always my goal.

Brett Williford, REALTOR®

Irongate Inc., Realtors

brett@brettwilliford.com

937-477-3223