Vance Team Realtors - Your Trusted Local Real Estate Experts
Southern Ohio Real Estate News, Market Trends & Home Buying Tips
Welcome to the Vance Team Realtors blog — your go-to resource for Southern Ohio real estate news, local market trends, and practical advice for buyers and sellers across Highland County and beyond.
Whether you are searching for homes for sale in Hillsboro, Ohio, trying to understand what the current market means for your home's value, or looking for honest guidance on buying or selling a home in Southern Ohio — you will find straightforward, locally focused content here written by people who actually live and work in this community.
Our blog covers a wide range of topics, including:
Highland County and Southern Ohio market updates — real numbers, real trends, no fluff
Home buying tips — from getting pre-approved to making your first offer
Home selling strategies — how to price, prepare, and market your home for the best result
Community spotlights — what makes Hillsboro and Southern Ohio such a great place to call home
Real estate news — what is happening in the broader market and what it means locally
Bryan and Rene Vance have been serving buyers and sellers across Highland, Clinton, Adams, Brown, Ross, Fayette, and Pike County since 2015. Every post on this blog reflects real local knowledge from agents who are active in this market every single day.
Have a question about the Southern Ohio real estate market, or ready to take the next step? We would love to hear from you.
Real Estate Market Update: Housing Inventory on the Rise!
Since 2020, one of the biggest challenges in the real estate market has been low inventory. The shortage of inventory is one of the reasons we have seen home values rise so much and remain high.
Why has inventory been so low?
Two reasons, in our opinion. The first thing that caused low inventory was low interest rates from 2020 until around 2022/2023, when the Federal Reserve started raising them to cool inflation. The rates were driven down in the two to three percent range. The cheap money drove buyers out in record numbers to purchase homes. There was no inventory because buyers were buying it faster than it could come on the market. The second reason inventory has been low is that home prices/values are high, and the current interest rates are in the six to seven percent range. Homeowners with mortgages with a rate in the three percent range have not been willing to give up those rates for the current rates.
What has changed to make inventory go up?
The bottom line is that buyer activity has slowed because of the cost of borrowing money. Most buyers can’t afford the higher interest rates, so many have left the market. This means houses are taking longer to sell, which is leading to a surplus of inventory.
Why Real Estate Remains a Safe Long-Term Investment
Investing in real estate has long been considered one of the safest and most reliable ways to build wealth over time. While it’s true that property prices fluctuate in the short term—rising and falling due to various economic factors—the overall trend historically points upward. This makes real estate a smart choice for those thinking about long-term financial stability.
The Natural Ups and Downs of Real Estate Prices
Like any investment, real estate markets experience cycles. Prices can go up when demand is strong and down during economic slowdowns or other market shifts. Some local markets have recently seen a slight decrease in home values, typically around 2% or less. However, these minor dips don’t change the bigger picture.
The Big Picture: Long-Term Growth
Despite occasional drops, property values nationwide have increased significantly since 2020. In fact, overall home prices are still up about 55% across the country compared to previous years. This long-term appreciation reflects the enduring value of real estate, driven by factors like population growth, limited housing supply, and the essential nature of homes.
Why Real Estate Is a Safe Bet
Tangible Asset: Unlike stocks or bonds, real estate is a physical asset you can see and use.
Inflation Hedge: Property values and rents often rise with inflation, helping protect your investment.
Equity Building: As you pay down your mortgage, you build equity that increases your net worth.
Potential Income: Rental properties can generate steady cash flow in addition to value appreciation.
Curious About Your Home’s Current Value?
If you already own a home, you might wonder how recent market trends have impacted your property’s value. Home values vary significantly by location, so an up-to-date estimate is essential.
Get an instant property valuation by visiting our website today. Knowing your home’s current worth can help you make informed decisions about refinancing, selling, or simply tracking your investment’s growth. Find out how much your home is worth by clicking here now!
The Bottom Line:
Real estate remains one of the smartest investments for those willing to play the long game. While markets will ebb and flow, the overall trend of rising property values provides confidence that your home is not just a place to live but a valuable asset for your financial future.
Just Listed: Cozy Lake Retreat at Rocky Fork Lake – 6651 Wizard of Oz Way, Hillsboro, OH 45133
Dreaming of lake life? Whether you're looking for a peaceful full-time home or a weekend getaway near the water, this charming property at 6651 Wizard of Oz Way checks all the boxes!
Property Highlights This well-maintained 1,248 sq ft home features 2 bedrooms and 2 full bathrooms, offering a comfortable and inviting layout perfect for relaxation or entertaining. The open concept kitchen and living room create a spacious central hub, while a bonus family room gives you extra space to stretch out and enjoy.
Move-In Ready Features
Newer metal roof and gutter guard for low-maintenance peace of mind
All appliances stay, including the refrigerator, oven/range, washer, and dryer
12x16 storage shed—perfect for lawn, garden, and outdoor gear
Insulated oversized 3-car garage, ideal for your boat, cars, or workshop setup
Location, Location, Location This property is just 2 minutes from a boat launch at Rocky Fork Lake, making it the perfect base for boating, fishing, and outdoor adventures. With a double lot setting, there’s space to relax, play, and enjoy the beauty of nature in your own backyard.
Whether you're ready to move in full-time or want a relaxing retreat close to the water, 6651 Wizard of Oz Way is a rare find in this popular area.
Schedule a Private Showing Ready to see it for yourself? Contact Vance Team Realtors to schedule your private showing today!
When buying a home, the buyer has the opportunity to conduct inspections. There is a wide range of available inspections. The most common is the whole house inspection performed by a licensed professional home inspector. This inspection checks the entire house from roof to basement and everything in between. Most home inspectors are qualified to inspect for wood-destroying insects as well. You might have to hire another professional to inspect some areas of the home. These areas include,
The well
The septic system
Structural concerns
Scoping the sewer lines with a camera
Lead Paint
The home inspection period always starts the day after both parties agree to the terms and sign the contract. The time to conduct inspections is negotiable and usually runs between seven and fourteen days. The buyers are encouraged to attend the inspection in person.
The lender does not require home inspections. However, we strongly encourage them and require buyers to sign a waiver if they choose not to inspect a home. During the buying process, it can be tempting to skip the inspection to save money, or during a hot market, buyers might skip inspections to make their offer seem more attractive to a seller. Don’t skip the home inspection! We have seen skipping the inspection come back to bite buyers in the butt and we have seen inspections save the buyer from buying a home with huge issues.
Certain loans might require specialized inspections. Two examples are VA loans, which always require a termite inspection, and manufactured homes, which usually require a structural inspection. Appraisers can flag certain conditions and require additional inspections, too.
How VA Loans Can Help Make Homeownership Dreams Come True
For more than 79 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. If you or someone you care about has served in the military, learning about this program and its advantages is essential.
Here are some essential things to know about VA loans before you buy a home.
The Many Advantages of VA Home Loans
VA home loans provide a pathway to homeownership for those who have served our nation and are a great benefit for buyers who qualify. According to the Department of Veteran Affairs:
Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when trying to save for a home.
Limited Closing Costs: There are limits on the closing costs when you qualify for a VA home loan. So more money stays in your pocket when it’s time to seal the deal.
Don’t Require Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not so veterans can save on their monthly housing costs.
A recent article from Veterans United sums up just how impactful this loan option can be:
“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”
Bottom Line
Owning a home is the American Dream. Veterans sacrifice a lot to protect our country, and one way we can show our appreciation is by ensuring they know all the benefits of VA home loans. Thank you for your service.
If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, there’s a limited number of homes on the market right now, and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way, you’ll know your numbers and can set yourself up for success from the start of your home search.
To understand why it’s such an important step, you must know what pre-approval is. As part of the homebuying process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you know how much money you can borrow. Freddie Macexplains it like this:
“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”
Basically, pre-approval gives you critical information about the home-buying process that’ll help you understand how much you can borrow. Why does this help you, especially today? With higher mortgage rates and home prices impacting affordability for many buyers right now, a solid understanding of your numbers is even more important so you can truly wrap your head around your options.
Pre-Approval Helps Show Sellers You’re a Serious Buyer
Let’s face it: more buyers are looking to buy than there are homes available for sale, and that imbalance is creating some competition among homebuyers. That means you could see yourself in a multiple-offer scenario when you make an offer on a home. However, getting pre-approved for a mortgage can help you stand out from other hopeful buyers.
As an article from the Wall Street Journal (WSJ)says:
“If you plan to use a mortgage for your home purchase, preapproval should be among the first steps in your search process. Not only can getting preapproved help you zero in on the right price range, but it can give you a leg up on other buyers, too.”
Pre-approval shows the seller you’re a serious buyer who’s already undergone a credit and financial check, making the sale more likely to move forward without unexpected delays or financial issues.
Bottom Line
Getting pre-approved is an important first step when you’re buying a home. The more prepared you are, the better your chance of getting your desired home. Connect with a trusted lender to have the tools you need to purchase a home in today’s market.
Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to sell your house?
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. The number of available homes on the market measures housing inventory. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply. Today, we have only about three months’ supply of homesat the current sales pace (see graph below):
As the visual shows, given the current inventory of homes, it’s still a seller's market.
Today, we’re nowhere near what’s considered a balanced market. In fact, the current month’s supply is half of what’s typical of a normal market. That means there aren’t enough homes to go around based on today’s buyer demand.
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
How Does Being in a Seller’s Market Benefit You?
Sellers, these conditions give you a real edge. Right now, some buyers are ready, willing, and able to purchase a home. And, because there's a shortage of homes up for sale, the ones that hit the market are like magnets for those buyers.
If you work with a local real estate agent to list your house right now, in good condition and at the right price, it could get much attention. You might even end up with multiple offers.
Bottom Line
Today’s seller’s market gives you a big advantage when you sell your house. Because supply is so low, your house will be in the spotlight for motivated buyers who are craving more options. Let’s connect so you understand what’s happening in our local area as you get ready to enter the market.
Why The Median Home Sales Price Is Confusing Right Now
Hillsboro Homes For Sale Median Sale Price
The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may seem confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and since rebounded.
So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each one. NAR reports the median home sales price, while other sources use repeat sales prices. Here’s how those approaches differ.
The Center for Real Estate Studies at Wichita State Universityexplains median sales prices like this:
“The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.”
Investopedia helps define what a repeat sales approach means:
“Repeat-sales methods calculate changes in home prices based on sales of the same property, thereby avoiding the problem of trying to account for price differences in homes with varying characteristics.”
The Challenge with the Median Home Sales Price Today
As the quotes above say, the approaches can tell different stories. That’s why median home sales price data (like EHS) may say prices are down, even though most of the repeat sales reports show prices are appreciating again.
Bill McBride, Author of the Calculated Risk blog,sums the difference up like this:
“Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices.”
Here’s a simple explanation of the median value (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median value (the middle one) is 10 cents. The median value is now five cents if you have two nickels and one dime.
In both cases, a nickel is still worth five cents, and a dime is still worth 10 cents. The value of each coin didn’t change.
That’s why using the median home sales price to gauge what’s happening with home values may be confusing right now. Most buyers look at home prices as a starting point to determine if they match their budgets. But most people buy homes based on the monthly mortgage payment they can afford, not just the price of the house. When mortgage rates are higher, you may have to buy a less expensive home to keep your monthly housing expense affordable.
That’s why a greater number of ‘less-expensive’ houses are selling right now, causing the median home sales price to decline. But that doesn’t mean any single house lost value.
When you see the stories in the media that prices are falling later this week, remember the coins. Just because the median home sales price changes doesn’t mean home prices are falling. What it means is that the mix of homes being sold is impacted by affordability and current mortgage rates.
Bottom Line
Let's connect for a more in-depth understanding of home price trends and reports.
