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:
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.
📞 Call or text Bryan: 937-776-3405 📞 Call or text Rene: 937-205-6513 👉 Search Homes for Sale in Hillsboro Ohio
Since February, we have shared updates about a project house in Hillsboro, Ohio, on our Facebook page. Today we are sharing the most recent updates to the project house in a YouTube video. Check out the photos below from February, and then watch the video below.
And now check out the most recent updates. This old house is starting to come back to life.
Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today.
The ShowingTime Showing Index is a measure of how much buyers are touring homes. The graph below uses that index to illustrate buyer activity trends over time to help put today into the proper perspective.
It shows there’s seasonality in real estate. If you look at the last normal years in the market (shown in gray), there was a consistent pattern as buyer activity peaked in the first half of each year (during the peak homebuying season in the spring) and slowed as each year came to a close.
When the pandemic hit in March 2020, that trend was disrupted as the market responded to the resulting uncertainty (shown in blue in the middle). From there, we entered the ‘unicorn’ years of housing (shown in pink). This is when mortgage rates were record-low, and buyer demand was sky-high. Similar seasonal trends still existed even during that time, just at much higher levels.
Now, let’s look at 2023. Traffic is down from the previous month, and it’s also lower than the peaks we saw in the ‘unicorn’ years. But what’s happening isn’t a steep drop off in demand – it’s a slow return toward more normal seasonality. As the ShowingTime report explains:
“Showing traffic declined about 10% in May . . . This follows a typical seasonal pattern – disrupted by the pandemic but now beginning to return . . .”
And, to highlight this isn’t a drastic decline, let’s zoom in. Here’s a graph using just the May data for the last five years. It shows just how strong buyer demand still is.
Buyers are still out there touring homes. They’re more active than they were in May 2022 (when sticker shock over higher mortgage rates started to set in) and certainly more than they were in the last normal years. So, remember, buyer activity is still strong. And it could actually be even stronger if it wasn’t constrained by the limited supply of homes for sale. According to U.S. News:
“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”
Don’t lose sight of just how active the market still is today. If your house isn’t on the market, it’s not getting in front of all those buyers who are looking to make a purchase right now. Let’s connect to start the process.
When will the housing market crash again? We are getting that question from clients. The truth is values declined some in late 2022 and early 2023 but have since recovered and are now rising again.
If you’re thinking of buying or selling a home, one of the biggest questions you have right now is probably: what’s happening with home prices? And it’s no surprise you don’t have the clarity you need on that topic. Part of the issue is how headlines are talking about prices.
They’re basing their negative news by comparing current stats to the last few years. But you can’t compare this year to the ‘unicorn’ years (when home prices reached unsustainable record highs). And as prices begin to normalize now, they’re talking about it like it’s bad and making people fear what’s next. But the worst home price declines are already behind us. We’re starting to see the return to more normal home price appreciation.
To help make home price trends easier to understand, let’s focus on what’s typical for the market and omit the last few years since they were anomalies.
Let’s start by talking about seasonality in real estate. In the housing market, predictable ebbs and flows happen each year. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach. Home prices follow along with seasonality because prices appreciate most when something is in high demand.
That’s why, before the abnormal years we just experienced, there was a reliable long-term home price trend. The graph below uses data from Case-Shiller to show typical monthly home price movement from 1973 through 2021 (not adjusted so that you can see the seasonality):
As the data from the last 48 years shows, home prices grow at the beginning of the year but not as much as they do entering the spring and summer markets. That’s because the market is less active in January and February since fewer people move in the cooler months. As the market transitions into the peak homebuying season in the spring, activity ramps up, and home prices go up a lot more in response. Then, as fall and winter approach, activity eases again. Price growth slows but still typically appreciates.
In the coming months, as the housing market moves further into a more predictable seasonal rhythm, you’re going to see even more headlines that either get what’s happening with home prices wrong or, at the very least, are misleading. Those headlines might use a number of price terms, like:
They’re going to mistake the slowing home price growth (deceleration of appreciation) that’s typical of market seasonality in the fall and winter and think prices are falling (depreciation). Don’t let those headlines confuse you or spark fear. Instead, remember it’s normal to see a deceleration of appreciation, slowing home price growth, as the months go by.
If you have questions about what’s happening with home prices in our local area, let’s connect.
You may have heard some people say it’s better to rent than buy a home right now. But, even today, many good reasons exist to become a homeowner. One of them is that owning a home is typically viewed as a good long-term investment that helps your net worth grow over time.
You may be surprised to learn homeowners across various income levels have a much higher net worth than renters who make the same amount. Data from First American helps illustrate this point (see graph below):
What makes wealth so much higher for homeowners? A recent article from Realtor.com says:
“Homeownership has long been tied to building wealth—and for good reason. Instead of throwing rent money out the window each month, owning a home allows you to build home equity. And over time, equity can turn your mortgage debt into a sizeable asset.”
Basically, the wealth you accumulate when you own a home has much to do with equity. As a homeowner, equity is built up as you pay your loan, and home prices appreciate over time. Mark Fleming, Chief Economist at First American, explains how this same benefit isn’t true for renters in a recent podcast:
“Renters as non-homeowners gain no wealth benefit as home prices rise. That wealth actually accrues to the landlord.”
Before you decide to sign another rental agreement, now is a good time to think about whether it would be better for you to buy a home instead. The best way to figure out what makes sense for you is to have a conversation with a real estate expert you trust. That professional can talk you through the benefits that come with owning to determine if that’s the right next step for you.
If you're not sure whether to keep renting or to buy a home, know that owning a home, no matter how much money you make, can help build your wealth. Let's connect now to get started on the path to homeownership.
Getting pre-approved for a mortgage is an essential step in home-buying. It not only gives you a clear idea of how much you can afford to borrow but also shows sellers that you are a serious buyer. Let's dive into the details!
The pre-approval process involves a thorough lender evaluation of your financial situation. They will assess your income, credit history, employment status, and other relevant factors to determine the maximum loan amount you can qualify for. This evaluation helps you understand your budget and sets realistic expectations when searching for a home.
To get pre-approved, you typically need to gather some documents. These may include proof of income (such as pay stubs or tax returns), bank statements, employment verification, and details about your assets and debts. It's important to have these documents ready to speed up the process. Most lenders we work with can issue a pre-approval within a day if they have all your information.
Once you have your documents in order, you can approach a lender or mortgage broker to begin the pre-approval process. They will review your information, run a credit check, and assess your financial stability. Based on this evaluation, they will provide you with a pre-approval letter stating the maximum loan amount you qualify for.
It's worth noting that pre-approval is not a guarantee of a mortgage. It's an initial assessment based on the information provided. When you find a home and make an offer, the lender will conduct a more detailed evaluation before finalizing the loan.
The benefits of getting pre-approved are numerous. Firstly, it helps you narrow your home search to properties within your budget. This saves time and prevents disappointment from falling in love with a home you can't afford. Secondly, pre-approval strengthens your position as a buyer. Sellers prefer working with pre-approved buyers as it indicates a higher likelihood of a successful transaction.
In summary, getting pre-approved for a mortgage is a crucial step in the home-buying process. It provides a clear understanding of your budget, helps you focus your search, and increases your chances of securing your dream home. Good luck with your home-buying journey! Get started here!
When buying a house, a home inspection is an essential step that should be considered. A home inspection is a thorough examination of a property's condition conducted by a professional inspector. It helps potential buyers identify any existing or potential issues with the house before purchasing.
One of the key reasons why a home inspection is necessary is that it provides buyers with a comprehensive understanding of the property's condition. The inspector will assess various aspects of the house, including the foundation, roof, electrical systems, plumbing, HVAC, and more. By doing so, they can identify hidden problems that may not be apparent to the untrained eye.
Having a home inspection can save buyers from unexpected and costly repairs down the line. For example, if the inspection reveals a faulty electrical system or a leaky roof, buyers can negotiate with the seller to either have the issues fixed or adjust the price accordingly. This can potentially save buyers thousands of dollars in repair costs.
Furthermore, a home inspection can also help buyers prioritize their renovation or improvement plans. The inspector's report will highlight areas that require immediate attention and those that can be addressed later. This information can be invaluable for buyers who want to budget their expenses and plan their renovations accordingly.
Another important aspect of a home inspection is that it gives buyers peace of mind. Buying a house is a significant investment, and knowing that a professional has thoroughly examined the property can alleviate any concerns or doubts. It allows buyers to make informed decisions and purchase confidently.
Buyers can inspect any aspect of the house that they choose. The most common inspections buyers conduct are complete home inspection, termite/wood destroying insect, well, septic, and structural. The home inspector may recommend more detailed inspections of some of the home's systems, such as HVAC, fireplace, mold, radon, and asbestos.
Many people are surprised to hear that home inspections are not required. The home inspection is for the buyer's benefit. Certain loans do require specific inspections. The VA loan requires the buyer to have a wood-destroying insect inspection. Most loans require a structural inspection for the purchase of a manufactured home.
In summary, a home inspection is crucial when buying a house. It helps buyers understand the property's condition, identify potential issues, negotiate repairs or price adjustments, prioritize renovations, and gain peace of mind. Buyers can make a more informed decision by investing in a home inspection and ensuring a smoother and more secure home-buying process.
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Selling a home can be complex, but with the right tips, you can make it a smooth and successful experience. As your trusted Highland County Real Estate Pros, we are here to walk you through the process. Here are ten tips to consider:
1. Enhance curb appeal: First impressions matter, so make sure your home's exterior looks inviting and well-maintained. Consider freshening up the landscaping, painting the front door, and ensuring the exterior is clean.
2. Declutter and depersonalize: Potential buyers want to envision themselves living in the space, so remove personal items and excessive clutter. This helps create a neutral canvas for buyers to imagine their belongings.
3. Stage your home: Consider hiring a professional stager or doing it yourself. Staging can help highlight your home's best features and create an appealing atmosphere for potential buyers.
4. Make necessary repairs: Address any visible issues like leaky faucets, broken tiles, or faulty electrical outlets. These small repairs can make a big difference in the overall impression of your home.
5. Price it right: What's Your Home Worth? Research the local real estate market and set a competitive price for your home. Overpricing can deter potential buyers and lead to missed opportunities. To help determine the best list price, we will do a complete CMA (Comparable Market Analysis).
6. Market effectively: Utilize various marketing channels to reach a wide audience. This can include online listings, social media promotion, and traditional methods like yard signs and flyers.
7. Professional photography: High-quality photos can significantly impact buyers' interest. Consider hiring a professional photographer to capture your home's best angles and showcase its unique features.
8. Be flexible with showings: Make your home as accessible as possible for potential buyers. Accommodating their schedules and allowing for easy showings can increase the chances of a successful sale.
9. Highlight unique selling points: Identify and emphasize the unique features of your home that set it apart from others in the market. This could be a spacious backyard, a newly renovated kitchen, or a desirable location.
10. Work with Vance Team Realtors: Our goal is to provide every client with a Five-Star Experience when they partner with us. We will be by your side to help you every step of the way.
Remember, selling a home can take time, so patience is key. By following these tips, you'll be on your way to a successful sale. Connect with us today to get started on your home-selling journey.
Don't forget to download our FREE "Staging To Sell" Guide.
🏡 Attention Highland County, Ohio Buyers, and Sellers! 🏡
📅 June 2023 Update 📅
📊 Market Trends Report 📊
🔵 Bryan & Rene Vance, your trusted REALTORS®, here with the latest data on Highland County's real estate market. Let's dive in!
📈 Inventory Update: Currently, there's only 1.1 months supply of inventory available. That means the market is highly competitive, making it a great time to sell. 🏠💨
📉 Decreasing Inventory: Over the last 12 months, the Months Supply of Inventory has dropped by a staggering -99.18%. This indicates a strong demand for properties in our area. 📉🔥
💰 List to Sold Price: Sellers, you'll be delighted to know that the List to Sold Price percentage is 92%! This means homeowners are getting a great return on their investments. 💵💪
⌛️ Quick Sales: Highland County homes are flying off the market! The median days on the market are just eight days. It's essential to act fast if you're a buyer, as properties are selling rapidly. ⏰⚡️
💲 Median Sold Price: The median sold price in Highland County is currently $192,500. This showcases the value and desirability of our local real estate market. 💲💎
📣 Whether you're a buyer or seller, it's crucial to stay informed about market trends. As your dedicated REALTORS®, we're here to guide you through every step of your real estate journey!
📞 Call Bryan & Rene Vance - Vance Team Realtors at Home Experts Realty today to discuss how these trends may impact your buying or selling decisions. Let's achieve your real estate goals together! 🤝🔑