Ohio Market Watch: Multiple offers on the rise

By Greg Stitz, OAR Director of Research

A majority (56 percent) of respondents have seen an increase in multiple offers over the past six months, according to findings from OAR’s October housing confidence survey. Of those indicating an uptick, 12 percent have seen multiple offers increase a lot and 44 percent have seen multiple offers increase somewhat. Only 14 percent have seen multiple offers decrease and 30 percent have noticed no change.

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Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 OAR participants. Click here to participate in future OAR Housing Confidence Surveys.

Tags: Ohio Market Watch, research

Legal Matters: The Ohio Residential Property Disclosure Form

Peg Ritenour, vice president of legal services/administration for the Ohio Association of REALTORS, provides a timely refresher of Ohio’s Residential Property Disclosure Form, detailing:

  • When the form is required;
  • What transactions are exempt from use of the form;
  • What to do if a seller refuses to complete the form;
  • What the rescission rights are.

Click here for more information on the Residential Property Disclosure Form, including an OAR-produced chart showing when its necessary and when it’s not, an exemption waiver form and white paper.

Tags: legal, OAR Legal Matters

Ohio housing market posts gains in sales & prices in September

red sold and roof

By Carl Horst, OAR Director of Publications/Media Relations

The number of homes sold across Ohio in September increased 2.8 percent from the level posted in August, according to the Ohio Association of REALTORS.

Home sales activity in September 2014 rose a slight 0.3 percent from the level reached during the month a year ago.

“Through the three-quarter mark of 2014 the Ohio housing market has been able to display modest stability in the overall level of sales activity and healthy growth in pricing,” said OAR President Chris Hall. “It’s evident that we’re continuing to make significant progress in re-establishing a solid foundation for the state’s housing sector. Throughout the year, our marketplace appears to have settled into a more traditional cycle, with minor variances in activity levels due to current market factors.”

September’s average home price of $150,939 reflects a 6.8 percent increase from the $141,316 mark posted in September 2013.

Sales in September reached a seasonally adjusted annual rate of 134,397, increasing 2.8 percent from the 130,745 level posted last month. The market also experienced a 0.3 percent increase in sales from September’s 2013’s seasonally adjusted annual rate of 134,032. Sales during September 2014 reached the highest level for the month since 2006.

Around the state, 15 of the 20 markets tracked reported increases in sales activity levels or remain unchanged during the month. All but three local markets showed an increase in average sale price.

Home sales during the third quarter of 2014 were up from the first and second quarter, but down from the same period a year ago. Specifically, third quarter 2014’s seasonally adjusted annual rate reached 129,319, a 10.9 percent increase from the first quarter mark of 116,660 and a 1.7 percent rise from the second quarter activity level of 127,178. Sales activity in the marketplace during the quarter declined 4.4 percent from the third quarter 2013 level of 135,255. Third quarter 2014 dollar volume of $5.9 billion is up 2.7 percent from the same period last year.

Click here to view OAR’s seasonally adjusted Ohio home sales report. To access a market-by-market analysis of sales activity throughout Ohio, click here.

Tags: home sales, research

Coaching Corner: Too many words!

By “Coach” Marilou Butcher Roth

Today I want to tell you a story directly from the innocence of children — yes, of course, my grandchildren, who consistently give me a tremendous amount of amusement as well as insight.

So, please indulge this grammy to share these words of wisdom.

Recently we had a sleep over with three of our grandchildren which involved Busken Halloween cookies (delicious!). When Sunday morning came around, there were several cookies left which I did not want to have staring back at me as the day progressed, knowing full well that my resistance is quite low when it comes to Busken Halloween cookies. So, as any good grammy would do, I packaged up the cookies to send home with each of our little people.

Later that day, one of them, Ed, had a soccer game which I would be attending with his cousin Sophia (Fi). I told him that I would bring the cookies with me to the game, which he found to be an outstanding idea. On the way I told Fi about the cookies, informing her that although she could make the request to Ed to share his cookies, he had the option to say no. She was fine with this and was excited to give Ed the cookies.

Immediately after his game Fi raced over to Ed to offer the delicious prize of the cookies and began with “Ed…I have a question for you…I don’t know how you feel about this…it may be yes…or it may be no…I am OK either way as I know how much you like your cookies…” This went on for quite some time without ever voicing a request for one of the cookies. Finally, Ed firmly said “Fi! You can have a cookie!!!! I was going to offer one to you!!!” And with that he held up his hand to her and stated “TOO MANY WORDS!!!”

I laughed out loud and yet immediately felt the power of what had just been spoken. How often do we speak from a place that is not clear — assuming the person we are talking to knows what we are trying to say? Or perhaps, in the midst of making a request, we surround our request with more words than necessary. Making your language as clear as possible will benefit everyone. Succinct communication will enhance your professionalism as well as improve your personal relationships.

This week, pay attention to your communication. Are you speaking as clearly and succinctly as possible? If not, just imagine a 6 year old hand in front of your face telling you “too many words!”

 

Marilou Butcher Roth is the owner of The MBR Group, a coaching and training company working primarily with REALTORS who have a desire to work and live from a more inspired place. She is also the Broker/Owner of Group REALTORS in Cincinnati.

Marilou is a member of the OAR Executive Committee and immediate past chairman of the organization’s Communications Committee. Feel free to contact Marilou to see if coaching is right for you: Marilou@mbr-group.com

 

Tags: Coaching Corner, training

The People Revolution: Change requires a blueprint

Real estate visionary Chris Smith tells Ohio’s REALTORS that to meet the challenges of an ever-changing marketplace the profession must embrace change, not hide from it. This clip — taken from Smith’s keynote at the OAR Annual Convention & EXPO — details why every REALTOR must develop their own unique blueprint for change, one that’s specific to their situation and needs. Click here to see other episodes of Smith’s “peoplework” principles.

Tags: People Revolution

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