OAR President Hrabcak touts the strong housing market

Greg Hrabcak, president of the Ohio Association of REALTORS, highlighted the strong housing market throughout Central Ohio and the Buckeye State during an appearance on Columbus’ ABC 6 News:

Local REALTORS are seeing a big boom in the real estate business due to low supply, high demand and lucrative interest rates.

The President of Ohio Association of REALTORS says sellers are in control.

“If there is ever a time to buy realty, it is now,” said Greg Hrabcak.

Tags: Association news, research

Coaching Corner: The good, the bad and the ugly

By “Coach” Marilou Butcher Roth

How often do you find yourself putting situations (and people) into one of these categories? We have all had thoughts that tend to be in the judgmental category — we are human. What I am asking you to do today is consider bringing more neutrality into your thinking as we notice situations and/or people (including yourself).

There is a great class that the National Association of REALTORS developed titled “Implicit Bias,” which meets your Fair Housing continuing ed credit. If you have not had the opportunity to take this class, I strongly suggest that you look into it. During the class, many different types of judgments that we hold unconsciously are explored, and I will tell you it can be quite a surprise!

Bottom line — when we can observe from a place of neutrality, we are able to see differently. Something that before we may have judged as “bad” or “wrong,” can merely be an “oh, that is interesting.” What if we could just notice without pigeonholing?

This week, pay attention to how you are categorizing or judging situations or people. Notice if you catch yourself saying something like “that is so wrong — they should never have done that.” Then ask yourself if that is really true, it is definitely your opinion but stating that they should never have done ______ may not be true! Whenever you see or hear the word “should,” pay attention!

Have fun with this one, especially with thoughts about yourself!!

 

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 Board of Directors and 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

Home purchase agreements reach best-ever level in April

house key greyish

By Carl Horst, OAR Director of Publications/Media Relations

The Ohio Association of REALTORS reports the number of single-family homes and condominiums put under agreement in April 2015 increased 15 percent from the level posted during the month a year ago.

The rate of purchase contract signings in April rose 3.2 percent from the market’s March 2015 pace.

Ohio’s April Pending Home Sales Index of 158.2, a forward-looking indicator based on contract signings, increased 15 percent from April 2014 (137.6). Activity in April increased 3.2 percent from the pace of agreements reached in March (153.3).

“The Ohio housing marketplace is continuing to steadily exhibit signs of improvement, as our April pending sales index reached a best-ever level for the month,” said OAR President Greg Hrabcak. “Additionally, the Ohio market has now tallied 12 consecutive months of year-over-year gains in agreements reached.”

Compared to 2008, a historically healthy market that marked the end of five consecutive record years for existing home sales and the onset of the recession, April’s Index score of 158.2 marks a 58.2 percent increase.

A pending sale or a sale “under agreement” is when the buyer and seller agree on terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. Refer to the following report to view the pending home sales index and methods.

OAR, the largest professional trade association in the state with more than 28,000 members, is the only organization that compiles this state wide information from selected Multiple Listing Services each month. The tracking of “pending sales” provides reliable information about where the market is heading in coming months.

Tags: pending home sales, research

Ohio Market Watch: More REALTORS reporting that all transactions are closing

By Greg Stitz, OAR Director of Research

Most notably over the past year, when this question was last asked, 14 percent more Ohio REALTORS are claiming all their transactions are closing. In the most recent OAR Housing Confidence Survey, respondents were asked to indicate the top two reasons their transactions have not closed over the past year. Last year 28 percent indicated all their transactions closed; increasing to 42 percent when the question was asked this year. Inspection issues continue to be the number one reason transactions are not closing this and last year. Also this year, finance issues dropped by 5 percentage points compared to last year and appraisal issues rose by 5 points.

Transactions-not-closing-reasons-5_15

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

Ohio’s April housing report: Rising list prices, unchanged inventory levels & quicker sales

three houses

By Carl Horst, OAR Director of Publications/Media Relations

The current snapshot of the Ohio housing marketplace show list prices continuing to tick upward, flat inventory levels and an ongoing decline in the median age of inventory compared to where the market stood a year ago.

According to REALTOR.com’s April 2015 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for 300 cities across the country:

Realtor.com’s analysis of April residential real estate data indicate that while inventories are growing more quickly, overall supply continues to struggle in keeping pace with the growing demand.

As a reflection of the tight supply, median list prices are still rising, though not as fast as March. They are now at $225,000, up 9% y/y and 2% m/m. Median days on market, now at 73 days, continues to decline sharply, down 12% y/y and 18% m/m. Listings inventory is now growing faster, at 5% m/m but it is still down y/y.

On the demand side we are seeing traffic and searches on Realtor.com continue to set new highs in April. Unique users for the month are on pace for 40% growth y/y, while visits and searches are expected to be up more than 50% and 35%, respectively.

The higher level of inventory along with growing demand should lead to positive growth in reported contracts for both existing and new homes in April and closings in May.

Despite the growth in listings, supply remains tight and continues to favor sellers as the median age of inventory continues to be down considerably year-over-year.

Compared to the findings from a year ago, seven of the nine Ohio markets tracked reported an uptick in the median list price in April, while the time frame that homes are being marketed for sale shrank in all but two markets compared to 2014. Additionally, inventory levels throughout most of the state were unchanged from April 2014.

 

April 2015 vs. April 2014

Median List $
Total Listings Median Age of Inventory
Akron -3.4% 0% -11.7%
Canton-Massillon 6.0% 0% 0.9%
Cincinnati 13.5% 0% -25.3%
Cleveland-Elyria 4.7% 0% -0.7%
Columbus 5.2% 0% -19.4%
Dayton 1.8% 0% -13.3%
Springfield 2.0% 0% -23.9%
Toledo 9.3% 0% -8.1%
Youngstown-Warren-Boardman -4.6% 0% 4.7%
U.S. Average 8.2% -17.3% -12.1%

 

“The progress we’re experiencing in the Ohio housing market — from steady, modest gains in list and sale prices to a continued reduction in the number of days homes are being marketed — is a reflection of the strong desire and appeal that home ownership has across the Buckeye State,” said Greg Hrabcak, president of the Ohio Association of REALTORS. “We’re hopeful that as we progress into the summer home buying season we’ll see an uptick in listings, as home buyers that have been on the fence opt to make a move to take advantage of the favorable market conditions and low interest rate environment.”

Tags: research

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