By Carl Horst, Ohio REALTORS Director of Publications/Media Relations
The rate of homes sold across Ohio in August reached a record-breaking level, increasing 4.2 percent from the mark posted during the month a year ago, according to Ohio REALTORS.
“The Ohio housing market is continuing to experience a solid level of sales activity and steady growth in pricing,” said Ohio REALTORS President Pete Kopf. “It’s evident, based on August’s record-breaking level of activity, that the desire to achieve the American Dream of home ownership is strong across Ohio.
“Further, Ohio’s REALTOR community remains hopeful that we will begin to experience a rise in the number of homes being listed for sale so that we can continue to move the marketplace forward.”
August’s average home price of $178,675 reflects a 6.2 percent increase from the $168,303 mark posted during the month last year.
Sales in August reached a seasonally adjusted annual rate of 150,657, a 4.2 percent increase from the 144,627 level reached during the month a year ago. The rate of sales recorded in August 2017 reached a best-ever level for the month, surpassing the month’s previous record set in 2005 (148,277).
The market also experienced a 2.7 percent increase in sales from the July’s seasonally adjusted annual rate of 146,762.
Around the state, 11 of the 18 markets tracked reported upswings in average sales price. Similarly, the rate of home sales increased in 11 markets compared to August 2016.
Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 31,000 members, is the largest professional trade association in Ohio.
By Greg Stitz, Ohio REALTORS Director of Research
As inventory levels dropped over the past three years, so did the average number of days listings spend on the market. In 2015, 44 percent of respondents to Ohio REALTORS August housing market confidence survey indicated their listings were staying on the market for an average of 40 days or less. In 2016 the percentage grew to 55. This August, 70 percent of respondents indicated their listings on average are off the market within 40 days.
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 Ohio REALTORS participants. Click here to participate in future Ohio REALTORS Housing Confidence Surveys.
By Christie DeSantis, National Association of REALTORS
On July 7, 2017, the Consumer Financial Protection Bureau (CFPB) released the final rule amending the “Know Before You Owe” (KBYO or TRID) mortgage disclosure rule. As advocated for by NAR, the final rule clarifies the ability to share the Closing Disclosure (CD) with third parties — a victory for real estate professionals nationwide.
As outlined in the 2016 proposed rule, the final rule highlights an existing exception within the Gramm-Leach-Bliley Act (GLBA) and implementing Regulation P that allows lenders to share the CD with third parties (sections 502(e)(1) and 509(7)(A)). The CFPB recognizes the CD as a “record of the transaction,” which is “informative to real estate agents and others representing both the consumer credit and real estate portions of residential real estate sales transactions.” The CFPB notes that CD sharing is permissible to the extent it is consistent with GLBA and Regulation P and is not barred by applicable State law.
The final rule was published in the Federal Register on August 11, making it effective on October 10, 2017. Mandatory compliance is required by October 1, 2018.
For more information, click here.
Source: National Association of REALTORS
By “Coach” Marilou Butcher Roth
Any of you who have been in the honored position to sing to small ones, may know this catchy counting tune: “Five little monkeys jumping on the bed, one fell off and bumped his head, mama called the doctor and the doctor said — NO MORE MONKEYS JUMPING ON THE BED!” It counts down from there until there are no more monkeys on the bed — fun over!
Yes, I suppose I have strange thoughts sometimes, but for whatever reason, this song was rolling around in my head this morning. It has always been one of my personal favorites, using my fun, stern, doctor voice as I firmly instruct the mama not to let her little monkeys jump on the bed.
Then my thoughts went further, as I found myself taking the song to another level. How do we, as adults, bump our heads in the midst of fun, or success? In my coaching world, this is referred to as an “upper limit.” We have all done it to varying degrees — finding ourselves enjoying something immensely…and then…we bump our heads (aka — hitting an imaginary ceiling). Does this sound or feel at all familiar? Some use the term “self sabotage.”
Here’s what happens. If we are carrying around old messages about how much fun, joy, love or success we can handle, we will UNCONSCIOUSLY find a way to slow ourselves down. I have seen this with relationships and with business. We obviously do not do this on purpose. It seems counter intuitive to think that we stop ourselves from enjoying more of what we like, doesn’t it? And yet, it can happen.
Have you ever found yourself in a great space with a mate, imagining that things are going sooooo well? And then, before you even know what has happened you find something (usually small) that they have done that just totally irritates you, and you MUST have a conversation about this alleged offense?
There are countless examples of upper limiting. The key here is to notice when you find yourself bumping your head and get curious about it, without judging the event. The more you can understand about your own patterns, the less your mama will need to call the doctor, and you can continue to jump on the bed as much as you like!
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 Ohio REALTORS 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
In just a few short days Cincinnati will be buzzing with excitement and energy as thousands of REALTORS from across Ohio and Kentucky gather for four days of fun, networking and professional growth!
The first-ever joint Ohio & Kentucky Annual Convention & Expo, Sept. 24-27, offers REALTORS a unique opportunity to mix business and pleasure. During the day you can earn up to 15 hours of free continuing education credit from the nation’s leading instructors or visit our sold out, world class trade show. When the sun begins to set, you can explore the unique sights and sounds of a city on the move — one that celebrates its history with an eye on creating new traditions and lasting memories. The Queen City offers something to satisfy everyone — from unforgettable dining to world class craft breweries to the unmatched beauty of the Ohio River valley.
It’s not too late to be a part of the excitement and make lasting memories. Click here for more details or to reserve your spot!