Irongate Inc., Realtors

Then and Now! - 1/22/10

As we look back during our 35th anniversary year, it is fun to compare real estate then and now:

• In 1975, the average selling price in the Dayton MLS was $32,141. The percent of list to price sold was 96%.
• Today, the average selling price in the Dayton MLS is $128,464. The percent of list to price sold is 95%.


• In 1975, the three areas with the highest average selling price in the Dayton MLS were:
  • West Kettering — $50,091
  • Centerville/Wash Twp — $48,276
  • Oakwood — $43,100
• Today, the three areas with the highest average selling price in the Dayton MLS are:
  • Mason (King-Miami SD) — $286,441
  • Centerville-Washington Twp — $276,798
  • Oakwood — $249,363


• In 1975, mortgage rates hovered at 8.75% for a 30 year fixed with 20% down and 1% closing costs.
• Today, mortgage rates hover at 5.25% for a 30 year fixed with 10% down and a credit score of 740+.


• In 1975, Irongate Inc., Realtors had: 1 office, 5 owner/managers, 1 staff person, 8 agents and annnual sales were $15 million.
• Today, Irongate Inc., Realtors has: 6 offices, 2 owners, 6 managers, 24 on staff, 350 agents and annnual sales over $400 million.

Tax Credits Extended! - 11/25/09

The President has signed legislation extending the $8,000 tax credit to first-time home buyers! And more importantly to every current homeowner in America: the government is now offering a new tax credit up to $6,500 to any home buyer provided they have lived in the home they are selling, or have sold, as their principal residence for five consecutive years in the past eight years!

What's the catch?

1. You must purchase your new home by April 30, 2010, and close by July 1, 2010. The clock is ticking on this tax credit. The time to buy is now!
2. The new credit is limited to individuals with incomes up to $125,000 or married couples with incomes under $225,000. Most Americans are squarely in this range!
3. There is an absolute limit to the cost of home you may buy. Homes over $800,000 do not qualify for a tax credit. (And, you will have to supply your purchase documents with your 2010 tax forms to prove your purchase.) That covers about 90% of the homes in the Dayton market!

Good News for the Dayton Market! - 10/26/09

The third-quarter of 2009 ended in the entire Dayton MLS region on a high note as for the third straight month, the number of transactions exceeded the figures for the same month in 2008. September's sales total reached 983, a 4.46% increase over September 2008. This was the highest year-over-year increase for sales since April of 2006 for the Dayton MLS. Irongate's own figures mirrored the region's increase!

The average Dayton market sale price for the month was $127,781, whereas Irongate's average sale price was signficantly higher at $136,870.

Overall active single-family MLS inventory at month's end stood at 8,501 listings, 243 listings fewer than August's figure, which is a typical seasonal decline. The available listing supply based on September's sales pace stood at 8.6 months. In 2008 there were 10,233 available single-family listings and a 10.8-month's supply, at the same time.

If this trend continues we will have turned the corner in housing, returning to more normal conditions. That's really good news for home buyers and home sellers, alike.

Market has turned in the Dayton Area - 9/16/09

After two years of slow decline, existing home sales for the entire Dayton and surrounding area markets finally turned the corner this summer posting very positive numbers. Sales in July and August were 3% higher than a year earlier across the Dayton market. The market also marked the sixth consecutive month of increasing sales prices; and inventories stood at an 8.4 months supply, down from a 10.3 months supply last year at this time.

Irongate's own numbers were even better, highlighted by an average sales price of $137,581 vs. $120,015 a year ago! The first-time homebuyer tax credit has certainly helped to spur sales - coupled with the usual uptick in activity during the summer.

Bottom Line: The market is beginning to turn - now is the time to make your move! If you are thinking of buying, rates are low. If you are thinking of listing, there are buyers!

Existing Home Sales Show Signs Of Encouragement - 8/04/09

Existing home sales in the Dayton market and surrounding areas showed signs of real encouragement in June. Overall, sales in the Dayton market reached a total of 1,061 - a big leap of 208 units - or 24% - over May's activity, and fell just 20 units shy of June 2008's total. But at Irongate, pending home sales are up for the third consecutive month - the first time in over two years for such a streak. This corresponds to a national trend revealed in the "The Pending Home Sales Index" in the Midwest, a forward-looking indicator based on contracts signed in June, increased 0.8%, and is 11.6% above June 2008.

Lawrence Yun, chief economist for the National Association of Realtors® recently said a combination of positive market factors is fueling the gains: "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines. Activity has been consistently much stronger for lower priced homes," he said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30."

Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. "It appears home sales are on a sounder footing and inventory is gradually being absorbed."

Springboro Named In Money Magazine's "Top 100 Places" - 7/24/09

Founded by Quakers in 1815, Springboro was a safe haven on the Underground Railroad. Many of the original homes still stand in the town's six-block historic district, which is on the National Register. Despite the rolling farmland and country clubs, residents are just minutes from Interstate 75, which connects to nearby Dayton and Cincinnati.

Homebuyers here get lots of bang for their buck. Springboro is also home to La Comedia, the nation's fourth-largest dinner theater, which attracts tourists from all over the state."

Who is typical first time homebuyer - 6/30/09

According to the National Association of Realtors (NAR) the typical first-home buyer is 30, and has a median income of $60,00. They are one of the reasons that sales of existing homes showed another gain in last month, benefiting from favorable affordability conditions and a first-time buyer tax credit. May's increase was the first back-to-back monthly gain since September 2005! That was as true for Irongate, as it was for the country as a whole...

The chief economist of the NAR, Lawrence Yun, explained the rise this way: "First-time buyers are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan."

Yun said the appraisal problem is serious. "Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales," he said. "In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected." It's one of the reasons you need to work with a professional Realtor®, so as to let them address these issues on your behalf, and work to solve them quickly.

Yun concluded his remarks by stating that existing-home sales in the Midwest jumped 9.0 percent in May to a pace of 1.09 million. The median price in the Midwest was $145,800, which is lower than a year ago. Irongate's median price in the Dayton market - one of the most affordable in the nation - was $128,000+.

- Irongate Marketing Department

Improved Home Sales - 3/22/09

"Sales of previously owned homes in the United States showed unexpected strength in February", the New York Time reported today, "offering a glimmer that the tumbling housing market may be searching for a bottom ..."

The National Association of Realtors reported on Monday that sales of existing homes rose 5.1 percent in February after a 5 percent decline in January. Home sales in the Northeast, South, West and Midwest all gained ground for February as buyers scooped up foreclosure properties.

The nationwide average for a 30-year fixed mortgage is 5.08 percent compared with 5.62 percent a year ago. Our partners at Southern Ohio Mortgage are offering loans with interest rates near 4.8 percent.

Economic Stimulus and Housing - 2/17/09

With stimulus legislation in the headlines everyday, We thought we would share some important and exciting news about real estate as it relates to the bill just signed by the President.

–The government is giving up to an $8,000 tax credit to home buyers for the purchase of any home they will use as their primary residence for the next three years.

Buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their new home, up to $8,000. Unlike a similar credit that Congress provided last year, you don't have to pay this one back!

–What's the catch?

1. You must purchase a home after January 1, 2009 and before December 1, 2009. The clock is ticking on this tax credit. The time to buy is now!
2. The new credit gradually phases out for individuals with incomes over $75,000 or married couples with incomes over $150,000. Most Americans are squarely in this range!
3. You must reside in the residence for 3 years from the date of purchase.
4. You must be a first-time home buyer to qualify for the credit. A "first time buyer" is defined as anyone who has not owned a primary residence in the last three years. Is that you, your children, a relative or a friend? If so, there's a new home and up to $8,000 waiting for you!

–Will this make any difference in the housing market, or in the Dayton market, specifically?

Yes! The National Association of Realtors estimates that these provisions could stimulate up to 300,000 additional home sales in the next few months, thus helping stabilize home values.

–What can I do to take advantage of this opportunity?

Contact us for the full details of this extraordinary tax credit, because there are additional provisions including higher loan limits for FHA, Fannie Mae and Freddie Mac, and increases in the residential tax credit through 2010 for certain energy efficient upgrades.

Dayton is a great place to live and a great place to own a home. Now is the time to list or buy your own home - it really is a time like no other in recent history. Interest rates are at historic lows, mortgages are available, inventory is good, and prices have never been more competitive.

Contact us today and let the Irongate "Family of Real Estate Services", Mortgage, Title, and Insurance, help you and your family take full advantage of this market and unique opportunity.

Timing the Market - 2/10/09

The market, as a whole, remains weak. According to the latest available figures from the Dayton Area Board of Realtors (December 2008) home sales in the greater Dayton market were down 16% over a year ago. But to put that in perspective, many areas of the country are down 20 - 40%. What is not reflected in these latest stats either , is the uptick we at Irongate experienced in January - despite the worst weather in recent memory. And showings scheduled for February are going gang-busters.

So is there a silver lining in these clouds? You bet. Everybody needs to live somewhere, so those selling homes are buying others. What sellers are losing on one end of a deal, they are more than making up for it on the other...

With interest rates hovering around 5% (at historic 50-year lows) a solid inventory of homes for sale at great prices, and incentives from the government for first time buyers on the way, there has never been a better time to buy that first home, or a bigger, better or more convenient home, luxury or retirement condo, or a vacation home in the Miami Valley. (That lake house is waiting.....) This buyer's market won't last forever though. The number of homes listed with the Dayton Area Board of Realtors has declined 9% from over a year ago - meaning that fewer homes are coming onto the market. The law of supply and demand requires that eventually prices will rise.

We've said for the past two months - but if you are trying to time the market - now is the time to buy!