Real Estate Articles

2016-11-16 "State of the Market” | By: Fellow GDREIA Members

“State of the Market” at November Third Wednesday Meeting

Prospects look good in the months ahead for rental housing providers – and a little less so for mortgage brokers.

That’s the word from veteran investor Mike Frye, in an assessment of the state of real estate market in the Miami Valley and beyond. Frye, a longtime GDREIA board member and current vice-president, spoke to GDREIA members during November’s Third Wednesday meeting (11/16/16).

Among his insights: homeownership nationwide has fallen to the level last seen in 1964 – 63 percent in 2015. More people are renters – many after losing their homes during the real estate crash in 2008-09.

“These folks are going to be renting for a long time,” Frye said. Increased demand for rental property is driving rents up, he added.

Home prices in our region are on the rise, too – but not nearly at the pace of home prices on the East and West Coasts, Frye said. Locally, distressed sales are down from their peak a few years ago, he said. Overall home inventory is down, too, although average selling time in the Miami Valley is still fairly long -- around 100 days on the market, he said.

Dayton and Ohio continue to attract cash buyers, Frye said, buyers attracted by relative bargains. Out of state and international buyers are still making purchases – along with hedge funds and other institutional investors, he said.

Frye told the group the Miami Valley’s real estate market is still midway through a typical seven-year real estate cycle – that the next price peak is still to come. But he urged investors to watch for coming signs that it’s time, once again, to sell properties they don’t plan to hold long term.

Prior to hearing Frye’s talk, meeting attendees enjoyed another great networking session over pizza and pop. There was plenty of conversation about investment opportunities and renovations underway – and plenty of delicious pizza to eat, too.

Click here for Pictures. 

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