The housing market for Bath has spent the first six months of 2011 in a relative funk. Sales for the nation, state, and even county are out-pacing Bath. Since January 1, the average home price has dipped an additional 4% from the averages of 2010, the number of units sold is below pace by 15%, and the average days-on-market of homes for sale has increased by 1 week.
I stated in my annual "Bath School District Residential Real Estate Report - 2010" that Bath faired quite well in context, with a slight increase in the average home price. I proposed that the indicators were in place for the 2011 housing market to see a slight dip in prices but an increase in number of units sold and a decrease in days-on-market. Nationally and locally, lenders are easing access to money which should motivate buyers to make a move into the market. Sellers are making concessions to attract buyers to their properties. Everything looks like it should be a buyers dream market, but buyers are not taking the bait.
There is a myriad of reasons for this buyers' apathy. Employment statistics are showing slight increases across the nation, but Ohio and Allen County are lacking. Low interest rates don't mean a thing if your income is not assured for the near future. Bank foreclosures are still flooding the market with low priced inventory which does nothing for the family home buyer but increase their perception that everything on the market is available to steal. Buyers have too much to choose from and are quite happy just sitting around and waiting for their dream house to "come around to reality" and get cheap.
Please consult a Realtor who is most familiar with your area to discuss reality before you decide to buy or sell in this market. It is more important that ever for both sellers and buyers.
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