A hot housing market is leaving sellers in charge in Dayton as average and median home sales prices continue to rise and set new records.
That’s the landscape as Bob Morrison begins his presidency of Dayton Realtors (formerly Dayton Area Board of Realtors), a 2,800-member association of local real estate agents.
An Air National Guard veteran, Morrison, 73, is with Irongate Realtors and has been a Dayton Realtors member since 1999. In 2016, he served as the body’s treasurer and chair of its finance committee. Last year, he was elected president-elect and oversaw several committees and projects.
Last year’s sales set records for local home sales: average price, median price, homes sold, and sales volume. Median and average homes sales prices rose just over 6 percent last year.
However, the inventory of available homes continues to be a challenge — and that’s one reason prices are rising.
Morrison sat down with the Dayton Daily News to discuss the Dayton area real estate market.
Q: What should people know about the Dayton home market today?
Morrison: “Inventory has been a problem for us in the latter part of 2017. Whether that continues or not, we don’t know. There are a lot of variables. Interest rates … perhaps a half of a percent increase. Is it going to happen? The tax bill that was just passed — how is that going to influence inventory?”
“Sales were down a little bit in December, that’s seasonal. (Prices) seem to be holding up. The median sales price (increase) for 2017 was 6.04 percent. And that’s a pretty good year for us. We’re obviously hoping 2018 will be a continuation of that.”
Q: We’re starting to see some talk of a housing price bubble. Are you seeing signs of that?
Morrison: “I’ve heard that also. Today, right now, I can’t put a finger on it. Hopefully it doesn’t happen. But anything’s possible obviously. Real estate fluctuates so much from day to day.
Q: What is Dayton Realtors’ role in helping Realtors and customers?
Morrison: “I teach classes for Sinclair (Community) College as an adjunct. One of the things I tell my students, my pre-license students, is that the Realtor is in charge of the process, the client is in charge of the decisions. That’s our role — to provide them information so they can make the decision on houses and properties which they want to purchase.”
Q: You’re bound by a very detailed set of regulations.
Morrison: “The state has a number of license laws. That’s a big, important part of being a Realtor — keeping yourself aware of what the changes are in real estate law.
“Then we have the National Association of Realtors code of ethics which really is that additional standard.”
Q:What’s your background.
Morrison: “I’ve been a Realtor since 1999. I had a whole other career before that. And I worked (across) the Dayton area — mostly north, because I live north (in Huber Heights). I got involved heavily after I got appointed as director (of Dayton Realtors) with board operations and such.”
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