Fun Things to Do This Holiday Season

The start of winter and the holiday season usher in all kinds of fun activities to our area. It is the perfect time to gather your family or friends and enjoy the majesty of the season. Wondering what to do? We have listed some ideas below. Let us know if you have something fun to share!

A Holiday Light Scavenger Hunt

Every December, Karen and her family go on a holiday light scavenger hunt. They got the idea from her husband’s co-worker and it is a tradition they have done annually for more than 12 years. What is a holiday light scavenger hunt? It’s a list of 10-30 Christmas displays that you and your friends or family look for as you tour local neighborhoods. You can make it as easy or hard as you’d like. The list should include obvious items like Santa Claus, Rudolf, or other famous Christmas characters. Karen’s list has more than 40 items and it usually takes several nights to complete. Make sure to include some hard-to-find items to make the hunt more challenging. We’ve put an example of some more common displays that you are likely to find below. Put on some Christmas music while you search and enjoy spending some time together.

Holiday Light Displays

If you are in the mood for even more Christmas light displays, they can be found all around town. Southwestern Ohio Parents Magazine featured a list, “11 Best Spots to See Christmas Lights Around Town“, that included Woodland Lights and Clifton Mill. Click on the article above for their complete list.

Last week we posted a list that included most of the holiday light displays around Dayton and Cincinnati on our social media. We thought it might be helpful to share it again here.

Winter Fun in a Metropark

Our area Metroparks are open throughout the winter. While you may have to bundle up, there are still wonderful hiking trails and beautiful panoramas to explore. For a link to some great hiking trails, click here. Once the temperatures get a little colder, why not take a hike to a frozen waterfall? Clifton Gorge in Yellow Springs and Patty Falls in Englewood MetroPark are two great options to explore. If you want to travel a bit farther, check out this list of hikes to frozen waterfalls compiled by the State of Ohio.

Are you interested in other winter sports besides hiking? There are opportunities for cross-country skiing, sledding, skating, or fishing at our area parks. Riverscape Metropark features the largest outdoor rink in the region. For areas to sled, cross-country ski, or fish, click this link which will give you some spots for winter sports activities. For those just wanting to get out and enjoy some nature, explore more winter adventures by clicking here.

Winter Activities Worth a Short Trip

There are so many fun things to do in the winter around Ohio. If you are looking for a list of holiday festivals and light displays throughout the state, you can explore your options by clicking here. Interested in a weekend getaway this holiday season? This link will provide some ideas for Christmas fun including places to eat, stay and explore throughout the state.

If you’d like to go skiing, snowboarding, or snow tubing, check out Perfect North. They offer beginner classes for first-timers, season passes, and opportunities for group events.

Have we left anything off the list? Let us know about your favorite wintertime activity!

October Local Market Update

Our local market looks dramatically different than it did a few months ago and the chief reason is the dramatic rise in interest rates. For the month of October, home sales (in units) were down 21% vs. 2021 which is the biggest drop we’ve seen all year. In addition, new listings were down 17.9% which is also the biggest decrease we have experienced in 2022. Many homeowners with mortgage rates in the 2-4% range are deciding to stay put rather than look for new housing and pay interest rates near 7%. For the month, there were just 1447 new listings on the market compared to 1763 a year ago. That drop meant that the average total number of listings for the month also dropped vs 2021. It was down -10.2%.

info from DABR MLS 11/7/2022

Despite the slowdown in unit sales, it is still a seller’s market. Low inventory levels meant that the average sales price of a home in the Miami Valley rose 9% over last year to $242,663. Those reports you might be seeing in the news about home prices falling are not occurring locally. Most of those price drops are coming from areas like California where markets became superheated in the spring with prices climbing to unbelievable levels. We anticipate that prices will start to stabilize and we will see less dramatic increases in our average sale prices as we get into 2023.

Homes took an average of 63 days to sell in October which is the longest amount of time we have seen all year. It also represents a significant increase over last year when homes took 59 days to sell. As homes stay on the market longer, we are seeing more sellers take price reductions to get their homes under contract.

So, is this a good time to buy a house or should I wait?

The answer will primarily depend on your financial situation and your needs. There is no question that the combination of higher interest rates and rising home prices are making the purchase of a new home more expensive as we progress through 2022. As you consider whether to buy now or wait consider these factors:

Mortgage rates

At this point, experts are predicting that interest rates may continue to rise (although hopefully not as dramatically) as we move into 2023. We will not be returning to the 2-4% mortgage rates that we saw earlier this year for the foreseeable future. Mortgage bankers are predicting that mortgage rates for 2023 will settle between 6.5-8%. While they are higher than we have seen for many years, these rates are not high from a historical perspective. In order to get the best rates you can, work to improve your credit score. Saving additional money for a down payment will also help lower your monthly mortgage payments.

Supply and Demand

The supply side of the housing market has not changed much. Inventory levels locally remain low – we are still in a seller’s market. If you need to sell your home before you buy, that means that you can still rely on higher home prices and increased equity in your home. The good news for buyers is that the demand side of the equation has improved. The Fed’s dramatic use of interest rates has forced many homebuyers out of the market, so homes are staying on the market longer and sellers are willing to negotiate their prices again.

Your Financial Picture

There is still speculation that the economy could head into recession. Before purchasing a home, consider factors such as your future job stability, the current equity in your home, and your savings. With looming economic instability, you want to make sure that you don’t overcommit your finances. This is not the time to stretch yourself over your housing budget. We recommend that you act conservatively. If your lender approves a purchase up to $450,000, make sure that you are looking at houses below that range as well.

If you are having trouble deciding whether to purchase a new home or stay put and renovate your current home to fit your needs, we would love to help. There are pros and cons to each option, but considering all the factors will help you arrive at the best decision for you and your family.