Market Bouncing Back in Northern Ohio… Slowly
Reasonably priced real estate is moving in Northwest Ohio… slowly.
A homeowner looking to reap a stellar price on the sale of their house, however, may have to wait a while for the right buyer to come along, the Crescent-News advises.
Today’s Ohio mortgage demand is tepid, and that is just not supporting the area’s over-priced homes, according to several area realtors. Combine that with apprehensive buyers who are unsure about what their job futures hold and the result is a rather bleak housing market.
Patti Sigg, realtor and co-owner of Coldwell Banker Sigg Realty, said that houses are still selling in Defiance but, while the market is stable, it’s a little slower than in the past few years.
Compared to surrounding markets, Sigg said local sales over the past year have been a bit better. In fact, the Toledo housing market was down nearly 3 percent in sales over 2005, while the Fort Wayne market was down nearly 5 percent in sales over the past year.
Locally, however, Sigg expects to see a different pattern. With Defiance’s growth, specifically the U.S. 24 expansion and more retail coming to the area, the city will continue to keep the local market moving.
However, with the current economy feeling the effect of a few area factory closures, Sigg said, “People are a little afraid of spending their money.”
The same feeling holds true throughout the northwest Ohio region, where the cost of obtaining a home mortgage loan is more than many can bear in this economy.
Don Foltz II, owner/broker of Foltz Realty in Paulding, said sales have been pretty steady for the past year, but that steady flow was more like a trickle than a gush.
“Last year was not a really great year,” Foltz said, attributing the decline in sales to a lack of job security. “We don’t really have a good job market or job security.”
About the only homes in the area that are selling with any regularity, Foltz said, are homes in the $75,000-$85,000 price range.
“Once you get over $100,000, the market really slows down,” he said.
After 20 years in the real estate business, Foltz said that, based on past trends, he does not expect home price declines and expects sales to pick up this summer.
Gary Butler, owner/broker of Butler Mohr GMAC Real Estate in Defiance, said that this segment of the Ohio housing market may be picking back up.
“This past summer and fall the higher-end houses (those over $200,000) were struggling, but this winter is showing signs of getting back on track.”
Overall, Butler said he expects 2007 to be a good year. Those looking to buy a house in the area today will, in general, have a good selection from which to choose.
“There are a lot of homes for sale right now,” Butler said. “This is a great time to buy - it definitely is a buyer’s market. You can get a lot more home for the money than you could two years ago… sellers have to be very competitive to close a deal.”
Looking to the future, Butler expects 2007 to be good, “but not a record-breaking year.”