Local Housing Market in Toledo: Plenty of Bright Spots Despite Challenges
As the housing market continues to be a hot topic across the nation, local experts in Toledo, Ohio, report a positive market despite some challenges. The area has seen plenty of people searching for new homes, but with low inventory, prospective buyers often need to act fast to secure their desired property.
Active Market with Multiple Offers
Michelle Neiman, a local realtor with over 30 years of experience selling homes in Toledo, shares that historically, the market slows down during this time of the year. However, it has remained active for her, with multiple offers still coming in at or above the asking price. A recent sale she handled had 42 showings and 10 offers, ultimately selling for $20,000 over the asking price without any inspections. The sale took place just a few weeks ago.
Higher Mortgage Rates and Their Impact
Despite higher mortgage rates, Neiman says that buyers she has encountered are not scared off. They plan to refinance when rates go down, even if the higher rates impact their buying power. The market has seen a mix of first-time buyers, investors, and people who can work remotely and want to be closer to their families.
Challenges in Inventory and Home Prices
One of the biggest challenges in the Toledo housing market is inventory. Neiman explains that agents often have to show homes the same day they come on the market, as waiting until the next day can be too late. In some cases, agents even have to cut off showings due to high demand. The number of homes on the market has decreased by about 15%, but median and average prices have increased.
Neiman also points out that home prices have taken a significant jump in recent years. A 4-bedroom, 2.5-bathroom house that sold for $170,000 in 2017 or 2018 is now selling for $270,000, a surprising increase for many.
Hot Markets and Low Inventory
The hottest markets in the Toledo area include the Anthony Wayne School District, Sylvania, Perrysburg, and Old Orchard. Neiman adds that the lowest inventory currently is in the $250,000 price range and below. With these challenges in mind, buyers in the Toledo housing market must be prepared to act quickly and stay flexible in their search for a new home.
For more information on the local housing market and finding your dream home, visit Jessica Fulk’s website.
Orginal article: Link To Article – provided by Kansas City Realtors