How do I learn about projected market trends and resale for Toledo and it's surrounding areas?

Asked by Katie, Toledo, OH Sun Mar 8, 2009

We aren't planning on buying until about Spring/Summer 2010, but I'm trying to get familiar with things in the mean time. We are first time buyers and our main concern is resale. It's possible we'd need to move again 2 years after purchase. Where can I find this information, and how early should you contact a realtor? We would be looking at home $140 and below.

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Chad Boyers, Agent, Toledo, OH
Mon Mar 9, 2009
While I will agree with Dunes that you need to do your research and be informed, I will also reiterate that ALL real estate is local, unlike most of the articles that you read. Even many of our "local" articles int he Blade are actually taken from the NY Times, Reuters, AP, and other national or large market papers. These articles tend to make large generalizations in the market, which may or may not apply to your area. Be informed, but be cautious about believing everything that you read. I will tell you that there were more homes sold in the city of Toledo in January and February of this year versus January and February last year (+22 Jan./ +48 Feb.). That being said, I will also acknowledge that the average sales prices were down, mostly due to foreclosures and short sales. Hopefully this helps you begin to understand what is going on locally. I think that by time you do move back into the area, prices will have stabilized. Keeping track of the numbers between now and then might be helpful to you, I'd be glad to send you regular updates of activity in the area, just let me know if that would be helpful to you!
0 votes
Katie, , Toledo, OH
Sun Mar 8, 2009
My husband is in the Army, so we won't be able to move back home until around that time. Thank you all for the advice. I definitely realize a lot can change by then, but I figured it's never to early to start paying attention. My husband is going back to finish school once we come home, and once he's finish we expect his income to increase drastically. That's way resale is important to us.

I really appreciate the insight and will keep close ties with this website in the meantime.
0 votes
Voices Member, , Benton County, OR
Sun Mar 8, 2009
Katie, Here is a site that may give you help........http://www.housingpredictor.com/ohio.html
Reading this may also give you some help in understanding the current housing market..
http://www.fhfa.gov/webfiles/1282/4q08hpi.pdf ... latest comprehensive house price index report from the Gov..
http://www.fhfa.gov/ ... site
to keep accurate eye on mortgage rates and a lot of other housing market info..
For keeping track of mortgage rate trends....http://mortgage-x.com/general/rate_trend.asp

Use this site to look at info on housing trend info and more, all info from county public records and can be broken down to neighborhoods and zip codes....http://www.bhgrealestate.com/Views/Look/Default.aspx

http://www.nytimes.com/2009/03/07/business/economy/07home.ht…

You are considering a large finacial obligation in a market. where prices are currently declining.
Become informed, ask questions, protect your interests and good luck, Dunes
0 votes
Chad Boyers, Agent, Toledo, OH
Sun Mar 8, 2009
Katie,

I'm glad to see that you are looking towards buying your first home and that you're doing your homework and research beforehand. Karen and Jeff have both given good advice to you. As has been mentioned, 2 years is so much time when it comes to changes in the market, and those are going to be different for every area and neighborhood. If I may ask, what is the reason for waiting until 2010 to purchase? The reason that I am asking is that if you were to purchase a home this year (by the end of November), you would qualify for up to an $8,000 tax credit. We may not see anything like this again for a long, long time, and I hate to see buyers miss out on it. That being said, I also don't want to put someone into a home before they are truly able to afford it. One piece of information that I would be able to get to you are regular reports on market conditions of particular neighborhoods. If you have a specific area or 2 that you think you would have interest in, I could have a report sent out to you on a regular basis to let you know what houses are selling (or not selling) and for what price. This would keep you current on local trends, and maybe help you make a better decision as to where to buy.

I hope this has helped, feel free to contact me anytime. Good luck to you!
0 votes
Karen Wisne, Agent, Westerville, OH
Sun Mar 8, 2009
Katie, a lot can change in 16 months time. A LOT. Especially with Toledo's proximity to Detroit and Cleveland.

Read the local papers every week ~ look for where the new development is going and where layoffs are occuring, pay attention to crime statistics, and talk to many Realtors on where they'd buy. Also keep your eye on the City and County webpages for tax properties, incentives, etc. The more YOU know, the better decision you'll make. You don't need to look seriously until a few months before you buy (although now is a good time to check your credit, and work with a good loan officer on making sure you'll be in the best position for financing).

Two years is not much time to gain any home appreciation. If you have to sell again, you'll have more costs and fees to pay, on top of the fees and costs you paid to buy (making it an expensive purchase). Would you consider some sort of sweat equity? Renovating a neglected home? You will pay less for the home to start with and potentially come out ahead after the two years.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more