Perrysburg Blog

It fails in NOT many things.

We have a great city layout.

We have a great location.

We have great housing stock.  Great people.  Great city leaders.

Our schools are highly regarded – even after accounting for my matriculation here.

But I was shocked to discover that Perrysburg has ZERO publicly accessible electric car charging stations.

None.  Nada.  Zip.  Zero.

How can that be?

If you went to the North American Auto show last month in DTW you saw – you HAD TO SEE – the Tesla on display.  Utterly stunning.

You had to see the new 2014 Cadillac ELR . . . a plug in electric car that if frightenly good looking.

You saw plug in Honda Accords, plug in Fords and plug in hybrids from manufacturer after manufacturer.

Plug in hybrids are coming.  Big time.

And if you doubt this – fill up your 20 gallon tank (gas prices went up $.30 yesterday!)

Well . . .  one is coming soon.   I just ordered one to be installed at our Perrysburg offices.

More to come . . .

I for one am very, very glad that February is half over.

It’s the coldest month.  It usually has the most snow.  It’s the roughest month for Winter in Northwest Ohio.  If you make it thru February, Spring is almost here.  And we are now over half way thru February.

So it’s a good time to take stock of the real estate market, YTD.

At the CRS real estate conference that I just returned from in Las Vegas the talk was on the great, improving market in the majority of localities.  I know that in Toledo, the recent chatter from my Board and my Association and our local news outlets are that things are booming.

Perrysburg?  “Let’s go to the tape . . . ” and all the numbers are for single family homes only.  (NOTE: Just CLICK on any image to embiggen to a readable size!)

1. Median Prices in Perrysburg . . .

Wow . . . prices FELL dramatically in January.    $238k in December . . . to $160k in January.

IMO nothing to “worry” about.   With small sample sizes there is almost always monthly volatility in these numbers.   But . . . a note to homeowners – prices are not rising here like they are in other markets.

2. Supply and Demand in Perrysburg . . .

Normal seasonality is seen – which is a good sign of a healthy, balanced market.

But – note the HUGE decline in inventory with almost 25% fewer houses for sale now.   That’s big!

3. Months Supply of Inventory in Perrysburg . . .

This is the big one in this tranche of data.

“MSI”?  It’s how many months supply of homes in inventory there are.

And we have driven, excised, and bankrupted the majority of builders from the local market.

And the ones that are left are often scared and cautious.   As they should be!

So we are not seeing lots of new rooftops being built.   And many owners who are upside down?  They are not selling until prices rebound.

Therefore – we see this . . .  a historic imbalance in MSI.   Which is not fun if you are a buyer.   You better have a backup plan!   For with just 3 months supply of inventory in the 43551 – which is the smallest that I can ever remember – you are going to need one!

I am often asked real estate questions.

And I enjoy getting asked.  I enjoy thinking about the correct answer.  I even enjoy answering “I am not sure”.

Common questions include: a) “When do you think the real estate market is coming back?”  b) “What is selling?”  c) “What is going to happen next year in the real estate market?”  d) “Is this a good time to sell my house?”

Those are the common questions.   The most common one I get is “a”.    I have an answer.   In the form of a picture.

If you want the real estate market to come back STRONG in Perrysburg . . .

If you want prices to rise in Perrysburg . . .

If you want asset appreciation in Perrysburg . . .

Then simply CHANGE the color of Ohio.

Ohio is surrounded by states that are more business friendly.   Make Ohio more business friendly.  That’s all you have to do.

Then you will have more businesses.

Who make more goods and provide more services.  And pay more taxes.

And who will hire more employees.

Who need more homes.

Who will be able to save money and buy more houses.

Who will increase the demand for homes in Perrysburg and decrease the supply of homes in Perrysburg.

And that will raise the prices of homes in Perrysburg.

Change the color of Ohio from the putrid D+ grade.   Get us even with Indiana or even just Kentucky.

And watch what “magically” happens.

MODENE TEAM 2012 BUYER AND SELLER BOOKS — SUMMER EDITION

I’m excited about the attention our 2012 Modene Team Summer Buyer &  Summer Seller Books have created.  If you haven’t already done so, click on any of the books below to get a copy today.  Each book was created to educate buyers and sellers about what’s going on with the current market trends, what today’s expectations are, and how to go about buying and selling in this economic climate!

If you’re thinking of selling or buying, you’ve gotta read these!

Just click to read or download.

Change is relentless in real estate.

I often meet and talk to agents with “other jobs”.  Without smart phones.  Without websites!   Without any plan to market and sell expensive, upper end houses in Perrysburg.

A common idea is to “list it” and let the other Realtors work it hard.

That was, in my opinion, a semi-valid concept in 2004 when everything “listed” sold.

Today?

With our market?

Not a good plan.

A video I recorded to show a little bit of what I do to get top dollar for my seller clients.

The sky is a little brighter this week.

The sun has been shining more in Perrysburg.

And there are lots more accepted offers and buyer offer writing action in play.

Even though things could change.

And even though national indices are split – with sales down and values up.

It’s a confusing market.

But . . . “all real estate is local”.

So here is my take on the recent spate of action in the 43551:

Affordability

• Affordability is at its highest level in the past several decades.
• Many Perrysburg homes now cost 30-40% less than they did 6 or 7 years ago.

Pent-Up Demand

• Many of today’s buyers need to buy because their families have grown, they just moved here, they got a promotion or a raise, and other valid reasons.
• Sellers who hung on during our real estate decline have paid down debt (including mortgage debt), saved their money, and are now ready to move up.

Low Interest Rates

• Interest rates for 30-year fixed-rate mortgages remain below 4% and rates for 15-year mortgages are even less.
• Buyers are realizing that these rates are certain to rise if our national economy regains it footing.

Buyers Believe There’s Little Downside

• Buyers who were previously afraid they would lose money if they bought a home are now realizing that the risk is reduced and that they have waited long enough.
• Prices in the Perrysburg real estate market have stabilized in most segments of the market.
• The grim bloodletting in the suburbs is almost over – with values rationalized and the flight to safety of steadier values in the periphery of Toledo increasing values.

Cheaper To Own Than Rent

• It used to be cheaper to rent than own a home, but that has changed.
• Rents are soaring and now exceed the cost of home ownership in many instances.
• Given a choice, most renters would rather own their own home than pay off their landlord’s mortgage with their rent payments.

I was in Chicago last week at a technology mastermind meeting . . . . for one of the tech products that I provide and use.

It was a great meeting.   I learned a lot.  I will be making some changes based on what I learned.

One upshot:  Zillow, Trulia, Realtor.com, and other real estate technology companies are relentlessly improving.

If you use one of these applications on your iPad . . . they seem to average an app update about every 2 weeks.

When our local Board of Realtors looks at a platform change – that’s a 3 year process.

Even a software update to our current MLS is a 6 month to 12 month action item . . .

Relentless change by vendors with millions of users vs a local board with 1200 users simply cannot be competed with.

So I expect that the search tools consumers use will continue to outpace the tools used by Realtors behind closed walls.

There is also a blizzard of new and diverse applications that hit the market for smartphones every day.

There are too many to keep up with.

So when I meet up with some agents from other areas, and we talk at length while breaking bread, it invariably happens now that one will pull out an iPhone, show me an app that solved a problem or provides a better solution . . . and then in 30 seconds it is up and running on my iPhone.

In the past?  That was a trip back home.   A phone call to arrange a demo.  A CD arriving to install.  Time to test and evaluate.  Then a purchase decision with training or data conversion to follow.

Now?

Done in one minute.  I might risk $1.99 to $3.99.

The pace of change is faster.   The cost of evaluation and a mistake is miniscule.

What’s next?  My guesses:

Agents ability to predict what buyers are looking for and what they need to look at – driven by smart programming and algorithms is coming.

Total elimination of paper in the transaction is on the horizon – and I look forward to that.

Tools to help buyers predict the value of what they are looking at.

Tools and apps to help sellers rank agents or rate agents.

Tools and apps to allow better mortgage decisions, better title decisions, and better house buying decisions.

All coming soon – in a disruptive, chaotic manner.

Think back, if you can, to how you web tools changed travel, stock buying, mutual funds, and shopping for a car.

That’s the kind of technology change awaiting real estate.

One of my rare – and shameless – listing posts.

New on the market – and redone inside by the corporate owner with new paint, carpet, and appliances.

Rossford Schools in Perrysburg Township.

4 beds and 2.5 baths.   An interesting and 60% finished hidden room off of the master closet . . . retreat?  Office?  Safe house?  You decide.

$140,900 is all – and there is a “HomePath” option for any buyer:  no appraisal.  No PMI.  All closing costs can be financed also.

The one in which I tell you all the terrible ways that your loan/loan application/deal can implode?

Well it was true.

And it is accurate.

But it was not very, how can I put this?   It was not very “PROACTIVE”.

Helpful would be a better word.

So I want to be helpful.

And you can therefore download a free copy of my newest, latest, greatest Special Report right HERE. 

And it will proactively, and helpfully tell you what you can do to AVOID having your deal/loan/closing implode.

Because I always try to be helpful!

There really is too much news and too much going on to make the requisite 3 or 5 or 8 blog posts to cover it all.

Hence a summary:

1. FHA refi costs going down.   At least announced.  

2. Property values in Ohio going down.  At least that’s what the numbers say. 

3. Temperatures going up.   That’s what my Mark 1 eyeball is telling me.  Didn’t it snow at some point this Winter?  I don’t remember.

4. Mr. Freeze opened up in February.  See 3, above.   At least that’s what my kids tell me. 

5. Short sales . . . . I am holding in my hand a short sale approval letter.   It has only only taken 3 years – 1000+ days – to get.   So, don’t walk away from your house.  Short sell it.

6. Foreclosure delays.   A house that was foreclosed on in 2009 and I released my listing on as the seller was told “no” vis a vis a short sale was discovered to be empty this morning.  With a buyer standing in it.  On the phone to me since my sign was in the house or the garage . . . so I checked the auditor and low and behold it’s not sold, not foreclosed, just ignored.   2012-2009 = a huge amount of time for a house to be empty and ignored and the underlying loan to be in default.   Amazing.

7. 18 offers on one house – which shall remain nameless at this point.  A record in my real estate career.   Oh, and that’s not offers dribbling in over a couple of months.   No.  That’s offers in at one time.

8. Out in the field – ordering paint, carpet, kitchens, doors, etc. for a bunch of foreclosed houses in Perrysburg and the Township today.   My staff said that we are creating our own recovery with the spending.   That may be true – but at least we can show you some really nice REO listings.

9. Client Movie Day this Saturday at the Maumee Indoor Theater.  Totally sold out.

10. I only had a 4 or 5 minute break to watch some iPad 3 stuff this AM.   Love mine.  Use it on every appointment.   Someone is going to marry the new iPad 3 with real time paperwork and money-work processing and it will change my business again.   I cannot wait.