Perrysburg Blog

Perrysburg Real Estate February Stats – what is the trend??

Here’s how our pending sales are trending in 2013.

• January 2013 and February 2013 -  about 40 new “pendings” per month in the 43551

• January 2012 and February 2012 – about 30 new “pendings” per month in the 43551
  % Change: +33%
• January and February 2013 $/sq. foot for SOLD and closed sales – about $100/sq. foot.
• January and February 2012 $/sq. foot numbers?   about $87/sq. foot.  % Change: +15%

Takeaways:

• Pending sales at this time of year is actually average.  Why?  Not enough inventory – or homes for sale.
• Pending sales will likely increase over the next 90 days.  They always do now that the market has returned to seasonality.
• Pending sales would be higher if there were sellers who were not upside down, underwater, and the majority of builders were now out of the business.

Pretty Charts and Graphs:  (click to make big).   Note the upward and steady rise in prices asked, offered, and closed.   The spreadsheet shows $/sq. foot for all classes in Perrysburg.

In my experience it comes down to a huge determination to NOT file claims.

I know what some insurance companies say – “your first claim is free!” . . . “oh, there’s no penalty for filing a claim!”.

I don’t buy it.

They know who has filed.

They track who has filed.

They monitor who has filed.

They share that information.

So the greatest tool that you have is to NOT file a claim.   That is guaranteed to keep your rates as lo as possible.

A proper understanding of property insurance is that it should be for HUGE and MAJOR events.   Not for your stolen camera or your burned carpet or your soggy carpet.

Blow up your home’s “reputation” on the CLUE database and your HOUSE is in trouble too – not just your premium levels.

So . . . I will run 2 video blog updates on the things you can do and the things you can avoid doing to help you not get your claims raised.

(N.B. – you have tough insurance questions . . . don’t ask me!  I will just call and ask my brother Dave Modene and his team.  So call him at 419-874-9989 for solid answers!)

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 . . .

Transaction management?  Forms software?  Online transaction collaboration systems?  Seriously?

This is “inside game” Perrysburg real estate news.   So you can use it or not . . . but starting in March 2013 I have mandated the use of DotLoop.com for all transactions at RE/MAX Masters.

I have been demoing them for a couple of months and am very impressed.

The “holy grail” of real estate?   The paperless transaction.

DotLoop is an Ohio company, where an Ohio real estate/mortgage guy must have been struck by lightening and inspired to invent “the Loop” which eliminates the problems I had making other online forms and transaction management systems work.

And it really, really works.

So after this month, if you buy or sell a home with the Jon Modene Team you will be doing it on our DotLoop Transaction Platform.  

We will only be giving you paper if you want it.   Your transaction will be on line, transparent to authorized users, tracked and reviewed by our management team, and then archived for 7 years.

I think you will really enjoy it.

Watch the video – it’s true.  And it’s now a great joy to me to be able to do the rest of the transaction on my iPad with you at Starbucks!

It comes up often like it did today:  RENTALS.  Single Family Rentals.

1. Help me find a rental to live in.

2. Help us decide to rent or not rent our house in Perrysburg.

3. Help our transferring family rent in Perrysburg.

Three calls so far today.   So I am asked for help/advice/counsel on renting a lot.

Some thoughts and counsel for homeowners and nascent investors about getting into the rental arena:

1) Please do the math.  What rent can you actually, really, truly get?  Not what you want.  Not what one person said they would pay.  What are other real, live landlords getting right in that area?

2) Please check your math.   How many costs/expenses did you forget to add into your budget/spreadsheet.  What is the effect of almost guaranteed increases in, taxes, insurance, sewer and water? Are you brave enough to take on an adjustable mortgage???  Then don’t forget to look three years out at what your mortgage may cost.   Don’t rely on estimates – hard numbers only.

3) Please check your numbers!   What is a reasonable vacancy rate to impute?  It will be vacant.  Count on it.  Now double or triple the vacancy cost.   You must have many times this amount free.

4) Please recheck your numbers! Who is going to manage the property?  How much will they charge? If you are managing the property how much time will it take you to learn how to, and how much time will you spend actually running it?  What does your lawyer cost?  What would it take to put one on retainer?  What are the exact laws on Lead Based Paint Disclosure for this property?  Do you have the $25,000 to pay for failing to disclose/provide the Know Your Options LBP form/booklet?  Can you sue someone who won’t pay?  Will you listen to their story and then give them more time?

5) Please – One More Time – Re-verify your computations.  What are reasonable reserves for ongoing maintenance and capital repairs?  Check this out with other investors of similar properties.   Can I put $150/month away in a segregated property account for the establishment of repair escrows for flooring, paint, roofing, driveways, windows, etc?

If the foregoing has not dissuaded you from investing – congratulations!   You are an excellent candidate to acquire rental property.

If they did – you are wise to alter your course now.

I don’t want to talk you into investing.  I don’t mind talking you out of investing.

Call me if you did the math and want to find a Perrysburg rental property this year . . .

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!

Because my readers demand it.

Actually . . . they don’t.  But I hope that they like getting “early word” on new properties for sale in Perrysburg  before anyone else.

Today?  Condos – and to be specific “attached villas”.  Which are single family homes with one common wall.

Two new offerings coming later this week for your consideration:

1. 1566 North Redhawk.  In the city.  With a HUGE basement.  Very modern, open floor plan.  $159,900.  Mint condition.  I really like this one – with a great backyard and lots of upgrades inside.

2. 9734 St. Andrews.  Belmont.  So it’s Perrysburg Township / Rossford Schools.  Private backyard opens onto . . . nothing but trees.   1st floor master and a loft up that works as a 3rd bed or a great office / guest suite.

Both offer low, low monthly costs.   Lots of space.   And the feel of a private home with the living/tax/maint. advantages of condo/villa living.

I will get photos of Redhawk later this week.

But here is one shot – one shot only – of the lovely backyard of the villa at St. Andrews.

As always – if you want to see either one just call Jon!   419-466-7653.

As always when I put a new property on the market in Perrysburg – one that is sweet or special or notable – I often put the details right here – on PerrysburgBlog.com

This home?  1 owner.

Mint condition.

$50,000 plus in recent improvements and replacements and renovations.

It is in “true mint condition”.

And it really, really GLEAMS.

It’s sharp:  just about everything from the roof to the HVAC is new or newer or updated.  The garage?  Professionally epoxy coated.   You will fall in love with the kitchen:  granite and stainless steel with all the bells and whistles.

4 full levels of living space.  3 beds.  2.5 baths. 1 minute walk to school. 

$190′s.

I was in Las Vegas last week at an industry meeting that I attend most years – the annual conference of the Council of Residential Specialists.

It’s a good group and I have a lot of friends that attend every year – we share ideas and get exposed to new tools and tactics in the non-ceasing quest to be a better residential sales expert.

At one meeting (and remember this is a national conference with speakers and attendees from every state and surprisingly about 100 real estate agents from Spain . . .) the speaker asked for a show of hands.

The questions:  1. Are values in your market still declining?  2.  Are values in your market steady?  3.  Are values in your market rising?

Want to guess the distribution of answers?

I was surprised to see that the great majority of raised hands were for #3 – prices rising in each agent’s local market.

Admittedly, a non random sample.

Admittedly, a non scientific sample.

Admittedly, a very self selecting sample (would agents whose markets were still crashing afford to come to Las Vegas – oh, wait.  The large Spanish contingent all reported a collapsing market . . . )

So it’s still not scientific.

But it’s the first industry conference I have attended since the Great Real Estate Crash where such sentiments were widely held.

Does that mean that your 43551 house is worth a lot more?

Probably not . . . .

A. Buyers are still under pressure and not of a mind to spend more than a house is worth.

B. Appraisers are still under pressure to not over appraise real estate.

But with declining local inventory and a paucity of new spec homes . . . I think that price pressure in Perrysburg is going up, not down, for the first time in 6.5 years.

Another gratuitous listing posting.  Which I do with really nice new listings that I take.

This time – 29562 Shelbourne in The Hamlet.

With a pond view lot, 1st floor master suite and attached den it is perfectly positioned to bring maximum comfort and convenience to the next owner.

Sold to settle an estate – it’s a true one owner home.   The person who built it loved it and so much it has never before been on the market.

The superior lot and layout will compensate for the “reskining” that is needed inside (you will want to repaint and put some new carpet it . . . )

But the kitchen has new granite counters and the rest of the home is in tip top shape.

$230′s is the offering price range.   And with 3 beds, 2 baths, a sideload garage, an unfinished basement, vaulted great room, and lots of room – it’s a fantastic buy.