Jon is a real estate marketing and negotiating expert. With over 18 years of real estate experience, an IBM sales background, and an MBA from Duke University, he is the man you want on your side.
“Existing-home sales plunged to their lowest level in 15 years in July as inventories soared, painting a grim picture for the housing market absent government support.
“Home resales dropped a record 27.2%—nearly twice as much as analysts had expected—to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday. Meanwhile, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Inventories are at their highest level in more than a decade.”
This is not a surprise.
Residential real estate is a game of positioning. Of immediacy. Of marketing impact.
Give financial incentives to lots of buyers to hurry up and buy . . . they will and then prices and sales will crater.
Pull demand forward . . . and there is a snap back the next quarter.
None of this was unpredicted.
Sellers in Perrysburg today have to have their home in PERFECT condition. Priced PERFECTLY to the market. They have to be on the top of their game.
The numbers are grim – but houses that are presented and priced well are selling.
You can walk to the park. Your kids can walk to Ft. Meigs Elementary.
Excellent resale.
Excellent lot sizes.
I LOVE Crandenbrook (I have owned 2 houses there in the past . . . and raised my kids there).
But this house – on a quiet cul de sac, with a first floor master suite, and a three car garage is a SUPERLATIVE example of the best of Crandenbrook. The lot, the layout, the condition – it’s all top shelf. Priced right – what would you expect from me anyway! – at $280′s. You can call me if you want a private showing.
Advice I am giving to potential sellers: don’t sell unless you really need to.
Advice I am giving to sellers that really need to: make sure you really need to sell.
Advice I am giving to sellers that are sure that they really need to sell: there are too many houses for sale given the buyer activity we have right now – let’s find out how we can work together to sell your house in this environment.
“Pending sales, signed contracts on the purchase of new homes tracked by the National Association of Realtors, were down 3% in June compared to May. That month saw a 30% drop in the index, after the April 30 expiration of the home buyer’s tax credit.
The pending sales numbers point to more alarming home sales figures, wrote Credit Suisse analyst Dan Oppenheim in a note Tuesday. Mr. Oppenheim said that given the sales pace, we’re on track to sell 3.7 million homes total this year–-the lowest seasonally adjusted level of single-family existing home sales since the fall of 1996.”
I read elsewhere that a major US builder does not want anymore tax credits or Federal home buyer stimulus. “Just let the market work” was their plea.
The housing market is tough right now – investors from out of state are buying 100 to 400 houses in a single auction. You want to compete against that? In Toledo? “Gird your loins” as they say.
In Perrysburg we are not at that point (and never will be . . . !) but the dynamic pressures just to the north of us still impact this market. When housing values plummet close by it hurts us.
Which is now a very valid and pertinent question . . . since the town’s biggest builder just recently closed up shop.
And the current level of new construction activity is, oh, about 10% of what it was a few years ago.
Suddenly, getting a nice, neat, clean, modern new(er) house is actually harder . . . but still, if you are transferring into Perrysburg/Northwest Ohio, just as important and vital.
IMO, Perrysburg continues to be the number 1 choice for incoming corporate moves – but whereas in the past I could show such a transferee 10 or 20 new homes from a diverse number of builders – that is simply not possible today.
But – do not despair Mr. and Mrs. Transferee.
We have houses like 780 Little Creek.
Subdivision still open – Forester/Wherle still building and active but only with contract in hand, no more specs/models . . .
Modern, 2 story, center hall design.
Clean. Livable. Not beat up.
No glaring design flaws.
Owners have upgraded with a professional build quality finished basement. They have updated/upgraded the F/W flooring with tile/ceramic/new berber as needed.
They have upgraded the standard level F/W appliances with some new, bright stainless ones.
And, they have even fenced the yard, built a deck, and added a hot tub.
No need to write a building contract and live in a hotel for 5 months . . . this house is ready.
And it is not unique. There are several similar like it on the market at any given time.
So the move into town from Chicago or Pittsburgh or Dayton, etc. need not be filled with disquiet at the current lack of new builds.
There really is no accurate answer to that question.
There should be – but there is not.
What does “foreclosed” mean?
Is being already run through the Sherrif Sale in Bowling Green . . . . is that foreclosed?
What about homes that the owner has walked away from?
Homes that are foreclosed but no new deed has been prepared/recorded?
Homes that have an owner who has decided not to walk away, but to simply not pay anymore on the mortgage.
“Foreclosed”. Simple word – many uses.
Right now there are hundreds of “foreclosed” homes in Perrysburg (city and township).
But there are just6 that are for sale on the MLS:
-10760 Avenue Road
-24230 Luckey Road
-7422 Starbright
-7296 Winding Brook
-24918 Fort Meigs
-1802 Whispering Way
-7315 Starlawn
As always, you can find all of the Perrysburg REO (“real estate owned” – aka bank owned) on my bank REO Google maps/MLS mash up at www.ToledoBankOwned.com
6 active MLS listings.
With many, many more to come.
Why? How?
You might want to read the sad and troubling article in this weekend’s Washington Post about the loss of good jobs in Northwest Ohio, specifically in Perrysburg. These foreclosures are the result of our jobs and economic policies.
Like this one at 872 Cherry Street in the heart of Perrysburg.
It has the lot that everyone wants – a “272″.
272 feet deep. Which gives the owner room to do many, many things.
Farm. Garden. Throw a ball. Add a pool. Add a pole barn type out building (a BIG shed). Practice with your 9 iron. Lots of possibilities.
BUT - these “272′s” often come with an old, functionally obsolescent house with an old, old floor plan.
Not here. A few years ago a builder I know bought one house, sitting on 2 lots. He knocked it down. Resplit the lots. And custom built 2 homes. This is one of them.
Sideload garage.
$232,500.
Big, bright rooms. First floor master. Finished basement.
