I get asked this question all the time – at least seemingly to me!
By my agents. By my clients. By my corporate clients. My buyers. By vendors and suppliers that work with or for me.
Everyone wants to know.
I repeat: The downward price trend in Perrysburg real estate will not change, in my opinion, until people are making more money and taking it home.
The State of Ohio and the Federal Government can goose demand for a quarter or a year, they can push loans onto people who should not buy, they can do all sorts of tax credits . . . but the market will always trump the politician.
Always.
Look at this chart.
It is breathtaking in its simplicity.
We can talk all we want about jobs. (Or “JOBS, JOBS, JOBS, JOBS” as our leaders put it)
We can call unemployed people “no longer seeking employment”. We can tell part time employees that they are fully employed even as they march into Perrysburg Christians United for food to feed their families. We can call part time seasonal workers fully hired back.
Not going to change the real estate market price trend in Perrysburg.
That chart above – it simply shows tax witholdings from working people and companies.
Zero Hedge Blog interprets it thus:
Even as the BLS and the administration are trying to cover up the real state of unemployment affairs using assorted semantic gimmicks of just what it means to be unemployed, and as companies provide adjusted EPS numbers, while actual earnings continue to collapse, the true barometer of spending, provided by the Financial Management Service, tax withholdings (net of refunds), continues to paint the truest picture of just what is really happening with both America’s consumer and the corporate world. And it ain’t pretty. On a rolling 12 month basis, individual tax withheld has dropped by nearly 8% YoY, from $1.42 trillion to $1.31 trillion, while company witholdings are down a whalloping 64%, from $274 billion to just under $100 billion! This is money that will never be used to pay down the skyrocketing US deficit, because both the US consumer and average US company are simply not collecting the required cash to line the Treasury’s pockets with the one traditional way to pad the deficit: taxes. Expect much, much, much more debt issuance in America’s short, medium and long-term future.
Wage payers- people with great full time jobs in Perrysburg are the ONLY way to get demand and prices improved.
Period.
Not wages paid to pizza delivery drivers or census takers or package wrappers for 30 days.
Wages paid to machinists and car assembly line workers and engineers and chemists.
Then Perrysburg will get better and your home will be worth more than it is today.
