Challenges continue for buyers in local housing market

On Apr 23, 2022

TOLEDO, Ohio (WTVG) – If you’re looking for a new home, you know that it’s a very competitive market right now.

In recent months, local houses have been selling faster and going for more money and that trend doesn’t seem to be slowing down anytime soon.

John Mangas has been in the real estate business for 40 years. He’s says never seen anything like this market.

“It is a challenging market for buyers, even those getting conventional financing and have good down payments. They are sometimes competing with cash offers in a way they haven’t historically had to do.”

To add insult to injury, there aren’t as many homes to choose from compared to recent years.

“If you go back to 2016-17, there would be anywhere from 3,000-5,0000 homes for sale at any given point. I checked this morning and there were 637 active homes in the 10 county area that make up the NW Ohio footprint.”

Mangas says 35-40% of buyers are typically first time buyers. He says the entry level portion of the market is especially tough right now. He suggests those buyers save extra money for their purchase.

“There are some low down payment conventional loan programs to help them be more competitive, but they still have to be ready, willing and able to jump on a property right when it hits the market.”

There are challenges for sellers too. “It is a seller’s market, but the challenging thing is if you don’t have a plan in place for where you’re going next, you can’t benefit from the demand out there now.”

The market is so competitive, some national experts have suggested people skip things like home inspections. “We don’t feel that way. We feel like you should go in to your purchase with as much information as possible about the property so you know what you have as a long-term asset.”

And when it comes to interest rates. “As everyone knows, the interest rates have crept up in the last 8 weeks, and while they are in the 4-low 5 range , they are still historically very low. Which means some people will get less house, but it will also balance the market a bit.”

Mangas says it is more important than ever to have an agent who understands the dynamics of the local market and is able to advise you on how to best position yourself.

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