Real Estate company expecting another strong year for local housing market

Real Estate company expecting another strong year for local housing market
(Source: WTOL)

TOLEDO, OH (WTOL) - The snow has melted and you may be seeing more for sale signs popping up in your neighborhood. If things are anything like we have seen in the past few years, those signs may not stay up very long.

"I think we're going to have another good year," Vice-President of The Danberry Co., Realtors Dan McQuillen said. "There's a lot of activity out there right now with buyers."

McQuillen says that activity with buyers is primarily around homes under $400,000. Homes in the $100,000 to $200,000 range, are only staying on the market about a month and a half in most places.

In fact, buyers cannot afford to be choosy.

"They're just looking to find a house right now because under that 400 is pretty tight," McQuillen said. "When something comes up, they want to be ready and jump on it."

That does not mean we are in a total seller's market, houses above $400,000 are staying on the market more than six months, giving buyers the power.

"We're seeing some people in that price range under $400,000, they're thinking, 'now's a time to sell high and then I can buy a luxury home low, and take advantage of the historically low interest rates still,'" McQuillen said.

McQuillen says if you are motivated to buy a house but keep missing out, there are strategies you can work with an agent on to finally win the bid. He says you can use something called an escalation clause, but make sure you hire an agent who really knows what they are doing.

"If you get multiple offers on a house, somebody will write an offer saying 'I'll give you 'x' amount of dollars higher than the next highest offer that you have,'" McQuillen said.

If you are selling, McQuillen says to keep your house staged and take good pictures. If you are buying, have that pre-approval letter from the bank, ready to go.

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