A recent study by Realtor.com sheds light on the reasons why homeowners are choosing to sell their homes in today's market. Although some people might hesitate to sell due to the historically low mortgage rates they have on their current home, data shows that 51% of homeowners in the US had a mortgage rate under 4% as of April 2022.
It is important to note that there are many non-financial factors that come into play when making a decision to sell a home. According to Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), homeowners have historically made a move due to changes in their life such as a new baby, marriage, divorce, or job change.
The 2022 Summer Sellers Survey by realtor.com asked recent home sellers why they decided to sell their homes. The top reasons included wanting different features or amenities in a home, such as walkability or outdoor space, the need for a home office due to remote work, and a desire to be closer to loved ones.
If you are considering selling your home in Toledo, Ohio, it is important to weigh all of your options, both financial and non-financial, in order to make the best decision for you and your loved ones. Partnering with a trusted real estate professional can provide you with expert guidance and advice throughout the process and help you make a confident decision.
After a tumultuous year of rising mortgage rates, the housing market is finally showing signs of a turnaround. Home price appreciation is slowing, mortgage rates are decreasing, and market activity is on the rise. In this blog post, we take a closer look at what experts are saying about the current state of the housing market and what it could mean for Toledo, Ohio homeowners and buyers in 2023.
According to Cristian deRitis, Deputy Chief Economist at Moody’s Analytics, the housing market is currently in transition. Professor Susan Wachter from the University of Pennsylvania’s Wharton School agrees and predicts that 2023 will be a turnaround year for housing. Lawrence Yun, Chief Economist at the National Association of Realtors, is optimistic about the recent decrease in mortgage rates and believes the worst in home sales may be coming to an end.
Robert Dietz, Chief Economist at the National Association of Home Builders, also sees a turning point for housing on the horizon. He predicts that single-family home building will rise in the coming quarters as mortgage rates trend lower and boost housing affordability.
In Toledo, Ohio, homeowners and buyers should take advantage of the positive trends in the housing market. If you're considering a move, now could be the perfect time to work with a local real estate professional to learn about the latest trends in your area.
The Benefits and Challenges of Owning a Short-Term Rental Property in Toledo, Ohio
If you're a homeowner in Toledo, Ohio, who's looking to make a change, you may be considering using your home as a short-term rental property instead of selling it. Short-term rentals (STRs) have gained popularity in recent years as an alternative to hotels, and a Harris Poll survey found that 28% of homeowners have considered using a rental service for additional income. However, owning an STR comes with responsibilities and risks, and not every home is ideal for this type of investment. In this blog post, we'll discuss the benefits and challenges of owning a short-term rental property in Toledo, Ohio.
Benefits of Owning a Short-Term Rental Property
Additional income: One of the main benefits of owning an STR is the potential to generate extra income. Renting out your home on a short-term basis can bring in more money than if you were to rent it out long-term.
Flexibility: As the owner of an STR, you have the flexibility to decide when and for how long you want to rent out your property. You can choose to rent it out for a few weeks or a few months, depending on your schedule.
Control over the property: When you rent out your home on a short-term basis, you have control over the property, including who rents it, how it's maintained, and what amenities are offered.
Challenges of Owning a Short-Term Rental Property
Time-consuming: Managing a short-term rental property can be time-consuming, especially if you're handling the responsibilities yourself. From screening tenants to making repairs, you'll need to invest time and effort into making your rental successful.
Responsibility: As a landlord, you're responsible for managing the property and ensuring that everything runs smoothly. You'll need to be prepared to handle issues that may arise during a rental, such as property damage or neighbor complaints.
Risks: Owning an STR comes with risks, including theft, property damage, rude guests, and regulatory violations, among others. It's important to consider these risks and plan accordingly before making a decision.
Is Your Home Ideal for a Short-Term Rental Property?
Not every home is ideal for a short-term rental property. One of the biggest factors is the location of your home. Properties located in popular vacation destinations tend to attract more renters than those located in less desirable areas. Additionally, the property should cater to a variety of travelers and offer amenities that will make their stay comfortable. Before deciding to rent out your home, it's a good idea to research the rental market in Toledo, Ohio, and see how your property compares.
The Bottom Line
Owning a short-term rental property can be a great investment for homeowners in Toledo, Ohio, but it's important to understand the benefits and challenges that come with it. Consider your responsibilities, the risks involved, and whether your home is ideal for a short-term rental before making a decision. To get a better idea of the viability of your property as a short-term rental, it's best to consult with a local real estate advisor.
As you prepare to move, it's important to consider your options for your next home. You may have a choice between purchasing a newly constructed home or a pre-existing one. Both options have their own unique benefits, so it's helpful to understand what each has to offer. A local real estate professional can provide guidance and support as you navigate this important decision.
Advantages of New Homes When you opt for a new build, you can expect the following benefits:
Benefits of Existing Homes If you choose a pre-existing home, you can enjoy the following advantages:
Ultimately, when choosing your next home, it's important to consider your priorities and work with a trustworthy real estate professional. By weighing the benefits of both new and existing homes, you can make an informed and confident decision.
You're not alone if you've been following recent headlines about foreclosures in the housing market. The media can be confusing and may make you think twice about buying a home for fear that prices could crash. However, the reality is that the data shows a foreclosure crisis is not where the market is headed in Toledo, Ohio, and understanding what that means is crucial if you want to know the truth about what's happening today.
According to the Year-End 2022 U.S. Foreclosure Market Report from ATTOM, foreclosure filings are up 115% from 2021, but down 34% from 2019. As media headlines grab onto this 115% increase, it's more important than ever to put that percentage into context.
While the number of foreclosure filings doubled last year, it's important to remember why that happened and how it compares to more normal, pre-pandemic years in the market. Thanks to the forbearance program and other relief options for homeowners, foreclosure filings were down to record-low levels in 2020 and 2021, so any increase last year is a jump up.
It's also worth noting that as the graph above shows, foreclosures are far below the record-high levels seen in 2010 when the housing market crashed.
So, while foreclosures are rising, keeping perspective is key. "The bottom line is there will be an increase in foreclosures over the next year (from record low levels), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time."
Putting the data into context is now more important than ever in Toledo, Ohio. While the housing market is experiencing an expected rise in foreclosures, it's nowhere near the crisis levels seen when the housing bubble burst, which won't lead to a crash in home prices.
Thinking about buying a home in the Toledo area? Let's grab a coffee or jump on a Zoom, I would love to chat with you and answer any questions you may have. Schedule below!
Buying a home for the first time can be an exciting, but intimidating experience. It’s easy to get overwhelmed by the process and make mistakes that can lead to expensive consequences. Here are five pitfalls you should avoid when buying your first home.
Not Getting Pre-Approved for a Mortgage
Most sellers won’t even consider offers from buyers who don’t have pre-approval letters from lenders. Getting pre-approved is one of the most important steps in the home-buying process because it tells sellers that you’re a serious buyer and that you have enough money to purchase their house. Additionally, it will give you an idea of how much house you can afford and what kind of interest rate you can expect on your mortgage loan.
Skimping on Inspections
It may be tempting to save some money by skipping out on professional inspections, but this is not a good idea. Professional inspections are essential when buying a home because they help identify potential problems with the property that could cost thousands of dollars in repairs down the road. Make sure to hire experienced professionals who know what they’re looking for and can provide thorough reports about the condition of the property before signing any contracts or making any commitments.
Underestimating Closing Costs
Closing costs refer to all of the fees associated with purchasing a home, such as lender fees, title insurance, appraisal fees and more. These costs can add up quickly so it’s important to budget for them ahead of time by speaking with your lender about these fees before submitting an offer on a property.
Not Shopping Around for Loans
Don’t just take whatever loan terms your lender offers; shop around and compare rates from different lenders to ensure you are getting the best deal possible on your loan terms and interest rate. This could potentially save you thousands of dollars over the life of your loan so it pays off (literally) to do some comparison shopping first!
Not Asking Questions
Don’t be afraid to ask questions throughout the process—from your real estate agent, lender, attorney or anyone else involved in helping you purchase your dream home! It's important that you understand every step of this complex process so don't hesitate to ask questions if something doesn't make sense or if there is something else you'd like clarified before moving forward with any contracts or agreements during this process!
Buying a home for the first time is an exciting experience but it also requires patience and preparation in order to avoid costly mistakes along the way. Keep these five pitfalls in mind as you progress through each step of this journey toward finding and purchasing your perfect dream home! With careful planning and research beforehand, you'll be able to confidently move through each step without worrying about unexpected surprises or costly mistakes down the line! Good luck!
Thinking about buying your first home in the Toledo Ohio area? Let's grab a coffee, I would love to chat with you and answer any questions you may have. Schedule below!
Maumee, Ohio is a great place to live, for multiple reasons. Many people move here for a place to start their families, and for the charming downtown area. It’s a bustling town with a strong economy, great schools, and plenty of room to stretch your legs.
While it’s a relatively small community of around 13,000 people, there are plenty of shops, restaurants, and bars to spend your time. The downtown is quaint, and the people are friendly. Here’s a list of five of the best reasons to live in Maumee, Ohio.View More