"Toledo Area Home Sales Roar Back From Recession"

9 Replies | Toledo, Ohio

Toledo Blade Article

Just posting a pretty encouraging article from the Toledo Blade this week...

- Toledo average home prices are now higher than 2006 prices

- We are up 6.6% in price over June 2017

- Duration on the market is down from 16.3% from last year

“Houses are selling fast, selling at really great pricing. I think our average price was up 4.3 percent from last year, making sellers pretty happy,” said Mr. Kwiatkowski, a real estate agent at Re/Max Preferred Associates.

If there is a downside, the association president said, it’s that home buyers don’t always comprehend just how competitive the Toledo area residential market has become.

“We’re trying to warn our clients upfront — things are really tough out there. You have to bring your best offer right away,” he said.

Conclusion - Toledo continues to recover, grab properties if you want them, get ready for the winter freeze when we get home owners out of the market so we can find some deals again and when you find those things, lock them down!

From the landlord perspective there is still a strong demand for quality rentals, my houses fly off the market and I am seeing more loosening up of mortgage standards as we begin to bump up the interest rates. 

Overall we are doing fine and I wouldn't call Toledo over priced especially in the investment neighborhoods...it's just good to see the scales balancing a bit.

Final quote from the article: “Ten years ago, three out of four listings were homes that were underwater. The seller had to bring significant money to the table just to sell the home” (and cover the remainder of the loan), the association president said. “Now we’re starting to see those folks have equity and they can afford to sell their houses.”

This is good news!

@Andrew Fidler Good if you are a seller bad if you are an investor looking for a deal. I have been searching hard for months and finding everything overpriced. The article is correct, I wouldn't say we have moved into overpriced territory yet, but it is definitely a seller's market at the moment. However, all markets eventually turn and Toledo's is no different. Not sure when the next down cycle will come, but I am certain it eventually will.

Originally posted by @Michael Temple :

@Andrew Fidler Good if you are a seller bad if you are an investor looking for a deal. I have been searching hard for months and finding everything overpriced. The article is correct, I wouldn't say we have moved into overpriced territory yet, but it is definitely a seller's market at the moment. However, all markets eventually turn and Toledo's is no different. Not sure when the next down cycle will come, but I am certain it eventually will.

You need to look in different places Michael.

We've been hearing the story of "Rising prices" and properties "selling quicker" for a few years now.

I still feel like a kid in a candy store and we have been buying the same products at 50-60% of asking price like clockwork every week.

Offer a low ball quick cash close, wave contingencies except a walkthrough and perform on the deal.

Before you know it, folks will start flooding you with property.

Much success

Originally posted by @Engelo Rumora :
Originally posted by @Michael Temple:

@Andrew Fidler Good if you are a seller bad if you are an investor looking for a deal. I have been searching hard for months and finding everything overpriced. The article is correct, I wouldn't say we have moved into overpriced territory yet, but it is definitely a seller's market at the moment. However, all markets eventually turn and Toledo's is no different. Not sure when the next down cycle will come, but I am certain it eventually will.

You need to look in different places Michael.

We've been hearing the story of "Rising prices" and properties "selling quicker" for a few years now.

I still feel like a kid in a candy store and we have been buying the same products at 50-60% of asking price like clockwork every week.

Offer a low ball quick cash close, wave contingencies except a walkthrough and perform on the deal.

Before you know it, folks will start flooding you with property.

Much success

Engelo, 

Do you use that method for all types of homes (ie: turnkey, rehabs etc) and just keep an eye out for certain items on what to avoid/ look out for?  Definitely an interesting approach!

Originally posted by @Michael M. :
Originally posted by @Engelo Rumora:
Originally posted by @Michael Temple:

@Andrew Fidler Good if you are a seller bad if you are an investor looking for a deal. I have been searching hard for months and finding everything overpriced. The article is correct, I wouldn't say we have moved into overpriced territory yet, but it is definitely a seller's market at the moment. However, all markets eventually turn and Toledo's is no different. Not sure when the next down cycle will come, but I am certain it eventually will.

You need to look in different places Michael.

We've been hearing the story of "Rising prices" and properties "selling quicker" for a few years now.

I still feel like a kid in a candy store and we have been buying the same products at 50-60% of asking price like clockwork every week.

Offer a low ball quick cash close, wave contingencies except a walkthrough and perform on the deal.

Before you know it, folks will start flooding you with property.

Much success

Engelo, 

Do you use that method for all types of homes (ie: turnkey, rehabs etc) and just keep an eye out for certain items on what to avoid/ look out for?  Definitely an interesting approach!

Thanks Michael,

It's all about the numbers mate and it works across the board.

The more effort you put in daily with submitting offers, the more deals you will buy at a discount.

"Cash is King' and nothing beats hard work

Much success

Originally posted by @Michael M. :

I like it Engelo! Definitely going to try this out when I find the next opportunity!

Thanks Michael,

It's a matter of doing it daily on as many deals as you can.

Eventually you will pick up one at 60% or so of asking price

Much success and work hard 

Great advice @Engelo Rumora  

My deals just originate from being part of the community...in 2018 I've bought properties from fellow REIA members who were downsizing, a bunch from investors who ran screaming from Toledo when the lead paint ordinance was in full-swing, had several just drop in my lap because everyone I shake hands with knows I buy their headache properties.

Last time I checked my spreadsheet I was tracking 22 deals in the Toledo market that I was in process of considering...there's always opportunity, its just a matter of chasing down the deals, sorting the chaff from the wheat, and then making something edible at the end!


Keep developing the relationships and you will have more deals than you know what to do with!

Thanks for the article.  Are any of you buying commercial multi-family?  What Cap Rates are you seeing as the going rate?  Purchasing cap rates are all over the place, but I'm wondering what an appraiser will use in a 5+ Unit assessment?  

Originally posted by @Andrew Fidler :

Great advice @Engelo Rumora 

My deals just originate from being part of the community...in 2018 I've bought properties from fellow REIA members who were downsizing, a bunch from investors who ran screaming from Toledo when the lead paint ordinance was in full-swing, had several just drop in my lap because everyone I shake hands with knows I buy their headache properties.

Last time I checked my spreadsheet I was tracking 22 deals in the Toledo market that I was in process of considering...there's always opportunity, its just a matter of chasing down the deals, sorting the chaff from the wheat, and then making something edible at the end!


Keep developing the relationships and you will have more deals than you know what to do with!

Thanks mate and agreed.

Real estate has always been about the network :)