By HEATHER BAUGHMAN
baughman@crescent-news.com
Reasonably priced real estate is moving ... slowly. A homeowner looking to reap a stellar price on the sale of their house, however, may have to wait a while for the right buyer to come along.
Today's market is just not supporting over-priced homes, according to several area realtors. Combine that with apprehensive buyers who are unsure about what their job futures hold and the result is a rather bleak housing market.
Patti Sigg, realtor and co-owner of Coldwell Banker Sigg Realty, said that houses are still selling in Defiance but, while the market "is stable it's a little slower than in the past few years."
Compared to surrounding markets, Sigg said local sales over the past year have been a bit better. In fact, the Toledo market was down nearly 3 percent in sales over 2005, according to the Ohio Association of Realtors, while the Fort Wayne market was down nearly 5 percent in sales over the past year.
Locally, however, Sigg expects to see a different pattern. With Defiance's growth, specifically the U.S. 24 expansion and more retail coming to the area, the city will continue to keep the local market moving.
However, with the current economy feeling the effect of a few area factory closures, Sigg said, "People are a little afraid of spending their money."
The same feeling holds true throughout the northwest Ohio region.
Don Foltz II, owner/broker of Foltz Realty in Paulding, said sales have been pretty steady for the past year, but that steady flow was more like a trickle than a gush.
"Last year was not a really great year," Foltz said, attributing the decline in sales to a lack of job security. Even with factory closures occurring to the north in Fulton and Williams counties, Foltz said people in Paulding County are feeling the effects, too. "We don't really have a good job market or job security," he said.
About the only homes in the area that are selling, Foltz said, are homes in the $75,000-$85,000 price range. "Once you get over $100,000, the market really slows down."
After 20 years in the real estate business, Foltz said that, based on past trends, he expects sales to pick up this summer.
Gary Butler, owner/broker of Butler Mohr GMAC Real Estate in Defiance, said, "This past summer and fall the higher-end houses (those over $200,000) were struggling, but this winter is showing signs of getting back on track."
Overall, Butler said he expects 2007 to be a good year. Agreeing with Sigg, Butler said, "Locally, we have a lot of good things going on in Defiance."
Those looking to buy a house in the area today will, in general, have a good selection from which to choose. "There are a lot of homes for sale right now," Butler said. "This is a great time to buy -- it definitely is a buyer's market." He added that "you can get a lot more home for the money than you could two years ago," noting that sellers have to be very competitive to close a deal.
The strongest selling homes in Defiance, which Butler said encompasses the broadest audience, are those in the $80,000-$120,000 range.
Looking to the future, Butler expects 2007 to be good, "but not a record-breaking year."
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