Local housing market better than other areas in Ohio


By Danae King - dking@civitasmedia.com



LIMA — The Lima area housing market is healthy right now, and sales are better than other areas in the state and the state as a whole.

“We’re pretty stable here,” said Tim Heinz, a real estate agents with Yocum Realty and the association board president. “We’re well-grounded, everything (with the recession) hit us a bit early so we didn’t have as huge of a fluctuation as the nation did. We didn’t have the big bubble.”

Though 2015 was good for the housing market, 2016 is expected to be even better.

The total houses sold increased from 2014 to 2015, according to statistics provided by the West Central Association of Realtors, which covers the Lima area.

Last year “was successful,” Heinz said. “It’s going to be a modest increase for 2016, but steady. December was a really good indicator. We had a really good report for December.”

In December 2014, 116 houses were sold, compared with 152 houses sold in December 2015, according to the statistics. And houses were on the market fewer days in December 2015 than in the same month in 2014.

The Ohio Association of Realtors didn’t have statistics posted on its website yet for January 2016, though it did have a market confidence index for the month.

Nine of 10 Ohio real estate agents who responded to OAR’s survey think the 2016 housing market will show improvement or stay steady, according to OAR’s website.

All the indicators show that the market is coming out of the recession, Heinz said. Historically, the market has really strongly rebounded from recessions. The current rebound is there, but not as strong, it’s almost a “cautious” rebound, he said.

Though some real estate agents categorize the market as best for buyers or sellers — it seems good for both parties now.

When the market is a “buyer’s market,” there more houses available than there are buyers and when it’s a “seller’s market,” there’s not quite the supply and the market is limited, explained Bev Sweeney, broker and owner at Cowan Realtors.

“We do have a seller’s market in certain price ranges right now,” Sweeney said. “There’s plenty of opportunity for anyone who wishes to buy a home.”

There’s also the fact that interest rates are still low, and can help more buyers qualify for loans, she said.

Last year’s “sales were brisk,” Sweeney said. “It was a very good market.”

https://www.limaohio.com/wp-content/uploads/sites/54/2016/02/web1_house-for-sale-Hopkinton-Ma.jpg

By Danae King

dking@civitasmedia.com

Reach Danae King at 567-242-0511 or on Twitter @DanaeKing.

Reach Danae King at 567-242-0511 or on Twitter @DanaeKing.

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