It seems that every other week the national media is labeling Ohio the #1 state in the nation in foreclosures, then I hear from anoter source that the title belongs somewhere else. Why all the disturbance over who has it worse? Are we all that obsessed with being first that we don't care what we are first at? We clamour for information so that we can brag about being first or complain that we are suffering the most. What I want to know is what are we doing about it?
Builders are shoving overpriced homes down the throats of consumers using introductory rates and large cash incentives or $'s off pricing, which is driving prices for resale homes even lower. The media says that the market is awful, focusing only on "lost" value rather than gained opportunity. Maybe if the media changed their perspective and talked about being one of, if not the most affordable states in the nation to buy a home or investment property, then sales will increase and prices will follow.
Ohio is usually very stable, gaining a steady 3-4% a year. In 16 years only small pockets have done better for short periods of time. This is Ohio's opportunity. Prices are where they were 2-4 years ago. We are near what I think is the bottom, so this is opportunity time. A smart buyer will buy now and realize the gain when the properties rebound to their natural values.
Just last week a builder, who is choosing to leave town, sold my client a spec home. A model just like it sold last year for 345,000 and my folks are paying 245,000. Great buys are in every price range, every school district and every style. Those of you who thought investment properties were out of reach, need to take a new look at homes in Ohio, especially Central Ohio. Where do you think all of the folks loosing their home to foreclosure are going to go? They have to rent from someone. Why not You?
For more buying tips or information about the great opportunities out there, visit www.DellaLambert.com
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