The area real-estate market may be waking slowly from a long slumber, according to area real estate brokers and agents.
“The last few weeks have kind of picked up. A lot of it could be the $8,000 tax credit,” said Walter Poff, owner-broker of Nova Star Real Estate.
Poff said the tax credit, for first-time home buyers, is scheduled to run out at the end of November, so people are trying to kick into high gear so they meet the deadline for completed paperwork to get the credit.
The large number of foreclosed properties in the area, and around the country, are depressing prices, but the effects are slowly dissipating, brokers said.
“We do have a ton of foreclosures in the area, (but) that inventory is starting (to dissipate),” Poff said.
“I’m optimistic that things are going to turn around, but that’s not something you can predict,” he said of the exact trends of the local real estate market.
Several area brokers said they are lobbying for a continuance of the tax credit, but some would like to see Congress wait till November to approve the extension.
“We are trying to get the federal government to extend (the tax credit),” said Paul Bryant of Howard Hanna-Tucker Select Properties.
“I’ve had two people that bought for the tax credit,” Bryan said. He also credited the low interest rates and the 35 percent lower property values with reinforcing the buyers’ market.
“I truly believe we have hit bottom,” Bryant said.
“Actually, (future prospects) are looking pretty good,” said Janis Dorsten, broker-owner of Gillespie Realty.
“I’ve seen a little bit of slowing in foreclosures,” Dorsten said.
“We’re very busy; I’m very busy,” Dorsten said. She said there are good solid properties available.
A lot more information is expected this weekend when Realtors from all over the state gather in Columbus.
“Actually, I’m seeing a wonderful upturn. We had a great August,” said Alice Balsley, office manager of the Howard Hanna office in Madison.
“I think we have turned the corner. We have low interest rates and good properties,” she said. Balsley said her office sells in eastern Lake County and Ashtabula County.
“There is a whole lot of light on the horizon,” she said.
Local News
Real estate pros: Area market improving
- Local News
-
-
New film showcases county’s scenic rivers
Ohio’s Scenic Rivers program, which protects stretches of 14 waterways — including three in Ashtabula County — is the focus of a new movie by a Dayton-based independent filmmaker.
-
Red Cross holding breakfast for ‘Community Heroes’
The Red Cross Community Heroes Breakfast will honor 12 county residents March 3 at the Bernard Vacca Community Center.
-
County’s 2-1-1 even helps birds get home
Even the birds depend upon Ashtabula County 2-1-1 when they get into a bind.
-
Need for jobs tops county survey
Unemployment tops the list of community needs identified in a survey conducted late last year by the Ashtabula County Community Action Agency.
-
Students can donate clothing to Goodwill
Many Ashtabula Area City Schools students will find themselves cleaning out their closets this week.
-
5 homeless
Five people were left homeless Monday afternoon as fire ripped through a two story home at 1861 Footville Richmond Road.
-
2 meth labs in 1 home
Acting on a tip, police found two working methamphetamine labs under one roof in an early Sunday morning raid at a Main Street house, said Police Chief Charles Burlingham.
-
More money woes for the Lake County sheriff
The Lake County Sheriff’s Officecut another five cars from its road patrol division last week.
-
Scamming for puppies
Pat Payment doesn’t have any puppies.
-
Consultants to assess contaminated land
A consulting firm hired by the city to assess unused commercial and industrial land is fairly confident a study of the contaminated Astatic property can be properly completed, City Council learned at Monday’s work session.
- More Local News Headlines
-
New film showcases county’s scenic rivers
