This week both the Wall Street Journal named Toledo the no. 25 emerging real estate market in the United States! We agree, Toledo real estate is booming. Our team at Effler Schmitt Company is ready to help you navigate this booming real estate market. Whether you are a first time homeowner, someone looking to relocate, a retiree, or considering selling your home, our team is equipped to help you.
Effler Schmitt Co. Expertise
Effler Schmitt Company has been family owned and operated since 1880. That’s 5 generations of experience and knowledge in the local Toledo and area real estate market. David has been in the business for over 40 years. His son, Daniel, became a multi-million dollar producer shortly after joining the family business. Daughter, Kelly, is a Realtor with the brokerage and also handles coordination transaction and insurance. Lifelong area resident Tim Korhumel is a Realtor with the brokerage. The most recent addition to the Realtor team is Katie Cho, who also functions as the marketing specialist for the company.
Toledo No.25 Emerging Market Ranking
Supply and demand in the Toledo real estate market accounted for one third of the data used in the ranking. Other data influencing the ranking included wages, unemployment, and local business growth. Likewise, quality of life factors likely to influence home buyers were taken into consideration. Read the Yahoo News article here.
Supply and Demand for Homes
As reported in the Toledo Blade, George Ratiu, senior economist for Realtor.com, says… “sellers are on track to ring 25 percent more homes to market than in a typical year. The market is booming, but the way in which the market is booming here is particularly notable and seen by economists and city officials alike as a sign of economic growth.”
More House for Your Dollar
A big factor in people flocking to Toledo is that you get more bang for your buck in the housing market here. Toledo is affordable. The Blade reports $250,000 in Seattle gives you a one bed/one bath condo. That same price point in Toledo can get a single family home on .25 acres with 3 bedrooms, 2 ½ bathrooms, and over 2,500 square feet of living space.
A Changing Workforce
The pandemic has fundamentally changed the way many businesses operate. At this time last year many employees who could work from home, were working from home. Businesses that can keep this work from home model for their employees affords location flexibility for where those employees live. The Toledo area offers a nice quality of life at a relatively affordable price.
Another contributing factor to the overall real estate boon in the US are the low interest rates. Interest rates from lenders have stayed near 3 percent for a 30-year fixed mortgage.
First Time Homeowners and Retirees
Nationwide millions of millennials are entering their 30’s in the next five years. Many of whom are looking at purchasing their first, or second home. Baby boomers who would normally choose to build a new home no longer have that as a readily available option due to the increased costs of lumber impacting new construction costs. These empty nesters are now competing with younger buyers for the available homes on the market.
Another factor is the growing Toledo economy. The Blade reports that, “Brandon Sehlhorst, the city of Toledo’s commissioner of economic development, said most roads tend to lead back to overall job creation, and that there have been high levels of investment in the city in recent years. Those investments create both immediate indirect jobs, and long-term direct jobs.”
Buyers Coming to Toledo
So, where are the Toledo area homebuyers coming from? Data shows movement from nearby Detroit and Monroe in Michigan. Additionally, homebuyers are relocating from bigger cities, including Chicago, New York, and Atlanta.
Trust Your Local Real Estate Experts
2021 marks 141 Years of Effler/Schmitt Co. serving North West Ohio’s Real Estate Needs. The Effler/Schmitt Co. team is here to assist you with all your real estate needs and help you achieve your real estate goals. Contact us today at sold(at)effler(dotted)com or 419.537.1113. Check out our latest blog post on 2021 real estate predictions here. Our dedicated team, coupled with our proven results from 2020, make Effler Schmitt Co. the brokerage for you!
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