LIMA – Pam Daley-Jennings answered the question before it was asked.
“No. Never. I’ve been doing this for 35 years and I’ve never seen a home sell like they’ve been in recent years,” said the owner of First Lima Title Agency.
“We wonder how many houses are still for sale. So just today (Friday) I open the mail and there are three new orders, ”she said.
A year ago, the local real estate market had record sales during the summer months of June, July and August, which is typically the busiest time of year for home sales.
This record has already been broken.
There have been 715 homes sold in the three summer months this year, 21 more than last summer, according to figures released by Ohio Realtors for the Midwest region – which includes Allen Counties, Hardin and Van Wert.
The average price of a home sold this year in the Lima area during these summer months was $ 166,709, an increase of $ 17,389 from the same period a year ago.
In gross numbers, that’s $ 119.2 million in sales this summer.
Jennings pointed out that there are several interesting things about these numbers.
“We have noticed that more and more people are returning to the region. Their jobs are such that they can work remotely and they can buy a lot more houses around Lima than in other areas, ”she said.
“There were also quite a few cash offers. It attracts sellers because it speeds up the process when it comes to reviews and the like.
“And if you put your house up for sale,” she warned, “you better have a place to go because houses sell out so fast.”
A booming housing market typically pushes new homeowners to purchase furniture, appliances, and flooring. The pandemic brought this to a halt from February to April 2020 as foot traffic in stores slowed. Since then, there has been a comeback.
Fred Harold, one of the owners of Star Carpet and Cleaning, who has been doing business in Lima since 1904, has noticed a change in shopping habits.
“Before, people just wanted to do one or two pieces. Now they are doing the whole house, ”he said.
The flagship items were rugs and luxury vinyl tiles or laminates, which are now waterproof.
“Being a long-standing company, we didn’t have a lot of problem getting products,” Harold added.
The housing market boon has been fueled by mortgage rates hovering around 2.5%, said Ohio REALTORS President Seth Task.
“Consumers appreciate that housing is a solid, long-term investment,” Task said. “Historically low mortgage rates continue to drive our market forward. “
The Federal Reserve said on Wednesday it was keeping interest rates stable for the foreseeable future. But Fed watchers are wondering how long this can last without fueling inflation.
Jennings points out that a slight increase in interest rates would have an effect on home sales, but it’s not like when you called a bank to find the cheapest interest rate.
Now the banks start with the questions.
“The first thing a bank wants to know is your credit score,” she said. “No matter how good the real estate deals are, if you want to buy a home, you need to make sure your finances are in order.”
The average price of a home sold this year in the Lima area during the summer months of June, July and August was $ 166,709, an increase of $ 17,389 from the same period ago. a year.
Pamela Daley-Jennings of First Lima Title Agency has never seen a booming real estate market like this today. She is shown with her staff, left to right: Michelle Brooks, Staci Freeman, Lauren Jennings and Barbara Figgins.