–by Jerry Arkebauer
PUBLICATION DATE: Nov 19, 2019
The adage that “location, location and location” are the three biggest determinants in real estate no longer holds. Now it is the condition of the home offered for sale.
That is the opinion of Mark Kruse, a Realtor with The Danberry Co., Realtors, who has assisted 3,000 families in real estate sales, exceeding $600 million.
“Sylvania is recognized for its tree-lined streets, easy access, walkability of the downtown, parks and recreation and owners who maintain their homes,” he told the Nov. 12 meeting of the board of directors of the Sylvania Area Community Improvement Corp.
Kruse noted that several factors influence the Sylvania housing market, including the quality of the inventory of homes available for sale, the availability of options from single family to apartments, and that real estate taxes, which had been high in the Sylvania School District, seem to be leveling out with other school districts.
“The sweet spot in Sylvania today is a home between $150,000 and $350,000,” he noted.
Kruse explained that 792 homes sold in the Sylvania School District through Oct. 30 this year at a median price of $217,000, up 9 percent, and were on the market for an average of 57 days. The value of the homes sold was $209 million.
He said currently there is a low inventory of homes in Sylvania; prices are moving up, and there are buyers.
Kruse said the real estate market is changing to reflect that millennials have overtaken baby boomers and millennials are starting to buy homes. National statistics show, he explained, that there are 73 million millennials and 72 million baby boomers.
He also said people are staying in their homes longer, now averaging a record 8.3 years, that the average home is 37 years old, and that 2019 national housing starts of 1.3 million are well below the 50-year average of $1.6 million.
Kruse was chosen as 2001 Realtor of the Year by the Toledo Board of Realtors and has been recognized as one of Toledo’s leading real estate agents every year since 1982.
The SACIC is a nonprofit representing a collaboration of business and government working to enhance balanced economic growth and the quality of life in the greater Sylvania area.