The Press Newspaper

Toledo, Ohio & Lake Erie

The Press Newspaper

The Press Newspaper

Housing in East Toledo

In this special report Housing in East Toledo: A Downward Spiral or Opportunity?, Press reporters look at the precipitous decline in housing values, what contributed to that decline, the emergence of absentee landlords and what is being done to rekindle the American Dream of owning a home.

All homeowners lost value in The Great Recession, but perhaps no one lost more than a homeowner in East Toledo.

Consider in 2007 the average realtor-listed home in East Toledo sold for $33,944, according to the Toledo Multiple Listing Service. Today, the average home sells for $15,159, a 55 percent drop.

The picture looks bleaker going back 10 years. In 2004, the average sale price was $46,284.

With interest rates still relatively low and home prices favoring buyers, now is a good time for potential homebuyers to get pre-approved for loans, says Elizabeth Kollar, Sr. Vice President Mortgage Lending at Fifth Third Bank.

“Get all your ducks in row and work with your loan officer to get yourself pre-approved so that you can use that as a negotiating tool when placing your bids on homes,” says Kollar, who’s worked with many borrowers in the East Toledo market.

However, some things have changed, according to Kollar:

- Is there now more scrutiny on appraisals and comparable homes than before the collapse in 2007-08?

Counseling, weatherization, education key services

Last spring, NeighborWorks hosted its first annual fundraising event called "Buy a Shingle, Save a Home".

This event was born from a growing concern that the greater community is not aware of the role a sound roof plays in maintaining a basic shelter for human existence.

"Buy a Shingle, Save a Roof" saved four owner-occupied homes, one each in four targeted neighborhoods by tearing off the existing roof, completing any necessary structural repairs and reinstalling a new roof, utilizing the Owens-Corning Oakridge product system.

The event raised over $30,000 to pay for the labor on the four homes. Raffle tickets were sold in each neighborhood and the winners were chosen last June.

In 2007, Neighborhood Housing Services of Toledo, Inc., now NeighborWorks, celebrated its 30th year as a neighborhood-based community development corporation. The East Toledo-based organization has numerous programs to help property owners.

 

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