Sellers have upper hand in housing market

With a shortage of houses for sale, it's a strong seller's market in Findlay. The median sales price for homes in the 45840 ZIP code in recent days was $350,000, according to the Flag City Realtors website. That was up from about $312,000 a year earlier and $228,000 two years ago. It's the law of supply and demand at work. This week, there were 55 houses on the market. "Two, three years ago it was not unusual to see a couple hundred," said Kent Hilty, a real estate agent with Flag City Realtors. In the current environment, sellers frequently get multiple offers. "We're seeing a lot of properties sell at or above asking price," Hilty said. Some buyers are making offers with an escalation clause, stating how much they are willing to spend above the seller's list price, to outbid competitors. But that can backfire. Some sellers have simply made a counter offer at that escalated amount above their original list price. Ironically enough, the strong advantage for sellers keeps some people from putting their homes on the market. Much as they would like to sell their house at a premium, they fear they have no place to go as a buyer. The hottest part of the market these days are homes in the $150,000 to $300,000 price range, Hilty said. "That is a price range that a lot of first-time buyers or younger buyers are buying in," he said. "It's affordable for most of them, given the low interest rates we have now." One home on Brookside Drive had a list price of $237,000, Hilty said, noting that it recently sold for $249,000. Wilin: 4169-427-8413