|Closing Conducted by:||Title Companies, Lenders|
|Primary Foreclosure Method:||Judicial|
|Process Period:||5 - 7 months|
|Notice of Sale:||Sheriff|
|Redemption Period:||Until Confirmation|
|Income Tax:||0.50% - 5.00%|
|Median Property Tax:||1.36%|
|Property Taxes by County:||http://www.tax-rates.org/ohio/property-tax#Counties|
|Transfer Fee:||0.4% (0.1% plus 0.3% local)|
Median Home Value: $216,746
1-Year Appreciation Rate: +12.3%
Average Sales Price: 260,232 (+7.1% Year Over Year)
Home Sales: 13,785 (-15.0% Month Over Month)
Median Rent Price (1 & 2 Bedroom Units): $1,065 (+7.0% Year Over Year)
Price-To-Rent Ratio: 17.05
Unemployment Rate: 4.0% (latest estimate by the Bureau Of Labor Statistics)
Population: 11,780,017 (latest estimate by the U.S. Census Bureau)
Median Household Income: $58,116 (latest estimate by the U.S. Census Bureau)
Foreclosure Rate: 1 in every 1,027
Relatively Low Interest Rates: While more than double where they were at the beginning of the year, mortgage rates are still attractive for rental property owners who know how to lease properties.
Cash Flow Potential: Savvy investors who take advantage of today's rates will lower their monthly mortgage obligations. Lower monthly payments will increase cash flow, and make it a lot easier to pay down the mortgage with someone else's money.
Demand: With a price-to-rent ratio of 17.05, it is more affordable to buy a house in Ohio than to rent one. Consequently, buyers are coming out in droves to participate in the market. However, Ohio doesn't have enough inventory to satiate demand. Even those who want to buy will be relegated to the renter pool, and increase demand for rentals.
Secondary cities will receive more attention: Columbus is far and away the most populous city in the Ohio real estate market. As a result, prices are growing increasingly unaffordable. In order to buy a home, it's likely many buyers will look to secondary cities like Akron or Dayton, where prices are a little more affordable.
Appreciation will continue: Homes will continue to appreciate in value because of a lack of inventory. However, the increase in mortgage rates will decrease activity, but not enough to bring home values down. A drop in home values is expected in the near future, but the Fed still has work to do till it gets to that point.