Those who are looking to purchase a home will find themselves in a challenging place. As with most housing markets throughout the United States, northwest Ohio is seeing high home prices that may leave buyers feeling priced out of the market. 

According to Realtor.com, the current median sold price for a home in Sandusky County, Ohio, is $185,750 — up 17.19% from three years before. In neighboring Seneca County, that figure is even higher: a median sold price of $188,500, up 28.23% over the same period. 

“It all comes down to what you can afford,” said Devin Black. “There is no sense in rushing in to buy. It can be frustrating to stick with renting, but it’s better to wait for the right time and opportunity.”

Black, a Financial Opportunity Center coach and HUD-certified housing counselor for Great Lakes Community Action Partnership (GLCAP), understands the frustrations buyers feel in the current market. As part of his job, Black leads first-time homebuyer education courses and provides one-on-one housing counseling to help people better understand the homebuying process. Though home prices have climbed in recent years, Black does have some advice to help anyone who is thinking about purchasing a home but is overwhelmed by rising costs.

First, speak with a housing counselor.

“Talk with a professional who can objectively assess your readiness to buy and ability to afford,” Black said. “Being honest about what you can truly afford is particularly critical in an inflated market. A housing counselor can help you make this assessment.”

Second, be firm with your price.

“Once you have an affordable price point established, be firm with that price. In a tight market, there’s a lot of competition. It’s easy to fall in love with a property and it can be easy to overpay. But remember that houses are already inflated in value in the current market. You don’t want to add to that by going over your budget and immediately end up in a negative equity position.”

Third, consider your options.

“You may want to consider a different route to owning a home, such as foreclosures and sheriff’s sales,” Black said.

Black did caution that, while a home that is in foreclosure or up for sheriff’s sale may not have anything wrong with it, buyers should be aware of potential risks associated with these purchases.

“There may be tax liens. There may be complicated title issues. You may have to deal with a more protracted closing. Most foreclosed homes are sold ‘as-is’ and you do not have the opportunity to have the property inspected, so there is always the possibility of hidden and extensive repairs. You have to weigh whether you want to take those risks.

Fourth, consider your supports.

“There are some limited resources available for assistance. This might include help from the Ohio Housing Finance Agency (OHFA), internal first-time homebuyer programs at banks, Habitat for Humanity, and other supports. Again, homebuyer counseling can help you locate resources.”

Fifth, be in it for the long haul

“People who are frustrated with the current market should know that there are historically ebbs and flows,” Black said. “It will change at some point. Be patient and understand that as long as you continue to search and continue to save, eventually the right home will come up for you.”

More information on GLCAP’s Homebuyer Counseling program is available at www.glcap.org/homebuyer, or by calling 800-775-9767.