Despite a national housing crisis, local real estate agencies are confident that properties will sell and rentals will be occupied in 2009.
Nationally the market is bad, but Athens has been very fortunate, Brent Hayes, co-owner of the Market on State, 1000 E. State St., said. Spaces are still available, but interest has increased since Hayes bought the Market two years ago.
Being a small developer
my partner and I are trying to work with local people as much as possible Hayes said. (We're) looking to keep the positive momentum.
I have not seen any vacancy issues in Athens at all Liz Maule, the broker for Liz Maule Realty, said. All of my rental properties are gone.
Maule's rental properties are geared toward single-family rentals, she said, but students rent a few of her properties.
In Athens there is a shortage of good single-family rentals
Maule said. Currently
professionals are more likely to rent because they are unable to sell their old house or they are making sure their job is secure before purchasing a house.
Nationally, rental vacancy rates were consistently around 10 percent for 2008, said Bob Callis, a survey statistician for the US Census Bureau.
The homeowner vacancy rate did increase over the past several quarters, but leveled off in 2008, Callis said.
At the end of 2008's third quarter, Ohio's homeowner vacancy rate was 2.3 percent, according to the US Census Bureau. Ohio's rental vacancy rate was 8.6 percent at the end of 2008's third quarter. Fourth quarter results will be released in early February.
Buyers in the lower price ranges have a harder time obtaining loans to buy houses with, said Stephanie Goldsberry, a realtor at Athens Realty. This is because they are usually buying for the first time and they do not have established credit or income.
Currently, all of Goldsberry's rental contracts are filled even though there were fewer inquiries than previous years.
Most of the rentals are student-oriented. Not many (are) available to non-students
Goldsberry said. More people are looking to rent
but properties are just not available.
The number of units we've sold in the under-$125
000 price range are taking longer to sell
Maule said. We've been very strong in selling properties in the higher price ranges.
Locally
I think that the economy is doing well. People are hiring
she added. When people in the $125
