Real Estate Making a Slow Comeback in SE Ohio

Real estate in Southeast Ohio is looking a bit brighter for 2011.

Real Estate Broker Jay Butler says last year’s sales were down 4.7 percent with many people defaulting on their mortgages sending them into foreclosure.

"The silver lining of it is that they’re up 3.2 percent in prices so inflation is starting to pull us in that direction," says Butler.

But while home values are still low not only locally but also nationwide, you actually can believe it or not cash in on your home’s appraised value. The issue that arises is a lower market value for a home directly affects how much you, as taxpayers, pay for property taxes.

"I don’t believe they do understand that when the price of their houses go down, they can file with the county and have their hosue appraised and readjusted accordingly."

Butler says the market is slowly making a come back with home prices rising approximately three to five percent a year.