TOLEDO, Ohio —
With high interest rates and low inventory, it's a difficult market for first-time home buyers.
Eddie Campos, a realtor with Re/Max Preferred Associates and president of Northwest Ohio Realtors, says the days of 2-3% interest rates are gone.
"I don't think anybody is predicting that those are going to come back, so don't hold your breath for that one," he said.
Rates are currently around 6.37% and a lot of first-time buyers aren't interested in fixer-uppers," Campos said.
"Ideally, most people today want to have a home that's completely done, all the major components are done," he said. "That's fantastic. Those are homes that are still going for over list price."
On top of that, Campos said sales are down by about 3% year over year.
However, through the city of Toledo, there is a pathway to homeownership.
"Housing prices are pretty high and a lot of times, people need some assistance," said Ebenezer Kwame, housing manager for the city's Department of Housing and Community Development.
Through Home at Last, the city's down payment assistance program, buyers can get up to $7,500. In some neighborhoods, buyers can get up to $9,500.
Grants from the U.S. Department of Housing and Urban Development fund the program and applicants qualify based on their income.
"You can be a driver. You can be a teacher. You can be a police officer. You can be anybody," he explained. "But it's all based on income. Your background doesn't actually matter."
Since relaunching the program in 2020, Kwame says applications have nearly doubled. Before then, yearly applications rarely passed 30.
"2022 had 62. 2023, we went to 49. The number has been very high."
Since 2020, the city has received $1.7 million for the program.
As more and more people apply, Kwame says he fights for more money to help more people in Toledo.
"I've seen so many people with tears of joy when they receive that amount," he said. "On many occasions, too, that little amount makes or breaks the whole transaction."
So far this year, the city has received 37 applications. 10 are currently under review and 27 have been accepted.
Kwame anticipates even more applications will come in ahead of the 2024 holiday season.
To see if you qualify for Home at Last, click here.