The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1946-06-13
BLUFFTON HOMES
DOUBLE IN VALUE
in LAST SIX YEARS
Properties Formerly Selling
From $4,000 to $4,000
Advance Sharply
Sales Reported In Bracket
Over $4,000; Rental Homes
Rarely Available

Buttons residential properties
have roughly doubled in value since
war conditions put an end to new
home building in 1941, and at the
same time more people than ever
before own their homes in the COM
munity.
Six years ago the bulk of the
properties on the market here sold
at prices ranging from $4,000 to
$4,000. Today the same homes
bring anywhere from $4,000 to
$4,000, with some sales in higher
brackets.
The top offer reported was s18,-
600 for one new residence, which
was refused by the owner.
Principal factor in the inflated
value of residential properties is the
old law of supply and demand, and
there is every indication there will
continue to be mere buyers than
available homes for several years to
come.
Building Cost Up
Another related factor contribut-
ing to higher residential prices is
the increased cost of new construct
ton which also serves to force
prices upward.
Never in Buttons history has
there been such scarcity of rental
properties as prevails today. This
is the result of a trend that has
steadily gained momentum since the
outbreak of war, as those who
previously rented were forced to
bid on the few properties for sale in
order to assure themselves of a
place to live.
Renters who lose their homes be-
leaase someone ~else has bought them
are unable to find other places to
rent, and consequently out of neces-
sity they are forced to enter the
market as a prospective buyer.
The renter of the home he pur-
chases is in turn elected, and one
more house is taken off the rental
market. Chances are that he in
turn may have to buy, and the
same chain of circumstances is
repeated, again removing another
potentially rental house from the
picture.
Few Rental Homes
For many months rental properties
have virtually been off the market
because of the cumulative effect of
the above procedure. Renters great
ly exceed the supply of rental
properties, all of which are occupied.
Those without homes have no
alternative except to bid against
one another for the purchase of
homes, and their bidding in turn
sends the prices ever spiraling
higher.
Landlords in turn are willing to
sell properties that previously have
been in the rental class, because
rent cannot be raised whereas there
are no ceilings on the sale price of
| the same home.
Landlords Sell
Those who own either must
continue to rent properties at pre-
war prices, or get twice the pre-war
value if they elect to sell. Conse-
quently the landlord is willing to sell
and the prospective householder out
of necessity is forced to buy.
One angle, however, that many
sellers have overlooked is the fact
that any profit they obtain in sell
ing properties is subject to the
federal capital gains tax. When
federal agents check court house
records property sellers viii be re.
minded of that phase, however
providing they have not voluntarily
made tax return previously.
Whether or not the doubled value
of residential properties will be re-
fiected in the next revaluation OF
property for county real estate taxes
is problematical as yet. The next
re-appraisal comes in 1949, and il
home values stay at their present
level the new valuation likely vii
be at considerably higher figures.