Cleveland Area Market Update August 2013

Hi, everyone. Welcome back to my video real estate blog.

What’s happening in our current real estate market compared to last year?

For the past seven months we’ve seen a huge increase in sales. With low interest rates and a great stock market, our Cleveland market has been very strong.

In the past 30 days, though, interest rates increased from 3.5 percent to about 4.5 percent. As the rates began to rise, we saw a spike in the number of sales; it caused a lot of buyers who were on the fence to make their move. The market then slowed a bit as rates leveled out in the mid 4s.

Despite the increase, interest rates are still historically low and I expect buyers to be aggressive and sales to continue to grow throughout 2013. If you have any questions about the market, please give me a call!