What’s the latest from our northeast Ohio real estate market? I’ve got the recent stats to share with you today.
Looking to buy a Home in Northeast Ohio? Search all Northeast Ohio homes for sale. Selling Your Home in Northeast Ohio? Use our home evaluation tool.
Looking to buy a Home in Northeast Ohio? Search all Northeast Ohio homes for sale. Selling Your Home in Northeast Ohio? Use our home evaluation tool.
It’s halfway through the year 2017, and it’s time for a market update. So what’s going on in our real estate market?
Inventory continues to be low. That means if you’re a buyer, you have to be aggressive. Let your Realtor set you up on an auto-email that notifies you every time a new listing hits the market. Have your Realtor be aggressive in finding a home that suits your needs. Have them send email blasts, mailers, and go door-knocking in communities that you’re thinking about buying in. Find that house before it hits the market. Be creative when looking for a property.
You can call us, and we’ll help you find a property. We can give you a leading edge over other buyers who can’t find these houses before we do.
Inventory being low means home values are continuing to rise. Home values in the city of Cleveland have risen 9.9% over the last 12 months. That’s the largest increase that I’ve seen in my lifetime. The reason for this increase is that there has been over $19 billion reinvested into Cleveland by developers over the last seven years.
Inventory being low means home values continue to rise.
Akron home values are up 3.1%, and Canton has seen an increase of 8.9%. That’s fantastic. In the east, Mentor is hovering around 3% and Westlake has seen an increase of 6.3% in the last 12 months. If you’re a seller and you’re looking to sell your home, let us help you figure out what your home is worth and get it on the market.
Interest rates have been hovering right around 4%. In recent weeks, we’ve seen the Federal Reserve raise their rates for the banks that borrow from the Fed. I think what we’re going to see in the coming months is another increase in interest rates from lenders. That means it’s going to cost you more to purchase properties.
What that means for you as a homebuyer is that now is the time to find a home and lock in the lower interest rate for the life of your mortgage. If you’re selling, there is no better time than now to get your home on the market. Once the rates go up, it’s going to cost buyers more to purchase, and they aren’t going to be so willing to pay as much. That means that inventory will start to stack up and you’ll be facing more competition from other sellers to get your home sold.
If you have any questions or you’re looking to buy or sell a home, give me a call directly or send me an email. I’d be happy to help!
