At the beginning of 2020, the real estate market had a slow start and saw a decrease in home sales as our country came to a halt amid the coronavirus pandemic. As the economy has slowly reopened, and we have begun to conduct business as usual, there has been an increase in buyers purchasing homes! So where do we stand as we head into the 3rd quarter of the year? Let’s take a look at the current housing trends in Northeast Ohio.
Warmer weather typically indicates that prospective buyers have a lot of options when looking for a home. In Northeast Ohio, the current market status is that there are more buyers than sellers making it competitive for home buyers. It is a sellers’ market, giving those who are putting their homes on the market an opportunity to get higher than the original asking price. Homes are selling very quickly and are on the market an average of thirty to sixty days!
If you are considering selling your home, I will help you do the research and see what similar homes in your neighborhood have sold for. Or if selling your home is not an option, continue to build equity in your home until you’re ready to sell! Home prices are likely to continue to increase over the next few years. As a buyer, remain diligent when looking to purchase a home. Another option, if the timing isn’t right to buy a home, is to continue saving for a down payment and when purchasing opt for a shorter mortgage term, such as a fifteen-year mortgage instead of a thirty-year mortgage.
Lower interest rates make purchasing a home more attractive to prospective buyers. If interest rates begin to increase towards the end of the year – homes will most likely be on the market longer than usual. The housing market can be challenging to navigate. Request the help of a seasoned REALTOR® to understand the current market trends. I am here when you’re ready!