Cleveland, Northeast OH Area Real Estate Market October 2013

According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, homes sales in the region increased from September to October. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, have been driving this increase in activity and increase in sales prices over the past year or so.
Sales comparing October 2012 to October 2013 still show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 14.9% and 10.4% for condominium sales. 

By comparison, Northeast Ohio is showing a 3.8% price increase from last year, with the state of Ohio's at 2.3%. Ohio's sales volume increase was also up by over 8% from October 2012.  The US market saw a 12.8% increase in sales price from the year before, and is showing a sales volume decrease of 3.2%.  Ohio and Northeast Ohio's price increases have stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation.  There is still a concern that home prices are rising faster than income growth.

The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have decreased slightly, hovering around 4.3%. 

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.

11 Reasons To List Your Home During The Holidays

You’ve heard it from real estate agents before. “The Winter season is slow.” Or, “No one is really buying or selling.” And even, “I’ll get started in the New Year, it’s a new start right?”  Wrong. The truth is, it’s better to be ahead than behind.

Here are 11 reasons to have your home listed during the holidays:

11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low.

10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year.

9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays.

8. January is traditionally the month for employees to begin new jobs. Since transfers cannot wait until Spring to buy, you need to be on the market during the Holidays to capture the market.

7. Some people must buy before the end of the year for tax reasons.

6. Buyers have more time to look for a home during the Holidays than they do during a work week.

5. Buyers are more emotional during the Holidays, so they are more likely to pay your price.

4. Houses may show better when decorated for the Holidays.

3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home. Less supply and more demand means more money for you.

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you.

And the number one reason why your seller should list during the Holidays…

1. People who look for homes during the Holidays are more serious buyers!


*Information courtesy of the Keller Williams Greater Cleveland SW blog