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 slightly from September to October. Home inventory
has been higher but not significant, along with higher rental prices and
higher buyer
demand due to low interest rates, have been driving this increase in
activity and increase in
sales prices over the past year or so. Sales volume is increasing, and sales prices have shown a slowing increase.
Among
the 15 counties in Northeast Ohio, we saw a 5.1% sales increase from September to October for
single family homes and condominiums and a 3.3% from October
of last year. For the entire year, 2014 in 0.7% down in total sales compared to
2013. As for sales prices, single family homes and condos prices are up 2.7% ($138,315) and 5.3% ($125,385) than October 2013.
Ohio's
sales volume showed a increase of 5.5% from last month and 8.5% from October 2013. Ohio's sales
prices rose by 7.3% ($147,133), compared to last October. National figures have
shown a 1.5% improvement in sales volume
from September to October and a 1.5% increase from a year ago. Meanwhile, national prices have increased 5.5% ($208,300) from
last year. Ohio and
Northeast Ohio's price increases have
slowed or stabilized recently, but the increases are what would be
typically expected for the region when compared with the nation.
The
key
point here is that the market is starting to stabilize and shifting to a
balanced/seller's market. Sellers are
getting more for their homes than last year (low inventory), 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 held their ground, hovering around 4.0%-4.1% for a 30-year mortgage. A recent report indicates that
economists are projecting rates to rise to 5% in 2015.
This is a
great time for buyers who also have a home to sell (even in the Fall and Winter months), because rates are
still relatively low on the buying side, but home values have risen overall 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.
Showing posts with label realtor. Show all posts
Showing posts with label realtor. Show all posts
Thursday, December 4, 2014
Thursday, October 30, 2014
Cleveland, Northeast OH Area Real Estate Market September 2014
According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper,
homes sales in the region decreased slightly from August to September. Home inventory
has been higher but not significant, along with higher rental prices and
higher buyer
demand due to low interest rates, have been driving this increase in
activity and increase in
sales prices over the past year or so. Sales volume is increasing, and sales prices have shown a slowing increase.
Among the 15 counties in Northeast Ohio, we saw a decline from August to September for single family homes and condominiums. However, home sales are up 8.9% from September of last year, and 3.0% over the first nine months of 2014 compared to 2013. As for sales prices, single family homes are down 1% and condos are nearly 3% higher than September 2013.
Ohio's sales volume showed a increase of 2.8% from last month and 0.3% from September 2013. Ohio's sales prices rose by 6.8%, compared to last September. National figures have shown a 2.4% improvement in sales volume from August to September and showed a small decline from a year ago. Meanwhile, national prices have increased 5.6% from last year, marking the 31st consecutive month of year-over-year price gains. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a balanced/seller's market. Sellers are getting more for their homes than last year (low inventory), 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 4.0%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
This is a great time for buyers who also have a home to sell (even in the Fall and Winter months), because rates are still relatively low on the buying side, but home values have risen overall 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.
Among the 15 counties in Northeast Ohio, we saw a decline from August to September for single family homes and condominiums. However, home sales are up 8.9% from September of last year, and 3.0% over the first nine months of 2014 compared to 2013. As for sales prices, single family homes are down 1% and condos are nearly 3% higher than September 2013.
Ohio's sales volume showed a increase of 2.8% from last month and 0.3% from September 2013. Ohio's sales prices rose by 6.8%, compared to last September. National figures have shown a 2.4% improvement in sales volume from August to September and showed a small decline from a year ago. Meanwhile, national prices have increased 5.6% from last year, marking the 31st consecutive month of year-over-year price gains. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a balanced/seller's market. Sellers are getting more for their homes than last year (low inventory), 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 4.0%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
This is a great time for buyers who also have a home to sell (even in the Fall and Winter months), because rates are still relatively low on the buying side, but home values have risen overall 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.
Friday, September 26, 2014
Cleveland, Northeast OH Area Real Estate Market August 2014
According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer
newspaper,
homes sales in the region decreased from July to August. Home inventory
has been higher but not significant, along with 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 volume is increasing, and sales prices have shown a slowing increase.
Among the 15 counties in Northeast Ohio, we saw a 1.9% decline from July to August for single family homes and a 5.5% decrease for condominiums. Single family home sales and condos are down 2.3% from August of last year, and 2.4% over the first eight months of 2014 compared to 2013. As for sales prices, single family homes are up 1.4% and condos are 3% higher than August 2013.
Ohio's sales volume showed a decline by 4.5%, and Ohio's sales prices rose by 6.8%, compared to last August. National figures have shown a 5.3% drop off in sales volume from last year, and is down 4.3% from July to August. Meanwhile, national prices have increased 4.8% from last year, marking the 30th consecutive month of year-over-year price gains. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a balanced/seller's market. Sellers are getting more for their homes than last year (low inventory), 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 4.1%-4.2%%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
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.
Among the 15 counties in Northeast Ohio, we saw a 1.9% decline from July to August for single family homes and a 5.5% decrease for condominiums. Single family home sales and condos are down 2.3% from August of last year, and 2.4% over the first eight months of 2014 compared to 2013. As for sales prices, single family homes are up 1.4% and condos are 3% higher than August 2013.
Ohio's sales volume showed a decline by 4.5%, and Ohio's sales prices rose by 6.8%, compared to last August. National figures have shown a 5.3% drop off in sales volume from last year, and is down 4.3% from July to August. Meanwhile, national prices have increased 4.8% from last year, marking the 30th consecutive month of year-over-year price gains. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a balanced/seller's market. Sellers are getting more for their homes than last year (low inventory), 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 4.1%-4.2%%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
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.
Monday, August 25, 2014
Cleveland, Northeast OH Area Real Estate Market July 2014
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 June to July. 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 volume is increasing, and sales prices have shown a slowing increase. A higher inventory in homes for sale would help boost sales activity.
Among the 15 counties in Northeast Ohio, we saw a miniscule 0.11% increase for single family homes and a 3.6% increase for condominiums. Single family home sales are up 1% from July of last year, while condos sales prices are up 3.9%. Bear in mind that condo sales are a very small portion of the market.
Ohio's sales volume showed an increase of 1.2% from June to July, but down 1.2% from last year. Ohio's sales prices rose by 3.7%, compared to last July. National figures have shown a 2.4% increase in sales volume from last month, but down 4.3% from last year. Meanwhile, national prices have increased 4.9% from last year. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
Good News: Nationwide, there has been a decline in sales of foreclosures and other distressed properties. Bank owned and distressed properties accounted for only 9% of all sales in July - the lowest level since 2008.
The key point here is that the market is starting to stabilize and shifting to a balanced/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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
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.
Among the 15 counties in Northeast Ohio, we saw a miniscule 0.11% increase for single family homes and a 3.6% increase for condominiums. Single family home sales are up 1% from July of last year, while condos sales prices are up 3.9%. Bear in mind that condo sales are a very small portion of the market.
Ohio's sales volume showed an increase of 1.2% from June to July, but down 1.2% from last year. Ohio's sales prices rose by 3.7%, compared to last July. National figures have shown a 2.4% increase in sales volume from last month, but down 4.3% from last year. Meanwhile, national prices have increased 4.9% from last year. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
Good News: Nationwide, there has been a decline in sales of foreclosures and other distressed properties. Bank owned and distressed properties accounted for only 9% of all sales in July - the lowest level since 2008.
The key point here is that the market is starting to stabilize and shifting to a balanced/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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
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.
Friday, July 25, 2014
Cleveland, Northeast OH Area Real Estate Market June 2014
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 May to June. 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 volume is increasing, and sales prices have shown a slowing increase. A higher inventory in homes for sale would help boost sales activity.
Sales from May to June show an increase, however, sales from June 2013 to June 2014 show a decline. Among the 15 counties in Northeast Ohio, we saw a healthy 11.1% increase for single family homes and a 2.5% increase in sales volume from last month. Single family home sales are up 1.3% from June of last year. Halfway through the year, local home sales are lagging last year's levels by 2.5%, but average sale prices are up 1.3% from June 2013 to June 2014.
Ohio's sales volume showed an increase of 7.5% from May to June. Ohio's sales prices were relatively flat, with a 1.2% improvement from last June with an annual increase total of 1.2%. National figures have shown a 2.3% decrease in sales volume and 2.6% price gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
"Inventories are at their highest level in over a year, and price gains have slowed to much more welcoming levels in many parts of the country," Lawrence Yun, chief economist for the national Realtors, said in a written statement. "This bodes well for rising home sales in the upcoming months, as consumers are provided with more choices." He added, supply concerns won't dissipate until homebuilding rebounds.
The key point here is that the market is starting to stabilize and shifting to a balanced/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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
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.
Sales from May to June show an increase, however, sales from June 2013 to June 2014 show a decline. Among the 15 counties in Northeast Ohio, we saw a healthy 11.1% increase for single family homes and a 2.5% increase in sales volume from last month. Single family home sales are up 1.3% from June of last year. Halfway through the year, local home sales are lagging last year's levels by 2.5%, but average sale prices are up 1.3% from June 2013 to June 2014.
Ohio's sales volume showed an increase of 7.5% from May to June. Ohio's sales prices were relatively flat, with a 1.2% improvement from last June with an annual increase total of 1.2%. National figures have shown a 2.3% decrease in sales volume and 2.6% price gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
"Inventories are at their highest level in over a year, and price gains have slowed to much more welcoming levels in many parts of the country," Lawrence Yun, chief economist for the national Realtors, said in a written statement. "This bodes well for rising home sales in the upcoming months, as consumers are provided with more choices." He added, supply concerns won't dissipate until homebuilding rebounds.
The key point here is that the market is starting to stabilize and shifting to a balanced/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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% in 2015.
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.
Thursday, July 3, 2014
Cleveland, Northeast OH Area Real Estate Market May 2014
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 April to May. 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 volume is increasing, and sales prices have shown a slowing increase. A higher inventory in homes for sale would help boost sales activity.
Sales from April to May show an increase, however, sales from May 2013 to May 2014 show a decline. Among the 15 counties in Northeast Ohio, we saw a healthy 16.3% increase for single family homes and a 33.1% increase in sales volume from April. Single family home sales are down 6.3% from May of last year. Over the past 5 months of 2014 compared to 2013, we have witnessed a 3.3% decline in sales volume, but a 1.8% increase in prices for single family homes and 1.4% for condos. Local home prices dipped slightly by 1.1% from May 2013 to May 2014.
Ohio's sales volume showed an increase of 6.2% from April to May. Ohio's sales prices were relatively flat, with a 0.8% decline from last May with an annual increase total of 2.9%. National figures have shown a 4.9% increase in sales volume and 5.1% price gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a balanced/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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% by year-end.
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.
Sales from April to May show an increase, however, sales from May 2013 to May 2014 show a decline. Among the 15 counties in Northeast Ohio, we saw a healthy 16.3% increase for single family homes and a 33.1% increase in sales volume from April. Single family home sales are down 6.3% from May of last year. Over the past 5 months of 2014 compared to 2013, we have witnessed a 3.3% decline in sales volume, but a 1.8% increase in prices for single family homes and 1.4% for condos. Local home prices dipped slightly by 1.1% from May 2013 to May 2014.
Ohio's sales volume showed an increase of 6.2% from April to May. Ohio's sales prices were relatively flat, with a 0.8% decline from last May with an annual increase total of 2.9%. National figures have shown a 4.9% increase in sales volume and 5.1% price gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region when compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a balanced/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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% by year-end.
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.
Friday, May 30, 2014
Cleveland, Northeast OH Area Real Estate Market April 2014
According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper,
homes sales in the region decreased from March to April. 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. While sales volume is a bit lower, sales prices have shown an increase.
Sales from March to April do show an increase, however, sales from April 2013 to April 2014 show a decline. Among the 15 counties in Northeast Ohio, we saw an 8.8% increase for single family homes and a 31.6% increase in sales volume from last month. Single family home sales are down 2.6% and condominium sales are down 4.2% from April of last year. Local home prices continue to increase, but at a slower pace than 2013. We saw a 3.9% increase in annual price gains, up from 2.9% in February.
Ohio's sales volume showed an increase of 3.8% from March to April. Ohio's sales prices have increased by 7.4% from last April and national figures have shown a 5.2% gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region.
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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% by year-end.
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.
Sales from March to April do show an increase, however, sales from April 2013 to April 2014 show a decline. Among the 15 counties in Northeast Ohio, we saw an 8.8% increase for single family homes and a 31.6% increase in sales volume from last month. Single family home sales are down 2.6% and condominium sales are down 4.2% from April of last year. Local home prices continue to increase, but at a slower pace than 2013. We saw a 3.9% increase in annual price gains, up from 2.9% in February.
Ohio's sales volume showed an increase of 3.8% from March to April. Ohio's sales prices have increased by 7.4% from last April and national figures have shown a 5.2% gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, but the increases are what would be typically expected for the region.
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 4.2%. A recent report indicates that economists are projecting rates to rise to 5-5.5% by year-end.
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.
Thursday, April 24, 2014
Cleveland, Northeast OH Area Real Estate Market March 2014
According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper,
homes sales in the region decreased from February to March. 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 and price gains actually dipped a bit recently, however, which is
being attributed to the harsh winter weather experienced in the area.
Sales from February to March do show an increase, however, sales from March 2013 to March 2014 show a decline. Among the 15 counties in Northeast Ohio, single family home sales are down 5.9% and condominium sales are down 15.5%. Year-to-date, local sales of new and existing homes were lagging by nearly 1.7%. Single family home prices were up 1.8%, compared to last year. Condos were up 7.7% higher than March 2013.
Ohio's sales volume showed a decline by 6.6% from March 2013, while the US market is experienced a sales volume decrease of 7.5%. Ohio's sales prices have increased by 3.3% from last March and national figures have shown a 7.9% gain. Ohio and Northeast Ohio's price increases have slowed or 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.
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 increased slightly, hovering around 4.5%.
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.
Sales from February to March do show an increase, however, sales from March 2013 to March 2014 show a decline. Among the 15 counties in Northeast Ohio, single family home sales are down 5.9% and condominium sales are down 15.5%. Year-to-date, local sales of new and existing homes were lagging by nearly 1.7%. Single family home prices were up 1.8%, compared to last year. Condos were up 7.7% higher than March 2013.
Ohio's sales volume showed a decline by 6.6% from March 2013, while the US market is experienced a sales volume decrease of 7.5%. Ohio's sales prices have increased by 3.3% from last March and national figures have shown a 7.9% gain. Ohio and Northeast Ohio's price increases have slowed or 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.
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 increased slightly, hovering around 4.5%.
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.
Tuesday, April 1, 2014
Cleveland, Northeast OH Area Real Estate Market February 2014
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 January to February. 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. Prices actually dipped a bit recently, however.
Low inventories continue to prevent some would-be buyers from making deals. Fewer homeowners put their properties on the market in February, when compared with listing-service figures from January. Overall, new listings are down 8.3% this year.
Sales comparing February 2013 to February 2014 still show increasing sales figures. Among the 15 counties in Northeast Ohio, single family home sales are up 3.6% but a slight decline in condominium sales. and is showing a 5.7% price decrease from last February,
Ohio's sales volume showed a decline by 4.3% from February 2013, while the US market is experienced a sales volume decrease of 7.1%. Ohio and Northeast Ohio's price increases have slowed or 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 4.5%.
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.
Low inventories continue to prevent some would-be buyers from making deals. Fewer homeowners put their properties on the market in February, when compared with listing-service figures from January. Overall, new listings are down 8.3% this year.
Sales comparing February 2013 to February 2014 still show increasing sales figures. Among the 15 counties in Northeast Ohio, single family home sales are up 3.6% but a slight decline in condominium sales. and is showing a 5.7% price decrease from last February,
Ohio's sales volume showed a decline by 4.3% from February 2013, while the US market is experienced a sales volume decrease of 7.1%. Ohio and Northeast Ohio's price increases have slowed or 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 4.5%.
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.
Wednesday, January 29, 2014
Cleveland, Northeast OH Area Real Estate Market December 2013
According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer
newspaper,
annual homes sales in the region increased overall in 2013 from 2012 by
11.8%. 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 December 2012 to December 2013 slid slightly. Among the 15 counties in Northeast Ohio, single family home sales were down a percentage points.
By comparison, Northeast Ohio is showing a 6.1% price increase from last year (3.1% for condos), with the state of Ohio's at 5.2%. Ohio's sales volume increase was also up by over 14.7% compared to 2012. The US market saw a 11.5% increase in sales price from 2012 to 2013, and is showing a sales volume increase of 9.1%. Ohio and Northeast Ohio's price increases have stabilized/slow down 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.
Nationally, "Existing-home sales have risen nearly 20 percent since 2011, with job growth, record-low mortgage interest rates and large pent-up demand driving the market," said Lawrence Yun, chief economist for the national Realtors. "We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population."
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 4.5%.
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.
Sales comparing December 2012 to December 2013 slid slightly. Among the 15 counties in Northeast Ohio, single family home sales were down a percentage points.
By comparison, Northeast Ohio is showing a 6.1% price increase from last year (3.1% for condos), with the state of Ohio's at 5.2%. Ohio's sales volume increase was also up by over 14.7% compared to 2012. The US market saw a 11.5% increase in sales price from 2012 to 2013, and is showing a sales volume increase of 9.1%. Ohio and Northeast Ohio's price increases have stabilized/slow down 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.
Nationally, "Existing-home sales have risen nearly 20 percent since 2011, with job growth, record-low mortgage interest rates and large pent-up demand driving the market," said Lawrence Yun, chief economist for the national Realtors. "We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population."
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 4.5%.
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.
Friday, November 22, 2013
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.
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.
Thursday, November 14, 2013
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
Wednesday, October 23, 2013
Cleveland, Northeast OH Area Real Estate Market September 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 dropped from August to September, but continue to surpass last year's sales
figures. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, has driving this increase in activity and increase in
sales prices over the past year. Economist say that the recent government shutdown and consumer uncertainty attributed to the reduced sales volume in September.
Sales comparing September 2012 to September 2013 still show increasing sales figures. Among the 15 counties in Northeast Ohio, single family home sales are up 15.2% and 3.1% for condominium sales.
By comparison, Northeast Ohio is showing a 3% price increase from last year, with the state of Ohio's at 2%. Ohio's sales volume increase was also up by over 18.9% from September 2012. The US market saw a 11.7% increase in sales price from the year before, and is showing a sales volume increase of 10.7%. 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 the area compared with the nation. There is 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.
Sales comparing September 2012 to September 2013 still show increasing sales figures. Among the 15 counties in Northeast Ohio, single family home sales are up 15.2% and 3.1% for condominium sales.
By comparison, Northeast Ohio is showing a 3% price increase from last year, with the state of Ohio's at 2%. Ohio's sales volume increase was also up by over 18.9% from September 2012. The US market saw a 11.7% increase in sales price from the year before, and is showing a sales volume increase of 10.7%. 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 the area compared with the nation. There is 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.
Thursday, October 17, 2013
New Home Construction - Reasons To Have Realtor Representation
Buying a new home is exciting, and home construction is on the rise. You get to build your home the way you want it to be. But like any home purchase, new construction is an expensive transaction with many financial implications.
Here's why it’s a good idea to obtain representation from a Realtor when considering new construction:
Sales Reps Work For The Builder. Builders usually have their own agents or representatives on site to discuss the home construction process, and help with a potential purchase. They can explain how the builder compares to competitors, differences between models and floor plans, go over your financing options, upgrades and specials, etc. But it’s important to know that builder reps represent the builder.
Fiduciary Duties. When you use Realtor representation, their responsibility is to you. You have a local expert who is looking out for your best interests, who’s contractually obligated to protect you. A buyer's agent can help you navigate the contract and help you understand the specific clauses, riders and upgrade, making sure you know what you need to before you sign on the dotted line.
Negotiating. Finding the right model and choosing your upgrades is fun, and you should truly try to enjoy the experience. The contracts and negotiating terms and options is the not-so-fun part, and can be quite daunting. Most buyers don't know they can even negotiate with a builder. Your agent can also present other financing options or possibly work with the builder’s lender directly to get you a better rate for your mortgage.
Navigating You to Closing. Signing a contract with a builder is step one in the process. You must also line up financing, work with title companies, attend numerous inspections and make sure completion of the home meets the deadline. Your Realtor can manage that process to ensure you’re not missing anything at each stage of your new home's construction.
Thursday, October 10, 2013
Home Value Accuracy - Agent Versus Software Estimates
If you're considering buying or selling a home, I'm sure you've probably
looked at various real estate sites to see how much homes are valued for. As a real estate professional, I get clients that ask
me about these home value estimates all the time. Some of them have
almost decided not to buy or sell a home, because they trusted these
estimated to be accurate, and they got the impression they could not
meet their selling or purchasing goals.
So, I decided to due my homework and see just how accurate these estimates are. I went to the most well known site for home value estimates...Zillow. Their "Zestimates," as they're called, provide home value estimates of any home, whether they're for sale or not. Zillow states that this is not to be construed as an appraisal, but an opinion of value.
The issue is, these values are derived from county tax values, last sales price, surrounding homes in different communities and school districts. It may also use homes that while close in proximity, are of varying quality, size, condition, age, and/or distressed (foreclosure or short sale). The homes could be in a better or worse location as well (train tracks, near highway, on a main road, etc).
I attached a screen shot from Zillow's website that discloses the accuracy of their "Zestimates," which can be viewed at the following link as well. ZESTIMATE ACCURACY
Being a Realtor in the Cleveland and Northeast Ohio area, I'll ask you to draw your attention to the Cleveland OH statistics. As you can see, the "Zestimates" are only 35.9% accurate within 5% of the true value, 63.7% within 10% of true value and 83.7% accurate within 20% of true value. If an agent had accuracy numbers like these, he/she wouldn't be a very successful Realtor.
To put this in perspective, if a seller owned a $250,000 home, the differences at these 5-20% levels of accuracy could range from $12,500-$50,000! If the seller's home is one of the 16.3% that weren't even accurate within 20%, this number could be even higher.
The point is, as I explain to all of my clients, using the internet to obtain real estate knowledge can be a great thing, but can also be misleading or incorrect. Knowing the source of your information is very important, and it's the reason I wrote this article. Specific to this topic, nothing replaces the valuation of a local real estate agent. And when choosing a Realtor, be sure to interview more than one to make sure you're choosing a knowledgeable agent that will successfully guide you through your transaction.
So, I decided to due my homework and see just how accurate these estimates are. I went to the most well known site for home value estimates...Zillow. Their "Zestimates," as they're called, provide home value estimates of any home, whether they're for sale or not. Zillow states that this is not to be construed as an appraisal, but an opinion of value.
The issue is, these values are derived from county tax values, last sales price, surrounding homes in different communities and school districts. It may also use homes that while close in proximity, are of varying quality, size, condition, age, and/or distressed (foreclosure or short sale). The homes could be in a better or worse location as well (train tracks, near highway, on a main road, etc).
I attached a screen shot from Zillow's website that discloses the accuracy of their "Zestimates," which can be viewed at the following link as well. ZESTIMATE ACCURACY
Being a Realtor in the Cleveland and Northeast Ohio area, I'll ask you to draw your attention to the Cleveland OH statistics. As you can see, the "Zestimates" are only 35.9% accurate within 5% of the true value, 63.7% within 10% of true value and 83.7% accurate within 20% of true value. If an agent had accuracy numbers like these, he/she wouldn't be a very successful Realtor.
To put this in perspective, if a seller owned a $250,000 home, the differences at these 5-20% levels of accuracy could range from $12,500-$50,000! If the seller's home is one of the 16.3% that weren't even accurate within 20%, this number could be even higher.
The point is, as I explain to all of my clients, using the internet to obtain real estate knowledge can be a great thing, but can also be misleading or incorrect. Knowing the source of your information is very important, and it's the reason I wrote this article. Specific to this topic, nothing replaces the valuation of a local real estate agent. And when choosing a Realtor, be sure to interview more than one to make sure you're choosing a knowledgeable agent that will successfully guide you through your transaction.
Tuesday, September 24, 2013
Cleveland, Northeast OH Area Real Estate Market August 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 continue to surpass last year's sales
figures. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, is driving this increase in activity and increase in
sales prices. The low inventory continues to increase new construction demand, as well.
Sales comparing August 2012 to August 2013 show increasing sales figures by double digits, like they did in the past 3 months. Among the 15 counties in Northeast Ohio, single family home sales are up 11.3% and 19.8% for condominium sales. From July to August 2013, sales rose by 1.2%.
By comparison, Northeast Ohio is showing a 8% price increase from last year, with the state of Ohio's at 3.4%. Ohio's sales volume increase was also up by over 16.9% from August 2012. The US market saw a 14.7% increase in sales price from the year before, and is showing a sales volume increase of only 13.2%. Northeast Ohio's price increases have stabilized recently, while Ohio and the US have dipped a bit.
Ohio just marked 26 straight months of annual sales gains, and nationwide sales of existing homes hit their highest level in 6.5 years. Lawrence Yun, the chief economist for the National Association of Realtors, described the August jump as a "temporary peak," driven by higher interest rates on home loans. He said he expects sales to be uneven over the coming months and that rising sales prices and restrictive lending may hold back sales 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 begun to increase over the past several months, hovering around 4.5%.
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.
Sales comparing August 2012 to August 2013 show increasing sales figures by double digits, like they did in the past 3 months. Among the 15 counties in Northeast Ohio, single family home sales are up 11.3% and 19.8% for condominium sales. From July to August 2013, sales rose by 1.2%.
By comparison, Northeast Ohio is showing a 8% price increase from last year, with the state of Ohio's at 3.4%. Ohio's sales volume increase was also up by over 16.9% from August 2012. The US market saw a 14.7% increase in sales price from the year before, and is showing a sales volume increase of only 13.2%. Northeast Ohio's price increases have stabilized recently, while Ohio and the US have dipped a bit.
Ohio just marked 26 straight months of annual sales gains, and nationwide sales of existing homes hit their highest level in 6.5 years. Lawrence Yun, the chief economist for the National Association of Realtors, described the August jump as a "temporary peak," driven by higher interest rates on home loans. He said he expects sales to be uneven over the coming months and that rising sales prices and restrictive lending may hold back sales 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 begun to increase over the past several months, hovering around 4.5%.
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.
Friday, September 13, 2013
For Home Sellers: Understanding The Home Buyer
As the seller, you can control three factors that will affect the sale of your home:
* The home's condition
* Asking price
* Marketing strategy
However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.
Location
Unfortunately, the most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.
Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out.
Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the "hot ticket" items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.
* The home's condition
* Asking price
* Marketing strategy
However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.
Location
Unfortunately, the most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.
Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out.
Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the "hot ticket" items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.
Wednesday, July 24, 2013
Cleveland, Northeast OH Area Real Estate Market June 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 continue to surpass last year's sales
figures, as we have now hit the mid-point of the year. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, is driving this increase in activity and increase in
sales prices. The low inventory continues to increase new construction demand, as well.
Sales comparing June 2012 to June 2013 show increasing sales figures by double digits, like they did in May. Among the 15 counties in Northeast Ohio, single family home sales are up 13.3% and 11.2% for condominium sales. From May to June 2013, sales rose by 4%.
By comparison, Northeast Ohio is showing a 8.4% price increase from last year, with the state of Ohio's at 9.3%. Ohio's sales volume increase was also up by over 15% from June 2012. The US market saw a 13.5% increase in sales price from the year before, and is showing a sales volume increase of only 15.2%. Last month, Northeast Ohio outpaced Ohio and the US in both volume and price increases.
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 begun to increase over the past several months, hovering around 4% or so. Rates were nearly a full percent lower in November of last year.
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.
Sales comparing June 2012 to June 2013 show increasing sales figures by double digits, like they did in May. Among the 15 counties in Northeast Ohio, single family home sales are up 13.3% and 11.2% for condominium sales. From May to June 2013, sales rose by 4%.
By comparison, Northeast Ohio is showing a 8.4% price increase from last year, with the state of Ohio's at 9.3%. Ohio's sales volume increase was also up by over 15% from June 2012. The US market saw a 13.5% increase in sales price from the year before, and is showing a sales volume increase of only 15.2%. Last month, Northeast Ohio outpaced Ohio and the US in both volume and price increases.
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 begun to increase over the past several months, hovering around 4% or so. Rates were nearly a full percent lower in November of last year.
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.
Tuesday, July 9, 2013
Cleveland, Northeast OH Area Real Estate Market May 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 continue to surpass last year's sales
figures. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, is driving this increase in activity and increase in
sales prices. The low inventory is increasing new construction demand, as well.
Sales comparing May 2012 to May 2013 show increasing sales figures by double digits. Among the 15 counties in Northeast Ohio, single family home sales are up 12.6% and condo sales are up a 25.8%. From April to May 2013, sales rose by double digits also.
By comparison, Northeast Ohio is showing a 13.4% price increase from last year, outpacing the state of Ohio's 9.3%. The US market saw a 15.4% increase in sales price from the year before, and is showing a sales increase of only 4.2%.
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 reached nearly as low as they can go, when deciding the best time to make a purchase. In fact, rates have already shown increases over the past several months, and have been hovering around 4%.
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.
Sales comparing May 2012 to May 2013 show increasing sales figures by double digits. Among the 15 counties in Northeast Ohio, single family home sales are up 12.6% and condo sales are up a 25.8%. From April to May 2013, sales rose by double digits also.
By comparison, Northeast Ohio is showing a 13.4% price increase from last year, outpacing the state of Ohio's 9.3%. The US market saw a 15.4% increase in sales price from the year before, and is showing a sales increase of only 4.2%.
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 reached nearly as low as they can go, when deciding the best time to make a purchase. In fact, rates have already shown increases over the past several months, and have been hovering around 4%.
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.
Friday, March 15, 2013
Mortgage Interest Rates Are On The Rise
Interest rates have reached a 6 month high for 30 year loans, with an
average rate of 3.63%, up from last week's average of 3.52%. For
comparison, in November-December 2012 the rates were at a 3.35% national
average. The average 15 year rate also saw a small increase from 2.76%
to 2.79%.
The main contributors to the increase are the improved economy and the drop in unemployment rates. In fact, unemployment rates dropped below expectations to 7.7%. The short version of why these indicators affect interest rates, is due to consumer confidence and the obvious fact that if more people are working, there will be more people with the ability to make a home purchase.
So, what this means for a home buyer is that interest rates are on the rise. They fluctuate daily and we will see peaks and valleys, but the rates will be trending upward as the economy improves. That is why this year would be a great time to consider making a home purchase. Economists are projecting that rates will reach 4% by year's end. It's still a fantastic rate, but as the rates increase, it will affect a buyer's purchasing limit.
For sellers, we are seeing in most communities, that there is high buyer demand due to the rising rates and not enough homes for sale yet to meet the demand. When there is high demand and lower supply, that indicates a trend leaning toward a seller's market. That is why we are also seeing a slight increase in home sales prices, shorter days on the market and multiple offer situations on homes.
This is a very exciting point-in-time where a homeowner can experience a better seller's market, and still take advantage of the low interest rates and great sales prices, before we see further increases in those rates and prices. I would enjoy speaking to anyone considering a move, to discuss the local market and how it affects your specific situation and needs.
The main contributors to the increase are the improved economy and the drop in unemployment rates. In fact, unemployment rates dropped below expectations to 7.7%. The short version of why these indicators affect interest rates, is due to consumer confidence and the obvious fact that if more people are working, there will be more people with the ability to make a home purchase.
So, what this means for a home buyer is that interest rates are on the rise. They fluctuate daily and we will see peaks and valleys, but the rates will be trending upward as the economy improves. That is why this year would be a great time to consider making a home purchase. Economists are projecting that rates will reach 4% by year's end. It's still a fantastic rate, but as the rates increase, it will affect a buyer's purchasing limit.
For sellers, we are seeing in most communities, that there is high buyer demand due to the rising rates and not enough homes for sale yet to meet the demand. When there is high demand and lower supply, that indicates a trend leaning toward a seller's market. That is why we are also seeing a slight increase in home sales prices, shorter days on the market and multiple offer situations on homes.
This is a very exciting point-in-time where a homeowner can experience a better seller's market, and still take advantage of the low interest rates and great sales prices, before we see further increases in those rates and prices. I would enjoy speaking to anyone considering a move, to discuss the local market and how it affects your specific situation and needs.
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