Northeast Ohio
Real Estate
December 17. 2022
Happy Saturday!
Hope you are doing well and had a great week!

Thank you for checking out this email. If you have any questions, please don't hesitate to reach out.
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Another option to sell?
For 95% of my clients, when it's time to sell, the best option is to have the home listed. This entails preparing the house, repairs which add value to the market, staging, professional photography, online advertising, negotiation, moving out, and closing (and a lot more in between I take care of for you). This is the expertise of what I do as a realtor. It's proven to be the best way to maximize your return when selling one of your largest financial assets.

However, in some circumstances, this may not be the best option. This is, in my experience, about 5% of the time. Sometimes, a quick sale is required. Sometimes, the seller may not want to have potential buyers in the home due to it's condition. Sometimes, sellers don't want to have photos of their home posted online for all of their neighbors to see. There are various reasons why a quick off market sale may make sense for a small percentage of people.

The good news is I have taken on a new buyer actively purchasing these types of properties in Northeast Ohio. This could be easier for some sellers based on your timeline and goals. If you or anyone you know needs to sell but may not want to go through the traditional path, please let me know. I'd be happy to help you explore if this option is the right solution for you.
Mortgage Update
Mortgage rates dropped even further this week as two main factors affecting today’s mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week. The monthly mortgage payment for a home loan of $400,000 is currently $2,480 compared to $2,680 five weeks ago when rates were above the 7% threshold.

Although mortgage rates are more than double those of a year ago, home prices continue to be higher than the previous year due to limited inventory. Looking at the housing supply by income level, buyers earning $75,000 face the most significant housing shortage compared to any other income group. In a balanced market, these buyers should be able to afford half of the homes listed for sale. However, these middle-income buyers can afford to buy only 20% of all available listings. As a result, even though there are fewer middle-income buyers in the market, there are still not enough homes for them to purchase.

The bottom line is rates have dropped and affordability has increased. If you are thinking about buying in the coming year, it's an interesting time. Rates are down, inventory (while low) is still better than it's been. This, coupled with many buyers waiting until spring, means less competition and a potential better opportunity. Please let me know if you'd like to chat about your goals and how I can help.








Listing of the Week

3241 Ormond Road
Cleveland Heights, OH 44118


I'm beyond excited my buyer was able to secure this lovely Heights home ! Charming and updated front porch colonial in one of Cedar Lees' most desirable locations. A perfect mix of modern updates with classic 1910s style. Lovely hardwood floors, bright rooms, and central air conditioning. Charming formal dining room with original leaded glass built-in cabinets, and much more. Expertly updated and cared for, this home is a true gem and the perfect fit for my client.


Click here for the ---> Listing Link
Pat Barmann
216.990.5719