Northeast Ohio
Real Estate
June 3. 2022
Happy Friday!
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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A Turn in the Market?

The month of May might go down as a turning point in the red-hot real estate market that’s been scalding homebuyers for the past few years.

The number of new listings that hit the market last month rose for the first time since June 2019, according to a new report from Realtor.com®. As a result, May home shoppers had 8% more active listings to scroll through compared with this point last year.

Granted, there are still only half as many homes available for sale compared with pre-pandemic levels two years ago. Nonetheless, this recent uptick could offer a glimmer of hope for buyers who’ve been scrambling for homes amid bidding wars and way-over-asking offers.

The bottom line is, there has been a turn in the market. I've seen it with my clients. The buyers who have remained active through the blazing hot market of a few months ago are in much better shape now to buy than they were even 60 days ago.. It's still a great time for both buyers and sellers.
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Mortgage Update
The average mortgage interest rate for a standard 30-year fixed mortgage is 5.46%, a 0.18% increase from last week’s 5.28%.

Mortgage rates, which are much higher than they were at the beginning of the year, have slammed the brakes on the red-hot housing market over the past few weeks. Realtors are reporting lower sales, and mortgage demand to purchase a home is also dropping. 

While both home sales and mortgage demand are falling, home prices are still rising fast. Prices usually lag sales by about six months, but the rare dynamics in the market today – strong demand and very low supply – are still keeping prices high.

If you'd like to talk lending, please give me a call. I have great loan officers who can guide you through any scenario.
Home of the Week
27831 Rexford Road, Bay Village

My clients were lucky enough to get this wonderful Bay Village home under contract amongst multiple offers! Nestled in the heart of the village,, this exquisitely maintained gem stands out as the most desirable home in a wonderful and walkable neighborhood.

Cheers!

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