Northeast Ohio
Real Estate
March 25. 2022
Happy Friday!
Hope you are doing well and had a great week!

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Mortgage Rates

Freddie Mac reports the following national averages with mortgage rates for the week ending March 17:
30-year fixed-rate mortgages: averaged 4.16%, with an average 0.8 point, up from last week’s 3.85% average. Last year at this time, 30-year rates averaged 3.09%.

15-year fixed-rate mortgages: averaged 3.39%, with an average 0.8 point, increasing from last week’s 3.09% average. A year ago, 15-year rates averaged 2.40%.

The bottom line is rates are rising and will continue to rise as the Fed attempts to curb red hot inflation.

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Spring Update
The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.

On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers on average per listing.

Nationwide, 48% of buyers’ offers were above the list price. On average, those offers were about 2.9% above the list price; on the median-priced home, that would be about $10,000 over the asking price. However, 13% of the offers were 10% above the list price.

Real estate pros report that in general their buyers typically lose two homes before succeeding on the third try, according to the study.

Homes are selling quickly under the intense competition. Eighty-four percent of listings were on the market for less than a month.








Listing of the Week
3181 Scarborough Road, Cleveland Heights

Check out my newest listing! Colonial on one of the most desirable streets in Cleveland Heights. Spacious Formal Living & Dining Rooms, Hardwood Floors, Large Eat-in Kitchen, Sun-filled Family Room on the first floor. Large Master Bedroom and Central Air. Don't miss this one!

Cheers!

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