Northeast Ohio
Real Estate
January 14, 2022
Happy Friday!
I hope your 2022 is off to a great start!

With current conditions in Ohio, real estate has started off slowly. As things begin to open up, we expect the market to take off in the coming weeks.

Thank you for checking out this email. If you have any questions, please don't hesitate to reach out.
Pat's Update

I've been lucky enough to connect with several new clients in the last few weeks. Many people include "buying or selling a home" as a New Year resolution.

Based on my business and speaking with other agents, there are many, many active buyers looking to move in the coming months. Look out for an incredibly active early spring season which should carry through the summer.

It's an ideal time to make a plan if you have any real estate goals in the coming months. Or, if you need to sell, it's a great time to line up contractors. If you need any contractors, I'm happy to connect you with any of my contacts.
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In green, you can see an overall decline in the number of listings since October. This is typical seasonality in Ohio. The number of active homes and sales will begin to increase starting in February.

If you are on the fence about selling a home, it's a wonderful time. Little competition and you'll beat the Spring rush.
Mortgage Rates
The era of record-low mortgage rates is drawing to a close. But even as sub-3 percent rates on 30-year loans fade into the rearview mirror, mortgage rates are likely to remain near historic lows through 2022.

Expect mortgage rates to climb to 3.75 percent during 2022 before falling back to 3.5 percent by the end of the year. The average rate on a 30-year fixed-rate loan stood at 3.28 percent in mid-December.

Even if rates do tend to normalize in an attempt to offset inflation, the rates are still near historic lows. It should still be a great time to buy a home in 2022 and have an affordable payment.
Listing of the Week
325-327 E 42nd St, Lorain


Check out my newest listing in Lorain. This cashflowing duplex is a great opportunity for anyone looking to invest. Great renters in both units. It could be a wonderful home for someone looking to live in one unit, and rent out the second. Or, keep it as a rental for reliable monthly income.

Cheers!

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