Northeast Ohio
Real Estate
March 11. 2022
Happy Friday!
It's hard to believe, but we are already less than a week away from St. Patrick's Day! This is one of my favorite downtown Cleveland past times, and I'm looking forward to the parade's return to the city. Hope you'll be able to attend as well!

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Mortgage Rates

Gas prices aren’t the only consumer good that’s growing more expensive. Mortgage rates rose this week, too. The average rate on 30-year mortgages climbed to 4.14 percent from 3.97 percent last week.

Rates had been briefly pushed down by the war in Ukraine, but other forces are pushing rates higher. The Federal Reserve has signaled that a hike in interest rates is imminent at next week’s meeting.

Mortgage experts expected rates to continue to climb from the all-time bottom of 2.93 percent achieved in January 2021. A year ago, the benchmark 30-year fixed-rate mortgage was at 3.23 percent. Four weeks ago, the rate was 3.85 percent. The 30-year fixed-rate average for this week is 1.14 percentage point higher than the 52-week low of 3 percent
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Pricing Update
Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rivals as heightened competition for the few homes on the market fuels bidding wars. A greater share of homes sold above asking price in January — 52% — than ever recorded, up from 40.2% a year earlier. Increasingly, many buyers are going well above a home’s listing price.

Nearly 6,000 homes in 50 of the biggest U.S. metropolitan areas by population sold this year for at least $100,000 above their listed price.

If you'd like to chat about strategies I've used to get homes under contract that don't involve overpaying, please let me know!








Listing of the Week
5420 Bartlett Rd , Bedford Heights

I was lucky enough to represent two buyers who were able to have their offer accepted among 20+ bids in this immaculate move in ready home. A pristine ranch in Bedford Heights that's been maintained with extreme care. Brand new windows. Large kitchen in bright white, 3 Bedrooms, 2 Full and 2 Half Baths. Owner's suite with walk-in closet and bathroom with double vanity. First floor spacious laundry that was thoughtfully designed. A true gem!

Cheers!

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