Northeast Ohio
Real Estate
December 2. 2022
Happy Friday!
Thank you for checking out my update. I hope you enjoy the upcoming weekend!

Please let me know if you know anyone looking to achieve any real estate goals in 2023- I'd be honored to assist!
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Housing Update

Based on data from a national housing report, inventory levels are continuing to rise, with a two-month supply currently on the market.

This number hasn't been seen in almost two years, which is good news for buyers. Other encouraging numbers show the housing market is becoming more balanced. For example, the median sales price decreased by 1.2% to $400,000. That's down 6.1% from a high of $426,100 in June.

However, this is still 6.7% higher than the year-over-year median sales price. The inventory of homes for sale also grew a staggering 30.4% year-over-year.


Mortgage Rates Improve

Thanks to the bond-friendly environment, mortgage rates fell further this week. According to Freddie Mac, the rate on a 30-year fixed mortgage dropped to 6.49% from 6.58% the previous week. As a result, the monthly mortgage payment for a median-priced home dropped by $140 in the last three weeks.

Data shows that mortgage rates may have peaked. After surpassing the 7% threshold in the second week of November, rates are finally moving down as inflation is cooling. Rates are still more than double those of a year ago, but if inflation continues to slow down, rates may stabilize near 6%.
Benefits of Buying a Home During the Holidays
Spring is when most buyers come out of the woodwork, starting their house-hunt as more homes become available. But beginning your home search early, during the holidays, can give you more flexibility — and more options.
Here’s evidence supporting why buying now can be a smart move:

1. Less competition.
If you’ve been feeling defeated by this summer’s bidding wars, the holidays may be your season. While buyer activity has remained high throughout most of the year — thanks to record-low mortgage rates making homebuying extra-affordable — traffic is likely to dip come winter. With fewer buyers beating down the doors of potential listings, you’ll have more properties to choose from.

2. More time for house-hunting.
With the market as hot as it’s been, buyers have been forced to act fast. Now, you can take a load off and spend a little more time looking for the right house, complete with your must-have features. Knock out your Christmas shopping online and use the spare time in your fall and winter breaks to tour and narrow down a shortlist of your top houses.

3. Lower interest rates.
While many homebuyers are expected to press pause around the holidays and resume in the spring, strategic buyers — like yourself — know that now is an ideal time to take advantage of the recent dip in mortgage rates which are expected to climb in 2023. Note that December’s considered the optimal month to purchase a house at a good price.

4. Potential for negotiation.
Being a seller’s market, negotiations have gone by the wayside. Couple that with low inventory, and sellers have had the upper hand. Around the holidays, this imbalance is expected to level out. Fewer active buyers means fewer feeding frenzies on available listings, and sellers may be more willing to negotiate price, contract terms, and closing date.

5. End-of-year tax breaks.
Yet another boon for buyers: End-of-year home purchases give homebuyers the chance to squeeze in an important tax write-off. Homeowners can deduct their mortgage interest on primary residences up to $750,000, along with combined deductions for up to $10,000 of local, state, and property taxes. Other homeowner-friendly deductions, like moving expenses, may also apply.
Listing of the Week

14398 County Line Rd, Hunting Valley
Check out on of the most unique and spectacular Greater Cleveland listings of the last few years.

For a cool $15,000,000, this 153 acre estate is sure to wow! The property includes the main house, two carriage houses, an in-ground pool, pool house, and tennis court! A long private driveway meanders through a spectacular forest and through a fabulous stone portico leading to the main house! Built with the finest of materials including hand cut stone walls and a Vermont Slate roof, this home spans over 32, 000 sq. feet on three levels. Designed for entertaining, the main floor has an incredible floor plan highlighted by a spectacular Grand Hall, a banquet size dining room, music room, and Clive Christian designed kitchen! 

Click for the listing---> LINK
Pat Barmann
216.990.5719