Northeast Ohio
Real Estate
October 7. 2022
Happy Friday!
Thank you for checking out my update. I hope you enjoy the upcoming gorgeous weekend!

Go Guardians!
‌
Mortgage Update
Interest rates have affected affordability for some homebuyers. However, when coupled the the increase in numbers of price reductions, as well as the expected increase of mortgage rates in the coming months, it still makes sense for many potential homebuyers.

Are you unsure as to whether this is the right time for you? Or, are you wondering if you should continue to rent and let the market "settle"? I'd love to get together to chat to see what makes the most sense for you. For some clients, I recommend waiting, but for many, if all factors line up, this could be the right time to move forward.
Greater Cleveland Market
Within Greater Cleveland, new home sale prices are typically higher or match the median home value in the state.

Geauga County had the highest value in August at $420,000 based on sales during the week of Aug. 22, $45,000 less than the highest median sale in July. This was followed by Medina County at $324,000 the week of Aug. 15, $11,000 less than in July, and Portage County at $292,000 the week of Aug. 29, $22,000 more than the top sale in July.

Lake County, Summit County, and Cuyahoga County were all below the median home sale price for Ohio in August.

Within the seven counties of Greater Cleveland, the median difference between listing and sales prices on homes in Greater Cleveland was about 1.42%, lower than the 2.35% in July, suggesting that people typically pay close to the listed value of the house. This is a change from months past, when buying over the listing price was the norm.

Entering the month of September, new renters were seeing a much higher increase in costs compared to the previous year, based on listings for available rentals. In Greater Cleveland, the median rent price increased on average 12.8%, though this was a 3.4 percentage point drop from August.

The median rent for new renters or those renewing their lease was around $1,310 per month, up from $1,200 in July. More than half of tracked ZIP codes had double-digit percentage increases from the same time last year, with nearly a third having a 25% or higher increase in rent.
Quarter 3 Recap
Congratulations to all my clients for their successes in the third quarter! Beyond thrilled that so many were able to achieve their real estate goals by selling or buying a home in the last three
months.

Thank you for allowing me to earn your trust and represent you. I am beyond grateful.

I'm actively taking on new clients. If you know anyone who is looking to buy or sell in the next year, please let me know. 90% of my business is referrals and I sincerely appreciate any connections.
Pat Barmann
216.990.5719