I hope you have the opportunity to spend time with family and friends this New Year's Eve!
We'll be having a small celebration and staying very local this year.
Thank you for checking out this email. Blessings to you and yours in the coming year!
Pat's Update
The second half of December is usually a time when buyers and sellers alike tend to want to "hold off" until the new year
This has held true in 2021. There is a glut of buyers who are seeking to find their next home in the next six months. But, there aren't many options at this time, but that should change slightly next month.
If you are thinking of buying or selling in the coming year, it's recommended to get started now to have the best chance to meet your goals. Please let me know if there's anything I can do to help you.
The graph above shows listings (green) and sold units (blue) over the last 24 months. As you can see, inventory has dropped off. The more interesting aspect is the number of closed units has remained relatively the same to past years.
Houses are still selling, it's just a different market. Still a great time to buy and sell.
2022 Market Expectations
Here are a few housing market trends shaping up for 2022:
The inventory of available homes will remain tight, and rising prices will put pressure on affordability.
Interest rates will rise, but wage growth may help to provide a balance for buyers.
There’s a lot of anticipation for new home construction, but when labor and supply issues ease enough for homes to be completed is unclear.
Foreclosure and auction activity will increase in 2022, largely because there were so few foreclosures in 2020 and 2021 as a result of moratoriums and other policies in place to halt foreclosures almost entirely.
Listing of the Week
2 Bratenahl Pl E Unit 10 and F, Bratenahl
I was lucky enough to walk through one of the most spectacular condos in Ohio. Incomparable views of Lake Erie and Downtown Cleveland, this Bratenahl gem is two units combined. Updated throughout with two large balconies and hurricane windows.
