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Market Update
It's a really interesting time to be in real estate! While there may be talks of "doom and gloom" nationally in terms of real estate declines, we are not seeing that here in Northeast Ohio. We are continuing to see property values increasing year-over-year, as well as over the decade. As you'll see by the numbers above, prices continue to grow and sales are strong.
Due to the lack of inventory, it's still not an easy task to get a home under contract. But, I've still been able to to get several new buyers under contract in the last few weeks. I have a few winning strategies for this (escalation clauses, deadlines, buyer letters, seller choice addendums, etc.) which can give my clients the upper hand on competition. Interestingly, my last few clients were able to get under contract for below the asking price- a clear change from the summer market.
My seller clients still typically have the ability to "set the market" due to lack of competition. This has lead my clients to be able to sell for top dollar and set the terms of the buyer's contract. Some methods that have been working lately with that have been strategic timing and pricing, physical staging, virtual staging, negotiating chattel, and relevant repairs being completed by my contractors prior to the home being listed.
As always, the market is very fluid. I'm seeing some buyers put a pause on their search due to interest rates. This has made for less competition for those buyers who are keeping up their search. I'm still also seeing some homes sell for above the asking and market value, especially those that are move-in ready and nestled in desirable neighborhoods.
Any questions about the market, please let me know! I'm always happy to run a portfolio analysis on your existing home, sit down and talk about options for buyers, or meet with a potential investor to explore options.
-Pat
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