January Update

Planning has been the name of the game for my clients the last few weeks. Many of my buyers are selling, and many of my sellers are buying. Depending on their financial situation, preferences of buying first VS selling first is setting the stage for how and when to approach this current market. Typically, clients prefer to buy before they sell, as this gives them more options and less pressure as well. Some do choose to sell before they buy, but this is usually only if their lender requires them to time things in this manner.

With a high temperature of 20 degrees expected over the next week, we are indeed in the thick of the Cleveland Winter market. However, even with the chilled weather, I'm still seeing an uptick in the market since January 1st. The start of the New Year usually causes people to make their plans for the upcoming year. Often, when a client wants to make a move, they start looking either January 1st, or wait until March 1st.

As you can see in the data above, there has been a substantial increase in new homes on the market in the last month (886 more homes). Many sellers choose to list in January rather than the slow month of December. Several of my buyers are seeing a dramatic increase in homes that meet their criteria, and I have been showing a lot of homes in person to my buyers.

The other really interesting change in the last 30 days is the increase in the number of days homes are on the market. 13 more days on the market is a substantial increase. In my experience, this is just seasonality, as a chunk of buyers do "hold off" around the Holiday season. I would expect this number to decrease throughout January and into February.

The bottom line is that it's the time to get started if you have any interest at all in exploring buying, selling, or investing this year. It's a tough market, but a market where buyers and sellers alike still have the ability to win. In my experience, buyers and sellers who plan out specific goals early and partner with professionals (realtors, contractors, loan officers, financial advisors, etc.) are much more likely to achieve their goals.

Who do you know who is thinking about making a move? I offer a free asset review which will give you the data to show you exactly what your house is worth. And my recommendations to sell it for the most money possible. Let me know if you'd like the information. Or, if you want to buy/invest and don't know where to start. I'm happy to assist!

Cheers,

Pat