It’s no secret that the real estate market across the country has been slower since the post-pandemic highs, but what about Cleveland’s real estate market?
Buyer behavior is beginning to shift, with less and less multiple offer scenarios. Mortgage rates have almost doubled, and sellers are slowly returning to the market. For Cleveland homeowners, this may seem like a daunting time to sell or buy a home. But fear not – this blog post will provide you with all the information you need to navigate the Ohio real estate market with confidence.
Understanding Buyer Behavior
Cleveland homeowners should be aware that buyer behavior is beginning to shift. We are seeing less buyer’s motivated to put in an offer right away and second showings becoming more common. This could be an indicator that the prices of homes in the Cleveland market are too high for the current demand. This is good news for buyers who are ready to buy and want low competition. However, sellers should tread carefully. If you’re looking to sell your home, be sure to price it competitively to attract buyers. You can easily find the current market value of your home at the link below.
Rising Mortgage Rates
Mortgage rates have almost doubled since May 2022. This means that buyers will have to pay more in interest payments over the life of their loan. However, there are still deals to be had. Shop around for lenders to find the best rates and terms. Additionally, Cleveland homeowners who already have mortgages with higher rates may benefit from refinancing their loans.
Slowly Returning Sellers
The number of listings has steadily increased since July, yet inventory is still considered to be “low”. To stand out, consider making small upgrades and staging your home to appeal to buyers. We’ve noticed that no matter where the market is, turn-key homes are continuing to sell at a premium compared to non turn-key properties. Working with a reputable real estate agent can also help you attract serious buyers.
Longer Days on Market
Ohio homes stayed on the market for an average of 27 days. This is longer than the national average, which is around 21 days. This means that buyers are taking more time to make decisions, and sellers should be prepared to negotiate. Don’t be discouraged if your home doesn’t sell immediately. Be patient and work with your agent to find ways to improve your listing.
Planning For The Future
While the current real estate market in Ohio may seem uncertain, it’s important to keep perspective. The market will inevitably fluctuate over time, but Cleveland homeowners should have a long-term plan in mind. Consider your goals and needs for the future, and work with a trusted real estate professional to help you make informed decisions.
The slower real estate market in Ohio may seem daunting to Cleveland homeowners, but it’s important to remember that there are opportunities for both buyers and sellers. By understanding the trends in the market, working with trusted professionals, and having realistic expectations, you can navigate the market with confidence. Whether you’re looking to buy or sell a home in Cleveland, Ohio, there are resources available to help you make informed decisions.