What’s the Latest News From Our Cleveland Area Market?

Northeastern Ohio Podcast with Michael Kaim

As we reach the halfway point of 2017, inventory is low and home values are
on the rise in the Cleveland area.

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What’s happening in our real estate market as we reach the midway point of 2017?

To start, inventory continues to be low. If you’re a buyer, this means you and your Realtor need to be aggressive in finding a home that suits your needs.

They should set you up with automatic email updates every time a new listing hits the market, and they should be doing things like sending email blasts and mail orders to developments you want to live in. You can also have them go door-knocking in a community you’re thinking about living in. Be creative in finding the home you want.

Low inventory also means home values continue to rise. In Cleveland, they’re up 9.9% over the last 12 months. That’s the most I’ve ever seen in my lifetime. The reason for this is there has been more than $19 billion reinvested in the city by developers in over the last seven years.

If you’re a seller, it doesn’t get any better than this.

How have the surrounding areas fared in the last 12 months? In Akron, home values are up 3.1%, which is fantastic. In Canton, they’ve risen 8.9%. On the east side of Cleveland, Mentor’s home values have appreciated roughly 3%, and they will continue to rise these next few months. On the west side of Cleveland, West Lake’s home values have risen 6.3%.

If you live in one of these communities and you’re looking to sell a home, you might want to take a look at your own home’s value and see if it’s risen in the last year.

Interest rates have been hovering right around 4%, but the Federal Reserve raised their rates to the banks once again recently. Banks borrow from the Federal Reserve, so I feel that in the next few months we will see interest rates go up, which means it will cost more to purchase a property.

As a whole, it’s a great time to lock into a low interest rate if you’re a buyer and get creative with your purchasing. If you’re a seller, it doesn’t get any better than this. Once these interest rates go up, buyers won’t be as willing to purchase a home because of the increased cost. Naturally, inventory will stack up and you’ll face more competition among other sellers.

If you have any more questions about our market and how you can take advantage of it, don’t hesitate to give me a call or shoot me an email. I’d be happy to assist you.