Welcome to northeast Ohio, a beautiful locale on Lake Erie featuring everything you could look for in a hometown: economic opportunity, family-friendly attractions, great local restaurants, professional sports, and more.
Are you considering moving to northeast Ohio? Here’s the scoop on what’s happening in the current housing market, as well as what you can expect in the year to come.
What’s happening in Northeast Ohio real estate?
Northeast Ohio real estate, like so many other cities across the U.S., has been on a bit of a roller coaster ride in recent years, first with the pandemic, then an explosion of sales as pent-up demand led to a surge in relocation in 2021. In the following year, numerous federal interest rate hikes, enacted to curb rapidly rising inflation, all had a short-term impact on real estate. For the first part of 2022, housing prices remained high, hovering consistently near $120,000, but then fluctuating month-by-month through March of 2023. Real estate market shifts have mirrored shifts in the overall economy, and sellers have adapted by adjusting their prices or taking a wait-and-see approach before listing their homes for sale.
From an uptick in inventory to increasing list prices for newer inventory on the market, all indicators suggest that northeast Ohio is on the move again, and confidence in the state of our economy is encouraging sellers to list and home seekers to purchase. Inventory is also moving quickly, as homes are staying on the market for an average of only 15 days now. This also indicates that the demand for housing is heating back up.
What does the current market mean for you?
Regardless of the role you are seeking to play in the home purchasing transaction, utilizing these pro tips and wise counsel from area real estate expert Wendy Poltorek Dickson will leave you feeling confident at the negotiation table.
Looking to buy in northeast Ohio?
Developing a plan for achieving your real estate goals is vital. If homes continue to move as quickly in the upcoming months as they have this spring, failure to plan ahead could leave you disappointed while someone else outbids you and now owns your dream house.
Reduce your debt ratio by paying off credit cards, student loans, vehicles, etc. This will help you qualify for a better loan.
Research lenders and shop around for the best interest rates. Focus your search on private mortgage companies. Oftentimes, banks, while they are willing to loan you money, will add surcharges that really add up. Get pre-approved with the one you choose and show sellers you’re serious.
Critically assess your family and your lifestyle, remembering that changes may come in the near future. Each life-stage change can impact your home needs, so as you plan to buy, don’t only think about now but consider what the next decade will hold.
Decide on the values and priorities for your family’s home. The more definitive your list of needs and wants, the easier it will be to hone in on the property that will give you the greatest satisfaction.
- Set aside funds for the down payment.
Looking to sell in northeast Ohio?
As the economy continues to strengthen, more buyers will be looking to purchase northeast Ohio homes. This puts the market in your favor, as buyers will be willing to make list price offers with little-to-no contingencies, and perhaps you’ll even find yourself on the victorious side of a bidding war. Yet, it won’t do for you to enter the home-selling process with a false sense of confidence. The homes that sell quickly and at top dollar truly outshine the competition. Make sure yours does too.
Depersonalize your home by removing anything that makes the property “your home.” You want to simplify and reduce the house’s contents to show the features of the house itself, as well as help potential buyers envision their photos and furnishings inside.
Maximize your storage by packing away 50% or more of the contents of your cupboard and closets, and don’t forget to include the attic and the garage in your clean-out efforts.
Have a plan in place for your family’s next step, especially as houses continue to sell quickly.
Evaluate the condition of every facet of your house, make needed repairs, and freshen up the property cosmetically, inside and out.
- Gather helpful information for the buyers, such as average monthly operational costs, HOA requirements, improvements you’ve made to the home, and any manuals and warranties showing your home has been well-cared for.
Whether you’re looking to buy or sell, Wendy Poltorek Dickson’s extensive knowledge of the real estate market will be your greatest resource.
What is the cost of living in northeast Ohio?
Metropolitan Cleveland, despite its extensive waterfront on Lake Erie, enjoys a lower cost of living than most cities. You’ll be pleased to see just how far your money will go and the quality of life that is within reach when you select a northeast Ohio home for your family. According to Sperling’s Best Places, which rates cities’ affordability against a national standard, Cleveland scored 72.3 overall, indicating that Cleveland is 27.7% less expensive than the typical American city. Housing, in particular, is incredibly affordable in northeast Ohio.
What’s ahead for northeast Ohio real estate?
All eyes remain fixed on the Federal Reserve as we wait, with bated breath, to see if they will impose yet another interest rate hike. Since 2022, there have already been 10. Most analysts seem to be in agreement that the worst of inflation has passed, therefore rendering further interest rate hikes unnecessary. If their hopeful predictions are true, we should see inflation and interest rates slowly slide back to healthy levels. For inflation, the goal is 2%. Ideal interest rates are a bit more subjective, but the hope for buyers and sellers is that they will continue to fall. The consensus in predictions through the end of 2023 and into 2024 ranges from 5% to 6%. If those rates continue to fall, more people will be buying houses, and those who have been holding on to properties they’ve been afraid to sell will become confident that selling is a good idea. We should see an increased inventory of houses hitting the market and a steady increase in the pricing of those homes. Better interest rates will expand the pool of eligible buyers as well.
Thanks to northeastern Ohio’s unique position as a truly affordable city, as well as one with growth in a variety of vital sectors, including healthcare, technology services, and finance, metropolitan Cleveland can be expected to grow. As other cities face housing shortages, living in northeast Ohio will finally receive the accolades it deserves.
Are you ready to take your first steps?
Start today by getting in touch with Wendy Poltorek Dickson. She’s your best asset and strongest ally in the northeast Ohio real estate industry. She’s eager to hear your housing goals and will work to customize a plan to help you achieve them. Give her a call today.