Where's the Northeast Ohio Market Heading?

The Northeast Ohio real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Northeast Ohio area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 440.879.7260

With so much information out there on the web, it can be difficult to separate the relevant data from misinformation. But we're here to help -  we have access to resources you can't find online and we want to explain some of the trends we've seen in Northeast Ohio markets over the last few months. 

One of the most common questions we're asked is, "Are we in a buyer's market or a seller's market?" The answer really depends on the price point. For example, in Brunswick - for homes priced between $150,000-$200,000 - we have a seller's market, with less than four months of inventory. In the same city - but for homes priced between $200,000-$250,000 - we have 8 months of inventory, which means it's a market that favors buyers. 

Now that we know inventory levels vary greatly depending on the price point and location, you may be wondering how inventory levels affect your home's value. It's as simple as the law of supply and demand - when there's a lot of inventory, but demand is low, the value of your home is going to drop. When demand is high, but the inventory is low, you have a good chance of getting top dollar for your home. 

It's important to watch the inventory levels in the market before selling. Many people think the spring is the best time to sell because there are more buyers. In reality, the exact opposite is true - we're seeing people net more money for their home in the winter because of the limited amount of inventory available to buyers.

Another factor that will affect your home's value is interest rates, which have dropped again. Low rates are great for buyers, as they are able to lock in a great home at a low interest rate and save money over the course of their homeownership. For sellers, low rates mean buyers have increased purchasing power, which means they will be willing to spend a little bit more on a property because they are still able to afford it.  

If you're thinking about buying or selling, don't hesitate to give us a call or shoot us a quick email. We would love to fill you in on market conditions in your area and help you determine what course of action is best for you. We look forward to hearing from you soon!

Thanks, and have a great day!