What Do Interest Rate Increases Mean for You?

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access

We all know that interest rates have gone up recently, but how will this change actually affect you? Today I have Don Jarecki of First Federal of Lakewood. He is my mortgage expert, and he'll be helping to explain what you can expect from these recent changes.

Don says that in the short term, it won't have too big of an effect on average home buyers and home sellers. However, by the end of the year, we can expect at least another increase of 0.25% to 0.5%. This is not as drastic as people might think, but it does add up over a 30-year loan. This is why we urge you to lock in a low rate now if you've been waiting to buy. If you've already been qualified for a $200,000 home loan, this small increase in interest rates will impact your affordability.

For home sellers in the area, if you've been wanting to refinance, then now is the time to do so. Interest rates will only continue to increase, so if you're planning on staying in your home for a while (3-5 more years), then we would recommend refinancing.

Please don't hesitate to come to us with any of your questions or concerns. We look forward to helping you!

Ohio Real Estate Market Update

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access. 

We notice many prospective buyers are on the fence or are waiting for prices to drop after the election. According to Freddie Mac, interest rates are expected to increase through the end of 2016. Thus, buyers will have less power in negotiations. However, no one can predict the future, so now is an excellent time to buy.

Locally, we’ve seen appreciative home values in several suburbs, making now the perfect time to buy or sell.

A huge concern we notice is the seller’s desire to sell their home for a great price. They want to earn top dollar. That’s why you should hire a team like us. We can help you reach that goal. As a team, we leverage each other’s skills and knowledge. We invest time into our market to help you when it counts.

Each individual team member has a unique specialty. We’re localized experts. We also have an exceptional administrative support team to further support us.

Give us a call or send us an email today for a free real estate consultation! We would love to help you take advantage of current conditions.

Is Your Area in a Buyer's or Seller's Market?

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access. 

Today, we're here with a market update for Brunswick, Medina, Stow, and Hudson.

Stow is still in a seller's market with 2.6 months of inventory. We can expect a shift to a neutral market as we move towards three months of inventory. The number of homes for sale is down 14.2% this month compared to last month, and down 17.1% compared to last year. However, the number of homes sold last month is up 42.3% compared to last year. So, if you're selling your home, now is a great time to put your house on market and net the most amount of money possible.

Hudson is currently in a neutral market with 5.2 months of inventory. Hudson will most likely shift into a buyer's market as inventory increases. The number of homes for sale is actually up 11.5% compared to last year, while the number of homes closed is down 10.3%, which also indicates that we are teetering on a buyer's market.

Brunswick and Medina are about the same. Both have 3.2 months of inventory, which means both are in a neutral market now. That being said, 3.2 months of inventory is close to a seller's market, making now the perfect time to sell. Just keep in mind that it may take a little longer than 90 days to sell your home.

If you're thinking of selling, there are three major things that impact the sale of your home: price, location, and condition. We hit on all three of those points. Our professional home stager and our professional photographer both make your home appeal to more buyers. Professional photographs in particular will give you an edge over the competition.

If you have any questions, give us a call or send us an email. We would be happy to help you!