Real Estate News - Is it True? Northeast Ohio

Real Estate News - Is it True?  Northeast Ohio

 

The reporters trying to deliver the Latest News in Housing have forgotten to stress that Real Estate is Local. Latest News Stack of Papers



Real Estate is Local and Specific.

  *    Is it True that Housing Inventory is Low in Northeast Ohio?  In some areas and in specific price ranges, the answer is yes.  There are some neighborhoods that are just down right HOT-HOT-HOT, while others are still struggling in home sales.  I've seen the biggest pick up in sales under $250,000, while the upper range prices and luxury homes still not moving quickly in Northeast Ohio. And buyers are re-evaluating again because of the increase in interest rates.

  *   Is it also true that many houses are ending up in multiple offers and selling quickly in Northeast Ohio?  It is true for those home sellers who have hit the market at a great asking price and in great condition.  However, there are many, many houses - in all price ranges, that are still lingering on the market.

  *   Is it true that we are out of the housing slump in Northeast Ohio?  It may look and feel like we are, but the reality is that the banks still have an extremely large Shadow Inventory.  Shadow Inventory are those properties that the banks have taken back and have not yet hit the real estate market.  In an effort to help stabilize the real estate market, banks have put many of these houses up for rent instead of re-selling them.  These houses eventually need to hit the market.  There was also a big trend with investment groups purchasing large tracks of low cost houses.  These also will be hitting the market at some point in the future.  And there is still an abundance of homeowners who are under water in their mortage and houses that are being foreclosed on. So, until the behind the scenes activity clears out, we won't see a true housing recovery in Northeast Ohio.

The question I get asked most often is, How's the Real Estate Market?  It depends on what side of the fence you are on and what you're willing do.

Feel free to give me a ring any time to find out more about your own personal situation - Real Estate is Local and Specific and I'm always happy to help any way I can :)

 

Feel Free to Visit my website for Northeast Ohio Homes for Sale  and Neighborhood information.

 

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**Real Estate News - Is it True?  Northeast Ohio**

 

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Christine Pappas | Ohio Real Estate Agent

Serving the Greater Cleveland Area, Cuyahoga, Geauga & Lake Counties of Northeast Ohio

 

 

 

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Comment balloon 2 commentsChristine Pappas - REALTOR® • July 20 2013 12:05PM

Comments

It is a matter of location and price point.  As you said, some price ranges are very hot with limited inventory, others are not.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) about 5 years ago

You probably see the same thing in your area Kathy.

Posted by Christine Pappas - REALTOR®, eXp Realty - The Agent-Owned Cloud Brokerage (eXp Realty) almost 5 years ago

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