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Cleveland Ohio Area Real Estate

Your Cleveland and Northeast Ohio Realtor

By Dominic Picione | Agent in North Royalton, OH
  • Cleveland, Northeast OH Area Real Estate Market February 2014

    Posted Under: General Area in Cleveland, Home Buying in Cleveland, Home Selling in Cleveland  |  April 1, 2014 9:44 AM  |  141 views  |  No comments
    According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, homes sales in the region increased from January to February. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, have been driving this increase in activity and increase in sales prices over the past year or so. Prices actually dipped a bit recently, however.

    Low inventories continue to prevent some would-be buyers from making deals. Fewer homeowners put their properties on the market in February, when compared with listing-service figures from January. Overall, new listings are down 8.3% this year.

    Sales comparing February 2013 to February 2014 still show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 3.6% but a slight decline in condominium sales. and is showing a 5.7% price decrease from last February,

    Ohio's sales volume showed a decline by 4.3% from February 2013, while the US market is experienced a sales volume decrease of 7.1%.  Ohio and Northeast Ohio's price increases have slowed or stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation.  There is still a concern that home prices are rising faster than income growth.

    The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have decreased slightly, hovering around 4.5%. 

    This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.


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  • Pricing Your House Right The First Time

    Posted Under: General Area in Cleveland, Market Conditions in Cleveland, Home Selling in Cleveland  |  February 6, 2014 6:38 AM  |  194 views  |  No comments
    Pricing your house right the first time will help ensure that you not only get offers, but that the offers come in earlier than if you'd priced too high.



  • Cleveland, Northeast OH Area Real Estate Market December 2013

    Posted Under: General Area in Cleveland, Home Buying in Cleveland, Home Selling in Cleveland  |  January 29, 2014 6:37 AM  |  233 views  |  No comments
    According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, annual homes sales in the region increased overall in 2013 from 2012 by 11.8%. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, have been driving this increase in activity and increase in sales prices over the past year or so.

    Sales comparing December 2012 to December 2013 slid slightly.  Among the 15 counties in Northeast Ohio, single family home sales were down a percentage points. 

    By comparison, Northeast Ohio is showing a 6.1% price increase from last year (3.1% for condos), with the state of Ohio's at 5.2%. Ohio's sales volume increase was also up by over 14.7% compared to 2012.  The US market saw a 11.5% increase in sales price from 2012 to 2013, and is showing a sales volume increase of 9.1%.  Ohio and Northeast Ohio's price increases have stabilized/slow down recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation.  There is still a concern that home prices are rising faster than income growth.

    Nationally, "Existing-home sales have risen nearly 20 percent since 2011, with job growth, record-low mortgage interest rates and large pent-up demand driving the market," said Lawrence Yun, chief economist for the national Realtors. "We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population."

    The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have decreased slightly, hovering around 4.5%. 

    This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.


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  • Mortgage Rates Expected to Increase, Fed To Reduce Bond Purchases

    Posted Under: Home Buying in Cleveland, Home Selling in Cleveland, Financing in Cleveland  |  December 19, 2013 6:38 AM  |  304 views  |  No comments
    Ben Bernake announced yesterday that the Federal Reserve will begin reducing the amount of bonds it will purchase, from $85 billion per month to $75 billion.  This is the first step taken to "take off the training wheels" on the federal stimulus it created to get the United States out of it's recession.  The Fed’s purchases will be divided between $40 billion in Treasuries and $35 billion in mortgage bonds starting in January, Bernanke said.

    “Reflecting cumulative progress and an improved outlook for the job market, the committee decided today to modestly reduce the monthly pace at which it is adding to the longer-term securities on its balance sheet,” Bernanke said at a press conference in Washington today after a meeting of the Federal Open Market Committee.

    Stocks rallied on the good news reported regarding the improved economy and reduced unemployment figures.  The Fed said its benchmark interest rate is likely to stay low “well past the time that the unemployment rate declines below 6.5 percent, especially if projected inflation continues to run below” the Fed’s 2 percent goal.

    Since the Fed began signaling in May that it may soon begin to dial down the purchases, interest rates have drifted higher, with the average 30-year fixed mortgage rate rising to 4.42% from 3.35% in May. The rising rates helped convince the Fed to delay tapering in September.  Rates are expected to continue to increase, but not at an immediate, drastic amount.  However, it will have an affect on the purchasing power for home buyers.

    Further complicating the picture is that Fed Chairman Ben Bernanke plans to step down when his term ends in January. Vice Chair Janet Yellen, who has been nominated to succeed him, has expressed an even more pro-growth approach but must deal with a policymaking committee with diverse views of the stimulus.

    *Information source from Bloomberg News and USA Today

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  • Cleveland, Northeast OH Area Real Estate Market October 2013

    Posted Under: General Area in Cleveland, Home Buying in Cleveland, Home Selling in Cleveland  |  November 22, 2013 6:44 AM  |  368 views  |  No comments
    According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, homes sales in the region increased from September to October. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, have been driving this increase in activity and increase in sales prices over the past year or so.

    Sales comparing October 2012 to October 2013 still show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 14.9% and 10.4% for condominium sales. 

    By comparison, Northeast Ohio is showing a 3.8% price increase from last year, with the state of Ohio's at 2.3%. Ohio's sales volume increase was also up by over 8% from October 2012.  The US market saw a 12.8% increase in sales price from the year before, and is showing a sales volume decrease of 3.2%.  Ohio and Northeast Ohio's price increases have stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation.  There is still a concern that home prices are rising faster than income growth.

    The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have decreased slightly, hovering around 4.3%. 

    This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.


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  • 11 Reasons To List Your Home During The Holidays

    Posted Under: General Area in Cleveland, Home Buying in Cleveland, Home Selling in Cleveland  |  November 14, 2013 8:00 AM  |  392 views  |  No comments

    You’ve heard it from real estate agents before. “The Winter season is slow.” Or, “No one is really buying or selling.” And even, “I’ll get started in the New Year, it’s a new start right?”  Wrong. The truth is, it’s better to be ahead than behind.

    Here are 11 reasons to have your home listed during the holidays:

    11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low.

    10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year.

    9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays.

    8. January is traditionally the month for employees to begin new jobs. Since transfers cannot wait until Spring to buy, you need to be on the market during the Holidays to capture the market.

    7. Some people must buy before the end of the year for tax reasons.

    6. Buyers have more time to look for a home during the Holidays than they do during a work week.

    5. Buyers are more emotional during the Holidays, so they are more likely to pay your price.

    4. Houses may show better when decorated for the Holidays.

    3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home. Less supply and more demand means more money for you.

    2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you.

    And the number one reason why your seller should list during the Holidays …

    1. People who look for homes during the Holidays are more serious buyers!

    *Information courtesy of the Keller Williams Greater Cleveland SW blog

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  • Cleveland, Northeast OH Area Real Estate Market September 2013

    Posted Under: General Area in Cleveland, Home Buying in Cleveland, Home Selling in Cleveland  |  October 23, 2013 6:32 AM  |  445 views  |  No comments
    According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, homes sales in the region dropped from August to September, but continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low (but climbing) interest rates, has driving this increase in activity and increase in sales prices over the past year.  Economist say that the recent government shutdown and consumer uncertainty attributed to the reduced sales volume in September.

    Sales comparing September 2012 to September 2013 still show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 15.2% and 3.1% for condominium sales. 



    By comparison, Northeast Ohio is showing a 3% price increase from last year, with the state of Ohio's at 2%. Ohio's sales volume increase was also up by over 18.9% from September 2012.  The US market saw a 11.7% increase in sales price from the year before, and is showing a sales volume increase of 10.7%.  Ohio and Northeast Ohio's price increases have stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in the area compared with the nation.  There is concern that home prices are rising faster than income growth.



    The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have decreased slightly, hovering around 4.3%. 

    This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.  If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.


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