Laurie Manny,  in Long Beach, CA

Is it a Buyers Market or a Sellers Market in NE Ohio right now?

Asked by Laurie Manny, Long Beach, CA Thu May 17, 2007

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There is even another way to look at it, at least in my market, NE Ohio; as stated yes, it's a buyer's market across the board; it's also a seller's market in a few areas based on destination preferences. However, let's look at this scenario: you've owned your home without a huge second mortgage for quite some time. In any area here, you will make a profit. Not a killing, but a profit. NE Ohio has always been a stable market, not a 'spiked' one. So from that standpoint, I also believe it's a seller's market. I truly think the decades old adage applies in NE Ohio: Buy a home with the hopes of owning it for five or more years and it's a solid investment.
3 votes Thank Flag Link Thu Jul 12, 2007
Laurie, I've been very impressed with the sense of fiscal responsibility in my buyers the last three months; I have first time home buyers and people moving in from other states; everyone is also seemingly more interested (at least my clients) in living close to public transportation and in an area with 'things to do' as they say. It's still a buyers market - and yes there are still lots of homes waiting to be purchased. But I've been busy since January and it makes me optimistic about the local housing economy.
3 votes Thank Flag Link Thu Jul 5, 2007
Definetely a buyers market, huge inventory and many foreclosures. Money is tight and so are the buyers. It is slowly starting to pick up though. Supply and demand, it cycles, sometimes more slowly than others. This appears to be a very slow cycle because buyers are wary of lenders. Recent legislature will help to clean up the mortgage business, wich will help regain public trust. However it will take time and it will remain a buyers market until then.
Web Reference: http://www.GeaugaHomes.com
3 votes Thank Flag Link Wed Jun 20, 2007
Anyone still think its a buyers' market as prices continue to fall month after month and the unemployment rate continues to climb? Is it a buyers' market when Goldman Sachs says expect official unemployment to top out at about 6.5%? Is it a buyers' marke with inflation running where it is? Is it a buyers' market when you know the FED will have to increase rates after the election? Is it a buyers' market when you know deep in your heart that prices will be lower next year than the yare this year because the inventory of homes hasn't fallen (because sellers have not adjusted their price requirements)?
1 vote Thank Flag Link Tue Jul 15, 2008
Here's an answer from a prospective buyer who is still waiting to buy. Well, you asked the question a year ago. Hindsight alone would say its been a seller's market. Sounds crazy right? But wait, here's why. Any buyer who bought in the past year is hosed. Thus it was a seller's market. I love the answers all the real estate "pros" gave saying its a buyer's market. Of course they'll say that. Its in their interest to lure buyers to buy since they represent sellers and get their commissions from sellers!

A true buyer's market will only appear when real estate prices hit rock bottom. Looking at it in 2008, a "true" buyers market won't exist until 2009 at the earliest and perhaps not until 2010 in the midwest. Yes, its true that places like Cleveland, Pittsburgh and Detroit never ran up like the two Coasts and other areas but there is a reason for that as well isn't there? Its called job creation and lets face it, the three cited cities and metro areas don't create enough jobs when the national economy is doing well let alone when the country is in a recession.

A word of advice to any prospective buyer out there: buy at your own peril and be prepared to hold your asset for a long time! Now, lets see if Trulia posts this answer since it is detrimental to real estate agents...
1 vote Thank Flag Link Wed Jun 25, 2008
Sellers are definitely in competition for a smaller pool of buyers right now. Homes must be absolutely ready to show the moment they hit the market to take advantage of the initial excitement. In our market here in the southwest suburbs, the homes going under contract have a significantly shorter average market time than the active listings. This leads me to believe that the newer properties are being priced more aggressively, and the old inventory is just hanging around.

Homes are still selling, and in many cases selling quickly. If they are priced right !!
1 vote Thank Flag Link Thu Aug 30, 2007
I guess I am the eternal optimist! Yes, it's a buyers market for the fact of the number of homes to choose from and the great interest rates. However, sellers are certainly taking advantage of this also by setting their homes apart from the competition. Sellers that are able to do this have a very short market time and then in turn can get a good deal on their next home. It can truly be a win-win!
Web Reference: http://www.amywengerd.com
1 vote Thank Flag Link Tue Aug 14, 2007
If we go by the book, it's a buyer's market with the amount of inventory available. But I think it also depends on which communities you are looking at. Every neighborhood in every community is different. In Strongsville, some parts are selling under average market time. In some other areas where we see larger inventory, it takes average market time or longer to sell a home.

I think no matter which way it is, the deal should be win-win for both parties.
1 vote Thank Flag Link Thu Jul 12, 2007
Not true at all Found the Bottom, original names you have there. Funny how 3 of the profiles I call out as fakes are posting to the same blog topics regularly. Trulia needs to start checking I.P. addresses against profiles to find the fakes on here.

Laurie is trying to start a blog topic to get some interaction here and establish herself a presence on Trulia, no need to be so nasty but I guess that's your running theme.
0 votes Thank Flag Link Sun Apr 12, 2009
Laurie: Thanks for the original question. It is no market right now. As prices drop more we may see an eventual pick up in sales. Why are you asking a question like this when you are a RE "Pro"?
0 votes Thank Flag Link Sun Apr 12, 2009
About the user: "Found The Bottom!"

Be very careful about comments people make or the advice you follow by doing a little of your own due dilligence, this character seems to have created a profile for the sole purpose of realtor bashing, take a look for yourself, he makes posts at the rate of 1 per minute with the same theme (Realtor Bashing), posting that quickly I don't think he even had time to read the full posts!

"Found The Bottom!" Profile posts
http://www.trulia.com/voices/profile/Both_Buyer_And_Seller-C…

If I were to guess this person either lost their home and blames Realtors because todays society in America has a huge lacking of responsibility and has an Entitlement mentality, I like to call it an Obama nation of socialists that likes to blame everyone else for their problems. OR he owns a FSBO site and naturally attacks agents. But that's my 2 cents for whatever its worth, take it or leave it but judge for yourself.

By the way, the article referenced was true at the time telling the recent history of % of increase in housing prices per year when it was published. Where was this guy back then and what was his advice then?
0 votes Thank Flag Link Wed Apr 8, 2009
Yes we are still experiencing many homes for sale and fewer buyers in the market place along with very affordable interest rates...Buyers who don't have a home to sell this is the time, I can't remember any better time over the last 20 years in the real estate business. Where affordablity for the buyer is great in both inventory and interest rates.
0 votes Thank Flag Link Sat Jul 19, 2008
All real estate is a very localized business.
The answer to your question really depends on the type of home, the prices range and the area that you are interested in.
It certainly is a good time for qualified buyers to buy a home. Interest rates are still very affordable.
Sellers have heard the stories of house sales being down (from the record all-times highs of 2005) and are more open to pricing homes to sell today!
The inventory of homes available in most areas & price categories is adequate, but it is shrinking.
If you would like specific information about specific areas, I would be happy to provide you that information for your review.
E-mail me at jwirsing@kw.com or check out my swebsite ta http://www.CallRealtorJohn.com
0 votes Thank Flag Link Tue Jul 15, 2008
It's definitely a buyer's market, which if the seller is motivated in any way also makes it that sellers market. If the seller is looking for the most money out of their property's equity my suggestion is to wait at least a year before selling if they can wait. There are many reasons to sell, but it's not the time to sell your house for the biggest profit margin unless your house is unique, has features that are high in demand or in a popular area. Houses still can sell above market value in the market in NE Ohio. It's still common in certain areas. If you need to know more about a particular area or home feel free to contact me.
0 votes Thank Flag Link Wed Jun 25, 2008
Qualified buyers with decent credit are able to obtain fantastic buys right now!
First time home buyers, especially have the unbelievable opportunity to buy a great home at significantly lower prices than would have been even dreamed about just 2 years ago!
0 votes Thank Flag Link Thu Jun 12, 2008
It is like anything else. --supply and demand. This is a great time for those willing to take advantage of the low interest ratesand the supply of inventory. Some buyers are taking advantage and many sellers are priced well and are able to sell quickly and buy at a low price-- making it a double win. All you buyers out there, if your thinking about buying---don't put it off. Now is the time to take advantage of the low interest rates, visit my website or call me.
Web Reference: http://jeanninesells.com
0 votes Thank Flag Link Wed Apr 30, 2008
BUYERS! High Inventory of properties make this an INVESTORS HAVEN. DON BUSH, KELLER WILLIAMS CAPITAL PARTNERS REALTY, COMMERCIAL AND INVESMENT GROUP, bush.214@osu.edu
0 votes Thank Flag Link Sun Jul 15, 2007
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