Market Conditions in Parma>Question Details

R, Home Buyer in Parma, OH

Market activity

Asked by R, Parma, OH Sat Apr 5, 2008

Has there been a pickup in buyer activity in Parma in the last month? I've been seeing a lot of conflicting regional reports and national data. I'm just trying to get facts and weeding out the fiction. Thank you all. Please no answers from agents outside of NEO.

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4
Constantine Glaros’ answer
Buyers are out there. There just is so much to see and the best houses go fast while the average ones just sit there. Last week, I listed and sold a Parma home in 4 hours. I have another Parma listing that has been listed for 3 months now.
Web Reference: http://www.realty4me.net
1 vote Thank Flag Link Wed May 14, 2008
BEST ANSWER
HAS IT EVER !! I do a large chunk of my business in Parma and I just sold 3 listings in 5 days. Inventory has been dropping steadily since the beginning of the year down to about 460 units. This is exactly what needed to happen for things to start to turn around in the city. Buyers ( especially first time buyers ) are taking advantage of inexpensive loans and are out in force.

National reports are NOT the thing to be listening to at this time. When you want the weather report, you don't listen for the national average temperature, you want to know whats happening in your part of the world. Real Estate is much the same. Especially now. Every community, and Parma is a good example, is a micro market. As you well know, Parma can be divided up into several different markets right inside it's own city limits !!

The downward trend in inventory seems to be reversing a bit, inventory will probably start to rise again in April, but hopefully not to the levels of the last two years when over 800 homes were for sale. If you're a buyer with a pre-approval it's time to buy NOW. If you're a seller who got stuck last summer and couldn't find a buyer, it's time to get back on the market NOW !!

Good Luck..it's an exciting time to be a buyer or a seller !!

You can check my website for my listings and solds in the city.
1 vote Thank Flag Link Sat Apr 5, 2008
We have noticed a significant increase in showings and sales over the past month and expect the trend to continue. Interest rates have dropped again below 6% and buyers are able to get some good deals. In the last few weeks, I have sold several homes in Parma and expect activity to really increase until mid-summer. The national real estate market has been impacted much more than the NEO area. Homes that are well-maintained and price appropriately are still selling and many very quickly.
1 vote Thank Flag Link Sat Apr 5, 2008
All indications are that buyers are out and seeing homes. Most agents are stating that their showings have increased (mine sure have) a great deal the last month. NORMLS and CRIS (NE Ohio MLS) are showing increased listings and sales. I am very optimistic! Good Luck!
Web Reference: http://www.liveinakron.com
1 vote Thank Flag Link Sat Apr 5, 2008
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