Spring is traditionally a hot season for the real estate market, and 2017 is no exception. In fact, this year might prove to be even busier than usual, thanks to the highly dynamic events that are shaping the industry and the US today.
In addition to nationwide real estate trends, a few local factors can also result in a robust Cleveland housing market. If you’re looking to selling your home in the city, here are a few reasons you should consider doing it this spring:
- 1. The weather is perfect for it
Most homebuyers pause searching for homes during winter because they’re kept indoors by the frigid weather. Holiday activities and family obligations also take up much of their attention. Come spring, the more pleasant weather inspires people to come out, and the excitement of looking for a new home resurfaces.
Additionally, homebuyers want to move into their new homes before school re-opens in the fall, making spring and summer the right time to close a sale.
Spring also makes for great marketing photos, with blue skies, blooming flowers and green trees providing a picturesque backdrop for your home.
- 2. Home prices are going up
This nationwide trend has been going on for the last few years and is seen to continue in 2017. According to Realtor.com, the expected rate of increase for home prices in the Cleveland area is 3.56%, just slightly below the national average of 3.9%. Home sales in Cleveland are also expected to increase by 4.69%.
While the appreciation rate this year is lower than in previous years, it still remains a seller’s market. This means you can expect good profit from your property, especially if you market it the right way. Check out this page to learn about prepping your home for selling.
- 3. Low housing inventory and higher interest rates can prompt early buying
One of the factors that have been driving home prices up is low inventory. With fewer options on the market, buyers face plenty of competition and will want to start their home search as soon as possible. You can benefit from the enhanced home-buying interest by getting on the market early.
Increasing interest rates are also expected to motivate undecided buyers into finally getting off the fence. The uncertainty on how much interest rates could rise this year will likely motivate buyers into buying early while interest rates are still low.
- 4. New developments will enhance Cleveland’s desirability
Currently, the metro is seeing the construction of a few mixed-use developments, like Pinecrest in Orange Village and The Van Aken District in Shaker Heights, as well as planned new attractions like the new Edgewater Beach House and the Cleveland Foundation Centennial Trail. These are expected to bring in new businesses, residents and visitors, and consequently lead to a higher demand for housing and higher home values.
- 5. More millennials will be buying homes this year
Millennials – or adults between 18 and 34 years – make up the largest age group in the United States today. With many of them nearing the traditional home buying age of 30, they’re expected to make a significant impact on the housing market soon. To attract millennials, it would be wise to update your home with features that they typically look for, including smart home features and modern, spacious kitchens.