Why spring 2022 is the best time to sell your Cleveland homeMichelle McQuade | May 13, 2022
Making the decision to sell your home is never easy. But with the right mindset, you can potentially earn a large return on what’s probably the single biggest investment you have made.
To have a successful sale, it’s important to consider all the elements that can affect the outcome, including the timing of the sale. Spring in Cleveland is not only the time of year when the city is at its most picturesque. It also sets the right conditions for the best possible real estate transaction, particularly this 2022.
Here are a few reasons why you should sell your home this spring:
- Cleveland, OH is a seller’s market
Since the pandemic, numerous housing markets across the United States have seen a surge in demand as homebuyers try to take advantage of historically low mortgage interest rates. Coupled with all-time-low inventories, this has led to seller’s markets across the country, including in Cleveland.
In 2022, this trend is seen to continue but at a less frantic pace. Rising mortgage rates and an inventory that’s higher than the previous year have somewhat eased the competition on the market, but the high demand continues to propel robust sales.
As of March 31, 2022, homes in Cleveland sold for an average of 99.68% of their list prices, and the average days on market was only 31 days, lower than the previous year’s 37 days. While bidding wars may not be as frequent as they were in 2021, sellers can still expect tight competition among buyers for available homes for sale.
- Home values are rising
The high demand has also led to an unprecedented increase in real estate prices in the area. According to Zillow, home values in Cleveland have gone up 23.7% from March, 2021 to March, 2022, and by almost 115% in the last five years. With the right home selling strategies, you can expect to receive top dollar for your home.
- Cleveland is a hot renter’s market
In selling your home, you can expand the pool of potential buyers to include investors. Around 55% of Cleveland residents are renters, and with the rising home prices in the city, the demand for rentals may even grow stronger. Along with the healthy real estate appreciation rate, this fuels investors’ desire to add Cleveland rental properties to their portfolios.
- Spring is traditionally a great time to sell a home in Cleveland
Putting current market conditions aside, spring has always been a strong selling season in Cleveland. As the weather gets warmer after a generally cold winter, homebuyers are encouraged to go out and look at homes for sale. In addition, many buyers want to close a sale before school starts in September, and buying a home in the spring gives them a head start.
Spring in Cleveland also makes for beautiful listing pictures, with the clear blue skies, blooming flowers, and lush green surroundings creating the perfect backdrop in photographing your home.
Sell your Cleveland, Ohio home fast with me, Michelle McQuade
Allow me to help you fully harness the benefits of selling your home this springtime. As one of the top Realtors in Cleveland, I have the knowledge and expertise to give you a seamless real estate experience and sell your home fast and at the highest price.