Is this a good time to buy or sell real estate in Cleveland, OH? If you’ve been losing sleep over real estate, you can put your fears to rest. Here’s why Cleveland real estate is well positioned to survive – and thrive – in a post-COVID housing market.
Cleveland is a house-flipping hotspot
For many years before the pandemic, “The Land” was widely regarded as one of the most profitable cities in the United States to flip houses and own rentals.
And, according to News 5 Cleveland reporter Homa Bash, the house flipping industry never slowed – not even as COVID-19 forced local businesses to shut down.
On the contrary, the flipping industry remained resilient and in high demand throughout the pandemic.
There are many factors that make the city an attractive market for flippers – inventory, affordability, and favorable price-to-rent ratios provide some of the best conditions for house-flipping in the U.S.
It’s a win-win situation for house flippers and the communities they invest in:
flippers sink money into old housing stock to bring them up to date with current housing standards, while Cleveland locals get safe and affordable homes to live in.
The Wall Street Journal also reports that property investors are moving away from the Sun Belt – a region stretching from the Southeast to Southwest of the U.S. – and into lower-priced inland markets like Ohio as a result of the pandemic, with investors snapping up affordable homes to turn into rentals catering to suburban markets.
Cleveland real estate is a great investment
Real estate investments tend to provide more stability in terms of cash flow during times of uncertainty and stock market volatility.
Rentals, whether in the form of single-family homes or multi-family properties, are a good alternative to stocks because of favorable rates and resale value. And as the economy re-opens and people start picking up where they left off before the pandemic, Realtors are expecting to see a resurgence in real estate demand.
Moreover, stay-at-home orders imposed in many US states for most of March and April have shown Americans that real estate is, in fact, an important asset – people will want a safe and comfortable place to live just in case local officials reinstate stay-at-home orders.
Cleveland Realtors are using technology in smart ways
Real estate was considered essential when Ohio first imposed stay-at-home orders, forcing agents to take extra precautions in scheduling and conducting home viewings. They’ve also had to find new and creative ways to market real estate amidst stay-at-home orders.
Cleveland real estate agents have used technology to wonderful effect, using 3D tours, virtual home staging, and other innovative ways of showing properties to potential buyers and property investors.
Some have taken to live streaming open houses and watch parties to drum up interest and make sales while observing safety protocols.
Many have come to realize the importance of investing in high quality cameras, smartphones, and digital marketing strategies to ensure profitability during the crisis.
This kind of ingenuity and adaptability ensures that Cleveland real estate is well positioned to survive and flourish during and after this pandemic.
For more information on Cleveland’s housing market, feel free to contact me, Michelle McQuade, here. You can also call 440.247.8900 to schedule a consultation. As a top Cleveland Realtor, I can give you access to the relevant data and in-demand listings in this wonderful city and its surrounding areas.