July recorded a spike in home sales despite the ongoing battle against the coronavirus pandemic. Real estate experts attribute this to the high demand for homes, the limited housing inventory, and more importantly, the low interest rates. And with much of the future uncertain, home buyers are snatching up whatever real estate opportunities they could find in the counties of Geauga and Cuyahoga. It usually takes weeks or months for a home to sell, but the high demand is causing homes to sell fast.
According to this monthly statistical report by Yes MLS, a total of 1,776 homes in Northeast Ohio were sold in July. It’s an impressive feat, considering that this not only represents an increase in home sales from June. It also represents a 10 percent year-on-year increase. Even better, Northeast Ohio isn’t alone in this trend. The National Association of Realtors recently reported a nationwide increase of 24.7 percent in home sales from June to July.
Planning on purchasing a home?
You’re not alone. The key factor that propelled the increase of home sales is the historically low interest rates. This enables you to expand your options as you shop around for a mortgage loan. For people with existing loans, low rates open more opportunities for refinancing.
One hurdle you will have to overcome, however, is the high demand for homes and the low housing inventory. Competition will be steep. You may also have to pay for more than you originally anticipated, as home prices may continue to rise in the following months.
In order to find the best deal possible, avoid listings that have only been on the market for less than a week. These properties attract bidding wars, which can leave you paying for more than what the home is worth. It is also best to remember that just because everyone’s in a rush doesn’t mean you should be.
Are you thinking about listing your home soon?
Now is a great time to sell your home. As mentioned above, there is high demand for homes in Cuyahoga County and Geauga County. And if you are aiming for a fast sale, shorter closing times can be expected.
One of the biggest reasons why people are buying homes is shifting needs. Because of the coronavirus pandemic, more and more people are staying home. Work arrangements have also changed. As such, there are home buyers looking for properties that offer enough space for work, online learning, as well as recreation.
People are also interested to buy homes in Cuyahoga County and Geauga County because of their location. Most of the COVID-19 cases are concentrated on high density areas such as large cities. Because of this, more people are looking to live in suburban neighborhoods. This makes communities such as Chagrin Falls, Bainbridge, and Shaker Heights in Cuyahoga County particularly more attractive among home buyers.
Do you want to explore your options in Cuyahoga County and Geauga County?
During a developing situation like the coronavirus pandemic, it’s important to work with a top Cleveland Realtor . Get in touch with me, Michelle McQuade, at 440.823.2449 or MichelleMcQuade(at)HowardHanna(dotted)com to learn more about real estate in Cleveland, Ohio.