Main Content

Home » Blog » What is the Cleveland Real Estate market doing on June 3, 2022?

What is the Cleveland Real Estate market doing on June 3, 2022?

I get this question a LOT!!

Currently interest rates are hovering at the 5.45% point..up a tad from one week ago. The real estate market continues to see low inventory on both the East and West sides of Cleveland. Rocky River has 34 listing, Bay Village has 15, Cleveland Heights 53 and shaker heights 47. Still unprecedented low inventory for these communities. One thing I have noticed is the number of offers coming in on new listings, that part has definitely decreased. Instead of 4-sometimes 11 offers that I was initially realizing up until Mid May, I am now seeing 1-4 total offers on my listings that are updated.

Homes that have been completely renovated and priced aggressively tend to attract most of the buyers. Reason?…hiring a contractor is too expensive currently and because many people are working out of their homes, they would rather have everything done so they don’t have to deal with contractors invading their work space. So if your investors can find decent deals, it’s still a great time to purchase. It STILL is a good time to purchase any home. If you can lock in to an interest rate below 6% that is great!! My husband and I purchased our first home at 9.5% and we were elated!! Eventually when interest rates decreased, we re financed so it all tends to work its way out.

Blog advise for this week….It is STILL a great time to buy/sell in Northeastern OHIO!!!