The Cleveland real estate market has always been interesting. With the foreclosure moratorium over investors and potential homeowners can take a look at potentially winning big by grabbing homes at reduced prices.
The rise in interest rates will not deter people from buying homes. In fact, the housing market has never been hotter than it is right now and people are thirsty for a good purchase.
“The market in Cleveland is good if you have the money to make a purchase,” Thompson said.
“Cleveland offers affordable pricing and a very good selection of properties all over Northeast Ohio.
Thompson, who has worked as a realtor for over 10 years knows the Cleveland Market well. She and her husband both work in the industry, her as a realtor, and he owns a property management company.
Cleveland leads the nation in foreclosures. The national average for a city is 1 for every 2000 homes. In Ohio, the average is 1 in every 1000 homes. Cleveland is struggling with 1 in every 500 homes in some stage of foreclosure.
“The pandemic stopped a lot of banks from being able to process losses. Not that the moratorium is over, we can expect to see the market become flooded with opportunities for potential homeowners and investors.” Thompson said.
Cleveland also experienced a population loss over the last 2 decades when people moved to warmer climates. But the change in the employment landscape might swing growth back to Northeast Ohio.
“With people now being able to work from home, it means that people can live anywhere and work. So Cleveland is starting to get people moving back home because they are no longer obligated to work and live where their job is.” Thompson said.
“We are starting to see the numbers of people moving to our area increase, which is a good thing.” Thompson concluded.
The Federal interest rates did rise in the first quarter of 2022, but it is not going to slow down the desire for companies to snatch up as much housing as possible.
There is an ugly trend developing right now where companies are buying up scores of homes in the same neighborhoods to drive up the price for the entire area.
Zillow.com and national brands are close to owning almost 30 percent of some markets around the country leaving it almost impossible to get a home at a decent price.
The rental market is the result of a corporate buying trend. Anyone looking to rent feels the pain of having to pay more for the same apartment.
“My rent went from $800 a month to $1,300 just like that.” Brynn, a college student at the Cleveland Institute of Art Said.
“We made the decision to move instead of paying the higher rent. Luckily we found a better apartment for the same money.” Brynn concluded.
Not everyone is that lucky. Rental prices are increasing around the country and Cleveland is no different. Home rentals are increasing and pricing many families out of being able to find safe and secure rental housing in the areas they want to live.
Whether you are looking to rent or buy a home, Thompson is ready to assist you in your home purchase needs.
“We offer people the opportunity to sit down and develop a game plan before they start looking,” Thompson said.
“That way when they are ready they can pull the trigger and get the home they want in this competitive market.” ●
Thompson can be reached at email:
