Home sales in Northeast Ohio on track to beat 2018

This article comes from the https://www.cleveland.com/ and talks of a strong housing market for 2020. Sometimes you hear of a recession and that what goes up must come down? I challenge that by asking what happened in the last real estate downturn?

The last real estate downturn was really caused by the horrible polices of the government. Think about what they did to the lending and appraisal part of the real estate business. The lending needed adjusted for sure and managed better, but they cut the legs out of existing home owners and banks. They could have shelved some of the loans and put a gradual change in lending practices. This would have helped the economy come in at an easier landing.

Fast forward to today's market and the lending is totally different than it was previously. Today's lending practices are a lot more regulated, which is good. There are also many home buyers and investors paying cash and buying through their IRA's. Almost 100% of my sales are cash with no mortgages at all.

This will also benefit the housing market and create way less foreclosures and keep all parties making money through equity and income if the home is leased.

"In October, the average sale price for single-family homes was up 3.7% to $175,642. For the year, average sale price was up 6.4%, to $180,207." 

Inventory will stay very tight in 2020, but new home builds will pick up. Not building mid priced homes for 10 years, it will take some time for the builders to catch up with the housing demand.

"On the sellers’ side, she is seeing more interest in putting homes up for sale. Some property owners may believe prices have peaked and see now as the right time to cash in on their investment. Some may simply be looking to downsize."

Good news in my opinion is that home prices have not peaked at all. I believe that prices will continue to increase at a nice 5%-7% increase next year. The new homes will continue to be built and land locked cities (cities that have no land to build new homes) will be gaining equity a lot faster than cities that can build new homes. 

If you are needing a home or investment real estate in today's real estate market you need a professional. I'm Brett and have been a real estate agent for almost 20 years doing 100's of transactions. ICON Agent 2 years running with EXP Realty call 216-703-5740 and lets get your housing plans moving.   

Check out our unique Real Estate Services and Advantages

Name:

Email:

We respect your email privacy

Email Marketing by AWeber

 Sign in and get our Free property Report and Weekly Real Estate Magazine

-->